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.
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.
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.
Other attacks this week demonstrate the growing threats in the crypto space:
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:
Each breach tells the same story: in the crypto space, security is everything.
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