The cryptomime market has become a preferred target for hackers due to the ‚ease‘ of moving thefts, but cryptomime companies are more robust.
Paxful’s peer-to-peer (P2P) cryptomotes exchange revealed that it prevented over 220,000 bot attacks in two months, with the help of cyber security company Group-IB.
Paxful has partnered with Grou-IB to prevent bot attacks, as they have become a common vector for attacking cryptomote companies, which remain an interesting target for hackers looking to steal cryptomote from their wallets. In a statement, the IB Group wrote:
„The platform has managed to fight over 220,000 web-bots in just two months, protecting its 4.5 million customers from possible attacks. Bot attacks work by mimicking the behaviour of a normal user and „usually aim to steal the customer’s money“.
Bots, which generate about a quarter of global web traffic, are de facto programs that emulate the actions of a real device to hack systems. And the crypto market has become the preferred target of gangs specializing in financial crimes. Bots are a big headache for e-commerce companies today, with cybercriminals using them to steal money, user credentials or perform DDoS attacks.
Hack-as-a-service: illegal marketplace spreads on the deep web
The Hacking-as-a-Service concept has created a ‚pay and use‘ environment, allowing amateurs to develop attacks that are far beyond their skill level. This lowers the entry barrier for hackers, meaning that cybercriminals only need basic skills to launch common attacks, including phishing, DDoS and platform hacking available as a service.
The volume of attacks against exchanges is becoming more and more frequent due to the ease of obtaining these tools, as many Crypto Investor platforms do not invest enough in information security. The fact that cryptomoeda companies remain a tempting target for online attackers. In the past month alone, hackers have stolen about $5.4 million from Eterbase and almost $200 million from KuCoin.
KuCoin suffered a major hack on September 26. The hack affected the company’s Bitcoin (BTC), Ether (ETH) and ERC20 portfolios after private keys were leaked in an attack from social engineering and bot use.
It is important to note that the Kucoin case was mitigated, with much of the stolen funds having been recovered, as hackers tried to trade the stolen funds at several exchanges, including Binance and Huobi, which froze the stolen coins and suspects have already been identified.