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Cryptocurrency exchange M2 reported a security breach where hackers stole $13.7 million in digital assets. This break-in happened early in the morning, around 3:16 AM GMT+4, and affected M2’s “hot wallets”. M2 quickly responded to the breach, reassuring users that “the situation has been fully resolved and customer funds have been restored.” They <a href="https://x.com/M2Exchange/status/1852129490656268320" target="_blank">added that</a> “all services are now fully operational with additional controls in place.” 
The trouble was first noticed by Cyvers Alerts, a blockchain security firm that found suspicious transactions involving M2 on three major networks: Ethereum (ETH), Solana (SOL), and Bitcoin (BTC). 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdlFnBnOlk2Zicbm1T6xed_NivZzARjYWSb7ezN_YtLqTc1BQN9DDVzxs2Cre1gzBuEmhHlZs9jwazr7Ociu4TlsnCAdV3taNB2vA1-_xcQgAl-v-HaRcJBVyW4gTlPfM_JcOSlzTsKX4t7OfnQARrCxEj_?key=PTIlUyt3nOpKDtt0qh4t_4H-" alt="AD 4nXdlFnBnOlk2Zicbm1T6xed NivZzARjYWSb7ezN YtLqTc1BQN9DDVzxs2Cre1gzBuEmhHlZs9jwazr7Ociu4TlsnCAdV3taNB2vA1 xcQgAl v HaRcJBVyW4gTlPfM JcOSlzTsKX4t7OfnQARrCxEj ?key=PTIlUyt3nOpKDtt0qh4t 4H">
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Source: <a href="https://x.com/cyversalerts/status/1852303223903633572?s=46" target="_blank">X</a> 
After spotting something unusual, Cyvers tried reaching out to M2 but didn’t get a response at first. M2 later confirmed that something was wrong and explained what happened. 
According to Cyvers, the suspicious address collected about $3.7 million in USDT, 97 million in SHIB, and 1,378 ETH. The hacker then swapped everything into Ethereum and left about $10 million on the Ethereum blockchain. Cyvers even shared the address for those following the case on Etherscan. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdJSRFJvC9ezSebbqPhHZn0JZY5qUWecTIDVYbVMyq22QvCbyw4NZM49FXsTv3mIFxurcK0lQoe6rqDnjl3OFEDegT_Hy3pAcwxiMdcknoYhmNAak2TkjMHcyN9AKXYWS63addnOZnjCvVNELOvg8OjVaA?key=PTIlUyt3nOpKDtt0qh4t_4H-" alt="AD 4nXdJSRFJvC9ezSebbqPhHZn0JZY5qUWecTIDVYbVMyq22QvCbyw4NZM49FXsTv3mIFxurcK0lQoe6rqDnjl3OFEDegT Hy3pAcwxiMdcknoYhmNAak2TkjMHcyN9AKXYWS63addnOZnjCvVNELOvg8OjVaA?key=PTIlUyt3nOpKDtt0qh4t 4H">
</figure> 
Source: <a href="http://etherscan.io" target="_blank" rel="noopener">Etherscan.io</a> 
Adding to the intrigue, blockchain investigator ZachXBT shared more insights about the incident today, confirming that the hacker went after M2’s hot wallets. Since these wallets are internet-connected, they’re a bit easier for hackers to target, especially when large amounts of cryptocurrency are stored there. 
This hack on M2 is one of many recent attacks on crypto exchanges, including a recent case in which hackers made off with $230 million from the Indian exchange WazirX.&nbsp;Crypto hacks have become a major issue in the industry. For September only, the crypto space has lost over $3.23.86 to hackers, according to <a href="https://www.cryptotimes.io/2024/09/01/crypto-space-lost-313-86-million-to-hackers-last-month/">PechShieldAlert</a>. 
 Also Read: <a href="https://www.cryptotimes.io/2024/10/29/hackers-are-light-years-ahead-says-cvyers-firm-vp-who-found-wazirx-hack/">“Hackers are light years ahead ”Says Cvyers Firm VP who found WazirX Hack</a>

Crypto Exchange M2 Reports $13.7 Million Hack in Security Breach

The Crypto Times

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