David O’Leary-endorsed crypto alternate M2 was hacked on Thursday with practically $14 million being stolen from a number of scorching wallets, in accordance with crypto sleuth ZachXBT.
M2 confirmed that the hack occurred at 3:16 AM (GMT+4) and that $13.7 million was stolen. It added in a safety replace that it tackled the incident inside 16 minutes and that, “the situation has been fully resolved and customer funds have been restored.”
The alternate has additionally contacted the police and related authorized authorities, “to ensure this matter is dealt with thoroughly and appropriately.”
🚨Crypto Theft – 🇦🇪M2
On October 31, 2024, at 3:16 UAE time, M2, a worldwide crypto funding platform, skilled a cybersecurity breach involving $13.7 million.
The incident was promptly addressed inside 16 minutes, at 3:32 AM. M2 has since absolutely resolved the difficulty, restoring… pic.twitter.com/G3lxE9PUtf
— HackManac (@H4ckManac) November 1, 2024
It stated, “M2 has taken full responsibility for any potential losses, demonstrating our unwavering commitment to safeguarding our customers’ interests.” The safety replace additionally states M2’s providers are up and working once more with added controls in place.
The alternate launched in Abu Dhabi final November and was co-founded by Phoenix Group’s ‘Group CEO,’ Bijan Alizadeh Fard, and Stefan Kimmel, a former exec on the Industrial Financial institution of Dubai and Kraken MENA. This construction additionally hyperlinks the agency to the UAE authorities’s head of navy and police procurement.
TV character O’Leary endorsed M2 final November, claiming it will be the biggest regulated crypto alternate with billions of {dollars} in backing and that it will poach half of Binance’s accounts.
