Crypto.com exchange CEO and co-founder Kris Marszale says he expects tough times ahead as the US banking turmoil gathers pace. In a new Ask Me...

CryptoLaw founder claims Coinbase may not be the only exchange to receive a Wells Notice. Some netizens theorize that the SEC is making room...

Centralized crypto exchange Crypto.com (CRO) has received a Payment Institution License (EMI) from the Central Bank of Brazil, the company announced on Thursday. The license...

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption...

A host of crypto exchange executives are putting their support behind Ukraine as Russia continues its invasion of the Eastern European nation. Crypto.com CEO Kris Marszalek tells his 146,400 Twitter followers that the Singapore-based digital asset exchange has made a sizeable donation to the Red Cross in support of the embattled country. “Our thoughts are […]

The post Crypto Exchange Executives Rally Behind Ukraine As Donations Continue To Pour Into Embattled Nation appeared first on The Daily Hodl.

Basketball player LeBron James is the latest celebrity to join Crypto.com‘s high-profile marketing campaign, which already includes actor Matt Damon and the naming rights to a Los Angeles sports facility. The LeBron James Family Foundation (LJF) and Crypto.com announced a multi-year agreement on Friday to support Web3-related ‘educational and professional development initiatives’ that help students and families create a ‘solid foundation in Web3 and…blockchain-based decentralized applications.’ Web3 (or Web 3.0) refers to what some see as a more egalitarian and fair internet. Its proponents argue that it is decentralized, providing consumers more control. The relationship with James is part of Crypto.com’s huge marketing push in recent months, which has enlisted the help of Hollywood luminaries and cost the company more than $1 billion. The Singapore and Hong Kong-based exchange secured a $700 million contract in November to have its name emblazoned on the former Staples Center, which is now home to the NBA’s Los Angeles Lakers (James’ franchise) and Clippers. The company earns a share of crowd transactions at the venue as part of the arena naming rights contract, and even more if the transactions are conducted using Crypto.com’s app. In October, Crypto.com debuted television advertising showing Damon, a corporate investor who has since become the brand’s face. The Damon-led series of ads, which will also include NBA player Carmelo Anthony, mixed martial artist Ronda Rousey, and South Korean rapper Lee Chae-rin, nicknamed CL, cost $100 million to develop. Crypto.com declined to comment on whether James would feature in a commercial as part of the new collaboration. According to Bloomberg, the corporation has also invested another $400 million in other sports sponsorship deals, including with the Ultimate Fighting Championship (UFC), Formula 1 motor racing, and elite ice hockey, football, and soccer clubs. In December, Crypto.com CEO Kris Marszalek told Fortune that the platform’s goal is to become the next ‘killer app…like Instagram, but for the crypto world.’ He indicated at the time that the company was profitable on $500 million in revenue during the April to June 2021 quarter. Crypto.com had 10 million users a year ago, but according to a representative, that figure has increased dramatically since then. Hackers stole almost $30 million in cryptocurrency from 483 Crypto.com customer accounts earlier this month; the business later refunded those users. Celebrities are increasingly being used by crypto firms, metaverse platforms, and digital asset efforts, such as non-fungible token (NFT) projects, to generate attention. NBA player Steph Curry, for example, just debuted a digital shoe NFT collection and owns an NFT from the Bored Ape Yacht Club, a popular NFT collection featuring bored-looking digital apes in various colors and clothes. Meanwhile, Paris Hilton, a reality TV celebrity, and DJ Steve Aoki just performed in the metaverse. In the Sandbox, one of the most popular metaverse platforms, Warner Music is constructing a concert-themed theme park. Celebrities promoting cryptocurrency and other hot internet-based enterprises, on the other hand, have been chastised. Investors filed a complaint in early January, saying that celebrity marketers of the crypto asset EthereumMax misled them through fraudulent and deceptive social media posts. The complaint names reality celebrity and influencer Kim Kardashian as well as boxer Floyd Mayweather. Skeptics also worry about a coming ‘crypto winter,’ which refers to a significant decrease in cryptocurrency prices followed by months of decline. Bitcoin and Ethereum, the two most prominent cryptocurrencies, have lost over 40 percent of their value since November.

The post LeBron James Teams With Crypto.com to Bring Digital Education to Students appeared first on Cryptoknowmics-Crypto News and Media Platform.

In a statement on its website today, Crypto.com revealed fresh details concerning a recent hack on its platform, stating that 483 of its customers were affected and that unauthorized withdrawals of over $15 million in ETH, $19 million in BTC, and $66,200 in ‘other currencies’ occurred. The total losses, which amount to more than $34 million at today’s cryptocurrency prices, are more than analysts had projected before Crypto.com’s announcement. The company’s post-mortem came just one day after CEO Kris Marszalek admitted the breach in a Bloomberg TV interview. After many Crypto.com users claimed their funds had been stolen, he confirmed the breach, which had previously been received with cryptic responses from the corporation, referring only to an ‘event.’ During the interview, Marszalek did not reveal how the hack occurred, but he did disclose that Crypto.com has refunded all affected accounts. According to today’s announcement, Crypto.com discovered the suspicious activity on Monday, when ‘transactions were being approved without the user entering the 2FA authentication control.’ To investigate the problem, the site temporarily halted all withdrawals for 14 hours. The attacker was able to approve transactions without triggering 2FA, which is required for all users, according to Crypto.com. Customers were asked to enter into the platform and set up their 2FA tokens again after the company ‘revoked all client 2FA tokens and added additional security hardening measures,’ according to the company. Users will be warned and have ‘enough time to react and respond’ by contacting the Crypto.com staff if the withdrawal appears to be unlawful. The extra precautions include a mandatory 24-hour delay between the registration of a new withdrawal address and the first withdrawal. Following the incident, the company undertook an internal investigation and hired third-party security experts to examine its platform, according to the company. To improve security, it announced plans to move away from two-factor authentication and toward ‘real multi-factor authentication,’ though it did not provide a date. In a statement today, Crypto.com also stated that ‘beginning February 1st, the Worldwide Account Protection Scheme (WAPP) will be introduced in select regions,’ a programme that will recover cash up to $250,000 for “eligible consumers” in the event of an unauthorized withdrawal. Users must enable multi-factor authentication on all transaction types where it is available, set up an anti-phishing code at least 21 days prior to the reported unauthorized transaction, file a police report and provide it to Crypto.com, complete a forensic investigation questionnaire, and not be using a jailbroken device to qualify for the programme, according to the company. While Crypto.com is the world’s fourth-largest cryptocurrency exchange, it has been aggressively expanding its presence in the United States in recent months, with stunts such as viral advertisements starring actor Matt Damon and a $700 million purchase of the naming rights to the Los Angeles Lakers and Clippers Arena. It bills itself as the ‘fastest-growing’ cryptocurrency exchange, and earlier this week announced a $500 million expansion of its venture capital arm to support early-stage crypto businesses. The consequences from this week’s hack, as well as the company’s tardy response, may threaten to halt some of the company’s expansion in the United States.

The post 2FA Compromise Led to $34M Crypto.com Hack appeared first on Cryptoknowmics-Crypto News and Media Platform.