BACKGROUND:
The BBC are reporting that hackers steal $600m in major cryptocurrency heist
Blockchain site Poly Network said hackers had exploited a vulnerability in its system and taken thousands of digital tokens such as Ether. In a letter posted on Twitter, it urged the thieves to “establish communication and return the hacked assets”. In scale, the hack is on par with huge recent breaches at exchanges such as Coincheck and Mt Gox. In its letter Poly Network said: “The amount of money you have hacked is one of the biggest in defi [decentralised finance] history. “Law enforcement in any country will regard this as a major economic crime and you will be pursued. “The money you stole are [sic] from tens of thousands of crypto community members, hence the people.”
<p>Cybercrime follows the money, and that’s why we’ve seen such an uptick in the attacks against virtual currency sites such as Poly Network. <br /><br />Cybercriminals are drawn to thriving online industries. Attackers can make substantial amounts of money when attacking crypto exchanges due to the anonymity of the cryptocurrencies, allowing them to pass on their ill-gotten gains with limited risk. <br /><br />Potential targets should understand as much as they can about the threats they face, including the malware and infrastructure they employ. This attack also highlights the need for organisations to immediately shift to a risk-led security strategy and focus on the risks that matter most to their enterprise. By understanding the risks they face, organisations will be better prepared to develop the correct strategies that address emerging attacks and defend against them proactively.</p>
<p>If organisations do not focus on risks, threats, and response, we will see more attacks and breaches in the future, malware targeted at emerging coins, and attackers gaining credentials to exchanges. It\’s that simple.</p>
<p>Any organisations that deal with money are going to be key targets for hackers, especially when it comes to lucrative cryptocurrencies. </p>
<p>That hackers stole some $600m in crypto shows just how attractive the market is for cyber criminals – and also how susceptible it is to being successfully breached.</p>
<p>Investing in multiple security technologies is critical to warding off criminals. Layers of cyber defence are key, including identity security which can provide visibility over who has access to what, and when. This is crucial to spotting unusual, suspicious behaviour and dealing with threats well before a breach occurs.</p>
<p>Cryptocurrency hacks attract huge amounts of attention often due to the colossal sums of money associated with them but there is also an element of fear that is naturally linked to these attacks. The issue with cryptocurrencies is that they are largely unprotected and therefore, when a hack occurs it is not like an ordinary bank heist where the money is stolen from the bank who remains the victim. Money stolen which is stored in digital ledgers is taken from individual accounts and this is what worries those choosing to store their money in these locations. <u></u><u></u></p>
<p>Simply asking the hackers to return the currencies suggests there is little left to do for those involved including the authorities. Cryptocurrencies by nature are largely anonymous which makes such heists extremely attractive to those wanting to illicitly gain from the amount of work required to gain such rewards.</p>