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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Dec 07, 2024 13:31 UTC
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Crypto Weekly Hack Report: Alarming Trends You Should Know
Recent attacks like the DMM Bitcoin hack and the Coins.ph social media attack highlight the vulnerabilities in crypto.
From social engineering to exploiting API flaws, cybercriminals are constantly finding new ways to steal crypto assets.
Implementing multi-factor authentication, being cautious of communication, and using hardware wallets are good ways to secure your assets.
The cryptocurrency industry has never seen such threats in cybersecurity, as a chain of recent attacks disclosed various concerns in the digital asset brokerage platforms. This week’s report provides several different attacks as a way of bringing greater attention to the threats that remain and the dynamic nature of cyber security in the crypto space.
DMM Bitcoin’s Collapse: $320 Million Stolen
Japan’s leading crypto exchange, DMM Bitcoin, suffered a devastating security breach in May 2024, losing 4,500 Bitcoins worth $320 million. The attack forced the exchange to shut down operations in October after receiving an improvement order from Japan’s Financial Services Agency (FSA).
To address the fallout, DMM Bitcoin’s parent company, DMM.com, provided ¥55 billion to compensate users. Meanwhile, the exchange has started transferring its remaining assets to SBI VC Trade, a process set to be completed by March 2025.
However, this move comes with restrictions on margin trading and transaction fees, highlighting the challenges of recovery after such a massive loss.
Coins.ph Hacked: A Social Media Breach
On December 2, the Filipino cryptocurrency exchange Coins.ph fell victim to a social media hack. Cybercriminals hijacked the exchange’s X (formerly Twitter) account, promoting a fake token called $COINSPH. They used advanced social engineering techniques to trick users into investing.
The attackers exploited the Solana network, known for its low transaction fees and fast processing, to build a convincing scam resembling a multi-level marketing scheme. Fortunately, Coins.ph acted quickly, regaining control of its account and removing the fraudulent posts within hours.
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Smaller Breaches Add to the Concerns
Other attacks this week demonstrate the growing threats in the crypto space:
- Clipper DEX API Flaw: An API vulnerability put $6.5 million at risk, with $500,000 confirmed stolen. Users were urged to withdraw their funds immediately to avoid further losses.
- Arata Ecosystem: Hackers breached its centralized exchange (CEX) wallet, stealing a significant number of tokens.
- DeBox Hack: A private key leak led to a $275,000 loss, including 31.03 ETH and 4.88 million BOX tokens.
We Must Secure Our Defenses
These incidents show how attackers exploit various weaknesses, from private key leaks and API flaws to social engineering. To protect against such risks, users and platforms should:
- Enable multi-factor authentication (MFA).
- Carefully verify all transactions and communications.
- Use hardware wallets for safer storage.
- Stay updated on the latest security threats.
Each breach tells the same story: in the crypto space, security is everything.
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