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Aug 4, 2022
by Usha Yadav
Crypto Exchange ZB.com Loses $4.8M After Halting Client Withdrawals
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According to a report from security company PeckShield, ZB.com, a cryptocurrency exchange that stopped accepting withdrawals yesterday, had nearly $4.8 million taken from its hot wallet in a probable attack. According to on-chain statistics, significant sums of more than 20 cryptocurrencies were seen transferring from ZB.com's hot wallet to another address. Since then, all but five of these tokens have been liquidated at this address as of publication.
ZB.com Halted Withdrawals
On Tuesday, these tokens were sold for 2,224 ETH ($3.6 million) on several decentralized markets. The possible hacker transferred the money to this wallet address, where the ether tokens are still located as of the publication date. The exchange said,
"Due to the sudden failure of some core applications, it still takes time to troubleshoot the problem. Deposit and withdrawal services are now suspended. Please do not deposit digital currency before recovery,"
Initially shifted amounts from ZB.com's wallet to another wallet under the accused hacker's control, which continues to hold around $1 million worth of those last five tokens. The alleged hacking event occurred while ZB.com temporarily stopped client withdrawals on Tuesday.
One of the first cryptocurrency exchanges on the market was ZB.com, formerly CHBTC.com. The platform was one of the exchanges that migrated from China after that nation outlawed cryptocurrency trading in 2017.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.