Crypto exchange M2 reimburses victims after $14M Halloween hack

1:39 PM • Nov 01, 2024

David O’Leary-endorsed crypto exchange M2 was hacked on Thursday with nearly $14 million being stolen from multiple hot wallets, according to crypto sleuth ZachXBT.

M2 confirmed that the hack took place at 3:16 AM (GMT+4) and that $13.7 million was stolen. It added in a security update that it tackled the incident within 16 minutes and that, “the situation has been fully resolved and customer funds have been restored.”

The exchange has also contacted the police and relevant legal 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 global crypto investment platform, experienced a cybersecurity breach involving $13.7 million.

The incident was promptly addressed within 16 minutes, at 3:32 AM. M2 has since fully resolved the issue, restoring… pic.twitter.com/G3lxE9PUtf
— HackManac (@H4ckManac) November 1, 2024

It said, “M2 has taken full responsibility for any potential losses, demonstrating our unwavering commitment to safeguarding our customers’ interests.” The security update also states M2’s services are up and running again with added controls in place.

The exchange launched in Abu Dhabi last November and was co-founded by Phoenix Group’s ‘Group CEO,’ Bijan Alizadeh Fard, and Stefan Kimmel, a former exec at the Commercial Bank of Dubai and Kraken MENA. This structure also links the firm to the UAE government’s head of military and police procurement.

TV personality O’Leary endorsed M2 last November, claiming it would be the largest regulated crypto exchange with billions of dollars in backing and that it would poach half of Binance’s accounts.

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