Crypto exchange Deribit loses $28M in hack

Panama-based cryptocurrency exchange Deribit has disclosed being impacted by a hacking incident that resulted in the theft of $28 million, reports The Record, a news site by cybersecurity firm Recorded Future. While Deribit's hot wallets were impacted by the attack, the cryptocurrency derivatives platform reassured the safety of client funds and the coverage of the loss with company reserves. "The hack is isolated & quarantined to our BTC, ETH, and USDC hot wallets. Deribit remains in a financially sound position and ongoing operations will not be impacted," said Deribit. Nearly 9,080 ETH worth almost $14.2 million and approximately 691 BTC worth $14.1 million have been stolen from the incident, according to blockchain security firm PeckShield. The attack on Deribit comes amid increasingly damaging hacks against cryptocurrency firms, with losses from crypto hacks so far this year being two times higher than last year. "As we continue to see the ecosystem scale in value and complexity we will need technical and operational solutions that scale with it. October was proof of this with around $718 million lost in the first week alone, making it one of the biggest months for crypto hacking," said Ledger Enterprise Global Head Alex Zinder.