'World's most secure exchange' ZB.com hacked for $5 million
Categories: US
'World'smost secure exchange' ZB.com hacked for $5 million
Blockchain security firm PeckShield uncovered the suspicious hack onAugust 3, identifying that large amounts of more than 20 different digitalassets had been transferred from the exchange's hot wallet to another address. Most ofthe transferred assets have since been sold for ETH. In response to theincident, ZB.com suspended customer withdrawals, described in a statement as "temporarymaintenance."
The 21 digital assets stolen in this suspected hack were overUS$800,000 in Tether (USDT), approximately US$300,000 in MATIC and overUS$200,000 in IMX. After being funneled out of ZB.com's hot wallet, most of thefunds were subsequently sent by hackers to several decentralized exchangesand sold for 2,224 ETH, which is currently valued at US$3.6 million.
Another wallet, PeckShield, believed to be also controlled byhackers, still holds more than US$1 million worth of stolen assets, which haveyet to be sold. ZB.com is one of the oldest crypto exchanges currentlyoperating, having been established in China in 2013.
Following China's crackdown on crypto in 2017, the exchangeceased its activities inside China, rebranded as ZB.com and moved itsheadquarters to Switzerland. Over the past year, exchange hacks have becomeincreasingly frequent. In December 2021, US-based exchange Bitmart was hackedfor approximately US$200 million, and in January a hot wallet ofLiechtenstein-based exchange LCX was hacked, causing a loss of approximatelyUS$8 million.