As per reports, White hat hackers have confirmed the existence of 40 bugs in crypto and Blockchain platforms in the last 30 days. The report was initially published by tech news outlet The Next Web (TNW) on March 14.
Investigation Showed 43 Security Vulnerabilities
An investigation was conducted by TNW. About 13 Blockchain and crypto companies were affected. The firms had 43 vulnerabilities all in all between February 13 through March 13.
E-sports gambling platform Unikrn received the highest number of vulnerability reports, 12 bugs. OmiseGo developer, Omise, is second having received 6 bug reports. EOS is number 3 with five.
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Tendermint, the consensus algorithm and peer-to-peer networking protocol is number 4 with four. Smart contracts platform Tezos and decentralized prediction market protocol, Augur is number 5 with three bugs each. Monero, ICON, and MyEtherWallet all tied in number 6 with two bug reports each.
They are followed by Coinbase exchange and Blockchain browser Brave developer, Brave Software, with one bug report each.
The hackers who discovered the heist received $23,675 for their efforts. Tendermint contributed the most of that figure after giving $8,500. EOS gave $5,500. Unikrn awarded $1,375. The report says the low bounty amount given suggests the bugs weren’t really critical.
Tens of thousands of USD in bounties were given by EOS to the white hat hackers who discovered critical security issues in its platform.
Japanese Report: 15 Million Yen Crypto Hacker Referred to Prosecutors
In other reports, an 18-year-old hacker has been referred to prosecutors in Utsunomiya, Japan for stealing crypto running into millions of Yen. The report came via news outlet Japan Today on March 14.
The cybercriminal is alleged to have hacked Monappy. Monappy is a digital wallet that can be installed on smartphones. The 18-year-old stole 15 million yen ($134,196) in crypto. The heist occurred between August 14 and September 1, 2018. The hack affected 7,700 Monappy users.
Hacker Used Tor to Initiate His Plans
The hacker used the Tor software to facilitate the theft. Tor allows subscribers to anonymize web traffic. The authorities identified the hacker by looking into communication records on the site’s server. The hacker reportedly admitted to the allegations without hesitation.
He is alleged to have submitted multiple crypto transfer requests to his personal account. This overwhelmed the system, allowing him to direct more tokens to his account. He went on to transfer the coins to another crypto operator, received the dividends and spent the funds.
According to the announcement, there wasn’t any impact on the cold wallet. The cold wallet reportedly held 54.2% of Monappy’s total balances. No user data including email addresses and passwords were stolen. Following the heist, the company announced compensation for the stolen funds.
The hacker’s identity is being kept anonymous because of his status as a minor. Any individual below the age of 20 years in Japan is a minor.
In 2018, Japanese law enforcement reported that there were more than 7,000 cases of money laundering related to crypto.
On a global scale, crypto exchange hacks have become the most lucrative opportunity for cybercriminals since 2018. Hackers have made away with nearly $1 billion from exchanges.