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Crypto Exchange Zb.com Blocks Withdrawals After $4.8 Million Hack

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VOC, Voice of Crypto, Crypto Hack

Crypto exchange ZB.com halted withdrawals after approximately $4.8 million was withdrawn from its hot wallet in an attack. The company announced on Twitter that it had stopped withdrawals, using maintenance as an excuse.

As reported by blockchain security firm PeckShield, a significant amount of money, including more than 20 tokens, has moved from ZB.com’s hot wallet to various addresses for sale. These tokens were sold on several CEX exchanges for 2,224 ETH ($3.6 million).

ZB.com, formerly CHBTC.com, is one of the oldest cryptocurrency exchanges on the market. The platform was previously based in China and was among the exchanges that had to move out of China after the country banned crypto trading in 2017.

On the other hand, ZB.com’s latest hack also follows a series of attacks that occurred this week that was “triggered” by the Nomad cross-chain bridge, causing more than $176 million in damage. Next was the security incident on the Solana network, resulting in nearly 8,000 user wallets losing their assets for unknown reasons.

More interestingly, this is also an opportunity for many leading crypto exchanges to promote cold wallets and security systems when placing assets on the exchange. For example, the CEO of Binance has continuously provided updates on Solana’s work for the community but still finds ways to advertise his platform.

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Adekunle Joshua is a cryptocurrency writer. He has a deep understanding of the technology and how it can be used to improve the world. James is a strong advocate for using cryptocurrency to make the world a better place. He wants to help people understand the technology and use it to improve their lives.

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