Deribit Hot Wallet Stolen! Loss of $28 million, user funds unaffected

by Coinworldstory

Deribit, the largest bitcoin option exchange, lost $28 million in a hot wallet hack, but user funds were not affected and withdrawals have been temporarily frozen.

Deribit posted on Twitter earlier today (2) that the hot wallet was hacked, and Bitcoin, Ethereum and USDC hot wallets were all affected. It was initially estimated that the amount of stolen funds amounted to $28 million, but Deribit promised to bear the loss on its own. , the stolen funds will be covered by company reserves.

According to Deribit, 99% of the platform’s user funds are stored in cold wallets, and no client assets, Fireblocks, or any cold wallet addresses were compromised, so client funds are safe.

Deribit is currently undergoing security inspections, and has suspended withdrawals. Withdrawals including third-party custodians Copper, Clearloop, and Cobo have also been temporarily frozen until everything is confirmed to be safe.

At the same time, Deribit has also temporarily increased the minimum number of confirmations, which will cause delays in the entry of funds, and users should not send new deposits until the platform opens the wallet again.

In response to the above incident, Binance CEO Changpeng Zhao said that the team has been asked to monitor whether there are stolen Deribit funds flowing into Binance and will assist in freezing any suspicious funds.

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