News and Updates on Information Technology

Crypto Protocols publicly disclose bugs, users ruthlessly possessed by hackers.

Exploit: Hacking Cryptocurrency Trading Platform

cybersecurity news represented by agauge showing severe risk

Risk to Business: 1.806 = Severe, a platform that allows users to swap tokens between blockchains, publicly announced an incident in which a flaw in the platform’s security allowed cybercriminals to snatch an estimated $31 million in cryptocurrency. The company disclosed that 483 users were impacted by unauthorized cryptocurrency withdrawals on their accounts amounting to 4,836.26 ETH, 443.93 BTC, and approximately US$66,200 in other cryptocurrencies. In response to this incident, the company is adjusting its protocols to include safeguards like requiring all customers to re-login and set up their 2FA token to ensure only authorized activity would occur and a new policy where the first withdrawal to a whitelisted address must wait 24 hours among other measures.

Individual Impact: No specifics about consumer/employee PII or financial data loss were available at press time.

Customers Impacted: 483

How it Could Affect Your Customers’ Business The financial industry has been besieged by cybercriminals and nothing si taking more of a beating than cryptocurrency and DeFi.

Source: vice