Market Analysis Report (04 Aug 2022)

Nearly $5 million worth of digital assets have been drained from the hot wallet of cryptocurrency exchange ZB.com. The exchange halted client withdrawals earlier this week.

Ethereum blockchain data shows that significant amounts of over 20 digital assets moved from ZB.com’s hot wallet to another address, which has subsequently liquidated all but five of these tokens so far.

The tokens were sold on decentralized exchanges in exchange for 2,224 ETH, worth over $3.6 million. The potential hacker moved the funds to a new wallet, where they are now. Another wallet controlled by the hacker holds around $1 million worth of the remaining tokens.

The suspected hacking incident comes after ZB.com halted client deposits and withdrawals for “temporary maintenance” over the “failure of some core applications.”

ZB.com was one of the oldest exchanges on the market. It was formerly based in China and was among the exchanges that relocated from the country after a crypto crackdown in 2017.

Source