Check Point Comments on US Arrest For Crypto Theft

Check Point kommentiert US-Verhaftung wegen Crypto-Diebstahls

Crypto-currency

By Oded Vanunu, Head of Products Vulnerability at Check Point Software Technologies

Oded Vanunu, Head of Products Vulnerabilities Research at Check Point Software

“In recent years, money laundering has intensified due to the rapidly increasing use of virtual assets, such as cryptocurrencies. According to chain analysis, crypto scams totaled $14 billion in 2021 alone. It is an under-regulated area, which, unfortunately, allows criminals to carry out their activities without hindrance. Now the largest arrest in this regard has been carried out in the USA: $ 3.6 billion in Bitcoin was seized, which came from a virtual raid on a crypto trading venue in 2016.

We at Check Point have been tracking crypto scams for some time now. After seeing reports of stolen crypto wallets triggered by NFTs issued for free, we investigated OpenSea, the world’s largest marketplace for NFTs. Critical vulnerabilities have been discovered that, if exploited, could lead to hackers hijacking user accounts and stealing entire crypto wallets from users. We also witnessed how scammers used the Google ads to steal over $500,000 worth of cryptocurrencies within a few days. In addition, we have published a paper that shows use cases where real crypto tokens are being misused using various techniques to manipulate smart contract functionality. It is important that the crypto community is on its guard against such scams. Be sure to check the browser URL when opening appropriate pages, pay attention to the extension icon and the one for HTTPS encryption, never reveal your password, skip advertising and leave suspicious links on the left.

Fortunately, the authorities are now increasingly taking action against crypto fraud and this case shows that it is possible to track money via the blockchain after all. However, it takes a very long time to recover stolen funds. Therefore, users need to do everything possible to protect themselves and their wallets.“

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