Abu Dhabi-based cryptocurrency change M2 claims it has resolved a $13.7 million incident after allegedly falling sufferer to a hacker assault.
Cryptocurrency change M2, co-founded by Bijan Alizadeh Fard and Stefan Kimmel, has suffered a “cybersecurity incident involving $13.7 million,” which the change claims it has “swiftly responded to” on Oct. 31.
In a weblog announcement on Nov. 1, the Abu Dhabi-based crypto buying and selling platform reassured its clients that the state of affairs “has been fully resolved and customer funds have been restored,” although it didn’t elaborate on the rationale behind the incident.
“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
M2 pledges to cooperate with regulators
In line with information from blockchain sleuth ZachXBT, unhealthy actors in some way managed to pilfer belongings in Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The change claims it’s “actively cooperating with relevant legal and regulatory authorities,” highlighting its efforts to make sure the matter is handled “thoroughly and appropriately.”
M2’s swift response underscores the challenges crypto exchanges are nonetheless going through in balancing fast development and stringent safety. The incident occurred virtually a 12 months after M2 established operations within the Center East, working beneath the Monetary Providers Regulatory Authority’s oversight as a buying and selling platform and custodian.
The assault marks a check for M2, which had beforehand gained consideration within the crypto group. Shortly after its launch, Canadian businessman Kevin O’Leary publicly endorsed M2 in an X publish, calling it “exactly what this industry has been searching for.”
