Key Highlights:
- Deribit, a cryptocurrency options and futures market, reported on November 1 that the platform’s hot wallet had been stolen for $28 million.
- Clients were promised by the exchange that their money was secure and that Deribit’s corporate reserves would cover any losses.
- Deribit has stopped making withdrawals to Copper Clearloop and Cobo, third-party custodians until all security procedures are finished.
Deribit, a cryptocurrency options and futures market, experienced a cyberattack in which $28 million from their hot wallet was stolen.
Important notice for users
The business tweeted that client funds had not been impacted, although withdrawals have temporarily been suspended while the exchange conducts security checks.
“In order to lessen the impact of these kinds of incidents, it is our policy to hold 99% of our users’ cash in cold storage. The hack is restricted to our hot wallets for BTC, ETH, and USDC,” Deribit tweeted something.
As soon as the required number of confirmations has been received, deposits that have already been sent will be processed. In light of the hack, the quantity of confirmations necessary has been doubled; once it is finished, money will be credited to accounts. Therefore, users are urged to hold off sending more deposits until the security checks are completed.
A little about Deribit
Deribit, one of the biggest cryptocurrency derivatives exchanges in the world, was founded in 2016 and lets customers trade cryptocurrency futures and options. Deribit has $280 million worth of daily trade activity, according to CoinGecko.
