Crypto.com Admits $35 Million Hack (2024)

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Crypto.com Admits $35 Million Hack (2024)

FAQs

What happens to my money if crypto com goes bust? ›

What happens when a crypto exchange goes bankrupt? In the event of bankruptcy, crypto customers with custodially held assets are typically last in line to receive payment.

Did Crypto.com get hacked? ›

Crypto.com Hack

In January 2022, Crypto.com staff admitted that it lost $30 million in a hack of the Because the exchange keeps all of its customers' funds in cold wallets, however, none of Crypto.com's 50 million users lost any crypto or cash.

Is crypto.com in trouble? ›

On 14 November, Marszalek, the firm's CEO, assured users that the exchange was functioning as normal. On June 9, 2023, Crypto.com announced plans to shut down its institutional exchange in the United States by June 21, citing low demand from large financial institutions.

Is crypto.com safe in 2024? ›

No customers experienced a loss of funds, as any users that had been affected were fully reimbursed. Crypto.com also implemented the Account Protection Program (APP) for additional security of user funds. Compared to other cryptocurrency exchanges, Crypto.com is decently secure and trustworthy.

How do I get my money back from Crypto com? ›

How can I withdraw funds back to my bank account?
  1. Go to your Fiat Wallet from the Menu and tap Transfer > Withdraw > Fiat.
  2. From your TRY balance, tap Withdraw TRY.
  3. Review the withdrawal process and tap Withdraw Now.
  4. Input the withdrawal amount and select the bank account you are withdrawing funds to.

Is my money in crypto com safe? ›

Your virtual assets are stored 100% safely and perfectly.

We hold all customer assets deposited on our platform in institutional-grade reserve accounts on a 1:1 basis, meaning funds are responsibly backed by Crypto.com and accessible at customers' convenience.

Is crypto com at risk of collapse? ›

It doesn't appear that Crypto.com will collapse any time soon, but this also doesn't mean that the exchange will thrive. The goal at this point is for Crypto.com to survive.

Is Crypto.com a bad company? ›

Poor customer support: Customer complaints mention slow and low-quality customer support responses. Trading fee discounts can be confusing to navigate: Crypto.com's trading fee discount tiers may be complex to navigate.

What is the biggest crypto hack in history? ›

Perhaps the most high-profile of crypto trading hacks, cybercriminals targeted the Binance exchange in October 2022, eventually taking $570 million.

Is Crypto.com shutting down in the US? ›

We recently made a business decision to suspend the institutional offering of the Crypto.com Exchange in the U.S. as of 11:59pm EDT June 21, 2023 due to limited demand from institutions in the U.S. in the current market landscape.

Is crypto com banned in usa? ›

While the shutdown impacts institutional trading, Crypto.com assured retail investors they can still use the platform in the U.S. This includes the exchange's CFTC-regulated derivatives trading.

Is crypto com crashing? ›

No incidents reported. Resolved - This incident has been resolved.

Does crypto.com have a future? ›

CRO Price Forecast 2027

By the time it is 2027, our CRO coin forecast suggests that the coin will be in a range of $0.83 to $1.10, and the average price may be around $0.97. For the year 2027, our Crypto.com coin (CRO) price prediction anticipates a moderate price change.

Does crypto.com hold your funds? ›

All Users' deposits are held in cold storage, for security reasons, however, withdrawal requests - for all cryptos - are automated. In most cases, withdrawals are almost instant and normally should take no longer than 2-3 hours to be processed.

Why does Crypto.com need my social security number? ›

In order to protect our customers, prevent fraudulent activity, and be fully compliant with regulations for the trading of digital assets, we require the submission of personally identifiable information. This includes the submission of selfies, SSN, bank statements, etc.

Will I ever get my crypto money back? ›

For example, if you need to dispute a purchase, your credit card company has a process to help you get your money back. Cryptocurrencies typically do not come with any such protections. Cryptocurrency payments typically are not reversible.

How do I get my cash back from Crypto com? ›

Here is how to withdraw money from Crypto.com and transfer it to your US bank account on the ACH network: Step 1: Open the "Fiat Wallet" from the menu button or the “Accounts” menu. Then press "Transfer" > "Withdraw" > "USD". Step 2: Click on your USD balance and choose to Withdraw USD.

Can crypto com recover funds? ›

We cannot recover the funds if they have been sent to an address that Crypto.com does not manage.

Can crypto com hold my money? ›

All Users' deposits are held in cold storage, for security reasons, however, withdrawal requests - for all cryptos - are automated. In most cases, withdrawals are almost instant and normally should take no longer than 2-3 hours to be processed.

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