Tracking and countering the sudden disappearance of tokens from crypto wallets requires investors to be aware of the various ways criminals use to successfully steal cryptocurrencies.
Blockchain researcher Bitrace has identified Three effective ways hackers gain access to cryptocurrency investors' wallets: search engines like Google and Bing, cartonjacking, liquidity mining, and coin theft.
Cryptocurrency investors who claim โmy coins suddenly disappearedโ have been found to have recently downloaded cryptocurrency apps from unverified sources. Attackers use search engine optimization (SEO) techniques to rank higher in Internet searches, unknowingly forcing users to download and sign up for fake apps with backdoors.
Pastaboard hijacking involves the process of automatically capturing or modifying text data previously copied from clipboards. The technique often omits user seed phrases, which can later be used to access wallets and drain funds. Bitrace highlighted how a fake Telegram app was being used to replace the destination wallet address copied to the clipboard, causing users to send their tokens to the hacker.
Finally, classic โhigh-yield, low-riskโ liquidity scams also ranked as one of the three most popular scams that resulted in tokens disappearing. Bitrace recommended three methods cryptocurrency users could use to track stolen funds, starting with tracking transaction fees. Investigators typically find the hacker's address by tracing the origin of the transaction fees that were paid to move the stolen funds.
Other ways investors can improve their chances of recovering stolen funds include using blockchain explorers and professional tools. To learn more about how to track stolen cryptocurrencies, read Cointelegraph Research's article on how blockchain analysis helps recover funds.
Related: Crypto Thief Steals $4.4 Million in One Day as Toll Rises Over LastPass Breach
In addition to targeting investors, attackers often also steal funds from crypto organizations. As part of the fix for a recent exploit, Maestrobots, a group of cryptocurrency bots on the Telegram messaging app, paid out a total of 610 ETH in their own earnings. to cover all user lossesvalued at more than 1 million dollars.
Concluding the Exploit saga
โก๏ธ First things first:
Master: Router 2 was exploited about 10 hours ago on the ETH Mainnet and some tokens (non-ETH) were siphoned off. Within 30 minutes of the attack starting, our team identified and completely removed the exploit. If you'reโฆ
-Maestro (@MaestroBots) October 25, 2023
Blockchain security company CertiK confirmed to Cointelegraph that it has been able to detect transactions showing compensation of 334 ETH paid to users by Maestro. โMost of these tokens rose again due to the anticipation that we were going to buy the tokens on the market. Most of these tokens are still alive and well,โ a Maestrobots spokesperson told Cointelegraph.
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