Crypto exchanges have become popular for enabling consumers to purchase, sell, swap, and store digital assets.
However, research has shown that exchanges have been easy prey for hackers, especially as the popularity and price of specific crypto currencies has skyrocketed.
Typically affecting thousands, if not millions, of users and resulting in the theft of hard-earned assets, crypto exchange hacks are exceptionally destructive.
The cryptocurrency trading platform ZB.com may be the most recent target of cybercriminals. PeckShield, a blockchain analytics company, estimates that ZB lost approximately $4.8 million from its hot wallets on Wednesday.
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The total funds being transferred out from @ZBexchange are ~$4.8M and here is the detailed breakdown of tokens: https://t.co/uMpkvxtOAo pic.twitter.com/xo373Zyge1
— PeckShield Inc. (@peckshield) August 3, 2022
20 Types Of Crypto Stolen From ZB
The security firm disclosed the incident on Thursday through Twitter, providing data indicating that approximately 20 types of cryptocurrencies, including USDT, SHIB, and MATIC, had been transferred out of the exchange.
Before recovery, ZB cautioned users not to deposit any digital currency.
Cross-chain bridge Nomad lost $200 million on Tuesday as a result of a vulnerability, and the following day, a Solana exploit compromised over 7,700 wallets on the network.
The Horizon Bridge, a cross-chain that allowed token transfers between the Harmony blockchain and other networks, was hacked in June, resulting in the removal of $100 million.
According to PeckShield, the tokens were purchased for $3.6 million (2224 ETH) on numerous decentralized exchanges, and the possible hacker then transferred the money to a different address.
The World’s ‘Most Secure’ Crypto Exchange?
Every day, ZB.com executes more than $1 billion in trades and bills itself as “the world’s most secure digital asset exchange.”
At the time of writing, ZB.com had not confirmed whether or not it had been hacked. Tuesday, the platform halted withdrawals, citing the “sudden collapse of some core applications.”
The day before the attack, ZB.com temporarily suspended withdrawals for “maintenance.” In a statement released at the time, ZB.com clarified:
“Due to the sudden failure of some core applications, it is still takes time to diagnose the issue. Withdrawal and deposit services are now halted. Please refrain from depositing any digital currency until after recovery.”
Hackers Out To Steal More
According to its website, ZB.com was established in 2013 as CHBTC.com. Formerly situated in China, the company ceased operations in the region in September 2017 due to local regulators’ ban on cryptocurrency exchanges.
In 2021, Internet criminals stole more than $3 billion worth of cryptocurrencies. The following year, though, they want to steal much more.
In the first quarter of 2022 alone, hackers stole $1.3 billion from exchanges, platforms, and private businesses, according to data from Chainalysis.
Experts estimate that scammers and hackers cost the market for virtual currencies billions of dollars annually.
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Crypto total market cap at $1.04 trillion on the daily chart | Source: TradingView.com Featured image from Forbes, chart from TradingView.com