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Cryptocurrency exchanges lose $200 million from CryptoCore hacks

Cryptocurrency exchanges lose $200 million from CryptoCore hacks

Cryptocurrency exchanges lose $200 million from CryptoCore hacks
June 25
11:45 2020

According to security company ClearSky, as a result of hacks performed by CryptoCore, a group of hackers rumored to be based in Eastern Europe, various cryptocurrency exchanges have lost about $200 million, as was reported by ZDNet.

ClearSky seems to have been tracking the hackers since 2018 and linked the group to five hacks of cryptocurrency exchanges, with another 10-20 platforms remaining as potential targets of CryptoCore. Between July 2018 and March 2020, the group performed successful hacks of online exchanges located in the US, Japan, and the Middle East.

Despite being active for more than two years, ClearSky noted that hackers have been using the same strategies to perform their attacks. Firstly, the group collects information about their targets, then launch phishing attacks on personal email addresses, and then ending with targeting business accounts.

Personal accounts of company employees are typically less secure, which is why they become the first target of hackers. If the attack is successful, hackers can plant malware on the user’s computer and gain access to corporate accounts and passwords.

It seems that cryptocurrency exchanges are the favorite target of CryptoCore, but they are not alone in their pursuits. A group of hackers from North Korea is also reported to repeatedly attack cryptocurrency exchanges and is believed to have stolen $571 million between January 2017 and September 2018.

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