The M2 hack is significantly smaller than the cyberattack that cost WazirX over $230 million
| Photo Credit: REUTERS

The M2 crypto exchange has reported a “cybersecurity incident involving $13.7 million,” but said it responded quickly and that lost customer funds had been restored. The firm did not provide detailed security notes or background information regarding the incident.

According to the exchange, the incident took place on October 31, but was responded to within 30 minutes.

“We would like to report that the situation has been fully resolved and customer funds have been restored. M2 has taken full responsibility for any potential losses, demonstrating our unwavering commitment to safeguarding our customers’ interests. All services are now fully operational with additional controls in place,” said the M2 exchange.

M2 stated on its website that it was regulated and authorised by the Securities Commission of The Bahamas, though its X account stated that it was based in Abu Dhabi, UAE.

M2 did not identify the cause of the incident or any perpetrators behind it. The exchange does not allow U.S., China, or UK-based users to be onboarded through its platform.

In July, the Indian crypto exchange WazirX was hit with a cyberattack, costing it more than $230 million. The company responded to the incident by locking up users’ remaining crypto funds and pushing forward with restructuring through the Singapore legal system, which could take months.