As a seasoned crypto investor with over a decade of experience in this volatile market, I’ve seen my fair share of ups and downs, hacks, and scams. The recent incident at M2, an exchange I’ve dabbled with due to its promising potential, has left me both concerned and intrigued.
The Abu Dhabi-based cryptocurrency trading platform, M2, asserts that they have rectified a security breach involving approximately $13.7 million, following reports of an unauthorized cyber attack.
On October 31st, digital currency trading platform M2, established by Bijan Alizadeh Fard and Stefan Kimmel, experienced a significant cybersecurity issue that resulted in a loss of approximately $13.7 million. The exchange has asserted that it promptly addressed the situation.
On November 1st, the cryptocurrency trading platform based in Abu Dhabi announced in a blog post that the issue at hand has been completely resolved and all customer funds have been returned. However, they did not provide details regarding the cause of the incident.
We, M2, have assumed complete accountability for any possible losses that may occur, showing our steadfast dedication to protecting our clients’ wellbeing. Currently, all our services are back up and running, with extra safety measures implemented.
M2
M2 pledges to cooperate with regulators
Based on information from digital investigator ZachXBT, it appears that unscrupulous individuals have allegedly stolen cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The exchange maintains that they are actively collaborating with the necessary legal and regulatory bodies to handle this issue properly and adequately.
M2’s quick action highlights the ongoing difficulties that cryptocurrency exchanges encounter when trying to strike a balance between fast expansion and rigorous security measures. This incident took place approximately a year after M2 began operations in the Middle East, functioning under the watchful eye of the Financial Services Regulatory Authority as both a trading platform and a custodian.
The assault signifies a trial for M2, a cryptocurrency venture that has garnered notice within the crypto community. Soon after its debut, Canadian entrepreneur Kevin O’Leary openly backed M2 in a Reddit post, labeling it as “precisely what this sector has been seeking.
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2024-11-01 15:56