Coinrail Cryptocurrency Exchange Website Hacked
May 08, 2020 | By Admin
Cryptocurrency: The New Bull’s Eye for Cybercriminals
Coinrail, a virtual currency exchange in South Korea, announced on Monday June 11th, it was hit by a “cyber intrusion” causing a massive loss of 30% of its digital currency.
News of this cyberattack lead to a market prices plunging for cryptocurrencies worldwide.
More than $30 billion in cryptocurrency was wiped out in 7 hours of trading (some reports estimating $37 billion).
Bitcoin was especially hard hit—trading at about $6,790 by early Monday afternoon.
This is over 10% lower than Friday’s price and a staggering 66% lower than its December 2017’s skyscraper-high of $19,783.
Nevertheless, the current market cap for cryptocurrencies is projected to surpass $1 trillion dollars this year.
Another popular crypto-related attack that’s quickly rising is cryptojacking.
Cryptojackers infect websites and infiltrate computers to secretly mine cryptocurrencies.
Malicious code is automatically executed, starts immediately, requires no download, and is completely unnoticeable.
These attacks are a major threat in the rapidly-evolving cybersecurity landscape.
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