Deribit

On November 1, 2022, Deribit, a Netherlands-based cryptocurrency options and futures exchange, was struck by a hack that drained $28 million from its Bitcoin and Ethereum hot wallets, as reported by CoinDesk.

Detected just before midnight UTC, the attacker gained unauthorized access to Deribit’s wallet server, enabling withdrawals from 1% of funds kept in hot wallets, per Twitter (@DeribitExchange).

Deribit, with a $500 million daily trading volume per CoinMarketCap, halted withdrawals, confirmed client assets were unaffected (99% in cold storage), and covered the loss using company reserves, separate from its $40 million insurance fund, per the article.

Chief Commercial Officer Luuk Strijers, on CoinDesk TV, noted ongoing investigations into attack vectors but shared no specifics, per the article. No funds were recovered, and withdrawals resumed after security checks, per Reddit (r/CryptoCurrency).

This incident, alongside ZB Exchange’s $4.8 million loss, exposed hot wallet vulnerabilities. Deribit’s swift response and financial resilience turned a potential catastrophe into a mere hiccup, a rare crypto heist where the exchange played the hero, shielding clients and reinforcing trust in a digital frontier where security is the ultimate currency.