S'pore-based Crypto.com loses S$40m worth of cryptocurrencies after security breach; over 480 users affected

Cryptocurrency exchange Crypto.com said on Thursday (Jan 20) that its users had lost tens of millions of dollars worth of bitcoin, ethereum and other cryptocurrencies after its security was breached.

More than 480 users were affected and they have been fully reimbursed, the Singapore-based exchange said. 

Crypto.com said that the company detected unauthorised withdrawals on a small number of accounts on Monday through its risk-monitoring systems. 

These transactions were being approved even though users did not input their two-factor authentication control. 

The unauthorised withdrawals involved 4,836.26 ethereum, 443.92 bitcoin and US$66,000 (about S$88,800) worth of other cryptocurrencies.