Triple-A acknowledges $11.8M loss following unauthorized treasury wallet access
Client assets remain secure as the digital payments provider announces it will cover the breach's financial consequences using its treasury reserve funds.
Digital payments provider Triple-A has acknowledged that its treasury wallets were subjected to unauthorized access, leading to the disappearance of company-owned cryptocurrency holdings.
The Singapore-headquartered firm announced on Monday that it identified the security breach on Saturday, prompting the organization to temporarily suspend certain platform features and place them into maintenance mode for approximately three hours as it worked to secure compromised systems. According to Triple-A's statement, customer assets remained protected throughout the incident since the company does not provide custody services for digital assets belonging to clients and maintains client capital in separate trust accounts held with designated safeguarding entities.
The organization did not reveal the precise sum of assets lost in the breach or provide details regarding the method by which the wallets were infiltrated. Blockchain investigator Specter had previously calculated the total losses at approximately $11.8 million.
According to the company's announcement, the monetary consequences were confined to particular operational wallet accounts and would be covered using its existing treasury reserves. The firm further stated that all platform services had been fully restored to operational status and that both transactions and settlements were functioning under normal parameters.
Triple-A confirmed it has engaged cybersecurity experts, blockchain forensics organizations and law enforcement agencies, including the Singapore Police Force, to conduct a thorough investigation into the security incident, track the movement of stolen assets and facilitate potential recovery operations.