The largest Bitcoin options exchange in the world, Deribt, suffered a hacker attack and lost US$28 million, about 144 million reais. The hackers will be able to attack the carteira quente (with Internet access) from the broker and steal the funds.
According to its own broker, the attack affected Bitcoin, Ethereum and USDC wallets. The exchange guaranteed that it would cover the losses of its reserves.
“Carteiras quentes da Deribit were compromised, but the two clients’ funds are safe and the losses will be covered by the company’s reserves. Our wallet that was hacked at US$ 28 million did not start this night, shortly before mid-night UTC on November 1, 2022”.
Apos or incident, to Deribit congelou you serve, até ter certitude about the complete security of your network.
Deribit hot wallet compromised, but client funds are safe and loss is covered by company reserves
Our hot wallet was hacked for USD 28m earlier this evening just before midnight UTC on 1 November 2022.
— Deribit (@DeribitExchange) November 2, 2022
“Funds are safe”
Deribit says that it manages 99% of all the funds of two users through cold wallets (without Internet access). According to the company, or attack does not affect cold storage carts.
“The company’s procedure keeps 99% of the funds of our users in cold storage to limit the impact of this type of event.”wrote to Deribit not Twitter.
The $28 million hack is not substantial at all, but considering that these exchanges are not independently audited, Deribit may have to reassure its customers with more details about exactly how the attack occurred.
The company suspended all transactions, including deposits and withdrawals, to conduct further investigations and prevent further damage from cyber attacks.
“We are carrying out continuous security checks and we have to interrupt the withdrawals until we are certain that everything is safe to reopen,” affirmed to exchange.
The company also stated that it is in a “financially stable position” to continue normal operations to resolve the problem. The broker discourages users from sending funds for their wallets until the deposits are released.
According to analysts from the security firm PeckShield, the hackers stole around 9,080 ETH (US$14.2 million) and 691 bitcoins (US$14.1 million).
#PeckShieldAlert @DeribitExchange has reported that their hot wallet was compromised, and ~$28M was stolen, including ~9,080 $ETH ($14.2M) and ~691 $BTC ($14.1M)
Exploiters’ address:https://t.co/pjI8h3YMYShttps://t.co/mDsb0qgALP https://t.co/Fw3pWSZJcQ pic.twitter.com/uNDa0I8lX0
— PeckShieldAlert (@PeckShieldAlert) November 2, 2022
Deribit is an important cryptocurrency derivatives brokerage that has been operating since 2016. Derivatives are financial instruments that represent the trading of some underlying asset, in this case, cryptocurrencies.
The most popular derivatives offered at Deribit are Bitcoin options, and Deribit is the largest Bitcoin options broker in the market.
An option of actions or cryptocurrencies is a contract that gives or direct, but not obrigação, to buy or sell an asset at a specific price – known as the exercise price – on a certain expiration date. You pay a premium – usually cheaper than buying cryptocurrencies – to buy an option.
In September of this year, Deribit made a round of financing of US$ 40 million. The appraisal of the platform was US$400,000, a value that has decreased more than five times (US$2.1 billion) since August 2021, when the company collected another US$100,000.
The Chainalysis analytics platform recently revealed an increase in cryptocurrency theft in 2022, com US$ 3 billons stolen in a year.
The trend seems to be increasing. Only in October 2022, hackers will manage to steal more than US$700 million. At the beginning of the month, Binance lost more than US$580 million in an attack.
If the popularity of cryptocurrencies can explain the evolution of these numbers, it is clear that the security of two protocols is becoming an increasingly sensitive issue.
For specialists in security, most of them hacks and feita em bridges “cross-chain”. These bridges represent opportunities for users to move funds from one blockchain to another.
Deribit’s reputation as a market leader in bitcoin options means that the attack represents a significant problem in the cryptocurrency industry.