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Crypto.com CEO says regulators haven’t reached out after hack

·2-min read
Crypto.com CEO says regulators haven’t reached out after hack. (PHOTO: Getty Creative)
Crypto.com CEO Kris Marszalek confirms 400 accounts were hacked. (PHOTO: Getty Creative)

(Bloomberg) — Crypto.com has not received any “outreach” from regulators following a cybersecurity breach earlier this week of about 400 customer accounts, according to Chief Executive Officer Kris Marszalek.

During an online interview at Bloomberg’s Year Ahead virtual conference, Marszalek said from Singapore that he is prepared to share information on the hack if any relevant inquiries come from regulators.

The company became the latest crypto exchange to be hit by online thieves on Tuesday after users reported that Ethereum and other cryptocurrencies were wiped from their accounts. All customers have been reimbursed, Marszalek said.

“Obviously, it’s great lesson and we are continuously strengthening our infrastructure,” Marszalek said during the interview. “Given the scale of the business, these numbers are not particularly material and customer funds were not at risk.”

An exact value of cryptocurrencies affected is still unknown, although estimates are in the millions. Marszalek said Crypto.com plans to release more information in a blog post in the coming days. System hacks have been a persistent problem since the earliest days of cryptocurrencies, with rouge programmers probing the software code of protocols for vulnerabilities.

The firm, which moved its headquarters from Hong Kong to Singapore last year, is currently awaiting license approval from the Monetary Authority of Singapore, or MAS.

The MAS prohibited public advertising of crypto products earlier this year. Crypto.com was among the firms affected after placing a large billboard on a prominent shopping strip. Advertising practices of the crypto industry have come under scrutiny as opponents worry retail investors could buy into the asset class with limited understanding of risks.

“Singapore is very supportive of blockchain technology and cryptocurrency industry in general,” the CEO said. “It’s a great place for the industry players, and there’s quite a large number of players there.”

One of largest exchanges with more than 10 million users, Crypto.com made headlines after it bought the sponsorship rights to an iconic sports and entertainments arena in Los Angeles, once-branded the Staples Center. It is also running a major marketing campaign with actor Matt Damon, along with various professional sports teams.

©2022 Bloomberg L.P.

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