Cryptocurrency exchange Crypto.com suspended withdrawals on its platform on Monday following reports from users of “unauthorized activity.”
- The Hong Kong-based firm announced via Twitter early on Monday that it would be pausing withdrawals shortly while it investigated reports of suspicious activity on users’ accounts. All funds were safe, it said.
- Several hours later, the exchange issued an update advising users were required to sign back into their accounts and reset their two-factor authentication (2FA).
- At around 16:00 UTC, CEO Kris Marszalek tweeted that final checks were being made prior to withdrawals being resumed in the following 30-60 minutes.
- Crypto exchanges have been known to suspend withdrawals and other services during spikes in demand at periods of high volatility. One of the most recent such occasions was in November, when Binance disabled all crypto withdrawals due to a large backlog.