Trading platform Crypto.com has admitted that $34m (£24.9m) was stolen from user accounts by a hacker.
The hack affected 483 customer accounts which were later compensated by the exchange platform, according to an update published today. Crypto.com said that unauthorised withdrawals totalled 4836.26 ether ($15.2m), 443.93 bitcoin ($18.7m) and $66,200 in US dollars.
In response to the theft the crypto exchange has rolled out a Worldwide Account Protection Program (WAPP) in order to insure customer investments up to a limit of $250,000.
“The safety of our customers’ funds is our highest priority, and we are continually enhancing our Defence-in-Depth security and protection measures,” said Kris Marszalek, co-founder and chief executive of Crypto.com.
“While we are reminded of the existence of bad actors intent on committing fraud, this new Worldwide Account Protection Program, along with our new MFA infrastructure, gives our users unprecedented protection of their funds, and hopefully, peace of mind,” he added.
The hack was first exposed by security firm PeckShield which suggested that 4,600 ether had been stolen and laundered through an Ethereum mixer, Tornado Cash. On Monday, Crypto.com acknowledged suspicious activity on its site, but denied that user funds were compromised.
The hack comes as a blow for the crypto exchange which has spent hundreds of millions of dollars on advertising in order to take crypto mainstream. Last year, Crypto.com inked a $700m deal for the naming rights to the Los Angeles Staples Centre.