On the 2nd of November 2022, at 1:03 am UTC, Cobo’s risk control system automatically detected the anomaly in the request and notified Deribit, whereby withdrawals were halted after that. With nearly USD 2 billion worth of crypto stolen by hackers this year in the Web3.0 industry, the security of platforms and protocols is becoming salient.
“With the rise in the number of hacks in the decentralized space, it is extremely important for platforms to make their users feel secure. With just a single breach, some users might lose trust in the security of the platform”, said Dr Jiang Changhao, CTO and Co-Founder of Cobo. “We will also actively cooperate with Deribit and assist in hacking-related investigations”, he added.
Cobo is currently working on the hack investigation, per Deribit’s request, in working on a full incident review at the moment to provide more details about the vulnerability that could have caused the issue.
Cobo is Asia Pacific’s largest digital asset custodian and blockchain technology provider, based in Singapore. Trusted by over 500 institutions and HNWIs to grow and protect their crypto assets, the company focuses on building scalable infrastructure and powering the Web 3.0 revolution around the world. As a strong blockchain and DeFi infrastructure builder, Cobo provides SaaS (Software-as-a-Service) products such as WaaS (Wallet-as-a-Service), DaaS (DeFi-as-a-service), NaaS (NFT-as-a-Service), and Argus (The Smart Contract Based Custody).
Deribit is an answer for those searching for a professional-grade cryptocurrency derivatives platform. Their goal was to create an efficient and fair marketplace that could connect traders of all backgrounds and trading styles. High matching engine capacity, low latency, advanced risk management, and high liquidity, make Deribit a unique player in the market. Deribit is growing rapidly and is among the top exchanges providing crypto futures and perpetual contract trading. Furthermore, Deribit remains the leading exchange offering European-style cash-settled crypto options and continues to set the standard for the industry.