Crypto.com suspends deposits, withdrawals over ‘unauthorized activity’

Cryptocurrency exchange app Crypto.com announced that it has suspended deposits and withdrawals due to “unauthorized activity” on some accounts. 

“Earlier today a small number of users experienced unauthorized activity in their accounts. All funds are safe,” Crypto.com wrote in a Twitter thread on Monday. “In an abundance of caution, security on all accounts is being enhanced, requiring users to: Sign back into their App & Exchange accounts, Reset their 2FA.” 

“This update will be rolled out to users progressively over the next few hours. Once complete, withdrawals will be re-enabled,” the company said in a tweet. “We understand this may be an inconvenience, but security comes first. Thank you for your support.” 

According to the Los Angeles Times, several app users have reported on social media that their currency had vanished from their Crypto.com accounts in the past few days. 

This comes shortly after Crypto.com secured naming rights to replace Staples as the title sponsor of the Los Angeles sports center last month. 

Other popular crypto trading platforms, such as Coinbase, Binance and Kraken, have experienced widespread outages at times of peak demands in 2021, creating problems for investors who were prevented from making withdrawals or liquidating their positions during volatile trading periods, the Los Angeles Times reported. 

In a tweet on Monday, Crypto influencer and podcast host Ben Baller said about 4.28 ether, which equates to roughly $14,000, had been stolen from his account. 

“I messaged yah guys hours ago about my account having 4.28ETH stolen out of nowhere and I’m also wondering how they got passed the 2FA?” Baller wrote in the tweet.