While it examines illicit behavior on some users, Crypto.com has halted all financial transactions.
The interim restriction was implemented to allow the bitcoin wallet and exchange market to improve its safety, according to a tweet from the company.
Common occurrence on crypto trading platforms
As the buzz surrounding digital products has risen, technical glitches on crypto trading systems became more regular. The year before, big suppliers like Coinbase, Binance, and Kraken faced large breakdowns during peak times, generating issues for customers that were unable to withdraw money or liquidate their positions during periods of high volatility.
Crypto.com, which just acquired the rights to the Staples name as the title sponsor of the Los Angeles Sports Center, has over 10 million users and is among the most well-known websites in the United States.
Ben Baller, a crypto influencer and podcasts guest, tweeted on Monday that his account had been hacked and that 4.28 Ether ($14,000) had been lost. Baller then alleged that on Tuesday morning in London, a Crypto.com account lost roughly 5,000 Ether ($16.3 million).
Billy Markus, a co-founder of Dogecoin, stated on Monday that he detected anomalous activity in an Ether account on Crypto.com, citing a strange sequence of transfers moving to client accounts.