AscendEX Resumes Operations Following $77 Million Hack

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  • AscendEX users can now deposit and withdraw a number of cryptocurrencies from the exchange
  • AscendEX was hacked last week and $77 million worth of tokens stolen
  • The exchange has kept users informed each step of the way as it recovers

AscendEX, the exchange that was hacked last week for $77 million worth of ERC-20, BSC, and Polygon tokens, has begun to open back up after recovering from the attack. AscendEX has re-enabled the withdrawal and depositing of a number of coins on the ERC-20 network with more to follow soon, while revealing that it has completely revamped its hot wallet infrastructure. A report about how the exchange was hacked is imminent.

AscendEX Creating New Hot Wallet Structure

AscendEX stated on Tuesday in a tweet thread that it was taking several steps to get back to working order again, including creating a new hot wallet infrastructure and reinstating partial withdrawals on the affected networks.

It also said that a “comprehensive security post-mortem report” was coming in the next few days to “provide transparency on the root cause of the incident as well as the actions we have taken to mitigate future risks.” This follows the discovery of what led to the hack, which was uncovered by an internal audit. This report is yet to be published at the time of writing.

Deposits and Withdrawals Partly Resume

The exchange began offering glimpses into the increased security measures it has implemented after the hack, including a new hot wallet structure that “leverages industry-leading security controls to protect against any single point of failure at the human, process, and workflow levels.” AscendEX says it has also “addressed the root cause of the issue and exhausted many additional redundant security measures and fail-safes.”

The exchange announced on Friday that it had begun withdrawals of a number of additional coins on the ERC20 network, with other assets being re-enabled shortly.