Firewall Daily

ZB Exchange Hacked, Loses $5 Million

ZB Exchange Hacked, Loses $5 Million
  • PublishedAugust 5, 2022

ZB Exchange became the latest victim of a cybersecurity breach after hackers walked away with nearly $5 million from the digital exchange and cryptocurrency website ZB Exchange.

This Tuesday, the self-proclaimed “world’s most secure” crypto company lost over 20 cryptocurrencies. The stolen asset included SHIB, USDT and MATIC.

Following the heist, ZB Exchange suspended withdrawals, citing “temporary maintenance” as the reason on their blog. “Due to the sudden failure of some core applications, it still takes time to troubleshoot the problem. Deposit and withdrawal services are now suspended,” they wrote in the post.

ZB announced that they were alerted about the hack after reading about it on social media. Blockchain security firm PeckShield reported the hack on Twitter. This is the third hacking incident reported on a crypto website after Nomad and Solana on such a scale. Nomad lost US$200 million on Tuesday, while Solana suffered a loss of over 7,700 wallets on Wednesday.

According to the tweet, the steal was resold on other decentralized exchanges for Ethereum. However, this claim is yet to be confirmed by the authorities. The post added that the hackers removed over $880,235.55 in USDT, $441,357.71 in SAND to the ken, $344,376.00 in DAWN, and that totalled up to $4,767,945,47.

It is speculated that the decentralized community of the cryptocurrency industry has a weak security structure that fails to combat hacking attempts.

As per research, blockchain hackers have walked away with nearly $1.3 billion in Q1 of this year. The report showed a statistic of almost 78 hacks in Q1. The recent number of hacks has led to doubts among people, especially after many have lost their savings. Companies seek to increase security measures after such incidents while angry users demand answers.

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