Crypto Exchange Deribit Loses $28 Million In a Hack

Crypto Exchange Deribit Loses $28 Million In a Hack

Deribit, a cryptocurrency exchange, has been attacked, and an estimated $28 million from a hot wallet has been taken.

Client funds have not been impacted, the business tweeted; however, withdrawals have temporarily been suspended while the exchange conducts security checks.

"It's company procedure to keep 99% of our user funds in cold storage to limit the impact of these type of events. The hack is isolated & quarantined to our BTC, ETH and USDC hot wallets," Deribit wrote on Twitter.

According to Deribit, the corporate reserves will cover the loss, and ongoing operations won't be affected. Notably, Deribit's official blog is down and only shows a "critical error" statement at this time.

Deribit joins a long list of cryptocurrency businesses that have recently been the target of hostile hacks. With approximately $718 million stolen in only the first two weeks, October was the worst month ever recorded.