Cryptocurrency exchanges are known for halting their withdrawal procedures during crucial times. There are multiple instances where exchanges have shut down their withdrawals, and the most recent one is Crypto.com which suspended the procedure due to ‘unauthorized activity.’
The suspension of withdrawals was confirmed by the firm on Monday via a tweet wherein it said:
“We have a small number of users reporting suspicious activity on their accounts. We will be pausing withdrawals shortly, as our team is investigating. All funds are safe.”
A few hours later, the firm tweeted that users would have to reset their two-factor authentication in order to log back into their accounts. The reason cited was that the exchange is beefing up the security and making withdrawals more secure. Users were asked to “sign back into their App & Exchange accounts” and “reset their 2FA.”
The increased security features were rolled out to the users in a secure manner in the course of a few hours, and finally, the withdrawals were resumed, as confirmed by the tweet from CEO of Crypto.com, Kris Marszalek.
Update: final checks, we are working to resume withdrawals in the next 30-60 mins. https://t.co/4Gj3ZZ873A
— Kris | Crypto.com (@Kris_HK) January 17, 2022
Crypto.com’s new hire
Crypto.com also hired the former technology journalist Jon Russell, who wrote for Tech Crunch and The Ken, as an Asia-based general partner. This comes under the expansion of its $200 million worth Web 3.0 fund.
Crypto.com has seen a marvelous year, from the Staples Centre deal to the booming CRO token. With the appointment of Russell, the firm aims to expand into the Asia Pacific region. While other crypto exchanges have also eyed their growth in the region, Crypto.com aims to reign supreme.
On the other hand, it is a known fact that with an increase in traffic and demand, crypto exchanges often suspend withdrawals. It seems that the firm is handling its security features with great care.