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Crypto.com CEO Kris Marszalek denied reports that alleged it failed to disclose a 2023 breach that exposed user data, calling it ”misinformation.”
A Bloomberg report said that hacker Noah Urban, tied to the Scattered Spider group, accessed a Crypto.com employee account early last year, exposing some user data.
Blockchain investigator ZachXBT later claimed the company tried to cover up the breach and suggested multiple data compromises.
Marszalek denied the claims, saying the incident was fully reported to regulators and involved only limited personal information, with no customer funds at risk.
He added that false stories were spreading online from uninformed sources and said suggestions of a cover-up were “completely unfounded.”
🚨 Bloomberg: Crypto․ com hid a Scattered Spider breach.
Teen hacker Noah Urban (ex-Minecraft kid) involved.#ZachXBT exposed the cover-up.
Crypto․ com: “no funds lost, just a few users.”💰 $1.5B revenue + IPO plans… but secret hacks. pic.twitter.com/D5dYCobRJJ
— CCN (@CCNDotComNews) September 21, 2025
This comes as crypto exchanges face heightened scrutiny on security and transparency after Coinbase disclosed a major data leak earlier this year.
Crypto.com Says It Reported the Incident Fully
Crypto.com told CoinTelegraph that it filed a formal “Notice of Data Security Incident” in the US Nationwide Multistate Licensing System. It also informed other regulatory bodies.
It also said the breach was caused by a phishing attack on one employee and added that the incident was caught quickly, with no customer funds touched or at risk. The exchange denied hiding any information from regulators or the public.
https://t.co/wTDvHLumKR CEO Kris Marszalek denies a cover-up of the 2023 security breach linked to the Scattered Spider group and hacker Noah Urban.
The platform claims it informed regulators and no user funds were lost. pic.twitter.com/BGrGVwjBLm— Crypto Hawk (@CryptoKelvin12) September 22, 2025
Crypto.com says it has put major security improvements in place since the past incidents.
The exchange assured users that their funds and data are safe and that it remains focused on protecting customer information and maintaining trust in a highly competitive market environment.
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