M2 Crypto Exchange Faces $13.7 Million Cyber Attack

UAE-based crypto exchange M2 crypto exchange recently encountered a cybersecurity breach, resulting in the loss of $13.7 million in digital assets.

A recent cybersecurity breach at UAE-based crypto exchange M2 crypto exchange has resulted in the loss of $13.7 million in digital assets. The incident occurred on October 31, at around 3:16 AM local time, with the exchange reporting a targeted attack on its hot wallets across multiple blockchain networks, including Bitcoin, Ethereum, and Solana. Despite a quick response from the crypto exchange security team, a significant portion of assets was moved before the breach was contained.

According to reports, the cyberattack on M2 crypto exchange targeted three hot wallets holding Bitcoin, Ethereum, and Solana assets. Blockchain security firm Cyvers tracked the stolen assets to a single address, which converted them into Ethereum, totaling around $13 million. Moreover, the hacker drained approximately $3.7 million in USDT, 97 million SHIB tokens, and 1,378 ETH, of which $10 million remains on the Ethereum network. However, M2 Crypto Exchange managed to prevent further losses.

This breach highlights the increasing risks associated with managing digital assets in hot wallets, which are constantly online. Crypto hack incidents such as this one expose gaps in security protocols that exchanges need to address.

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