CROSS Exchange Hacked for $850,000 in Crypto Funds

CROSS exchange, who offer “transaction + token holding” mining model, 50% HIBT (HiBTC token) is rewarded to users through transaction processing fee mining, experienced a hack that left user accounts having about $850,000 in crypto funds stolen. Using brute force attacks against the system let the hacker bypass the 2-factor authentication security protocol.

The brute force attack, which instead of subtly penetrating a system, uses an algorithm to constantly bombard logins with various credentials, was reported by a client on Reddit, that his account was hammered over 1000 times to breach his 2-factor authentication. The CROSS exchange users claims that he was in compliance with the exchanges security measures.

The exchange had subsequently been made aware of the breach and is attempting to rectify the damages by getting the users funds returned to his account. The victim of the hack stated that he will pursue charges against the exchange if his funds aren’t safely returned. The user is reported that 8 BTC, 22 ETH, and 11,700,000 COSS were stolen from his account. This user was not alone in the attack with many other clients coming forward that they were also affected by the hack.

It is yet to be seen if the exchange will be able to make reparations.