Crypto Exchange AscendEX Confirms Hack

AscendEX, formerly known as BitMax, has become the latest cryptocurrency exchange to fall victim to a hack, losing an estimated $77.7 million worth of cryptocurrencies.

The perpetrators siphoned multiple cryptocurrencies from the exchange across three blockchains: Ethereum, Binance Smart Chain and Polygon. Though the exchange did not officially put up a figure of the loss, crypto security firm PeckShield estimated the total loss to be around $77.7 million.

Meanwhile, the exchange assured that it will compensate all victims fully for their losses in the security breach. It also highlighted that the value of cryptocurrencies stolen in the attack consists of only a small percentage of total exchange assets.

The action plan of AscendEX further includes collaboration with blockchain forensic firms and law enforcement to investigate the attack, migrate the impacted projects and gradually re-start the deposit and withdrawal process.

The crypto exchange also shared the wallet addresses to which the stolen funds were transferred.

Meanwhile, crypto exchanges remain vulnerable to attacks despite technological advancements in the industry. Earlier this month, the security of Bitmart, another crypto exchange, was breached, resulting in the theft of $196 million in cryptocurrencies.

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