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Home » News » ZB.com Suffers Possible Hack, $4.8M Drained From Hot Wallet

ZB.com Suffers Possible Hack, $4.8M Drained From Hot Wallet

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The exchange paused withdrawals yesterday for "temporary maintenance."

ZB.com Suffers Possible Hack, $4.8M Drained From Hot Wallet
Shutterstock cover by ViChizh

Key Takeaways

  • A possible hack has resulted in almost $5 million being drained from the ZB.com exchange’s hot wallet.
  • The funds were siphoned in the form of more than 20 cryptocurrencies that were subsequently liquidated.
  • The nature of the attack is unknown; ZB.com has yet to comment on the developing situation.

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According to on-chain data, almost $5 million in various cryptocurrencies have been drained from crypto exchange ZB.com’s hot wallet and liquidated. Though details are sparse, it appears to have been a hack.

Mysterious Hack

ZB.com may be the latest crypto hack victim, though details at this stage are sparse.

ZB.com, which bills itself as “the world’s most secure digital asset exchange,” may have fallen victim to a hack today as almost $5 million in over 20 different cryptocurrencies have been moved from the exchange’s hot wallet. The receiving address had liquidated all but five tokens at the time of writing.

PeckShield, a blockchain security and analytics firm, observed and reported the unusual movement of funds.

The attacker sold off the tokens on several decentralized exchanges following the attack; they netted about 2,224 ETH ($3.6 million) for the sales and transferred the funds to this wallet, where they remain at press time.

The day before the incident, ZB.com halted withdrawals for “temporary maintenance.” In a statement at the time, ZB.com wrote:

“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.”

ZB.com did not immediately respond to Crypto Briefing’s request for comment.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.

This is a developing story. 

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