AscendEX suffers a $80 million loss as a result of the hack of ERC-20, BSC, and Polygon hot wallets

Around $60 million in tokens have been moved over the Ethereum network alone. BSC and Polygon tokens are valued $9.2 million and $8.5 million, respectively.

AscendEX, a cryptocurrency trading platform, lost $77.7 million as a result of a hot wallet vulnerability that enabled hackers to access and transfer tokens housed on the Ethereum (ETH), Binance Smart Chain (BSC), and Polygon (POLY) blockchains.

Soon after becoming aware of the theft, AscendEX proactively notified its subscribers, verifying that the hackers were unable to access the company’s cold wallet reserves.

Around $60 million worth of tokens were exchanged across the Ethereum blockchain, according to PeckShield, a blockchain security and data analytics business. According to EtherScan statistics, the stolen tokens from Binance Smart Chain and Polygon are valued $9.2 million and $8.5 million, respectively.

USD Coin (USDC), Tether (USDT), and Shiba Inu are among the prominent tokens taken in this incident (SHIB). However, AscendEX has not yet confirmed the actual value of the tokens stolen by the hackers.

Additionally, the corporation said that it will assist impacted consumers by paying their losses as a result of the incident.

Just last week, on Dec. 05, a similar assault on cryptocurrency exchange BitMart resulted in a roughly $200 million loss owing to a hot wallet breach housed on the Ethereum and Binance Smart Chain blockchains.

As Cointelegraph noted, the hack was a simple instance of transfer-out, swap, and wash: While BitMart CEO Sheldon Xia acknowledged the losses through Twitter, he also announced a temporary suspension of all withdrawals and deposits pending further investigation.

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