Crypto.com, the major cryptocurrency payments provider, has stated that it will suspend its withdrawal services following many allegations of suspicious activity on consumers’ accounts.

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.”

Crypto.com said in a tweet on Monday that it has received several reports from individuals stating that their Crypto.com wallets have been hacked and monies have been transferred out of them.

According to the release, the exchange’s team is undertaking all required assessments to quickly identify the problem, and users should not be concerned because their assets are safe.

However, numerous users have reported huge amounts of cryptocurrency being transferred from their accounts, raising concerns about the security of these monies.

Ben Baller, a well-known jeweler, crypto enthusiast, and entrepreneur, reported that he had lost 4.28 ETH, which was valued over $14,000 at the time of writing.

Ben also mentioned that he had turned on two-factor authentication for the account. As a result, the hackers had to sneak around several of the exchange’s security processes to get beyond the 2FA.

Billy Markus, one of the co-founders of the popular meme coin DOGE, noticed an unusual pattern of Etherscan transactions.

The exact cause of the exploit is still unknown at this time. The exchange, on the other hand, stated that its team is working to resolve the problem.

Crypto.com just announced that it has inked a five-year collaboration agreement with the Australian Football League (AFL).

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