It has come to our attention that rumours have been circulating regarding crypto.com. It seems that there may have been a security issue with their wallets.
According to a recent tweet, a small number of users have reported suspicious activity on their accounts. As a result, they have paused withdrawals while their team investigates and they assure all that their funds are safe.
Reports elsewhere suggest that hackers were able to bypass two-factor authentication which should never really be happening.
We wanted to raise this to you all as many of you will be using the crypto.com wallet. We suggest that you double check activity to ensure that there was no suspicious activity on your own wallet.
Crypto.com are generally very security conscious and we believe that they will be thorough in their investigation and will act accordingly. They also have been transparent in their response and have clearly taken swift action.
This also emphasises the risk attached to custodial wallets. There is still risk attached to the DeFi industry and we will continue to work tirelessly to protect users and their assets.
It is for this reason that we have our Custodian Cover including Coinbase, Binance and FTX exchanges. Using these exchanges may come with custodian risk as your assets are not held directly in wallets under your control, but by a centralised entity. You can buy protection against this risk from InsurAce.io at app.InsurAce.io
If you have any questions about InsurAce.io and what type of protection is currently covered, please refer to this document: https://docs.insurace.io/landing-page/documentation/faq
Let us know if you have any concerns and we will be sure to address them!
