Kris Marszalek, CEO of crypto exchange Crypto.com, confirmed the suspicious activity reported on Jan. 17 was indeed a hack that compromised more than 400 customer accounts.

What Happened: In an interview at Bloomberg’s Year Ahead virtual conference, Marszalek said the incident was a “great lesson” and Crypto.com would be continuously strengthening its infrastructure.

"Given the scale of the business, these numbers are not particularly material and customer funds were not at risk," said Marszalek.

In another statement earlier today, the Crypto.com CEO said that all 483 affected customer accounts had been fully reimbursed since the incident and there had been no loss of customer funds.

The exchange said it has established a Worldwide Account Protection Program that will offer additional protection and security for funds held on the Crypto.com app and website.

WAPP will reportedly restore funds up to $250,000 for qualified users.

Price Action: As of Thursday morning, Crypto.com’s native token CRO (CRYPTO: CRO) was trading at $0.4455, up 2.8% in the last 24 hours. CRO has returned 411% over a period of one year.

Photo by Kanchanara on Unsplash.