Cryptocurrency exchange M2 reported a security breach where hackers stole $13.7 million in digital assets. This break-in happened early in the morning, around 3:16 AM GMT+4, and affected M2’s “hot wallets”. M2 quickly responded to the breach, reassuring users that “the situation has been fully resolved and customer funds have been restored.” They added that “all services are now fully operational with additional controls in place.”
The trouble was first noticed by Cyvers Alerts, a blockchain security firm that found suspicious transactions involving M2 on three major networks: Ethereum (ETH), Solana (SOL), and Bitcoin (BTC).
Source: X
After spotting something unusual, Cyvers tried reaching out to M2 but didn’t get a response at first. M2 later confirmed that something was wrong and explained what happened.
According to Cyvers, the suspicious address collected about $3.7 million in USDT, 97 million in SHIB, and 1,378 ETH. The hacker then swapped everything into Ethereum and left about $10 million on the Ethereum blockchain. Cyvers even shared the address for those following the case on Etherscan.
Adding to the intrigue, blockchain investigator ZachXBT shared more insights about the incident today, confirming that the hacker went after M2’s hot wallets. Since these wallets are internet-connected, they’re a bit easier for hackers to target, especially when large amounts of cryptocurrency are stored there.
This hack on M2 is one of many recent attacks on crypto exchanges, including a recent case in which hackers made off with $230 million from the Indian exchange WazirX. Crypto hacks have become a major issue in the industry. For September only, the crypto space has lost over $3.23.86 to hackers, according to PechShieldAlert .
