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LCX Hot Wallet Hacked, Suffers an $8M Loss

LCX Hot Wallet Hacked, Suffers an $8M Loss

The LCX crypto exchange has been subject to a hack that resulted in a loss of approximately $7.94M worth of digital assets.

Liechtenstein-based exchange LCX has been operating as an official crypto trading and storing platform since 2018, with a built-in hot wallet where users can hold their cryptocurrencies. 

On January 9th, in an official announcement by LCX, the exchange reported that they’ve detected "unauthorized access of one crypto wallet" which led to a transfer of $8M in digital funds to an unknown address.

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How to Track Cryptocurrencies? (3 BEST Tracking Platforms Revealed)

How to Track Cryptocurrencies? (3 BEST Tracking Platforms Revealed) How to Track Cryptocurrencies? (3 BEST Tracking Platforms Revealed)

LCX’s partner Monerium has managed to withhold the transfer of $0.70M worth of crypto to the unauthorized address. LCX assured that only their Ethereum wallet was compromised, while other digital asset storages for Bitcoin, HBAR, ADA and other crypto remained untouched. 

The exchange took action by pausing all deposits and withdrawals of any digital currency, informed multiple partners, wallet analytics platforms, and sent out a report to the Liechtenstein authorities.

As of yet, LCX has not issued any statement on compensating the targeted wallet, with an ongoing investigation of the incident still in progress.

Aaron S., Editor-In-Chief
Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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