LCX exchange loses $6.8 million in hot wallet to hackers amid BTC crash

© Reuters. LCX exchange loses $6.8 million in hot wallet to hackers amid BTC crash

  • LCX exchange lost $6.8 million in one of its hot wallets in a hack.
  • Blockchain security firm PeckShield discovered the hack.
  • ETH, USDC, LINK, MKR, ENJ, SAND, and QNT were compromised.

LCX exchange lost a huge $6.8 million in one of its hot wallets to hackers. Upon learning of the news, the company officially confirmed the incident after suspending deposits and withdrawals.

According to the report, blockchain security firm PeckShield first discovered a hack of a suspicious transfer of ERC-20 tokens from the LCX exchange to an anonymous ETH wallet.

Furthermore, just after PeckShield’s report, the LCX exchange announced that more than eight tokens including ETH, USDC, LINK, MKR, ENJ, SAND, and QNT were stolen.

Meanwhile, LCX has yet to reveal any possible solutions to help return the stolen funds. The exchange only mentioned its security measures to protect other wallets and assets.

We are grateful for the support of our customers, other exchanges, security experts and the wider crypto community during this difficult time.

Coincidentally, the LCX exchange exploit occurred at a time when the price of Bitcoin (BTC) was in a sharp downward trend. Today, however, in addition to BTC’s fall, the entire crypto market is showing symptoms in the red, signaling a bear market.

It seems that this crypto market rally seems to have strayed into the imagination of traders. At the time of writing, the crypto market is reflecting a mix of red and green. But compared to bullishness, red flags dominate the market.

In fact, this week looks to be a pretty bad time, especially for flagship currencies and crypto markets.

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of CoinQuora. Nothing in this article should be construed as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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