A current data injury to Crypto Exchange Coinbase has triggered concerns about user security after hackers have been given access to sensitive information, including addresses at home.
Coinbase, the third largest cryptocurrency exchange worldwide, confirmed that lower than 1% of his monthly transactions were affected in an attack that might cost the exchange of as much as $ 400 million in reimbursement costs, reported CoinTelegraph on May 15.
According to Michael Arrington, the founding father of Techcrunch and Arrington Capital, the “human costs” of this data injury will be much higher for users.
“At the moment very disillusioned by Coinbase. The use of the most cost effective option for customer support has its price,” said Arrington in a post on May 20 and added:
“Something that needs to be said – this hack – the own residence address and account carrier – will result in people dying. He probably already has it.”Source: Michael Arrington
While no passwords, private keys or account funds were exposed, cybercriminal reports have reported to customer support corporations abroad to access internal systems. This enabled them to steal personal data that might be utilized in fraud in social engineering and even in physical extortion attempts.
With Bitcoin (BTC), who acted over 100,000 US dollars, Crypto Wealth has turn into a growing goal for criminals. Experts warn that the leaked address data might be exposed to real risks using individuals with high networks.
On May 16, CoinTelegraph reported on six violent robberies that geared toward cryptocurrency investors with a view to blackmail digital assets by kidnapping or torture.
In a ruthless attack on May 4, the daddy of a French crypto entrepreneur in Paris, France, was kidnapped. The kidnappers reduced the victim's finger and sent a video to his son, by which he demanded 5 million euros in crypto.
The victim was held for 2 days before the French police could find and save him. According to CNN, five people were arrested in reference to the kidnapping.
Krypto exchange must “layered” cyber security “layered”
In order to stop similar violations of user data, crypto exchanges, in keeping with Ronghui GU, the co-founder of the safety company Certik Web3, must apply a “layered defense strategy”.
“This can include privileged access management, the architecture of Zero Trust, the multifactor authentication via internal systems and continuous monitoring with behavioral analyzes,” GU told CoinTelegraph and added:
“Preventive measures reminiscent of regular phishing simulations, tailor-made safety training and the restriction of access to third-party providers to sensitive systems may help reduce these risks.”
However, Krypto platforms need to “rethink their security obligation”, since attackers “are increasingly more human weaknesses as an alternative of technical as an alternative of technical,” added GU and warned of the increasing threat from social engineering programs.
Social engineering programs reminiscent of Phishing fraud were a very powerful security threat of 2024 and, in keeping with Certik, cost the industry over 1 billion US dollars in 296 incidents.
