Crypto Exchange AscendEX Hacked, Losses Estimated At $77M

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Crypto Exchange AscendEX Hacked, Losses Estimated At $77M

Cryptocurrency exchange AscendEX suffered a hack for an estimated $77 million following a breach of one its hot wallets.

On Sunday, AscendEX announced via Twitter that it had identified a number of unauthorized transactions from one of its hot wallets on Saturday.Assets not affected have been transferred to cold wallets while the investigation is carried out, the exchange added.Blockchain analytics firm PeckShield estimated that the stolen funds amounted to $77 million spread across three chains: Ethereum ($60 million), Binance Smart Chain ($9.2 million) and Polygon ($8.5 million).The largest share of the $77 million was accounted for by the relatively minor taraxa (TARA) with $10.8 million, while the combined shares of stablecoins USDT and USDC accounted for $10.7 million.The Singapore-based exchange, which was formerly known as BitMax, claims to serve one million institutional and retail clients. It recently raised a $50 million Series B led by Polychain Capital and Hack VC.

Read more: BitMart CEO Says Stolen Private Key Behind $196M Hack

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