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Payments company Triple-A lost company-owned digital assets after unauthorized access to its treasury wallets. The Singapore-based firm said it detected the incident on Saturday.
Some services were then placed into maintenance mode for about three hours while specialists secured the affected infrastructure, according to a statement on the company’s website.
Client funds remained safe
Triple-A stressed that customer funds were not affected. The company does not hold digital assets on behalf of users, while client money is kept separately in trust accounts with safeguarding institutions.
Triple-A did not disclose the amount lost or explain how the attackers gained access to the wallets. Onchain investigator Specter previously estimated the losses at about $11.8 million.
According to the company, the financial impact was limited to specific operational accounts and will be covered by its treasury reserves. All services have already been restored, while transactions and settlements are being processed normally.
Triple-A has also brought in cybersecurity specialists, blockchain analytics firms and law enforcement agencies, including the Singapore Police Force. They are investigating the incident, tracing the movement of the assets and trying to recover the stolen funds.
What Triple-A is known for
Triple-A is a Singapore-based payments company that helps businesses accept and send stablecoin payments. Its platform allows companies to receive USDT, USDC and other digital currencies, automatically convert them into fiat money and process cross-border transactions. Triple-A works with online retailers, payment providers and corporate clients.The company was founded in Singapore in 2020 and received a Major Payment Institution license from the local regulator. Triple-A also says it holds licenses in the United States and Europe. The service is known as an infrastructure provider for companies that want to add stablecoin payments without handling blockchains, wallets and currency conversion themselves.
Previously, 41% of investors said they use stablecoins as protection against inflation.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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