![]() Italian crypto-exchange BitGrail was built for a crypto-token known as ‘Nano.’ The following events can only be described as fraud debacle. The hackers accessed an account the company held at a domain registration service and used it to send spoof emails to over 200 Coincheck customers. Once the employee’s laptop was infected, the hackers could access the exchange’s private keys.Ĭoincheck was also a victim of a data breach in 2020. The infection is most likely to have been instigated via a phishing email. The hack was eventually identified as having started with malware-infected laptops of Coincheck employees the infection was attributed to Russian hacking gangs. In 2018, the Coincheck crypto-exchange hack was the world’s largest crypto heist to date. KuCoin recovered most of the stolen crypto coins because the exchanges froze the assets. A malicious insider was blamed initially but may have been part of larger collusion with the North Korean hacking group, Lazarus, who was later attributed to the heist. The CEO of KuCoin attributed the attack to the ability of the hackers to access the private keys of hot wallets. KuCoin was the victim of a crypto heist totaling over $281 million in bitcoin and other tokens. The result was that all the cryptocurrency was returned. Poly Network encouraged the hacker to return the crypto assets. Poly Network offered the hacker a job as its chief security officer. The hacker explained that they acted to bring the vulnerability to the attention of the crypto-world. White Hat became a game of crypto-shenanigans this included an online self-interview. The ensuing cat and mouse game played out between Poly Network, the crypto-exchanges, and Mr. The hacker rewarded the whistleblower with $42,000 worth of cryptocurrency. Tether attempted to freeze assets to prevent them from being stolen by the hacker, but an anonymous user tipped off the hacker, now called “Mr. Poly Network called the crypto community to ask crypto miners and exchanges to blacklist the stolen funds once the attack was identified. This hack was a crypto version of privileged access abuse, the EthCrossChainData being exploited and configured to facilitate large cryptocurrency transfers. The Poly network hack was caused by poorly managed access rights between two smart contracts: EthCrossChainManager and EthCrossChainData. The Poly Network uses a technology known as a smart contract to execute and document legal transactions. Instead, Poly Network acts as a cross-chain network or DeFi (Decentralized Finance) protocol that facilitates inter-chain cryptocurrency transfers. ![]() Poly Network is neither a crypto-wallet nor an exchange platform. Several described vulnerabilities have been exploited in recent years in the following five major crypto thefts. The big ones: Crypto-theft, hacks and fraud Once a hacker has that level of control over the blockchain, they can perform double-spends and reverse transactions.Ĭross-chain hacking: this exploit exploits vulnerabilities in the underlying protocols that facilitate the inter-chain exchange of crypto-currency. Social engineering: scams used to trick an individual into transferring large sums of cryptocurrency into a fraudster’s crypto-wallet.Įxchange hacks : external hacks that exploit vulnerabilities in the crypto-exchange platform, e.g., misconfiguration vulnerabilities.ĥ1% vulnerabilities : a 51% or majority attack is where an attacker gains control of more than 50% of the hashing power of a blockchain. Phishing can also be used as a route to compromise privileged administration accounts of a crypto-platform provider. Like any other system, login credential theft can offer a way into an individual’s crypto account. Phishing : email or other phishing tactics are used to steal the login credentials used to access a crypto platform. Typical cyberattack types that affect cryptocurrency platforms are: ![]() Like any system, cryptocurrency platforms and exchange mechanisms are vulnerable to cyberattacks. These transactions often involve large sums of cryptocurrency, typically anonymized utilizing the blockchain, hence attracting cybercriminals. Cryptocurrencies are decentralized currencies that use blockchain technology to record and verify transactions.Ĭryptocurrency transactions, aka the buying and selling of digital currency, are typically handled using a crypto-exchange platform. Cryptocurrencies, such as Bitcoin, are a form of digital currency designed to work outside of the traditional banking ecosystem. Before looking at the top five crypto heists, it’s worth looking at the why’s and how’s of cryptocurrency theft. ![]()
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