AscendEx Responds to Dec 11 Exchange Hack Involving Centric Swap (CNS)

December 25, 2021

On December 11th, cryptocurrency exchange AscendEX announced on Twitter an investigation into an unauthorized “number of ERC-20, BSC, and Polygon tokens transferred from our hot wallet.” In the same tweet, they promised any user funds affected by the breach would “be covered completely by AscendEX.”

The following day, blockchain security company PeckShield Inc. reported the estimated loss of the hack was $77.7M, including $8.5M worth of Binance Smart Chain (BSC) tokens. 

Among the stolen BSC tokens were 2.441 Billion Centric Swap (CNS). 

Centric and AscendEX have reached an agreement for an OTC purchase of the same quantity of tokens from the Foundation’s holdings, in order for the exchange to restore lost funds to the affected investors.

“While this was an unfortunate incident, we applaud AscendEX for handling it in an exemplary fashion,” said Centric’s COO, Tommy Butcher. “In their announcement after the hack, they pledged to fully cover any lost user funds. They repeated the assurance in follow-up tweets. Now they are following up on their promise to make the affected investors whole again.”

AscendEX said on Twitter they are, “working alongside chain analytics firms and law enforcement to monitor the transferred assets.” In the same tweet, they confirmed they are, “in close contact with other CEXs to blacklist wallets associated with the incident.”

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