Ascendex - REKT

First BitMart lost ~$196M, now AscendEX has lost $77.7M, again from a “compromised” hot wallet.

Why do we see more “compromised keys” in uncertain markets?

Are late profit takers grabbing what they can?

AscendEX described themselves as a “group of Wall Street quantitative trading veterans”, so it’s little surprise that they were playing fast and loose with other people’s money.

Claims of “compromised keys” leave us with little to say, and even AscendEX themselves have yet to explain how they let this happen.

One thing’s for certain - the AscendEX Twitter intern has been busy with the delete button.

Too late though - we saw it all.

This one was posted yesterday.

Isn’t it annoying when your private keys fall out of your ears.

Funds were drained from the hot wallet across three chains, beginning at just before 8PM +UTC on December 11th.

AscendEX is still investigating what led to the wallet being compromised.

Peckshield puts the losses at $60M on Ethereum, $9.2M on BSC and $8.5M on Polygon.

The stolen funds are currently located in the hacker’s address on:

Ethereum

BSC

Polygon

One of the assets stolen on BSC, Bemil Coin, has dumped over 98% in price since the incident, leading to the value of the loot on BSC to drop by some $6.5M.

In the team’s initial announcement, a full reimbursement was promised to any affected users.

Withdrawals, however, have been suspended.

In a later update, AscendEX detailed their next steps; the first being the refund.

Let’s see if they prioritise their users or wait until more of the stolen coins fall in value...

This has been a brutal loss for Ascendex - as one anon pointed out; “they lost more than their entire series b raise”.

Let’s end with a few more choice tweets from this rekt CEX.

Okay George.

And what about this one, posted just hours after they lost $77M.

Not if you keep it with Ascendex.

However, our favourite tweet of theirs was the quote from Zack Voell;

“People are losing airpods, and we think the mainstream is ready for private keys?”

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