ZB Exchange May Have Lost Nearly $5M In A Possible Hack

ZB exchange may have lost nearly $5 million in a possible hack, meaning it may have been a target of a hack attack, albeit the cryptocurrency exchange has not yet confirmed this.

According to reports, possible hackers stole almost $4.8 million from the hot wallet of the cryptocurrency exchange ZB.com, making it appear as though it is the latest victim in a string of recent hacking attacks.

The platform, which touts itself as the world’s most secure digital asset exchange, was first based in China before moving and opening up shop in other nations.

Cryptocurrency Worth $4.8 Million Departs ZB.com

According to blockchain security firm PeckShield, ZB Exchange may have lost around $5 million due to a hacker that may have moved 21 different cryptocurrencies valued at more than $4.7 million from ZB.com’s hot wallet. The following cryptocurrencies were among those that were removed from the exchange: MATIC, APE, SHIB, AAVE, USDT, USDC, CRV, and 1INCH.

The report was released shortly after the cryptocurrency exchange stated that deposits and withdrawals will temporarily be suspended. A statement on Zb.com’s blog post reads as follows:

“Due to the sudden failure of some core applications, it still takes time to troubleshoot the problem. Deposit and withdrawal services are now suspended. Please do not deposit any digital currency before recovery. Any change is subject to the announcement. We apologize for any inconvenience caused, and thank you for your patience!”

ZB users,
Due to the sudden failure of some core applications, we’re currently responding to these issues.
To keep your assets secured, we have temporarily suspended Deposit and Withdrawal services while we resolve the issue.
We will provide an update once completed.
Thank you

— ZBExchange (@ZBexchange) August 2, 2022

The site has not, however, acknowledged whether the suspension was brought on by a hot wallet security issue. The business oddly describes itself as “the world’s most secure digital asset exchange.”

China-based ZB.com, formerly known as CHBTC.com, was established in 2013. After the Chinese government cracked down on cryptocurrency trading in 2017, the company relocated and stopped all operations there before rebranding under its present name. There are over 10 million users on the exchange.

Three Hacks In Three Days

The potential hack on Zb.com would be the third incident the sector has seen in only August. As previously reported by DCForecasts, an issue on the Nomad bridge allowed attackers to steal cryptocurrency valued at about $200 million from the protocol’s reserves, thus becoming a target of a copy-paste attack.

Nine million dollars were returned by some of the hackers engaged in the attack to a Nomad-provided fund recovery location.

On August 3, the Solana network was also the target of a multi-million dollar hack, which exposed over 7,700 wallets. Around $8 million in losses are anticipated from the impacted wallets.

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