LCX Exchange Loses $6.8M in Hot Wallet to Hackers Amid BTC Crash By CoinQuora

© Reuters. LCX Exchange Loses $6.8 Million in Hot Wallet to Hackers Amid Bitcoin Crash
  • The LCX exchange lost $6.8 million in one of its hot wallets to hackers.
  • PeckShield, a blockchain security company, has identified the hack.
  • ETH, USDC, LINK, MKR, ENJ, SAND, and QNT have been hacked.

The LCX exchange lost $6.8 million in one of its hot wallets to hackers. In the news, the company officially confirmed the incident after stopping deposits and withdrawals.

Per the report, blockchain security firm PeckShield first identified the hack on a suspicious transfer of ERC-20 tokens from an LCX exchange to an anonymous ETH wallet.

Moreover, right after the PeckShield report, the LCX exchange announced that more than eight types of tokens including ETH, USDC, LINK, MKR, ENJ, SAND, and QNT had been hacked.

Meanwhile, LCX has not yet revealed any possible solution to help return the stolen funds. The exchange only mentioned its security measures to secure portfolios and other assets.

During this challenging period, we deeply appreciate the support from our customers, other exchanges, security experts, and the broader crypto community.

Coincidentally, the LCX exchange’s exploit came at a time when the price of Bitcoin (BTC) was showing a sharp downtrend. However, apart from BTC dropping at present, the entire crypto market is also displaying red symptoms, indicating a bear market.

Apparently, the rally in the cryptocurrency market this time seems to be losing the way for the imagination of traders. At the time of writing, the crypto market is reflecting a mixture of red and green. But market red flags are dominating, compared to being bullish.

In fact, this week seems like a very bad moment especially for the major currency and crypto market.

Disclaimer: The opinions and opinions expressed in this article are those of the author only and do not necessarily reflect those of CoinQuora. No information in this article should be construed as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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