↓ Costly Cyber Attacks Plague Coinbase and CoinDCX; US DOJ, SEC Hone in on Crypto Fraud
Coinbase , a prominent cryptocurrency platform, has been targeted by a series of cyberattacks that could cost up to $400 million. The mounting...
Recent events have stirred up the cryptocurrency market as a series of notable cyber attacks targeted large players such as CoinDCX and Coinbase. CoinDCX suffered from a cyber attack leading to a $44M loss, and Coinbase fell victim to a similar crime that could result in a cost up to $400M. However, user funds are reportedly safe in both incidents. Authorities, including the US's SEC and DOJ, are conducting investigations into these incidents amid growing concerns about cryptocurrency platform safety.
Simultaneously, the correlation between cyber attacks and cryptocurrencies is underlined by the U.S. sanctioning North Korean IT workers over accusations of 'Cyber Espionage' and crypto thefts. Strikingly, Coinbase's attack was said to have originated from bribed overseas employees, leading to the theft of customer data. In an unprecedented move, Coinbase flipped the situation by offering a $20m bounty for information leading to the capture of the cybercrime ring behind the attack.
These attacks have nudged companies to adopt a proactive approach to deal with the brewing 'Cyber Warfare' in the crypto realm. For instance, Safe established a new development firm focusing on countering such threats. Meanwhile, new systems are being put in place, such as the SEC's 'Cyber and Emerging Technologies Unit', as well as collaborations like the Crypto AI Benchmark Alliance (CAIBA) to create standards in crypto AI.
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