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Crypto Exchange Deribit Loses $28M in Hot Wallet Hack, Pauses Withdrawals
Deribit said that client assets have not been affected.
Updated May 9, 2023, 4:01 a.m. Published Nov 2, 2022, 7:44 a.m.
Cryptocurrency options and futures exchange Deribit has been hacked, with $28 million being drained from its hot wallet.
During an appearance on CoinDesk TV on Wednesday, Deribit's chief commercial officer, Luuk Strijers, said client assets have not been affected but withdrawals have been temporarily halted as the exchange makes security checks.
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"Hackers have gained access to our wallet server, which enabled them to initiate withdrawals from our hot wallet," Strijers said. "We keep 99% of our assets in cold storage and only 1% in hot wallets. The hacker gained access to these hot wallets."
Strijers also revealed that the entirety of the loss will be covered by Deribit's balance sheet assets, which are separate from the company's $40 million insurance fund.
Deribit hot wallet compromised, but client funds are safe and loss is covered by company reserves
— Deribit (@DeribitExchange) November 2, 2022
Our hot wallet was hacked for USD 28m earlier this evening just before midnight UTC on 1 November 2022.
"We’re still looking at the attack vectors. We can’t share beyond what we’ve shared at this moment but we’re looking into how access was gained," Strijers added.
Deribit becomes the latest in a long list of crypto companies to be targeted by malicious hacks in recent weeks. October was the worst month ever recorded with over $718 million being stolen in the first two weeks alone.
"Deribit remains in a financially sound position and ongoing operations will not be impacted," the company said in a tweet.
UPDATE (Nov. 2, 07:59 UTC): Adds additional details and background. Updates headline.
UPDATE (Nov. 2, 14:11 UTC): Adds quotes from Luuk Strijers' appearance on CoinDesk TV.
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