The crypto exchange FTX will compensate the phishing attack victims with almost $6 million. It is a one-time step taken by the exchange for the attack with which hackers conducted unauthorized trading using some FTX customer accounts.
The attackers gained the user account application programming interface (API) keys of the victims with phishing
Phishing
Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than technological skill, it is considered to be a social engineering attack. The most common methods for phishing are email, telephone, or text message.How to Defend Against Phishing Attacks?Every phishing attempt has a few basic things in common, which individuals need to be aware of.You should always be on the lookout for offers that are overly lucrative or too good to be true. Click-bait titles or rewards and prizes without any context are red flags.Additionally, a sense of urgency should always be approached with caution. A favorite tactic amongst cybercriminals is to ask you to act fast because the super deals are only for a limited time.Finally, individuals should always be mindful of unusual senders and questionable attachments or hyperlinks. Simply hovering over a link shows you the actual URL where you will be directed upon clicking on it. If anything seems out of the ordinary, unexpected, or simply suspicious it is best to avoid clicking on any links. In the cryptocurrency world, phishing attacks come in forms such as fake wallets that unsuspectingly collect users’ private keys.Fake exchange login pages that collect users’ login data, and fake wallet seed generators that create and then collect the regenerative phrases used to make cryptocurrency wallets.
Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than technological skill, it is considered to be a social engineering attack. The most common methods for phishing are email, telephone, or text message.How to Defend Against Phishing Attacks?Every phishing attempt has a few basic things in common, which individuals need to be aware of.You should always be on the lookout for offers that are overly lucrative or too good to be true. Click-bait titles or rewards and prizes without any context are red flags.Additionally, a sense of urgency should always be approached with caution. A favorite tactic amongst cybercriminals is to ask you to act fast because the super deals are only for a limited time.Finally, individuals should always be mindful of unusual senders and questionable attachments or hyperlinks. Simply hovering over a link shows you the actual URL where you will be directed upon clicking on it. If anything seems out of the ordinary, unexpected, or simply suspicious it is best to avoid clicking on any links. In the cryptocurrency world, phishing attacks come in forms such as fake wallets that unsuspectingly collect users’ private keys.Fake exchange login pages that collect users’ login data, and fake wallet seed generators that create and then collect the regenerative phrases used to make cryptocurrency wallets. Read this Term tactics for executing the trades. The incident came to light as 3Commas alerted on October 21 against some usual trading activities.
FTX and 3Commas conducted an investigation and subsequently suspended the suspicious accounts and disabled compromised keys.
9) They provided their FTX api keys to use the sites’ trading tools. Others users were probably phished through other methods. But one way or another, these users were exploited by third party attackers.
FTX’s Founder and CEO, Sam Bankman-Fried, twittered that the exchange users should not take it as a ‘precedent’.
“THIS IS A ONE-TIME THING AND WE WILL NOT DO THIS GOING FORWARD,” he added. “We will not [be] making a habit of compensating for uses getting phished by fake versions of other companies!”
A Major Crypto Platform
FTX made its name by offering crypto derivatives for altcoins
Altcoins
Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of structure, altcoins can be different from the Bitcoin network in any number of ways. This is often the primary reason for the existence of altcoins themselves.Why Do So Many Altcoins Exist?While Bitcoin is both innovative and massively influential, it does possess some problems that developers are trying to fix with their own products. Over time there have been developed altcoins that makes faster transactions, while also altcoins that are less volatile, or altcoins that are more private, etc.Altcoins also can have different economic models and their methods of distribution can be different. Moreover, their programming languages can be different, and they can support the development of different kinds of applications. While many altcoins have been built with amazing technology and have amazing potential to change the world, many of them have been created as methods of grabbing quick cash, or even as jokes.However, some of the joke altcoins have still managed to gather a significant number of users and followers. The most prominent example of this trend is DogeCoin, a cryptocurrency inspired by the Doge meme. Additionally, other joke altcoins have also experienced large market cap, such as JesusCoin.
Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of structure, altcoins can be different from the Bitcoin network in any number of ways. This is often the primary reason for the existence of altcoins themselves.Why Do So Many Altcoins Exist?While Bitcoin is both innovative and massively influential, it does possess some problems that developers are trying to fix with their own products. Over time there have been developed altcoins that makes faster transactions, while also altcoins that are less volatile, or altcoins that are more private, etc.Altcoins also can have different economic models and their methods of distribution can be different. Moreover, their programming languages can be different, and they can support the development of different kinds of applications. While many altcoins have been built with amazing technology and have amazing potential to change the world, many of them have been created as methods of grabbing quick cash, or even as jokes.However, some of the joke altcoins have still managed to gather a significant number of users and followers. The most prominent example of this trend is DogeCoin, a cryptocurrency inspired by the Doge meme. Additionally, other joke altcoins have also experienced large market cap, such as JesusCoin. Read this Term. However, it aggressively expanded services in all markets with a comprehensive product line and gained regulatory permissions in several jurisdictions.
Bankman-Fried also came with his deep pockets for bailing out several collapsed-cryptocurrency platforms earlier this year with the ongoing bear market. The US arm of FTX won the bid to acquire the digital assets of collapsed Voyager for $1.4 billion.
The crypto billionaire further proposed the “5-5 standard” under which the attacker can keep $5 million or 5% of the heist, whichever is lower. In case of the said phishing attack, the attacker needs to send almost $5.7 million of the ill-gotten funds for FTX to “absolve them.”
15) Anyway — maybe a time to try out the 5-5 standard on the 3Commas/phishing scammer!
If they send back ~$5.7m (~95%) of the scam within 24h to 0xD15ff86129c3Da57756b33827DfFF6D252602284, we’ll absolve them.
Meanwhile, hacks and rug-pulls remain common in the crypto space. According to Chainlysis, $718 million worth of cryptocurrencies were stolen from decentralized finance (DeFi) protocols in October alone.
2/ At this rate, 2022 will likely surpass 2021 as the biggest year for hacking on record. So far, hackers have grossed over $3 billion dollars across 125 hacks. pic.twitter.com/vgT3pz2iOu
The crypto exchange FTX will compensate the phishing attack victims with almost $6 million. It is a one-time step taken by the exchange for the attack with which hackers conducted unauthorized trading using some FTX customer accounts.
The attackers gained the user account application programming interface (API) keys of the victims with phishing
Phishing
Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than technological skill, it is considered to be a social engineering attack. The most common methods for phishing are email, telephone, or text message.How to Defend Against Phishing Attacks?Every phishing attempt has a few basic things in common, which individuals need to be aware of.You should always be on the lookout for offers that are overly lucrative or too good to be true. Click-bait titles or rewards and prizes without any context are red flags.Additionally, a sense of urgency should always be approached with caution. A favorite tactic amongst cybercriminals is to ask you to act fast because the super deals are only for a limited time.Finally, individuals should always be mindful of unusual senders and questionable attachments or hyperlinks. Simply hovering over a link shows you the actual URL where you will be directed upon clicking on it. If anything seems out of the ordinary, unexpected, or simply suspicious it is best to avoid clicking on any links. In the cryptocurrency world, phishing attacks come in forms such as fake wallets that unsuspectingly collect users’ private keys.Fake exchange login pages that collect users’ login data, and fake wallet seed generators that create and then collect the regenerative phrases used to make cryptocurrency wallets.
Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than technological skill, it is considered to be a social engineering attack. The most common methods for phishing are email, telephone, or text message.How to Defend Against Phishing Attacks?Every phishing attempt has a few basic things in common, which individuals need to be aware of.You should always be on the lookout for offers that are overly lucrative or too good to be true. Click-bait titles or rewards and prizes without any context are red flags.Additionally, a sense of urgency should always be approached with caution. A favorite tactic amongst cybercriminals is to ask you to act fast because the super deals are only for a limited time.Finally, individuals should always be mindful of unusual senders and questionable attachments or hyperlinks. Simply hovering over a link shows you the actual URL where you will be directed upon clicking on it. If anything seems out of the ordinary, unexpected, or simply suspicious it is best to avoid clicking on any links. In the cryptocurrency world, phishing attacks come in forms such as fake wallets that unsuspectingly collect users’ private keys.Fake exchange login pages that collect users’ login data, and fake wallet seed generators that create and then collect the regenerative phrases used to make cryptocurrency wallets. Read this Term tactics for executing the trades. The incident came to light as 3Commas alerted on October 21 against some usual trading activities.
FTX and 3Commas conducted an investigation and subsequently suspended the suspicious accounts and disabled compromised keys.
9) They provided their FTX api keys to use the sites’ trading tools. Others users were probably phished through other methods. But one way or another, these users were exploited by third party attackers.
FTX’s Founder and CEO, Sam Bankman-Fried, twittered that the exchange users should not take it as a ‘precedent’.
“THIS IS A ONE-TIME THING AND WE WILL NOT DO THIS GOING FORWARD,” he added. “We will not [be] making a habit of compensating for uses getting phished by fake versions of other companies!”
A Major Crypto Platform
FTX made its name by offering crypto derivatives for altcoins
Altcoins
Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of structure, altcoins can be different from the Bitcoin network in any number of ways. This is often the primary reason for the existence of altcoins themselves.Why Do So Many Altcoins Exist?While Bitcoin is both innovative and massively influential, it does possess some problems that developers are trying to fix with their own products. Over time there have been developed altcoins that makes faster transactions, while also altcoins that are less volatile, or altcoins that are more private, etc.Altcoins also can have different economic models and their methods of distribution can be different. Moreover, their programming languages can be different, and they can support the development of different kinds of applications. While many altcoins have been built with amazing technology and have amazing potential to change the world, many of them have been created as methods of grabbing quick cash, or even as jokes.However, some of the joke altcoins have still managed to gather a significant number of users and followers. The most prominent example of this trend is DogeCoin, a cryptocurrency inspired by the Doge meme. Additionally, other joke altcoins have also experienced large market cap, such as JesusCoin.
Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of structure, altcoins can be different from the Bitcoin network in any number of ways. This is often the primary reason for the existence of altcoins themselves.Why Do So Many Altcoins Exist?While Bitcoin is both innovative and massively influential, it does possess some problems that developers are trying to fix with their own products. Over time there have been developed altcoins that makes faster transactions, while also altcoins that are less volatile, or altcoins that are more private, etc.Altcoins also can have different economic models and their methods of distribution can be different. Moreover, their programming languages can be different, and they can support the development of different kinds of applications. While many altcoins have been built with amazing technology and have amazing potential to change the world, many of them have been created as methods of grabbing quick cash, or even as jokes.However, some of the joke altcoins have still managed to gather a significant number of users and followers. The most prominent example of this trend is DogeCoin, a cryptocurrency inspired by the Doge meme. Additionally, other joke altcoins have also experienced large market cap, such as JesusCoin. Read this Term. However, it aggressively expanded services in all markets with a comprehensive product line and gained regulatory permissions in several jurisdictions.
Bankman-Fried also came with his deep pockets for bailing out several collapsed-cryptocurrency platforms earlier this year with the ongoing bear market. The US arm of FTX won the bid to acquire the digital assets of collapsed Voyager for $1.4 billion.
The crypto billionaire further proposed the “5-5 standard” under which the attacker can keep $5 million or 5% of the heist, whichever is lower. In case of the said phishing attack, the attacker needs to send almost $5.7 million of the ill-gotten funds for FTX to “absolve them.”
15) Anyway — maybe a time to try out the 5-5 standard on the 3Commas/phishing scammer!
If they send back ~$5.7m (~95%) of the scam within 24h to 0xD15ff86129c3Da57756b33827DfFF6D252602284, we’ll absolve them.
Meanwhile, hacks and rug-pulls remain common in the crypto space. According to Chainlysis, $718 million worth of cryptocurrencies were stolen from decentralized finance (DeFi) protocols in October alone.
2/ At this rate, 2022 will likely surpass 2021 as the biggest year for hacking on record. So far, hackers have grossed over $3 billion dollars across 125 hacks. pic.twitter.com/vgT3pz2iOu
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