ZachXBT

Security

Renowned crypto tracking app CoinStats has <a href="https://coinstats.app/blog/security-incident-report/" rel="noopener noreferrer nofollow">provided</a> additional information about the security incident that occurred in June. The company revealed that a sophisticated attacker, believed to be affiliated with a nation-state, managed to access the private keys of 1,590 CoinStats wallets. This resulted in the theft of around $2.2 million worth of cryptocurrency.&nbsp;
<h2 id="span-style-font-weight-400-the-attack-span">The Attack</h2>
In a detailed incident report, the crypto tracking platform attributed the attack to the infamous Lazarus Group or a similarly supported nation-state hacking entity. According to the announcement, the breach was executed through a series of unauthorized intrusions across multiple services, some of which were external to CoinStats. This method enabled the attacker to compromise the storage of private keys, a critical vulnerability that led to the big theft.
<a href="https://thecoinrise.com/coinstats-warns-users-to-move-funds-following-security-breach/" rel="noopener noreferrer nofollow">CoinStats immediately warned</a> its users in June to transfer funds out of wallets created on its platform after the attacker hijacked the platform. This step was important in preventing further losses. Despite the breach affecting only 1.3% of all CoinStats wallets, the impact was big enough to prompt an overhaul of the platform’s security infrastructure.
Experts, including blockchain investigator ZachXBT and MetaMask principal security researcher Taylor Monahan, are actively tracing the stolen funds. Additionally, the incident has been reported to law enforcement agencies.
<h2 id="span-style-font-weight-400-rebuilding-span">Rebuilding</h2>
In response to the breach, CoinStats has completely rebuilt its platform environment. It ensures that no components of the old infrastructure were reused. The company also contracted new infrastructure auditors to guarantee the integrity and security of the new setup. As of now, the platform is fully operational again.
Notably, CoinStats has found no evidence of user data being stolen. It has cautioned users to remain vigilant against potential phishing attacks targeting CoinStats-related email addresses.
To support affected users, CoinStats has <a href="https://coinstats.app/security-incident-form/" rel="noopener noreferrer nofollow">set up</a> a form for victims to identify themselves. The deadline for submission is August 15. However, the company has not disclosed specific details regarding the reimbursement of stolen funds.
The CoinStats breach is part of a larger trend of increasing attacks on cryptocurrency platforms. According to a recent report by blockchain research firm TRM Labs, <a href="https://thecoinrise.com/cexs-face-rising-security-threats-as-crypto-thefts-near-1-4b/" rel="noopener noreferrer nofollow">hackers stole crypto assets valued around $1.4 billion</a> in the first half of this year. This figure is more than double the $657 million stolen during the same period in the last year.
The post <a href="https://thecoinrise.com/coinstats-links-june-security-breach-to-nation-state-hackers/" rel="noopener noreferrer nofollow">CoinStats Links June Security Breach to Nation-State Hackers</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

CoinStats Links June Security Breach to Nation-State Hackers

Table of Contents

TheCoinrise Media

Other articles published on Jul 13, 2024

SEC Insider Reveals Reason Why Agency Eased SAB 121 For Select Entities

Golem Project Embraces ETH Staking Hype by Securing 40K Tokens

Ethereum (ETH) Whale Buys in Early in Clandeno (CLD) Presale Post AI Simulator Showing 1000X in J...

DNS Registry Attack Hits 5 DeFi Apps, Exposes Vulnerabilities

AI Tokens Show Significant Gains in the Crypto Market

Top Meme Coins To Buy Right Now, Saturday, July 13 – Fofar, Popcat (SOL), Molly, Pepe Unchained

Join our free newsletter for daily crypto updates!