{"id":26917,"date":"2022-11-02T15:27:08","date_gmt":"2022-11-02T09:57:08","guid":{"rendered":"https:\/\/coinswitch.co\/switch\/?p=26917"},"modified":"2022-11-02T15:53:42","modified_gmt":"2022-11-02T10:23:42","slug":"deribit-exchange-hit-by-crypto-hack","status":"publish","type":"post","link":"https:\/\/coinswitch.co\/switch\/news\/deribit-exchange-hit-by-crypto-hack\/","title":{"rendered":"Deribit exchange hit by crypto hack, loses $28M"},"content":{"rendered":"<p>The <a href=\"https:\/\/coinswitch.co\/switch\/glossary#hot-wallet\">hot wallet<\/a> of Deribit\u2014a crypto exchange known for its futures and options offerings\u2014was recently hacked. Funds to the tune of $28 million were drained in the crypto hack.<\/p>\n<p>In a Twitter statement that was released after the incident, the company emphasized client fund safety and blocked withdrawals for now. The company reserves will bear the losses, the tweet suggests.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Deribit hot wallet compromised, but client funds are safe and loss is covered by company reserves<\/p>\n<p>Our hot wallet was hacked for USD 28m earlier this evening just before midnight UTC on 1 November 2022.<\/p>\n<p>&mdash; Deribit (@DeribitExchange) <a href=\"https:\/\/twitter.com\/DeribitExchange\/status\/1587701883778523136?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">November 2, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The company has confirmed that it remains in a \u201cfinancially sound position\u201d and that its ongoing operations will not take a hit.<\/p>\n<p>Deribit is, unfortunately, only the latest addition to the list of hacks. The rise in the number of <a href=\"https:\/\/coinswitch.co\/switch\/crypto\/crypto-rugpulls-vs-hacks-spot-the-differences\/\">crypto hacks and rug pulls<\/a> this year has been causing much alarm for much of this year. October has been the worst month for the space as it witnessed 11 <a href=\"https:\/\/coinswitch.co\/switch\/glossary#defi\">DeFi<\/a> hacks, causing losses worth $718 million. The silver lining, though, is that some funds have been recovered in a few instances this year.<\/p>\n<h2>What to expect after the crypto hack<\/h2>\n<p>The exchange was hacked on 1 November 2022, just before midnight. While the incident is still under investigation, the company put out a Twitter statement the same day, clarifying what is to be expected.<\/p>\n<p>Deribit\u2019s statement mentions that addresses specific to cold storage remain unaffected. The company claimed that it had been following a safety-specific approach and had deposited 99% of its user funds across cold storage addresses for some time.<\/p>\n<p>Going by current reports, it appears that only the USDC, ETH, and BTC hot wallets were breached during this crypto hack.<\/p>\n<p>As of now, the company has put a stop to the withdrawals for initiating multiple security checks. Even Deribit custodians like Cobo and Clearloop have followed suit, halting withdrawals at their end.<\/p>\n<p>Processed deposits will still go through, but the firm has amplified the number of minimum confirmations to thwart other malicious attempts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The hot wallet of Deribit\u2014a crypto exchange known for its futures and options offerings\u2014was recently hacked. Funds to the tune of $28 million were drained in the crypto hack. In a Twitter statement that was released after the incident, the company emphasized client fund safety and blocked withdrawals for now. The company reserves will bear [&hellip;]<\/p>\n","protected":false},"author":76,"featured_media":26919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[7701],"tags":[6467,6536],"class_list":["post-26917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-news"],"acf":{"json_ld_schema":"\n[{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#FAQPage\",\"headline\":\"Wall Street jottings: A personal, guided tour to investing in US stocks\",\"keywords\":\"Personal Guide, US Investing, \",\"datePublished\":\"2022-07-22T13:28:55+05:30\",\"dateModified\":\"2022-09-19T19:04:28+05:30\",\"dateCreated\":\"2022-07-22T13:28:55+05:30\",\"author\":{\"@type\":\"Person\",\"name\":\"Ananda Banerjee\",\"description\":\"Ananda Banerjee is a creative copywriter at heart, a technical writer by profession, and a multifarious Web 3.0 creator in his leisure time. 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