ZB.Com Latest Victim of a Hot Wallet Hack; Here’s What We Know

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ZB.com, a cryp­tocur­ren­cy exchange that stopped accept­ing deposit and with­draw­al requests on August 2, has had rough­ly $4.8 mil­lion tak­en from its hot wal­let in a prob­a­ble attack.

Stolen funds liquidated on DEXs

Cyber secu­ri­ty com­pa­ny Peck­Shield and researcher chuchuprotocol.eth con­firmed the inci­dent on Wednes­day after the tokens were report­ed­ly sold on decen­tral­ized exchanges. Ether­scan iden­ti­fied the wal­lets of the bad actor as ‘ZBEx­change Hack­er 1’ and ‘ZBEx­change Hack­er 2’. 

At the time of writ­ing, the first wal­let had a bal­ance of over $1 mil­lion, while the sec­ond wal­let was liq­ui­dat­ed to bring in $3.6 mil­lion from sell­ing 2,224.9 ETH at $1,656.83 per ETH token. 

Notably, the Switzer­land-reg­is­tered exchange had sus­pend­ed its user ser­vices ear­li­er stat­ing the rea­son as “sud­den fail­ure of some core appli­ca­tions” which required time to trou­bleshoot. It had also cau­tioned users to not deposit any dig­i­tal cur­ren­cy before the recovery.

A week of crypto hacks…

At press time, the exchange is yet to acknowl­edge the drainage from its hot wal­let. How­ev­er, the news also fol­lows a mul­ti-mil­lion dol­lar hack on the Solana net­work on Wednes­day, which emp­tied almost $6 mil­lion from user wal­lets. At the same time, the $200 heist at Nomad has become the sev­enth major bridge hack of all time, accord­ing to secu­ri­ty firm ellip­tic, after crit­i­cal attacks on Worm­hole, Ronin, and Hori­zon this year.

That said, after these hack­ing inci­dents one after the oth­er, many cryp­to exchanges have come for­ward to pro­mote ‘cold wallets.

With regard to the Solana inci­dent, Prashant Kumar, Founder, WeTrade told Mon­ey­con­trol, “The ini­tial sig­nals point to com­pro­mised keys which are evi­dent by the dig­i­tal foot­prints which are appar­ent­ly signed by the respec­tive own­ers. One of the key things to learn through this is to ensure 100% pri­va­cy of the pri­vate keys and some users have start­ed to move their coins to hard­ware wallets.”

Late­ly, noto­ri­ous cryp­to play­ers have become fre­quent in the dig­i­tal space. This week, Imran Khan, for­mer Prime Min­is­ter of Pak­istan and the leader of the country’s Tehreek-e-Insaf (PTI) par­ty also had his Insta­gram account momen­tar­i­ly hacked.

The inci­dent came to light when the hack­er report­ed­ly tweet­ed a cryp­tocur­ren­cy pro­mo­tion from his Insta­gram account along with pho­ny links before it was recov­ered by the par­ent com­pa­ny Meta. 

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