Almost $5 million was withdrawn from ZB.com in a possible hack.

According to security firm PeckSheild, crypto exchange ZB.com may have been hacked after $4.8 million was withdrawn from its hot wallet.

The funds were withdrawn following the stoppage of withdrawals from ZB.com, according to PeckShield.

On Tuesday, the crypto exchange blocked client withdrawals, citing “temporary maintenance” of the platform, after which the suspected hacking incident was carried out.

“Due to the sudden breakdown of some fundamental applications, it still takes time to troubleshoot the situation.” Deposit and withdrawal services have been suspended. Please do not deposit any digital currency until you have recovered, ZB.com said in a statement.

PeckShield revealed on Twitter on Tuesday that over 20 crypto tokens, including SHIB, USDT, and MATIC, were transferred from ZB.com's hot wallet to another address, which later liquidated all but five tokens.

The tokens were subsequently sold on several decentralized exchanges for $2,224 ETH ($3.6 million), and the monies were transferred to another address by the possible hacker.

Every day, ZB.com processes over $1 billion in trades and bills itself as “the world's most secure digital asset exchange.”

Meanwhile, another suspected wallet held by the prospective hacker still has about $1 million worth of the remaining five tokens. This wallet held the funds transferred from ZB.com.

ZB.com is one of the oldest cryptocurrency exchanges. Formerly known as CHBTC.com, the company was forced to migrate from China after the country prohibited cryptocurrency trading in 2017. ZB.com is now headquartered in Zurich, Switzerland, and has offices in Dubai, Malaysia, Singapore, Australia, Russia, South Korea, Hong Kong, and the United States.

Crypto sector hacks have grown commonplace. According to Blockchain.News, on Wednesday, hackers targeting the Solana ecosystem emptied hundreds of cryptocurrency wallets.

According to the Solana Foundation, the breach was carried out when a weakness was exploited to suck out cryptocurrency from 8,000 crypto wallets where owners kept their assets. Wallet providers such as Slope and Phantom were also compromised, according to the report.

PeckShield estimates that approximately $8 million was taken from four Solana wallets.

Earlier this week, bridge protocol startup Nomad suffered a $200 million loss as a result of a vulnerability exploit breach. Nomad is a blockchain bridge technology that allows crypto tokens to be transferred between blockchains.

According to Elliptic's June report, more than $1 billion was stolen from bridges in 2022.

In 2020, attackers stole $285 million in cryptocurrency from major cryptocurrency exchange KuCoin.

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