Last Minute: Giant Bitcoin Exchange Hacked! Wallets Emptied

According to an announcement published on Twitter, Deribit, the largest Bitcoin and altcoin options exchange, suffered a $ 28 million attack. Here are the details…

$28 million hack on Bitcoin exchange Deribit

It stopped withdrawal processes indefinitely amid ongoing security audits. It is not clear when the stock market will reopen the processes. The trading platform said that its customers’ funds are in faith, adding that the losses are covered by its own reserves, meaning that Deribit’s insurance fund will not be affected by the hack.

Deribit claims that 99 percent of its customers’ funds are stored in cold storage addresses. The exchange stressed that it remains in a strong financial position and that the latest offensive will not affect its operations. The company said it is conducting ongoing security audits. Withdrawals from third-party savers Copper Clearloop and Cobo are also suspended. The exchange said it is halting withdrawal processes until it is confident that the platform launch is safe.

Remains to be the largest derivatives exchange

According to the information provided by the derivatives information platform Coinglass, Deribit continues to dominate the cryptocurrency derivatives branch. As we have previously reported, Deribit is currently headquartered in Panama. The derivatives exchange emerges as the platform where 89.76 percent of the total Bitcoin option statuses take place. Chicago-based derivatives giant CME is in second place with a 6.87 percent market share.

Okex and FTX are also in the top five. Deribit also has almost full control over the Ethereum options market, with a massive 96.64 percent stake. The now-bankrupt hedge fund Three Arrows Capital (3AC) reportedly owns a $500 million stake in Deribit. The hacking of the platform, which has such dominance in the derivatives field, worried investors.

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