The Latest Cryptocurrency Attack by Russian Hackers

3 Tactics Used in The Latest Cryptocurrency Attack by Russian Hackers

  1. Attackers used sites that were identical to the home pages of the cryptocurrency sites such as Poloniex, Gemini, and Binance. With this method, they hijacked many users’ login credentials. With the information they captured, they earned almost $ 10 million from the Binance site, $ 5.24 million from the Poloniex site, and $ 1.17 million from the Gemini site. The phishing attack damaged about 400 users.
  2. It is alleged that the pair laundered their stolen cryptocurrencies through multiple accounts, using cryptocurrency exchange sites. It is also said that they set aside some of the money they stole and manipulate the value of cryptocurrencies with this money and increase their earnings for their own benefit.
  3. Potekhin and Karasavidi used the stolen accounts to place orders to buy lots of ‘GAS’. People use this digital currency for transactions on the blockchain called NEO. NEO is the very first freely available blockchain network in China. When they bought extreme volumes of the cryptocurrency named GAS, they raised the cryptocurrency price from $18 to $2,400, which was quite alarming. Later they sold the cryptocurrency from that price using their fake accounts. They turned the GAS they had to Bitcoin, Ethereum, and other currencies.

The Results of The Latest Cryptocurrency Attack by Russian Hackers

How Could The Latest Cryptocurrency Attack by Russian Hackers Have Been Avoided?

1. With testing your knowledge using phishing simulations.

2. With using cyber threat intelligence tools to reduce risks.

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