Following briefly stopping every deposit as well as withdrawal on the platform, Liechtenstein-based crypto exchange LCX acknowledged the hack of one of its hot wallets.
PeckShield, a blockchain security firm, initially discovered the hack thanks to a questionable transfer of ERC-20 tokens through LXC to an unidentified Ethereum (ETH) wallet.
The exchange quickly acknowledged the possible hot wallet breach by announcing the destruction of a number of tokens, notably ETH, USD Coin (USDC), plus other tokens, and also its own LCX token.
According to PeckShield’s research, LCX lost a total of $6.8 million when the hacker moved eight different kinds of tokens, including Sandbox (SAND), Quant (QNT), Chainlink (LINK), Enjin Coin (ENJ), as well as Maker (MKR).
LCX has not revealed any intentions to assist in the recovery of the stolen cash. Nevertheless, the corporation has stated that it would take security precautions to safeguard other wallets as well as assets.
Crypto corporations lost over $10.2 billion in 2021 owing to hacks, frauds, and other criminal actions, according to new research from security platform ImmuneFi.
ImmuneFi found 120 cases of cryptocurrency attacks and rug-pulls, according to a recent report, with Poly Network becoming the highest-valued attack at $613 million, trailed by Venus as well as BitMart with $200 million and also $150 million, correspondingly.