Crypto exchange Deribit loses $28 million in a hack

It's Wednesday and it's time for your weekly report on the hacking ofCryptocurrencies.

This time it's Deribit, the largest of its kind, that's on the list. The company's hot wallet was hacked to the tune of $28 million on Tuesday, November 1.

Tweet may have been deleted

(opens in a new tab)

A hot wallet is a wallet that is frequently used and is not protected as strongly as a cold wallet, which should ideally hold the bulk of the company's funds and reserves.

The cold wallet and client assets were not affected. Deribit said that the company keeps 99% of user funds in cold storage.

Deposits already sent will be processed, though it may take a little longer.

The company's reserves will cover the loss and operations will not be affected.

Deribit's official website is not available at writing time.

According to coinglass, Deribit is the largest exchange. It hasn't been on the bad end of major hacks so far, but now it joins the likes of Bitfinex, and a few others, all of which have suffered major hacks in the past. More than $2 billion has been stolen so far in 2022.