Recent Data Breaches in the Crypto Industry — VegaX Research Report

VegaX Holdings Research Report March 2022: Recent Data Breaches in the Crypto Industry. Click here to download full report.

Recent Data Breaches in the Crypto Industry

The digital asset industry is still in its early stages of development — and while users continue to be attracted to the high yields, low fees, and speedy transaction times — the industry is also synonymous with volatility, opacity, and the potential for scams.

Let’s review some of these incidents:

On January 17th, Hong Kong-based exchange Crypto.com suffered an attack in which the platform’s 2FA (two-factor authentication system) was compromised, leading to unauthorized withdrawals from 483 user accounts with losses totaling roughly $33.83 million. ( 1 ) The Crypto.com team subsequently released a statement on January 20th indicating that all affected customer accounts were made whole and that a new 2FA infrastructure was implemented. ( 2 )

  • First, customers were targeted with malicious emails. From there the attacker(s) were able to acquire passwords & other sensitive information that allowed them to gain access to the user’s accounts.
  • Next, while engaging with the protocol, ​​prospective victims signed a partial contract with general authorization, and large portions were left blank. As soon as it was signed, hackers would then complete the contract with their contract transferring ownership of the NFT without payment. ( 3 )

Download the Full Report to learn more including:

  • What actually happened in Q1 2022 with crypto data breaches?
  • What are industry leaders doing in response to the increased incidences?
  • What are some ways that you can minimize your risk of scams?
Click here to download complete VegaX Holdings Research Report March 2022: Recent Data Breaches in the Crypto Industry

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VegaX Holdings

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VegaX: The Future of Digital Asset Management — Innovation of Proprietary Indices and Next-Gen Digital Asset Management Products. https://vegaxholdings.com