The cryptocurrency exchange Ascendex suffered a security breach that allowed hackers to control some of the exchange’s wallets. The focus of the attack is on hot wallets, which use funds as a buffer for customer withdrawals. The company announced that it will repay these funds to any affected users. Peckshield is a security and auditing company with an estimated loss of approximately $77 million.

Ascendex hot wallet ransacked

Yesterday, the cryptocurrency exchange Ascendex reported a security breach caused by a hacking attack on the exchange’s hot wallet. The company quickly acknowledged the attack and ran a series of security procedures to protect its cold wallet.Although the exchange has not released the figures for the attack, security and blockchain audit firm Peckshield checked the hack and estimated The loss was approximately US$77 million.

The target of the hacker attack is the hot wallets of the Ethereum, BSC and Polygon networks, of which the largest value extracted is ERC20 tokens. Among them, USD 60 million worth of tokens were stolen in this hacking attack, followed by USD 9.2 million BSC tokens and USD 8.5 million Polygon tokens.woodpecker if Report in detail which tokens were stolen and how much each token was stolen.

Rising response

Rise release A statement on the incident, and informed the public about the actions to be taken after the hacker attack. First, Ascendex will repay all stolen funds for affected users because it stated that “affected assets account for only a small part of the total exchange assets.” The exchange transferred unaffected assets to its cold wallet and has since suspended withdrawals for its customers.

The second part of its response to the hacking is related to investigating how this happened and who might be behind the scenes. In this sense, the company informed that it has worked with blockchain forensic companies and law enforcement agencies to determine what really happened and prevent the free transfer of stolen funds between exchanges.

Ascendex also reported that small projects have been affected by this hack, and some of them are studying the re-issuance of tokens to their holders. This will affect low liquidity and new projects listed on the exchange. This is the second high-profile hacking attack on a centralized exchange in December.Bitmart, another cryptocurrency exchange, lost $200 million in a single transaction attack Performers on December 6.

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