In a recent report published by Group-IB, 14 crypto exchanges were hacked during 2017 and Q3 of 2018. The report revealed that around $882 was stolen during these hacking attacks. Group-IB is a firm that offers computer forensics and cybersecurity services to large international companies.
The report reveals that the most prolific hackers belong to the Lazarus group. This group is a state-sponsored cyberterror organization that is backed by the North Korean government. As per the Group-IB report, five hacking attacks can be traced back to the Lazarus group. Amongst these five attacks was the Japanese exchange Coincheck hack which saw a whopping $534 million being drained off from its digital coffers.
The following crypto exchanges were attacked by the Lazarus group: Coinis, Yapizon, Bithumb, Coincheck and YouBit. As per Group-IB, the hackers browse the local network after the local network is compromised, to find servers and workstations that are used while working with private cryptocurrency wallets.
Group-IB is a renowned name in investigating and preventing online fraud and high-tech crimes. The company has been active in the field of computer information and forensics since 2003. It is recognized by Forrester, IDC and Gartner as a leading threat intelligence vendor. The firm Group-IB is also recommended by the Organization for Security and Co-operation in Europe (OSCE), as stated on its website.
Crypto exchange hackers typically use traditional methods and tools to steal funds, according to Group-IB. Some of these methods include social engineering, malware, spear phishing and website defacement. As reported on Crowdfund Insider, spear phishing was said to be a major attack for corporate networks. Group-IB states that over 56 percent of funds were stolen through phishing attacks, in case of initial coin offering thefts. According to Group-IB, phishing attacks are not always aimed at stealing funds. In fact, there are several instances where phishing attacks are used in investor database thefts. The company predicts that the number of crypto exchange hacks is likely to rise in 2019.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]