Unprecedented Turn in Crypto Heists
Despite being the start of a new year, crypto heists are ongoing. This week has seen a shift towards social media hacking, particularly Twitter accounts of reputable entities, leading to substantial losses running into the millions.
Crypto Gateway CoinsPaid: A $7.5M Breach
CoinsPaid, a well-known crypto payment gateway, experienced its second security breach in six months. The breach allowed the withdrawal of $6.1 million worth of digital assets in Tether and CPD, the platform’s native token. The previous breach, which involved a staggering $37 million, exposed vulnerabilities in their security protocols through unauthorized access to their infrastructure.
SEC Twitter Account Hack
A compromised SEC Twitter account announced the approval of a bitcoin ETF, causing BTC to experience $90 million in liquidations. The fictitious tweet led to erroneous reports, impacting the crypto market. The SlowMist Security Team issued a security alert in response to an upsurge in impersonators masquerading as journalists for phishing schemes.
MangoFarm on the Radar
Suspicions of a rug pull emerged with the MangoFarm project, leading to losses amounting to a significant $1,000,000. Polychain Capital confirmed the compromise of its founder and CEO’s Twitter account, while the security firm CertiK fell victim to attackers who seized control of their account to spread false information and phishing links.
Hot Take
As we conclude this week’s crypto hack roundup, the targeted assault on high-profile Twitter accounts underscores the ever-evolving strategies employed by hackers in the crypto sphere. Stay tuned for more insights into the dynamic world of crypto security, facing new challenges and unexpected twists each week.
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