Cryptocurrency Firms Being Raided by Cybercriminals

Cryptocurrency is referred to as virtual money which uses cryptographical functions to conduct financial transactions. It mainly leverages blockchain technology to gain decentralized, transparency and immutability. There are multiple cryptocurrency firms, which are spread out around the globe and being effectively supporting cryptocurrency trading. As being one of the powerful financial units from the lot, it is been present in the target list of multiple cybercriminals groups. For instance, recently a group of cybercriminals targeted a decentralized lending platform Lendf. Me, which is being supported by a decentralized finance network known as dForce and along with that also targeted a crypto exchange firm known as Uniswap. The cybercriminals have made off at least $25 million from these two cryptocurrency firms after targeting them with reentrancy attacks over the weekend. Cybercriminals firstly struck the Uniswap on 18 April 2020 using the reentrancy attack which enables the attackers to continuously withdraw digital funds without being challenged. Further on, Lendf. Me confirmed on 19 April 2020 that they have also been struck by the cyberattack. After this cyberattack, both the firms are currently going through a really tough time in contacting law enforcement in several jurisdictions, trying to reach out to asset issuers and exchanges to track down and blacklist the hacker(s) address and engaged our legal teams.

In the present world, these types of cyberattacks are increasing at a rapid pace. For instance, recently the Cyble Research Unit (CRU) disclosed the Fiscal Management being struck by a cyberattack from the Maze ransomware operators, the same group targeted a major IT services company, Cognizant. Along with that, CRU also disclosed about 201 number of websites being hacked by the cybercriminals and all of their database got breached. As per the security reports, it is been expected that worldwide spending by organizations to recover from these cybersecurity attacks would reach up to $134 billion approximately. Therefore, with the vision to prevent organizations from these cyberattacks Cyble not only holds the largest data breach monitoring search engine but also provides the services which include enabling faster detection of cyber threats via Cyble Vision and providing clear visibility to third-party cyber threats and risks via their Third-Party Cyber Risk Intelligence Platform. Instead of spending a large sum of money after being attacked, organizations should start focus on improving their system’s security to prevent themselves from landing into such situations.

About Cyble:

Cyble Inc.’s mission is to provide organizations with a real-time view of their supply chain cyber threats and risks. Their SaaS-based solution powered by machine learning and human analysis provides organizations’ insights to cyber threats introduced by suppliers and enables them to respond to them faster and more efficiently.

Cyble strives to be a reliable partner/facilitator to its clients allowing them with unprecedented security scoring of suppliers through cyber intelligence sourced from open and closed channels such as OSINT, the dark web and deep web monitoring and passive scanning of internet presence. Furthermore, the intelligence clubbed with machine learning capabilities fused with human analysis also allows clients to gain real-time cyber threat intel and help build better and stronger resilience to cyber breaches and hacks. Due to the nature of the collected data, the company also offer threat intelligence capabilities out-of-box to their subscribers.

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