Largest Crypto Options Exchange Suffers $28 Million Hack
Popular crypto options and futures exchange Deribit has suffered a hack in which around $28 million were stolen from a hot wallet.
The exchange says that customer funds are safe, but any losses that could have occured will be covered by the company’s reserves.
The company said on Twitter that it is conducting ongoing security checks and customer assets have not been affected, but withdrawals have been temporarily suspended.
Deribit hot wallet compromised, but client funds are safe and loss is covered by company reserves
Our hot wallet was hacked for USD 28m earlier this evening just before midnight UTC on 1 November 2022.
— Deribit (@DeribitExchange) November 2, 2022
“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 hacker attack has been isolated and quarantined in our BTC, ETH and USDC hot wallets” Deribit wrote on Twitter.
READ MORE: Google Partners up With Coinbase for Crypto Payments
Deribit becomes the latest in a long list of crypto companies that have been targeted by malicious hacks in recent weeks. October was the worst month in this regard historically with over $718 million stolen in the first two weeks alone.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
