{"id":8650,"date":"2022-12-08T12:36:58","date_gmt":"2022-12-08T07:06:58","guid":{"rendered":"https:\/\/threatcop.com\/blog\/?p=8650"},"modified":"2024-08-12T15:41:03","modified_gmt":"2024-08-12T10:11:03","slug":"cryptocurrency-attacks","status":"publish","type":"post","link":"https:\/\/threatcop.com\/blog\/cryptocurrency-attacks\/","title":{"rendered":"Cryptocurrency Attack on the Rise"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">A cryptocurrency is a form of digital currency widely regarded as the future of the international exchange of currencies. The most popular types of cryptocurrencies include Bitcoin, Ripple, and Cardano. In recent years, threat actors often demand ransom or wire digital transfers in the form of cryptocurrencies during cyber attacks or, more specifically, <\/span><a style=\"color: #000000;\" href=\"https:\/\/threatcop.com\/blog\/ransomware-attacks\/\"><b><span style=\"color: #183994;\">ransomware attacks<\/span><\/b><\/a><span style=\"font-weight: 400;\">. The purpose of demanding a ransom in the form of this digital currency is to try to keep the transaction anonymous as it is not easy to decrypt the blockchain element and get the information of who received the transaction. And these blockchains can be hacked, it is called a cryptocurrency attack.<\/span><\/span><\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #414141;color:#414141\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #414141;color:#414141\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/threatcop.com\/blog\/cryptocurrency-attacks\/#What_is_Cryptocurrency\" >What is Cryptocurrency?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/threatcop.com\/blog\/cryptocurrency-attacks\/#Book_a_Free_Demo_Call_with_Our_People_Security_Expert\" >Book a Free Demo Call with Our People Security Expert<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/threatcop.com\/blog\/cryptocurrency-attacks\/#Enter_your_details\" >Enter your details<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/threatcop.com\/blog\/cryptocurrency-attacks\/#What_is_Cryptocurrency_Attack\" >What is Cryptocurrency Attack?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/threatcop.com\/blog\/cryptocurrency-attacks\/#How_Does_a_Cryptocurrency_Attack_Work\" >How Does a Cryptocurrency Attack Work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/threatcop.com\/blog\/cryptocurrency-attacks\/#A_Notable_Cryptocurrency_Attack_2022\" >A Notable Cryptocurrency Attack (2022)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/threatcop.com\/blog\/cryptocurrency-attacks\/#How_Can_One_Prevent_Cryptocurrency_Attacks\" >How Can One Prevent Cryptocurrency Attacks?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/threatcop.com\/blog\/cryptocurrency-attacks\/#Use_Two-Factor_Authentication_for_your_Exchange\" >Use Two-Factor Authentication for your Exchange<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/threatcop.com\/blog\/cryptocurrency-attacks\/#Withdraw_Your_Crypto\" >Withdraw Your Crypto<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/threatcop.com\/blog\/cryptocurrency-attacks\/#Dont_Enter_Your_Seed_Words_on_a_Website\" >Don\u2019t Enter Your Seed Words on a Website<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/threatcop.com\/blog\/cryptocurrency-attacks\/#Use_a_Strong_Password_for_your_Crypto\" >Use a Strong Password for your Crypto<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/threatcop.com\/blog\/cryptocurrency-attacks\/#Check_the_URL_and_Fake_Applications\" >Check the URL and Fake Applications<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/threatcop.com\/blog\/cryptocurrency-attacks\/#Beware_of_Email_Files\" >Beware of Email Files<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/threatcop.com\/blog\/cryptocurrency-attacks\/#Role_of_Security_Awareness_in_Improving_Vigilance\" >Role of Security Awareness in Improving Vigilance<\/a><\/li><\/ul><\/nav><\/div>\n\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Notably, many developments have taken place in the crypto world, such as NFT and Metaverse. Now, digital artists are creating <\/span><a style=\"color: #000000;\" href=\"https:\/\/threatcop.com\/blog\/nft-scam\/\"><b><span style=\"color: #183994;\">NFT<\/span><\/b><\/a><span style=\"font-weight: 400;\">, and many people are getting robbed online through them. In this blog, we will discuss all the aspects of cryptocurrency attacks that are wreaking havoc on the digital world. But before that, let us understand more about cryptocurrency.<\/span><\/span><\/p>\n\n<style type=\"text\/css\">\n      @media print, screen and (max-width: 63.99875em){\n      .tnp-submit\n      width: 48%;\n      }\n      .wp-block-tnp-minimal{\n      padding: 20px;\n      }\n      .blog_para\n      margin-top: 4px !important;\n      line-height: 25px !important;\n      font-size: 15px !important;\n      }\n\n      }\n      .blog_para{\n      font-family: jost,sans-serif;\n      margin-top: 14px;\n      margin-bottom: 30px;\n      color: #fff;\n      font-size: 15px !important;\n      color: black !important;\n\n      }\n\n      .wp-block-tnp-minimal{\n      padding:20px;\n      border: 1px solid grey;\n      }\n\n      .tnp-submit a{\n        background: #1d58c7!important;\n    border-radius: 5px!important;\n    text-transform: inherit!important;\n    padding: 8px 25px!important;\n    font-weight: 600!important;\n    color: #fff!important;\n    width: 30%!important;\n    border: none;\n      }\n\n      .blog_get{\n      font-size: 24px !important;\n      font-weight: 700;\n      padding-bottom: 0px;\n    font-family: 'Poppins' !important;\n      margin-bottom: 0px;\n      margin-top: 0px;\n      margin-bottom: 0px !important;\n      color: white;\n          line-height: 30px;\n          color: white;\n      }\n      .row{\n             display: flex;\n    flex-wrap: wrap;\n    flex-direction: row;\n    padding: 25px 0px 25px 36px;\n    align-items: center;\n\n      }\n\n.colLeft{\n         flex-basis:50%;\n    -webkit-box-flex: 0;\n    flex-grow: 0;\n    max-width: 50%;\n    color: white;\n}\n    \n .colRight{\n       flex-basis: 45%;\n    -webkit-box-flex: 0;\n    flex-grow: 0;\n    max-width: 50%;\n }\n\n.tnp-subscription-minimal{\n    float: right;\n}\n<\/style>\n<div style=\"max-width: 741px; margin: 0 auto; background-image: url('https:\/\/awareness.threatcop.ai\/marketing\/linkedinlowerbanner.webp'); background-repeat: no-repeat; background-size: cover; background-position: center; \">\n<div class=\"row\">\n<div class=\"colLeft\">\n<p class=\"blog_get\" style=\"font-family: 'Poppins' !important; color: white !important\">Subscribe to Our Newsletter On Linkedin<\/p>\n<p class=\"blog_para\" style=\"font-size: 16px;font-family: 'Poppins' !important; color: white !important; margin-top: 10px; margin-bottom: 28px;line-height: 25px;\">Sign up to Stay Tuned with the Latest Cyber Security News and Updates<\/p>\n\n<div>\n<div class=\"tnp\" style=\"margin-bottom: 10px;\">\n            <form action=\"https:\/\/threatcop.com\/newsletter-thank-you\" method=\"get\" target=\"_blank\">\n<div class=\"tnp-submit\">\n                  <a class=\"libutton\" href=\"https:\/\/www.linkedin.com\/build-relation\/newsletter-follow?entityUrn=7062043746430783488\" target=\"_blank\" rel=\"noopener\">Subscribe<\/a><\/div>\n<\/form><\/div>\n<\/div>\n<\/div>\n<div class=\"colRight\">\n<div>\n<div class=\"tnp tnp-subscription-minimal \">\n            <img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/marketing\/newsletter-icon.webp\" class=\"img-fluid\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Cryptocurrency\"><\/span><b>What is Cryptocurrency?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">Cryptocurrency emerged as an alternative form of currency that would revolutionize the global economy. The concept of cryptocurrency was to create a decentralized means of conducting currency transactions that could not be controlled by the government. Over the years, cryptocurrencies and other forms of digital currency have developed and evolved based on a modern technology called a blockchain. The concept of a blockchain is to create an encrypted node of online storage that can contain some digital information, and each of these blocks has a certain value based on the meaning it has or the entity it represents.<\/span><\/p>\n\n\n\n<!DOCTYPE html>\n<html lang=\"en\">\n\n<head>\n    <meta charset=\"UTF-8\">\n    <meta http-equiv=\"X-UA-Compatible\" content=\"IE=edge\">\n    <meta name=\"viewport\" content=\"width=device-width, initial-scale=1.0\">\n    <title>Document<\/title>\n<\/head>\n\n<style>\n    .interestedBtn {\n        width: 80% !important;\n        box-sizing: border-box !important;\n        display: inline-block !important;\n        padding: 11px !important;\n        border: 1px !important;\n        border-color: #ddd !important;\n        margin-top: 10px !important;\n        background-color: #183e8b !important;\n        background-image: none !important;\n        text-shadow: none !important;\n        color: #fff !important;\n        font-size: 14px !important;\n        line-height: 20px !important;\n        border-radius: 5px !important;\n        margin: 0 !important;\n        cursor: pointer !important;\n        box-shadow: 0px 4.66px 22.99px 0px rgba(0, 0, 0, 0.10);;\n    }\n\n\n        .formSec .formSecTwo{\n            padding-top: 15px !important;\n            margin-bottom: 30px !important;\n        }\n\n\n    .tnp-email {\n        width: 80% !important;\n        box-sizing: border-box;\n        padding: 8px 10px;\n        display: inline-block;\n        border: 1px solid #ced4da;\n        background: #fff;\n        color: #000 !important;\n        font-size: 13px;\n        line-height: 20px;\n        border-radius: 2px;\n        padding-right: 30px;\n        margin-bottom: 0px;\n    }\n\n    .formSec {\n        border: 1px solid #ced4da;\n        float: left !important;\n        width: 55% !important;\n    }\n\n    .mainBox {\n       \/* border: 1px solid #183e8b;*\/\n         background: white;\n        max-width: 600px !important;\n        margin: 0 auto !important;\n        padding: 20px !important;\n        font-family: Arial, Helvetica, sans-serif !important;\n    }\n\n    .boxDiv {\n        display: flex !important;\n    }\n\n    .boxConsult {\n        float: left !important;\n        width: 45% !important;\n        padding: 10px !important;\n    }\n\n    .formSecTwo {\n        text-align:center !important;\n        width: 100% !important;\n    }\n\n    .formHeading {\n        font-family: Arial, Helvetica, sans-serif;\n        margin-top: 0px;\n        font-weight: 700;\n        line-height: 25px;\n        font-size: 18px !important;\n        \n       margin-bottom: 60px !important;\n       color: #000!important;\n          margin-top: 5px !important;\n    }\n\n    .fieldHeading {\n        margin: 0 !important;\n        font-size: 13px !important;\n        text-align: left !important;\n        margin: 0px 39px 2px 93px !important;\n        font-weight: 500 !important;\n    }\n\n    .image {\n        max-width:90% !important;\n        height: auto !important;\n    }\n\n     .email-icon {\n            position: absolute;\n            right: 50px;\n             top: 20px;\n            transform: translateY(-50%);\n            pointer-events: none; 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\/* Make sure the icon doesn't block clicking on the input *\/\n        }\n       \n        .email-container{\n             position: relative;\n        }\n\n    }\n<\/style>\n\n<body>\n\n    <div class=\"mainBox\" box-sizing:=\"\" border-box;=\"\">\n\n        <div class=\"boxDiv\">\n\n            <div class=\"boxConsult\">\n                <div>\n                    <h3 class=\"formHeading\" style=\" font-size: 16px !important;\"><span class=\"ez-toc-section\" id=\"Book_a_Free_Demo_Call_with_Our_People_Security_Expert\"><\/span>\n                        Book a Free Demo Call with Our People Security Expert<span class=\"ez-toc-section-end\"><\/span><\/h3>\n                <\/div>\n                <img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/threatcop_blog\/form.svg\" class=\"image\">\n            <\/div>\n\n            <div class=\"formSec\">\n                <div class=\" formSecTwo\">\n                    <h4 style=\"margin-top: 0; font-size: 16px !important;\"><span class=\"ez-toc-section\" id=\"Enter_your_details\"><\/span>Enter your details<span class=\"ez-toc-section-end\"><\/span><\/h4>\n                    <div class=\"tnp tnp-subscription-minimal\">\n                        <form action=\"https:\/\/threatcop.com\/thankyou-blog\" method=\"get\" target=\"_blank\">\n                            <div class=\"email-container\" style=\"margin-bottom:20px;\">\n\n                                <input class=\"tnp-email\" type=\"text\" required=\"\" name=\"FullName\" value=\"\"\n                                    placeholder=\"Full Name\">\n                                    <span class=\"email-icon\"><img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/threatcop_blog\/icon01.svg\" class=\"img-fluid\" \/><\/span>\n                            <\/div>\n\n                            <div class=\"email-container\" style=\"margin-bottom:20px;\">\n                               \n                                <input class=\"tnp-email\" type=\"email\" required=\"\" name=\"email\" value=\"\"\n                                    placeholder=\"Corporate Email Id\">\n                                     <span class=\"email-icon\"><img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/threatcop_blog\/icon02.svg\" class=\"img-fluid\" \/><\/span>\n                            <\/div>\n\n                            <div class=\"email-container\" style=\"margin-bottom:20px;\">\n                               \n                                <input class=\"tnp-email\" type=\"text\" required=\"\" name=\"CompanyName\" value=\"\"\n                                    placeholder=\"Company Name\">\n                                    <span class=\"email-icon\"><img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/threatcop_blog\/icon03.svg\" class=\"img-fluid\" \/><\/span>\n\n                            <\/div>\n\n                            <div class=\"email-container\">\n                               \n                                <input class=\"tnp-email\" type=\"number\" required=\"\" name=\"Phone\" value=\"\"\n                                    placeholder=\"Phone No.\"><br>\n                                    <span class=\"email-icon\"><img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/threatcop_blog\/icon04.svg\" class=\"img-fluid\" \/><\/span>\n                            <\/div>\n                            <input type=\"hidden\" name=\"BlogForm\" value=\"BlogForm\"><br>\n                            <input class=\"tnp-submit interestedBtn\" name=\"submit\" type=\"submit\"\n                                value=\"SUBMIT\">\n\n                        <\/form>\n                    <\/div>\n                <\/div>\n            <\/div>\n\n        <\/div>\n    <\/div>\n\n<\/body>\n\n<\/html>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Cryptocurrency_Attack\"><\/span><span style=\"color: #000000;\"><b>What is Cryptocurrency Attack?<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">A currency unit that is represented by an encrypted information string is known as a cryptocurrency. So, a peer-to-peer network monitors and organizes those cryptocurrencies, known as the blockchain. In addition to transactions, blockchain acts as a secure ledger for buying, selling, and transferring assets.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">Cryptocurrencies are Decentralized Finance (DeFi) that are not issued by any financial institutions or governments. Cryptographic algorithms are used to create and secure cryptocurrencies, and this process is known as mining. Here the transactions are processed and validated by a computer network or other specialized network, like application-specific integrated circuits (ASICs). The procedure incentivizes the cryptocurrency miners who power the network.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">Nowadays, cryptocurrencies have become a huge target for hackers. It can be a little tricky to initially identify a cryptocurrency cyber attack. So organizations should know how hackers employ the attack.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Does_a_Cryptocurrency_Attack_Work\"><\/span><span style=\"color: #000000;\"><b>How Does a Cryptocurrency Attack Work?<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">Hackers primarily use one of two techniques to steal cryptocurrency: either they steal it outright or trick users into giving it to them. When individuals or organizations would like to invest in cryptocurrencies, they often use a blockchain exchange.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">The blockchain exchange procedure entails opening an account and funding it with money that has been converted into the desired digital currency. The exchange is the only one with exposure to the private keys that are used to regulate and store the cryptocurrency in a custodial wallet. Custodial wallet services hold onto the private key, so they are responsible for safeguarding the funds.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">Traditional banks hold a limited amount of cash. However, blockchain exchange networks only maintain adequate crypto in the hot wallets to help with transactions. Hot wallets are made to store cryptocurrency online, while cold wallets purchase the private keys that are required to access cryptocurrency offline.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">The government today lacks the financial protocols necessary to protect cryptocurrency deposits if an exchange is closed, unlike centralized banks. When cybercriminals target an exchange, crypto users usually lose their digital investments. Due to the nature of blockchain networks, it is almost always impossible to recover stolen money.<\/span><\/p>\n\n\n<div class=\"wp-block-image wp-image-8652 size-full\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1076\" height=\"426\" src=\"https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/12\/cryptocurrency-attack-works-1.png\" alt=\"Cryptocurrency Attack Process\" class=\"wp-image-8652\"\/><figcaption class=\"wp-element-caption\"><span style=\"color: #000000;\">How Cryptocurrency Attack Works? (Source: Techslang)<\/span><\/figcaption><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_Notable_Cryptocurrency_Attack_2022\"><\/span><span style=\"color: #000000;\"><b>A Notable Cryptocurrency Attack (2022)<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">According to a new <\/span><a style=\"color: #000000;\" href=\"https:\/\/edition.cnn.com\/2022\/06\/04\/business\/cryptocurrency-scammers-ftc-warning\/index.html\" target=\"_blank\" rel=\"noopener\"><b><span style=\"color: #183994;\">Federal Trade Commission report<\/span><\/b><\/a><span style=\"font-weight: 400;\">, a cryptocurrency attack stole over $1 billion from 46,000 people in 2021.<\/span><\/span><\/p>\n\n\n<div class=\"wp-block-image wp-image-8653 size-full\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"779\" height=\"570\" src=\"https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/12\/Cryptocurrency-Attack-2022-1.png\" alt=\"Cryptocurrency Attack on Different Organizations\" class=\"wp-image-8653\"\/><figcaption class=\"wp-element-caption\"><span style=\"color: #000000;\">(Source: CNBC)<\/span><\/figcaption><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">According to reports, <\/span><b>hackers have stolen about <\/b><a style=\"color: #000000;\" href=\"https:\/\/www.coindesk.com\/business\/2022\/01\/20\/multichain-hack-worsens-as-loss-of-funds-reaches-3m-report\/\" target=\"_blank\" rel=\"noopener\"><b><span style=\"color: #183994;\">$3 million from Multichain<\/span><\/b><\/a><b> in a cryptocurrency attack<\/b><span style=\"font-weight: 400;\">. Lorenzo Franceschi-Bicchierai, a reporter for Vice magazine, <\/span><a style=\"color: #000000;\" href=\"https:\/\/twitter.com\/lorenzofb\/status\/1483928455590858757\" target=\"_blank\" rel=\"noopener\"><b><span style=\"color: #183994;\">tweeted<\/span><\/b><\/a><span style=\"font-weight: 400;\"> that &#8220;the hack against Multichain users keeps getting worse.&#8221;<\/span><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">A <\/span><b>decentralized finance (DeFi) platform, \u201cQubit Finance,\u201d <\/b><span style=\"font-weight: 400;\">also became a victim of a cryptocurrency cyber attack. They <\/span><b>stole $80 million worth of cryptocurrency<\/b><span style=\"font-weight: 400;\">. Qubit Finance acknowledged the hack through a <\/span><a style=\"color: #000000;\" href=\"https:\/\/medium.com\/@QubitFin\/protocol-exploit-report-305c34540fa3\" target=\"_blank\" rel=\"noopener\"><b><span style=\"color: #183994;\">report published on Medium<\/span><\/b><\/a><span style=\"font-weight: 400;\"> and a <\/span><a style=\"color: #000000;\" href=\"https:\/\/twitter.com\/QubitFin\/status\/1486870238591594497?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1486870238591594497%7Ctwgr%5E5025bec1ac1f842cd20f0c1ecf2cd6afc684e30b%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.thestreet.com%2Finvesting%2Fcryptocurrency%2F-victim-of-a-80m-crypto-theft-defi-platform-qubit-begs-hackers-for-its-money-back\" target=\"_blank\" rel=\"noopener\"><b><span style=\"color: #183994;\">tweet<\/span><\/b><\/a><span style=\"font-weight: 400;\">. <\/span><b>The hack allegedly took place on the evening of January 27 at around 5 p.m. ET<\/b><span style=\"font-weight: 400;\">.&nbsp;<\/span><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><b>The Wormhole,<\/b><span style=\"font-weight: 400;\"> one of the most well-known bridges connecting the Ethereum and Solana blockchains, <\/span><b>experienced the theft of cryptocurrencies valued at over <\/b><a style=\"color: #000000;\" href=\"https:\/\/www.cnbc.com\/2022\/02\/02\/320-million-stolen-from-wormhole-bridge-linking-solana-and-ethereum.html\" target=\"_blank\" rel=\"noopener\"><b><span style=\"color: #183994;\">$320 million on February 2, 2022<\/span><\/b><\/a><span style=\"font-weight: 400;\">. After some time, Wormhole stated that <\/span><b>&#8220;all funds have been restored,&#8221;<\/b><span style=\"font-weight: 400;\"> and they <\/span><b>offered $10 million (a bug bounty) to the hackers<\/b><span style=\"font-weight: 400;\">.<\/span><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/www.infosectrain.com\/news\/a-hack-on-blockchain-infrastructure-firm-led-to-the-theft-of-4-4-million\/\" target=\"_blank\" rel=\"noopener\"><b><span style=\"color: #183994;\">Meter, a blockchain network<\/span><\/b><\/a><b>, <\/b><span style=\"font-weight: 400;\">reported a cryptocurrency attack for <\/span><b>$4.4 million on the network<\/b><span style=\"font-weight: 400;\">. They <\/span><a style=\"color: #000000;\" href=\"https:\/\/twitter.com\/Meter_IO\/status\/1490045486606139392\" target=\"_blank\" rel=\"noopener\"><b><span style=\"color: #183994;\">tweeted<\/span><\/b><\/a><span style=\"font-weight: 400;\"> about the attack.<\/span><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">The popular blockchain Axie Infinity\u2019s <\/span><a style=\"color: #000000;\" href=\"https:\/\/roninblockchain.substack.com\/p\/community-alert-ronin-validators?s=w\" target=\"_blank\" rel=\"noopener\"><b><span style=\"color: #183994;\">Ronin network<\/span><\/b><\/a><b> posted a blog about a cryptocurrency attack for $615 million<\/b><span style=\"font-weight: 400;\">. The breach was confirmed on Ronin\u2019s official Discord channel and <\/span><a style=\"color: #000000;\" href=\"https:\/\/twitter.com\/Ronin_Network\/status\/1508828719711879168?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1508829351214649349%7Ctwgr%5E814ad28d69b5c819af6ac17e75e5dca95449e1c2%7Ctwcon%5Es3_&amp;ref_url=https%3A%2F%2Fwww.cnbc.com%2F2022%2F03%2F29%2Fhackers-steal-over-615-million-from-network-running-axie-infinity.html\" target=\"_blank\" rel=\"noopener\"><b><span style=\"color: #183994;\">Twitter<\/span><\/b><\/a><span style=\"font-weight: 400;\"> account.<\/span><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">A blockchain network, <\/span><a style=\"color: #000000;\" href=\"https:\/\/www.cnbc.com\/2022\/06\/24\/hackers-steal-100-million-in-crypto-from-harmonys-horizon-bridge.html\" target=\"_blank\" rel=\"noopener\"><b><span style=\"color: #183994;\">Harmony<\/span><\/b><\/a><b> has reported a cryptocurrency attack for $100 million<\/b><span style=\"font-weight: 400;\">. Researchers are linking the attack to the infamous <\/span><a style=\"color: #000000;\" href=\"https:\/\/threatcop.com\/blog\/lazarus-group\/\"><b><span style=\"color: #183994;\">Lazarus Group<\/span><\/b><\/a><b>. <\/b><span style=\"font-weight: 400;\">Harmony offered a $1 million bounty to the attackers.<\/span><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">One more organization becomes the victim of a cryptocurrency attack, <\/span><a style=\"color: #000000;\" href=\"https:\/\/www.cnbc.com\/2022\/08\/02\/hackers-drain-nearly-200-million-from-crypto-startup-nomad.html\" target=\"_blank\" rel=\"noopener\"><b><span style=\"color: #183994;\">Nomad<\/span><\/b><\/a><b>. <\/b><span style=\"font-weight: 400;\">They <\/span><b>lost nearly $200 million in the attack<\/b><span style=\"font-weight: 400;\">. <\/span><a style=\"color: #000000;\" href=\"https:\/\/twitter.com\/nomadxyz_\/status\/1555293965049630722?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1555293965049630722%7Ctwgr%5E9ab2066daadd9736177d112ccaa520ee8125e5c8%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fnomad-crypto-hack-200-million-bounty%2F\" target=\"_blank\" rel=\"noopener\"><b><span style=\"color: #183994;\">Nomad promised<\/span><\/b><\/a><span style=\"font-weight: 400;\"> not to file legal complaints against parties that <\/span><b>returned at least 90% of the money and said it would pay up to 10% of the money that hackers <\/b><span style=\"font-weight: 400;\">had stolen in digital form.<\/span><\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Can_One_Prevent_Cryptocurrency_Attacks\"><\/span><span style=\"color: #000000;\"><b>How Can One Prevent Cryptocurrency Attacks?<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">Cryptocurrency attacks are challenging to detect. Since the majority of cryptocurrency mining operations are frequently covered by legitimate processes, it is also challenging to identify the source of excessive CPU utilization. Therefore, safeguarding against malware and dangerous scripts is the best strategy to stop cryptocurrency attacks.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">Organizations should follow some practices to protect their data and assets from cyber attacks, based on the principle that prevention is better than cure.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Use_Two-Factor_Authentication_for_your_Exchange\"><\/span><span style=\"color: #000000;\"><b>Use Two-Factor Authentication for your Exchange<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">Two of the simplest defenses against these attacks are to make sure your cryptocurrency is purchased securely first, and then to enable two-factor authentication (2FA) for withdrawals. Every time you withdraw cryptocurrency, 2FA makes you enter a code from your phone. When you want to withdraw money, it can be inconvenient if your phone\u2019s battery is dead or you have to get it from another room. However, it could also prevent you from losing your cryptocurrency if an attacker gains access to your account.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Withdraw_Your_Crypto\"><\/span><span style=\"color: #000000;\"><b>Withdraw Your Crypto<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">When you initially buy a cryptocurrency, it is typically purchased through an exchange account. If an attacker gains access to the exchange account, they can withdraw your cryptocurrency to a wallet address that they own. One way to protect yourself from a cryptocurrency attack is by simply withdrawing your cryptocurrency first from the exchange. You can withdraw through your wallet and set it up on your PC as well. Then command your exchange to transfer your crypto to a new Walleye address.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dont_Enter_Your_Seed_Words_on_a_Website\"><\/span><span style=\"color: #000000;\"><b>Don\u2019t Enter Your Seed Words on a Website<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">If it&#8217;s your first time buying cryptocurrency, then you should know what seed words mean. It is a string of letters and numbers from which you can cryptographically deduce all of your account keys. If your device crashes, you can recover your crypto wallet using these words. It is also known as the \u201cmaster key\u201d or \u201csecret recovery phrase.&#8221; So keep in mind that you need to keep this phrase safe. Don\u2019t enter this on any website to keep yourself safe from a cryptocurrency attack.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Use_a_Strong_Password_for_your_Crypto\"><\/span><span style=\"color: #000000;\"><b>Use a Strong Password for your Crypto<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">The very first step to <\/span><a style=\"color: #000000;\" href=\"https:\/\/threatcop.com\/blog\/how-to-keep-your-password-safe-from-hackers\/\"><b><span style=\"color: #183994;\">keep your password safe<\/span><\/b><\/a><span style=\"font-weight: 400;\"> is to ensure it is strong, complex, and difficult to guess. When an attacker is deploying a cryptocurrency attack, they know that they can steal millions of dollars. So, they know the password is going to be pretty complex. Take your time while creating the password and change it within a 90 day.<\/span><\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Check_the_URL_and_Fake_Applications\"><\/span><span style=\"color: #000000;\"><b>Check the URL and Fake Applications<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">When deploying a cryptocurrency attack, the most common way for attackers to succeed is to convince the victims to download fake wallets or fake applications. Scammers use fake versions of popular wallets for the attack. The best way to prevent it is to get your wallets and applications directly from the developer&#8217;s websites.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Beware_of_Email_Files\"><\/span><span style=\"color: #000000;\"><b>Beware of Email Files<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/threatcop.com\/blog\/email-threats\/\"><b><span style=\"color: #183994;\">Email threats<\/span><\/b><\/a><span style=\"font-weight: 400;\"> are a very common threat in cyber attacks. To not fall into the attacker&#8217;s trap, proper <\/span><a style=\"color: #000000;\" href=\"https:\/\/threatcop.com\/blog\/email-security\/\"><b><span style=\"color: #183994;\">email security<\/span><\/b><\/a><span style=\"font-weight: 400;\"> techniques need to be applied in your organization. Get your organization&#8217;s <\/span><span style=\"color: #183994;\"><a style=\"color: #183994;\" href=\"https:\/\/threatcop.com\/tdmarc\"><b>email authentication protocol<\/b><\/a><\/span><span style=\"font-weight: 400;\"> or <\/span><a style=\"color: #000000;\" href=\"https:\/\/threatcop.com\/threatcop-phishing-incident-response\"><b><span style=\"color: #183994;\">phishing incident response<\/span><\/b><\/a><span style=\"font-weight: 400;\"> tools. It will help to keep track of which emails are authentic and which are malicious.<\/span><\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Role_of_Security_Awareness_in_Improving_Vigilance\"><\/span><span style=\"color: #000000;\"><b>Role of Security Awareness in Improving Vigilance<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">One can easily comprehend from the complete reading that <\/span><a style=\"color: #000000;\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-practices\/\"><b><span style=\"color: #183994;\">cybersecurity practices<\/span><\/b><\/a><span style=\"font-weight: 400;\"> are the best defense available. No matter what equipment you have at your disposal, the biggest target of cybercriminals is humans. And several statistical reports have shown similar data that suggests that threat actors are carrying out huge numbers of cyber attack attempts targeting humans employing <\/span><a style=\"color: #000000;\" href=\"https:\/\/threatcop.com\/blog\/social-engineering-attack\/\"><b><span style=\"color: #183994;\">social engineering attacks<\/span><\/b><\/a><span style=\"font-weight: 400;\">.<\/span><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Organizations should explore various mechanisms to make sure their employees are well-trained. We have already comprehended from multiple perspectives that there are multiple <\/span><span style=\"color: #183994;\"><a style=\"color: #183994;\" href=\"https:\/\/threatcop.com\/blog\/benefits-and-purpose-of-security-awareness-training\/\"><b>benefits and purposes of security awareness training<\/b><\/a><\/span><span style=\"font-weight: 400;\"> tools in the organization.<\/span><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/threatcop.com\/threatcop-security-awareness-training\"><b><span style=\"color: #183994;\">TSAT<\/span><\/b><\/a><b> from Threatcop <\/b><span style=\"font-weight: 400;\">provides a complete learning management system for security awareness training for employees. The tool provides a platform for creating attack templates that allow the trainer to make a customized attack. This tool is used to simulate dummy attacks on the employees to give them a real-time experience of cyber attacks. This tool provides a complete cybersecurity knowledge base and defense learning for employees.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A cryptocurrency is a form of digital currency widely regarded as the future of the international exchange of currencies. The most popular types of cryptocurrencies include Bitcoin, Ripple, and Cardano. In recent years, threat actors often demand ransom or wire digital transfers in the form of cryptocurrencies during cyber attacks or, more specifically, ransomware attacks. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8651,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"class_list":["post-8650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-miscellaneous"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cryptocurrency Attack: Examples &amp; Prevention | Threatcop<\/title>\n<meta name=\"description\" content=\"In a cryptocurrency attack, the hackers seize control of the network and transfer cryptocurrencies owned by users. 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