AscendEX (2021) — Crypto Hack
LaunderedAscendEX hot wallet private keys compromised across three blockchains, with $77.8M drained simultaneously.
Summary
AscendEX hot wallet private keys compromised across three blockchains, with $77.8M drained simultaneously.
How It Was Compromised — CEX via Private Key Compromise
AscendEX suffered a coordinated hot wallet attack across Ethereum, BSC, and Polygon networks. The simultaneous multi-chain drain suggested the attacker had pre-positioned to maximize extraction speed. AscendEX immediately suspended withdrawals and pledged to reimburse all affected users from company funds.
Fund Flow & Laundering Analysis
Tokens immediately converted to ETH and BNB via 1inch and other aggregators. ETH portion moved via Tornado Cash in standard increments. BNB converted via PancakeSwap and moved through BSC mixing services. AscendEX covered all losses to users from company reserves, totaling $77.8M reimbursement.