A Singapore-based cryptocurrency exchange known as Crypto.com recently announced the integration of the Travel Rule Universal Solution Technology( TRUST). The venture made the announcement in a blog post relayed on its official platform on Wednesday. This integration manifest as a travel rule compliance solution for universal cryptocurrency elements. Now, the Crypto.com incorporation of TRUST marks a great limestone toward the company’s compliance with cryptocurrency standard travel rule guidelines legislated in different countries.
Travel Rule Universal Solution Technology, (TRUST) emerges as a universal, safe, and industry-led program developed for its members to meet Travel rule requirements. Also, the solution manifested to grossly safeguard the privacy and safety of its users while fulfilling the requirements. TRUST usually functions by authorizing its users to easily navigate travel regulations across the global market. Furthermore, it aids them in swiftly adjusting to the ordinances of the jurisdiction.
How Crypto.com operates
Crypto.com remains a Singapore-based cryptocurrency exchange app with about 50 million calculated users. The exchange platform established physical offices and branches across America, Europe, and Asia with about 5000 staff. Its team stands committed to expediting cryptocurrency adoption and empowering the next generation of builders. Crypto.com also empowers next-generation inventors, producers, and entrepreneurs to acquire a fairer and better equitable digital ecosystem.
Crypto.com became established by Bobby Bao, Gary Or, Kris Marszalem, and Refael Melo in 2016. Prior to its rebranding, the crypto exchange emerged and became formerly known as Monaco. Monaco became rebranded to Crypro.com after its domain valued at US$5-10 million was purchased by professor Matt Blaze.
How the crypto exchange fell victim of exploitation in January
Foris DAX Asia, a subsidiary of Foris DAX MT(Malta) limited operates Crypto.com. Recall in January 2022, Crypto.com became a victim of hacking, which lead to a loss of about US$15 worth of Ethereum. The company consequently paused withdrawal after users complained of suspicious activity on their accounts. However, withdrawal became restored through a statement release stating no customer funds were lost.
Robust investigations into the issue revealed that transactions manifested on users’ accounts without imputing their 2FA codes. According to the investigations, the hackers discovered an unprotected spot on Crypto.com that enables them to bypass the 2FA authentication system. As a result of this, protection rendered to users’ accounts by the 2FA authentication system became useless. The hackers consequently moved bitcoin and ether from 438 users’ accounts and transferred them to Tornado cash, making it impossible to track further.