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Crypto.com Backfire - When Centralized Crypto Service Panic
Crypto.com stopped users withdrawing funds due to possible hacking. It leaves users pondering what had happened with their funds and their wallets.
Hackers stole funds from Crypto.com and users' wallets were missing funds. How users can restore their funds can be a critical point for centralized wallet service to exist and provide necessary services.
Here is a 1 min summary of the article if you want to skip the reading.
Recently Hacking Incident
Hacking happens again. This time it is to centralized wallet service Crypto.com. It is one of the biggest crypto centralized wallet services and it was raised in 2021 due to a massive surging in cryptocurrency price and institutional adoption.
2021 is definitely remembered as a crypto year. The hype continued surging up. Bitcoin peaked at $64K at the first time China banned crypto mining. Then the NFT market-topping more than $2 billion dollars with the selling of well-known digital arts like CryptoPunk and many others.
The company was well known to purchase Los Angeles Staples Center and renamed it Crypto.com Arena. With famous actor Matt Damon promoting their products, Crypto.com seems to become more popular ever.
Not to mention that the service from Crypto.com is very expensive. Each transaction can charge up to 5% of fees. Putting all your crypto assets in Crypto.com May not be feasible when you want to cash out.
There has not yet been any security test for Crypto.com yet the company held large crypto assets on their hot wallet. Eventually, the crypto wallet service is a security service that masters cybersecurity and prevents hacking. Unfortunately, they failed to protect their own assets and prevent users lost funds. Even they claimed users had not lost funds, hackers had already possibly stolen funds away.
Centralized crypto wallet service is difficult because their reputation is built from users relying on their security system. Once it failed, it will be harder to fix its reputation and attract more users.