Ascendex cryptocurrency exchange hacked – $77 million stolen

Ascendex has lost $77 million worth of RC20, BSC, and Polygon tokens to cyberattack.

A popular cryptocurrency exchange, Ascendex has become the latest victim of a security breach, letting hackers gain control of some of the exchange’s hot wallets.

For your information, hot wallets are internet-connected cryptocurrency wallets that owners can access through a private key to receive or send tokens.

According to the estimate from an auditing and security firm, Peckshield, the estimated losses incurred by this hack is around $77 million. The exchange has vowed to reimburse the lost funds.

About the Hacking

Cryptocurrency exchange Ascendex confirmed that a security breach occurred on Saturday night. The attackers mainly targeted its hot wallets and acknowledged that it had run a series of safety procedures to protect its cold wallets after the attack.

SEE: KuCoin crypto exchange loses $150m after hackers drain its hot wallets

The attackers managed to take control of hot wallets of Polygon, Ethereum, and BSC networks. The most valuable of these coins were ERC20 tokens. 

The exchange hasn’t yet released the actual amount in losses, and all that we know is an estimate released by Peckshield and Etherscan.

Reportedly, the attacker stole

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