AscendEX loses $80M following ERC-20, BSC, Polygon hot wallet compromise

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AscendEX loses $80M following ERC-20, BSC, Polygon hot wallet compromise
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Crypto trading platform AscendEX suffered a loss of $77.7 million in a hot wallet compromise that allowed hackers to access and transfer tokens hosted over the Ethereum (ETH), Binance Smart Chain (BSC) and Polygon (POLY) blockchains.

Soon after realization, AscendEX proactively warned its users about the stolen funds, confirming that the hackers were not able to access the company’s cold wallet reserves.

According to PeckShield, a blockchain security and data analytics company, around $60 million worth of tokens were transferred over the Ethereum blockchain. Tokens stolen from the Binance Smart Chain and Polygon are worth $9.2 million and $8.5 million respectively, as evidenced by EtherScan data.

Some of the popular tokens stolen in this hack include USD Coin (USDC), Tether (USDT), and Shiba Inu (SHIB). However, AscendEX is yet to officially confirm the exact worth of the tokens taken away by the hackers. 

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The company also announced to help the affected users by covering up their losses due to this attack.

Related: Bitmart hacked for $200M following Ethereum, Binance Smart Chain exploit

Just last week on Dec. 05, a similar attack on crypto exchange BitMart resulted in a loss of nearly $200 million due to a hot wallet compromise hosted over the Ethereum and Binance Smart Chain blockchains.

As reported by Cointelegraph, the hack was a straightforward case of transfer-out, swap, and wash:

Transfer of stolen tokens on Bitmart. Source: PeckShield

While BitMart CEO Sheldon Xia confirmed the losses over Twitter, he announced a temporary stop on all withdrawals and deposits while further investigations were underway.





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