In July this year, hackers stole 308 million dollars from the Japanese crypto exchange DMM Bitcoin. A few weeks later, 230 million dollars was stolen from India's WazirX crypto exchange.

Analysts at Chainalysis estimate that hackers stole $1.7 billion from cryptocurrency exchanges in 2023. Crypto exchanges are a tidbit target for cybercriminals. How do they hack into them?

Most often, theft is accomplished by exploiting vulnerabilities in smart contracts. A smart contract is a computer algorithm that automatically executes the terms of a contract.

Users draft them themselves and sometimes make mistakes. Attackers take advantage of it. Sometimes the theft occurs when hackers gain access to corporate networks that use crypto services.

SIM swap is another method of cryptocurrency theft.

In this case, the SIM hijacker uses social engineering to convince the mobile operator to port the victim's phone number to their SIM card.

In February 2024, criminals who stole $400 million in this way were arrested in the United States.

Be aware of  the attackers' methods.

#sumsub #crypto #cryptoexchanges #socialengineering #shorts

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