Digital currencies like monero and bitcoin to ripple and bitcoin-cash are still un-regulated in many countries. Moreover, they are hard to trace which makes them an ideal target for the fraudster, cyber criminal, organized hacker groups.
In last year crypto thefts including attacks over exchanges surged 400% approx $1.7 Billion, and it doesn’t stop – recently a group or individual crypto theft stole more than $49 Million of ethereum from an exchange.
South Korean famous cryptocurrency exchange, Upbit confirmed an attack – where an unknown group, an individual broke into the exchange wallet and transferred 342,000 worth $49 million to an anonymous wallet. Following the attack, the exchange suspended all crypto transfer over the exchange until the investigation is done.
Promise Exchange announced that it will replace all stolen coins to its users. However, exchange cleared that replacement would take approx 2 or more weeks as every online and offline deposit has been suspended as of now. Also, they have urged the member of its community to block all incoming and outgoing payments till the time of the investigation.
The attack was carried out on November 27th with no clue of who made the attack. It could be any individual, group or sponsored attackers.
With the ongoing attack situation, it seems like the continuation of an exchange-based attack is done by an individual through malware.
The worst part of the crypto world is despite the very high surge in attacks investors don’t really care about all these scenarios. They are in rush of being crypto millionaire which make them totally unaware of a not-so secure cloud wallet