Cybercriminals Attack GoDaddy Crypto Hosting Provider

Cybercriminals attack GoDaddy crypto hosting provider according to the reports by KrebsOnSecurity who reported that several platforms were also attacked over the past weeks so let’s read more in today’s crypto news.

According to KrebsOnSecurity, the attack started around November 13^th on the liquid.com platform. Liquid CEO Mike Kayamori said that GoDaddy incorrectly transferred the control of the account and the domain to a malicious actor. Kayamori further explained that the move allowed a malicious actor to change DNS records and take control of the internal email accounts. The Cybercriminals attack these loopholes by penetrating the liquid.com infrastructure and gain access to document storage.

Another victim was the crypto mining service NiceHash which discovered that some of the settings for the domain registration records at GoDaddy were changed without authorization by redirecting email and web traffic for the site. NiceHash froze all customers’ funds for 24 hours to prevent the hackers from transferring funds as well as to verify that they resorted to their original domain settings. The company advised the clients to change their passwords and to activate 2FA security.

Social engineering is where the attacker impersonates the users to defraud administrators as it proved to be an extremely popular tool for criminals that are looking to pilfer crypto riches. As per the previous reports, the Twitter hack was done in a way that attackers gained control of the top user handles like Barack Obama and Elon Musk by soliciting bitcoin which was also performed with social engineering.

As per the recent reports, In 2019, a crypto crime like hacks, fraud, and thefts reached $4.5 billion according to the data that we have in our news by forensics company CipherTrace which shows that the number for this year dropped to $1.8 billion which means crypto crime reduced by 60%. However, The Defi space saw an explosion in criminal activity this year. In a conversation with Reuters, CipherTrace CEO Dave Jevans explained that the crypto exchanges and digital asset trading facilitators have improved their security game. This came after more than ten years of exploration from crypto platforms by hackers and attackers.

This explains the huge 60% reduction in the mainstream crypto crime cases from $ 4.5 billion in 2019 to $1.8 billion in 2020. What we can see is that the exchanges and other crypto players implemented a lot of security procedures as well as taken guidance and new security protocols to protect their funds better.