$28 Million Stolen from Deribit's Hot Wallet, Loss to be Covered by Company Reserves

Crypto derivatives exchange Deribit tweeted that $28 million in funds were stolen from its hot wallet, but client funds are safe and loss is covered by company reserves.

Deribit said it is performing ongoing security checks and has to halt withdrawals including third-party custodians Copper Clearloop and Cobo until it is confident all is safe to re-open.

At the same time, Deribit raised the minimum number of confirmations for the moment causing a delay in crediting funds. Deribit requested users not to send new deposits until it open wallets again.