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Abu Dhabi-based cryptocurrency exchange M2 claims it has resolved a $13.7 million incident after allegedly falling victim to a hacker attack.
Cryptocurrency exchange M2, co-founded by Bijan Alizadeh Fard and Stefan Kimmel, has suffered a “cybersecurity incident involving $13.7 million,” which the exchange claims it has “swiftly responded to” on Oct. 31.
In a <a href="https://explore.m2.com/newsroom/security-update" target="_blank" rel="noopener noreferrer nofollow">blog announcement</a> on Nov. 1, the Abu Dhabi-based crypto trading platform reassured its customers that the situation “has been fully resolved and customer funds have been restored,” though it didn’t elaborate on the reason behind the incident.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “M2 has taken full responsibility for any potential losses, demonstrating our unwavering commitment to safeguarding our customers’ interests. All services are now fully operational with additional controls in place.”
 M2
</blockquote>
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/the-20-million-bitfinex-mystery/"> First hacked, then recovered, now missing again — The $20 million Bitfinex mystery </a>
<h2 class="wp-block-heading" id="m2-pledges-to-cooperate-with-regulators">M2 pledges to cooperate with regulators</h2>
According to <a href="https://t.me/investigations/174" target="_blank" rel="noopener noreferrer nofollow">data</a> from blockchain sleuth ZachXBT, bad actors somehow managed to pilfer assets in Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>), Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>), and Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noopener noreferrer nofollow">SOL</a>). The exchange claims it is “actively cooperating with relevant legal and regulatory authorities,” highlighting its efforts to ensure the matter is dealt with “thoroughly and appropriately.”
M2’s swift response underscores the challenges crypto exchanges are still facing in balancing rapid growth and stringent security. The incident occurred almost a year after M2 established operations in the Middle East, operating under the Financial Services Regulatory Authority’s oversight as a trading platform and custodian.
The attack marks a test for M2, which had previously gained attention in the crypto community. Shortly after its launch, Canadian businessman Kevin O’Leary publicly endorsed M2 in <a href="http://x.com/kevinolearytv/status/1724453504016695346" target="_blank" rel="noopener noreferrer nofollow">an X post</a>, calling it “exactly what this industry has been searching for.”
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/peckshield-october-crypto-hacks-tally-up-to-88-4m-in-losses-across-20-incidents/"> PeckShield: October crypto hacks tally up to $88.4m in losses across 20 incidents </a>

Crypto exchange M2 ‘resolves’ $13.7m incident after hack reports

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