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Deribit: Biggest Crypto Options Exchange Loses $28 Million

Deribit: Biggest Crypto Options Exchange Loses $28 Million

Popular crypto options and futures exchange Deribit has suffered a hack which led to the theft of around $28 million from a hot wallet.

The exchange says that customer funds are safe, but any losses are being covered by the company’s reserves.

The company announced on Twitter that it is conducting ongoing security checks and customer assets have not been affected, but withdrawals have been temporarily suspended.

The company’s procedure is to keep 99% of our users’ funds in cold storage to limit the impact of this type of event. The hackers’ attack has been isolated and quarantined in our BTC, ETH and USDC hot wallets” Deribit wrote on Twitter.

READ MORE: Bitcoin: Lightning Network Seeks to Make Offline Payments Possible

Deribit becomes the latest in a long list of crypto companies that have been the target of malicious hacks in recent weeks. October was historically the worst month in this regard with over $718 million stolen in the first two weeks alone.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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