Crypto Under Siege: ZB Exchange Loses Millions As Spate Of Hackings Continue

Profile picture
Crypto Daily™
9w ago2022-08-04

2022 seems to be getting worse for the crypto space as the number of crypto attacks, exploits, and scams continue to pile up, with the ZB exchange the latest to fall to hackers. According to PeckShield, the exchange has lost over $4.8 million to hackers. 

As Adoptions Rise, So Do Exploits 

With crypto adoption continuing to increase, the risk emanating from malicious entities is also on the rise. More and more crypto exchanges and lenders are falling victim to hackers who look to exploit even the tiniest of vulnerabilities. This despite exchanges spending millions to enhance security. 

The Latest Victim: ZB Crypto Exchange

The ZB cryptocurrency exchange advertises itself as one of the most secure exchanges in the crypto space. However, the exchange, despite robust security measures in place, has become the latest entity in the crypto space to fall victim to the ongoing spate of hackings. According to the latest details available from PeckShield, the exchange has lost around $4.8 million in a coordinated attack. 

“JUST IN: #Crypto exchange ZB has reportedly been exploited for over $4.8 million.”

The exchange had announced that it was pausing withdrawals just before the news broke, with the hackers transferring $4.8 million from the exchange’s hot wallet, which most observers acknowledge is a hack. 

21 Different Cryptocurrencies Moved From Exchange Wallet 

PeckShield published data related to the hack on its Twitter handle, revealing that 21 Different cryptocurrencies were transferred from the exchange’s hot wallet to a particular address. Confusion reigned among users as the exchange had also halted withdrawals prior to news of the exploit coming into the public domain. 

The stolen cryptocurrencies were transferred to a host of decentralized exchanges and were sold for 2224 ETH. The address linked with the hack still holds the 2224 ETH in question. Another wallet address linked to the reported hack also has around $1 million worth of assets. 

Pausing Withdrawals

The ZB exchange had earlier paused withdrawals after issuing a brief statement. At the time of writing, the exchange has not commented on the ongoing exploit. 

“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 any digital currency before recovery. Any change is subject to the announcement.”

Exploits On The Rise

This is the latest hacking in a long list of hacks that have occurred over the past few days. Right at the start of August, cross-chain bridge Nomad suffered an exploit, with the protocol losing nearly all its funds in the exploit, losing nearly $200 million in the attack. Only a couple of days later, the Solana ecosystem suffered a multimillion-dollar hack, with users having their funds drained from their hot wallets. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.