Crypto.com pauses withdrawals and resets 2FA following suspicious activity

For a period of 12 hours, Crypto.com paused its users’ ability to withdraw funds, and subsequently asked its users to reset two-factor authentication.

“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,” the exchange tweeted on Monday afternoon, Sydney time.

It wasn’t until early Tuesday morning, that Crypto.com said withdrawals were allowed again and it would take time to clear its backlog.

In the meantime, it informed its users they would need to sign back into their accounts and reset their two factor authentication.

In the replies to the exchange’s tweets, users were complaining of seeing a number of transactions draining funds from their accounts — typically these transactions were in the order of several thousands of dollars at a time.

Soon afterwards, the Australian Football League announced that Crypto.com would become the “official cryptocurrency exchange and official cryptocurrency trading platform of AFL and AFLW”, along with gaining the naming rights to score reviews.

“Crypto.com has partnered with a number of elite sporting codes across the world and the AFL is proud to be the first Australian sports league and elite women’s competition globally to work alongside an organisation that shares our passion to progress the future of elite sport and technology,” AFL executive general manager customer and commercial Kylie Rogers said.

The exchange has been spending big on sponsoring sporting teams in recent times, with the most high-profile being when it purchased the naming rights to the building formerly known as Staples Centre in Los Angeles, renaming it to Crypto.com Arena.

The company has also previously spent money sponsoring Formula 1, UFC, Paris Saint-Germain, Philadelphia 76ers, and the Montreal Canadiens.

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