CRYPTO.COM users have been left unable to access their cash after the company suspended withdrawals due to "unauthorised activity" on some accounts.
Crypto.com is a crypto exchange that can be used to buy and sell a range of popular cryptocurrencies like bitcoin and ethereum.
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In a tweet on Monday the company said: "Earlier today a small number of users experienced unauthorized activity in their accounts. All funds are safe.
It said that out of an "abundance of caution" it is enhancing security on all accounts and that requires users to sign back in and reset two factor authentication.
After that users should be able to access their accounts again.
"We understand this may be an inconvenience, but security comes first," crypto.com added.
Shortly after it said that withdrawals have been restored but that it would "take time to clear the backlogs".
Some users are still reporting issues getting access to their accounts.
One said: "I’m not a happy NEW customer. I cannot withdraw my coins for ANOTHER 24 hours even though I had this address whitelisted before. I will NOT be using your service from her on out "
Another said: "Why are you Restricting my Crypto Withdraw? I've been waiting 5 hours to receive my eth in my metamask. Crypto.com is actually not letting any withdrawal go through."
Being unable to access your money is one of several risks when investing in cryptocurrencies.
If an exchange goes down you can be locked out, and there's no guarantee when you could get back in.
Cryptocurrencies are extremely volatile and prices can go down as well as up in a blink of an eye.
If you're unable to access your cash, you could find your investments drop in value and you lose money.
Cryptocurrencies also come with no consumer protection like regulated financial products, so there's no one to complain to if things go wrong.
You should never invest in something you don't understand or put in money that you can't afford to lose.
The crypto.com coin has now recovered somewhat and is trading at $0.4449 at the time of writing according to coinmarketcap, down 2% in the past 24hours.
Verify that the selected coin matches the coin you want to withdraw to. Please note there will be a 24-hour withdrawal lock on the newly added withdrawal address if the toggle is on in the Withdrawal Whitelist tab. Learn more about whitelisting here.
If you forgot to include a memo/tag or inputted it incorrectly, you can contact Customer Support to recover your deposit manually. Please note that fund retrieval may not be possible in some cases, and a 50 USDT/USDC manual recovery fee will be applied.
All Users' deposits are held in cold storage, for security reasons, however, withdrawal requests - for all cryptos - are automated. In most cases, withdrawals are almost instant and normally should take no longer than 2-3 hours to be processed.
What is 24-Hour Withdrawal Lock? It is a feature that adds an additional layer of security to safeguard your funds. It protects your account by disabling withdrawals for 24 hours to addresses that have been newly-whitelisted.
Your virtual assets are stored 100% safely and perfectly.
We hold all customer assets deposited on our platform in institutional-grade reserve accounts on a 1:1 basis, meaning funds are responsibly backed by Crypto.com and accessible at customers' convenience.
Check for Backup: If you have a backup of your wallet, verify if the funds are still accessible from there. Contact Support: Reach out to the platform or service provider where your lost assets were stored. They might have resources or protocols in place for recovering lost cryptocurrencies.
To learn how to withdraw money from Crypto.com, first, make sure your account is fully verified. Then, go to your Fiat Wallet, select "Transfer">"Withdraw">"Fiat", and choose the currency you wish to withdraw.
For example, Crypto.com provides up to $250,000 in FDIC insurance on U.S. dollar (USD) balances. The cryptocurrency platform has secured large insurance coverage to protect user funds against potential losses due to security breaches or operational issues.
Your crypto withdrawals may be temporarily restricted for a few different reasons: Sign-In From a New Device. Pending Bank Transfer (ACH) Pending Debit Card Transfer (24 hour hold)
On June 9, 2023, Crypto.com announced plans to shut down its institutional exchange in the United States by June 21, citing low demand from large financial institutions.
Blockchain.com may apply a holding period on recent crypto purchases for security purposes. The length of the holding period depends on various factors, including your payment method, currency, and any abnormal activity or security concerns associated with your account.
Your crypto withdrawals may be temporarily restricted for a few different reasons: Sign-In From a New Device. Pending Bank Transfer (ACH) Pending Debit Card Transfer (24 hour hold)
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