MonoX Finance and BitMart victims of a cyberattack worth more than 200 million

Cyber ​​attacks on cryptocurrency exchange platforms are more and more frequent and are reaching higher and higher amounts.

Cyber ​​attacks on cryptocurrency exchange platforms are more and more frequent. A few days ago we told you about an attack that had allowed its authors to steal no less than $ 120 million in crypto of all kinds. Today, two new attacks have been identified. The loss of the first would be $ 31 million, while the second would have cost the sum of $ 200 million to the BitMart exchange that was the target.

In the first case, MonoX Finance was the target of an attack. The hacker managed to find a back door within the platform. There was indeed an accounting error within the site which allowed to artificially inflate the value of the crypto-MONO. It was then possible to exchange this virtual currency with other currencies such as Bitcoin or Ethereum whose value levels are infinitely greater. In total, the hacker therefore gets away with $ 31 million in cryptocurrency, and MonoX Finance suffers from a huge shortfall.

The company will therefore have to pay off debts, but also assure its customers that the platform is secure. She who had already undergone three security audits in the past year. According to Dan Guido, cybersecurity expert, this kind of errors should not happen, and it is essential to set up various security protocols within the codes of these platforms in order to stop the development of cyber attacks which are now experiencing a unprecedented growth.

A 200 million attack

But if this first attack on MonoX Finance is impressive, it is only a drop of water next to the attack that hit BitMart. A hacker has indeed managed to steal no less than $ 200 million in cryptocurrency. According to the platform’s official announcement, this attack is a “major security breach” and it represents “child’s play” for hackers according to Peckshield, a specialist in monitoring such attacks.

Hackers indeed find many flaws in the various cryptocurrency platforms and if the arrival of technology such as blockchain had been seen for a time as a solution to facilitate the tracking of money, it is ultimately quite the opposite. Instead of being a linear thread, retracing the history of each token, the blockchain is a veritable bag of knots, especially when people, like hackers, use specialized services like Tornado Cash. The latter acts as a mixer, making it almost impossible to monitor cryptocurrencies.

Leave a Comment