On October 31st, UAE crypto exchange M2, underwent a cybersecurity breach involving $13.7 million but was able to quickly address the incident within 16 minutes.

M2 has since they fully resolved the issue, restoring all customer funds and taking responsibility for any potential losses.

M2 on its website stated, “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.”

They added, “We are dedicated to upholding the highest standards of security and compliance, and we are actively cooperating with relevant legal and regulatory authorities to ensure this matter is dealt with thoroughly and appropriately.”

This is not the first Middle East crypto exchange to have been compromised. In May 2024, crypto exchange RAIN in Bahrain was exploited for $14.8 million.

At the time ZachXBT, an internet sleuth with over 500 hundred thousand followers on Twitter, informed followers that Bahrain and UAE regulated crypto broker, RAIN, had likely exploited for $14.8 million. The exploit happened on April 29th and according to ZacHxbt no statement was made by RAIN on the incident.

According to ZachXBT on TME, “It appears the crypto exchange Rain was likely exploited for $14.8M on April 29, 2024 after their BTC, ETH, SOL, and XRP wallets saw suspicious outflows. Funds were quickly transferred to instant exchanges and swapped for BTC and ETH.”