Deribit, the largest Bitcoin and altcoin options exchange, has been hacked for $28 million, according to an announcement posted on Twitter. Here are the details…
$28 million hack on Bitcoin exchange Deribit
Temporarily stopped withdrawals amid ongoing security checks. It is unclear when the exchange may reopen trades. The trading platform said its clients’ funds are safe, adding that losses are covered by its own reserves, meaning Deribit’s insurance fund will not be affected by the hack.
Deribit claims that its customers store 99 percent of their funds in cold storage addresses. The exchange stressed that it remains in a strong financial position and that the latest attack will not affect its operations. The company said it is conducting ongoing security checks. Withdrawals from third-party savers Copper Clearloop and Cobo are also suspended. The exchange said it is halting withdrawals until it is confident that the platform is safe to open.
Remains to be the largest derivatives exchange
Deribit continues to dominate the cryptocurrency derivatives industry, according to data provided by derivatives data platform Coinglass. cryptocoin.com As we have previously reported, Deribit is currently headquartered in Panama. The derivatives exchange is the platform where 89.76 percent of the total Bitcoin option positions are realized. Chicago-based derivatives giant CME ranks second with a 6.87 percent market share.
Okex and FTX are also in the top five. Deribit also has almost complete control over the Ethereum options market, with a massive 96.64 percent share. Currently bankrupt hedge fund Three Arrows Capital (3AC) reportedly owns a $500 million stake in Deribit. The hacking of the platform, which has such dominance in the derivatives field, worried investors.
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