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$30 MILLION CRYPTO STOLEN



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$30 Million of Bitcoin and Ethereum stolen from Crypto.com ► Get up to a $250 in Digital Currency: https://blockfi.com/andrei
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WHAT HAPPENED THIS WEEK?
4,836 ETH worth roughly $15 million dollars was stolen and another 443 Bitcoins worth roughly $18.6 million were stolen from crypto.com. 483 users had their accounts compromised.

WHO IS CRYPTO.COM?
Crypto.com is now one of the biggest crypto companies in the world. They have over 300 employees, over 10 million users, and they’ve expanded to over 90 countries. They’ve gone global. By June of 2022 this year - the Staples Center in LA, the home of the Lakers will officially be renamed to the crypto.com arena. They paid over $700 million dollars for the rights to rename it.

They also have official deals with the UFC fight league, Philadelphia 76ers NBA team, the NHL’s Montreal Canadiens, and, the Australian Football League which are deals reportedly worth as much as $1.5 billion.

HOW IS ETHEREUM AND BITCOIN BEING LAUNDERED?
The way it works is through the use of smart contracts which is used to deposit Ethereum into (Tornado Cash), the smart contract acts as what’s called a “liquidity pool” for the people withdrawing which makes it very hard to find out who the thief was because a lot of people are withdrawing from the same pool.

HOW DOES IT WORK EXACTLY?
Tornado Cash creates a “secret hash” that rhymed a hash is a randomly generated string of letters and numbers each time someone deposits money into the smart contract, this is called a “commitment”, this is used to identify the person who put the money into the contract so that once they’re ready to withdraw it - the contract knows who it should be giving the money to. It’s like an invisible signature that only you can see, but no one else on the blockchain sees.

HOW WAS IT STOLEN THOUGH?
The truth is we don’t know exactly how the money was stolen yet but more than likely the thieves whitelisted their own address on crypto.com and then they were able to transfer money out without anything being triggered.

As of January 18th, crypto.com will send you alerts when someone does that and you’ll have a full 24 hours before withdrawals can be made so make sure it’s your wallet and to delete it if it’s not. Another possible explanation is that it was a rogue employee who got access to customer accounts.

DID PEOPLE GET THEIR ETHEREUM AND BITCOIN BACK?
Yes - crypto.com reimbursed everyone's crypto.

WHAT CAN I DO TO PROTECT MY CRYPTO?
For crypto.com - they just announced their Account Protection Program (APP), which they say is designed to protect user funds in cases where someone gets access to your account and withdraws funds without your permission.

APP restores funds up to USD$250,000 for qualified users and here’s what you have to do right now.

STEP 1: Turn on Multi-Factor Authentication (MFA) on all transactions where it’s applicable.

STEP 2: Turn on anti-phishing code which you need to have at least 21 days before someone steals your money.

STEP 3: Do not use any jailbroken devices.

STEP 4: File a police report and give Crypto.com a copy of it.

STEP 5: fill out a questionnaire to support a forensic investigation - not sure what that means and hopefully they can clear that up for everyone. Those are all the steps you have to take for the APP to apply to your account, please do that asap if you use crypto.com’s services to protect yourself in the future.

WHAT IF I DON'T USE CRYPTO.COM?
The best way to store your crypto safely is offline in cold storage.

*None of this is meant to be construed as investment advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.

SOURCES:
https://bit.ly/3AkWWFv
https://bit.ly/3FPRwDu
https://bit.ly/3fPlXPL
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