Last updated on November 2nd, 2024 at 04:37 pm
M2, a UAE-based multi-chain cryptocurrency exchange, has restored all user funds following a recent security breach that saw around $13.7 million siphoned from its hot wallets.
In a recent security update, the crypto exchange confirmed it had fully resolved the breach, assuring customers that all assets were returned and services were back online with enhanced security measures in place.
“M2 has taken full responsibility for any potential losses, demonstrating our unwavering commitment to safeguarding our customers’ interests,”
the exchange stated.
M2 has resolved a recent security incident.
Details here: https://t.co/vyWU65AkDU
— M2 (@M2Exchange) October 31, 2024
The attack, which took place in the early hours of October 31, targeted M2’s assets on Ethereum, Bitcoin, and Solana networks. Pseudonymous blockchain sleuth ZachXBT broke the news on their private Telegram channel and traced the stolen funds to specific addresses, revealing the exchange’s Ethereum, Bitcoin, and Solana wallet addresses associated with the breach.
However, M2 moved swiftly to contain the hack, minimizing further losses while coordinating with regulatory and legal authorities on a full investigation. In the update, the exchange noted that it has set up “additional controls” but didn’t give any update on the investigation or the search for the attackers.
This incident comes amid a recent uptick in exchange security breaches. In September, Singapore-based crypto exchange BingX suspended withdrawals after detecting a hot wallet compromise that resulted in significant losses. Vivien Lin, BingX’s Chief Product Officer, confirmed that an “emergency plan” was activated to address the hack, temporarily halting user access to funds while the issue was resolved.
Meanwhile, this hack comes on the heels of significant development for M2. The exchange recently introduced a new feature allowing UAE residents to buy and sell Bitcoin and Ether directly from their bank accounts. According to the exchange’s team, this integration offers UAE-based users a more agile approach to crypto trading by enabling fast conversions between traditional currency and digital assets, enhancing user experience amidst volatile market conditions.
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