Genesis Crypto to Repay Customers After $200 Million Hack

Genesis Crypto to Repay Customers After $200 Million Hack

Genesis Crypto, a leading cryptocurrency exchange, has announced that it will fully reimburse its customers who lost funds in a massive hack that occurred last week. The hack, which affected about 10% of the exchange’s users, resulted in the theft of more than $200 million worth of various cryptocurrencies.

The exchange said in a blog post on Wednesday that it has secured enough funds from its insurance partners and reserves to cover the losses. It also said that it has improved its security measures and resumed normal operations. The exchange apologized to its customers and thanked them for their patience and support.

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The hack, which was one of the largest in the history of the crypto industry, exposed the vulnerabilities of centralized exchanges that store large amounts of digital assets on behalf of their users. The hackers exploited a flaw in the exchange’s hot wallet system, which is used to facilitate quick transactions. The exchange said that it has moved most of its assets to cold wallets, which are offline and more secure.

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The hack also sparked a debate about the need for more regulation and oversight of the crypto sector, which is largely unregulated and operates across borders. Some governments, such as India and China, have taken a hostile stance towards cryptocurrencies, while others, such as the US and the UK, have adopted a more cautious and balanced approach. The exchange said that it is cooperating with the relevant authorities and regulators to investigate the incident and prevent future attacks.

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Source : CNN Business

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