Cryptocurrency exchange, Crypto.com, has temporarily suspended withdrawals following reports of unauthorized withdrawals.
The Singapore-based firm says the issue is currently under investigation but did not reveal the time that normal operations would resume.
The firm adds that customer funds were safe after circulating reports of suspicious activities in users’ accounts.
The news comes as a setback to the exchange which has been on a marketing spree, bagging deals like the $700 million Staples Center Arena naming.
Crypto.com has been using mobile applications and debit cards to streamline the adoption of its services. The exchange had more than 14 million clients as of 2021.
The security breach at the exchange is a deviation from the recent reduction of the cases relating to security violations in the sector.
Crypto.com’s CRO token has dropped about 3% to trade at $0.45 in the past day and is down 1% in the past week.
We have a small number of users reporting suspicious activity on their accounts.— Crypto.com (@cryptocom) January 17, 2022
We will be pausing withdrawals shortly, as our team is investigating. All funds are safe.