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AscendEX crypto platform lost near $78mn in the latest swindle

AscendEX, a simple to use crypto assets exchange has faced a heavy slash, where malicious players managed to grab about $78 million worth of assets. Already the crypto assets industry has been facing stringent pressure from financial regulators globally. And following such activities coming into the light, these agencies are given more firepower. However, as the team behind the digital assets platform identified the illicit activities it transferred all its not-affected assets to cold wallets while the investigation was carried out.

How did the AscendEX team identify the hack?

Another crypto exchange platform has recently faced a massive hack. According to a Monday announcement, the AscendEX team noted a huge count of unauthorized transactions from one of its hot wallets on Saturday. 

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According to the announcement, the team behind AscendEX noted several ERC-20, BSC, and Polygon tokens being transferred from their hot wallets. However, the Cold Wallets were not affected.

Later it was revealed by Pechshield, the blockchain analytics firm that the platform lost nearly $77 million worth of crypto assets following a breach of one of the platform’s hot wallets.

Measures taken by the crypto platform

The team further claimed that following such nefarious activities, it transferred all its not-affected assets to a cold wallet. Indeed, the assets will be kept there until the investigation is carried out.

Besides, Jay Kubert, the director of sales and business development at AscendEX highlighted that the platform froze all its deposits and withdrawals following the act. However, now the firm is working to reopen them.

Stolen funds were spread across three chains

According to an estimation, the total assets were worth $77 million. According to Peckshield, the stolen funds were spread across three chains by the illicit players. Notably, on the $60 million on the Ethereum blockchain, $9.2 million on the Binance Smart Chain (BSC), and approximately $8.5 million on the Polygon network.

Among the tokens taken, a large chunk of stablecoins were there. Along with major fiat-pegged stablecoins, like USDT and USDC which accounted for more than $10.7 million, a large share of the lost fund also included taxi (TARA). Besides, there was also some small share of meme-coin Shiba Inu and DeFi coins like AAVE and COMP that had been laundered.

It is also noteworthy that the exchange claimed to cover any investors funds that would have been affected by the hack.

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