LCX Improving Security For Secure Crypto Hot Wallets In 2022

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An Ethereum blockchain-related compromise loses LCX $6.8M

LCX has confirmed a hot wallet compromise on January 8, 2022 resulted in the unauthorized transfer of eight types of ERC-20 tokens, including ETH, USDC, LINK, and MKR.

LCX loses $6.8M in a hot wallet compromise over Ethereum blockchain

Following the temporary suspension of all deposit and withdrawal activities on its platform, LCX, a crypto exchange based in Liechtenstein, has confirmed the compromise of one of its hot wallets.

According to PeckShield, a blockchain security company, the hack was first discovered when LXC tokens were suspiciously transferred to an unidentified Ethereum wallet..

hot wallet compromised? @lcx https://t.co/uL5a7oCFfM

— PeckShield Inc. (@peckshield) January 9, 2022

The probable hot wallet compromise was soon confirmed by the exchange as it announced the loss of numerous tokens including Ether (ETH), USD Coin (USDC) and other tokens including its in-house LCX token.

Ethereum blockchain based assets such as ETH, USDC, EURe, LCX and other assets have been moved to the

Hacker ETH Wallet: 0x165402279F2C081C54B00f0E08812F3fd4560A05

2/3

— LCX (@lcx) January 9, 2022

Based on PeckShield’s investigation, LCX lost a cumulative of $6.8 million after the hacker successfully transferred eight types of tokens that included Sandbox (SAND), Quant (QNT), Chainlink (LINK), Enjin Coin (ENJ) and Maker (MKR).

Details of the stolen funds on LCX. Source: PeckShield.

At the time of writing, LCX has not shared any plans to help return the stolen funds. However, the company has confirmed it is taking the necessary security measures to protect other wallets and assets:

“During this difficult period, we greatly appreciate the support from our customers, other exchanges, security experts, and the broader crypto community.”

LCX has not yet responded to Cointelegraph’s request for comment.

A recent report from security platform ImmuneFi found that crypto companies incurred losses of over $10.2 billion in 2021 due to hacks, scams and other malicious activities.

As Cointelegraph reported, ImmuneFi identified 120 instances of crypto exploits and rug-pulls, the highest-valued hack being Poly Network at $613 million, followed by Venus and BitMart with $200 million and $150 million, respectively.

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