According to Crypto.com, hackers overcame a 2FA barrier in a $3 million cryptocurrency heist

<p>Crypto.com's CEO has admitted to a significant security breach and cryptocurrency robbery. Last Monday, hackers obtained access to 483 Crypto.com user accounts and made a series of illicit withdrawals, stealing nearly $30 million in various cryptocurrencies.</p> <p>According to Crypto.com, hackers overcame a 2FA barrier in a $3 million cryptocurrency heist.</p> <p>The cybercriminals stole a total of 4,836.26 Ethereum (valued $13 million to $15 million), 443.93 Bitcoin (about $16 million to $19 million), and $66,200 in other currency. Crypto.com CEO Kris Marszalek indicated that all victims of the incident had been compensated, although he did not provide many specifics about how the heist was carried out. This should raise even more concerns about the platform's security, especially because the overall amount stolen exceeds industry analysts' projections.</p> <p>In terms of what did occur, Marszalek confirmed that the hackers were able to circumvent Crypto.com's two-factor verification mandate, which demands a second form of authentication for anyone executing a withdrawal. Marszalek could not explain how the hackers were able to complete transactions without entering the second factor, but he did state that the company had revoked all existing 2FA tokens as a result of the incident. To restore access to their wallets, account holders will need to create a new 2FA token.</p> <p>In the immediate aftermath of the loss, Crypto.com froze all withdrawals for 14 hours. In addition, the organisation is implementing a few new security measures in order to avoid another incidence in the future. Most significantly, account holders who alter their withdrawal address must wait 24 hours before making another withdrawal, offering a time for someone to reply if the change was not approved.</p> <p>In the meanwhile, Crypto.com is launching a Worldwide Account Protection Program (WAPP) to help customers regain trust. On February 1, the WAPP will go live in select markets, allowing qualifying customers to be reimbursed for