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Liquid Exchange Hacked with Users’ Information Exposed

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Before the attack was contained and the actor successfully interrupted, their document storage had already been accessed. Unfortunately, the actor compromised the infrastructure in the well-calculated attack and executed his mission. 

Liquid Exchange has revealed that their platform was recently hit by a data breach as threat actors probably got access to the personal information of users. This has put them among the many other exchanges that fell for the deceptive approaches of malicious actors.

According to the CEO of the exchange, Mike Kayamori, they have identified the attack and taken the necessary action to mitigate the damage with the users of the platform strongly advised to change their passwords and security questions if necessary. However, the obtained information may put the affected users at risk of identity theft and targeted phishing campaigns.

The Inside Story of the Liquid Exchange Breach

An investigation conducted by Liquid Exchange revealed that the malicious actors got access to the domain and the control of the account, after their domain name hosting provider in charge of one of their main domains mistakenly transferred them to the wrong destination controlled by the actors. From here, the threat actors were able to modify the DNS records and have access to the internal email addresses kept by the site.

Before the attack was contained and the actor successfully interrupted, their document storage had already been accessed. Unfortunately, the actor compromised the infrastructure in the well-calculated attack and executed his mission.

It is not yet known whether the attacker accessed the personal documents of users such as proof of address, selfies, and IDs submitted for KYC as the investigation is ongoing. However, the user database was certainly accessed which means the personal information of customers is not safe. Some of these data include encrypted passwords, names, and addresses. These data can either be sold on the dark web or personally launch a targeted phishing campaign which is very difficult to filter.

Liquid Exchange believes that their accounts may not be in immediate danger because of their strong password encryption. However, they advise users to consider changing their 2FA and other security credentials as soon as possible.

Currently, Liquid Exchange has done a comprehensive review of the infrastructure and taken charge of the control. From the review, it can be said that the customers’ funds were not accessed by the malicious actors as the MPC-based and cold crypto storage wallets according to the statement was not tampered with in any way. This means customers’ funds are safe and secured.

The required step of informing the relevant regulatory bodies about the incident has been done already with issues to be open for discussion. Liquid Exchange has said that they will contact their partners to upgrade their security to put users’ information safe.

Cryptocurrency exchanges have become primary targets of threat actors following the recent surge of the Bitcoin price. Recently, KuCoin exchange was breached with threat actors emptying its hot wallet and fleeing with about $150 million worth of cryptocurrencies.

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Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.



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Algorand (ALGO) price strengthens as institutional investors back the project

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Consolidation periods tend to follow strong rallies but they also present a good opportunity to survey the field and evaluate projects that have strong fundamentals.

One project that continues to gain traction in terms of price recovery and network adoption is Algorand (ALGO), a pure proof-of-stake (POS) blockchain network that has secured new partnerships and real-world use case applications, as well as support from multi-million-dollar funds in recent weeks.

Big funds invest in Algorand-based projects

Raising funds is one of the biggest challenges many projects face and in the last month the Algorand network announced that Arrington Capital, a digital asset manager, had pledged $100 million in funding meant to help accelerate additional development across all facets of the smart contract platform.

This development came on the heels of the June 2 announcement that Borderless Capital, a venture capital firm, had created a $25 million fund aimed at supporting Miami-based blockchain startups developing digital payment solutions on the Algorand network.

Related: Exodus Wallet raises almost $60M in crypto in regulated offering

New partnerships lure investors

A scroll through the Algorand Foundation Twitter feed shows a growing list of cryptocurrency projects across a variety of sectors that have joined up as part of the Algorand community to take advantage of the low fee, POS environment.

The nonfungible token (NFT) sector is showing some interest in the network following a partnership with Curate that will allow for the minting of NFTs as well as the release of a bridge by Curvegrid that will allow businesses to build NFT and blockchain technology into their business and consumer mobile applications.

Other recent examples of adoption include a partnership with the Bermuda-based MAPay healthcare payment solution, which will host its payment solution on Algorand blockchain in an effort to improve efficiency and reduce healthcare costs, as well as a partnership with Xfinite and Eros Now to create a blockchain-based content engagement platform for the 224 million registered users of Eros Now.

These new partnerships come after a busy year for the network which also included the integration of USD Coin (USDC) and Tether (USDT), the two largest stablecoins in the cryptocurrency ecosystem. 

The growing list of network partnerships and investments from players in traditional finance suggests that ALGO is well-positioned to see future growth as the blockchain sector sees continued adoption and the crypto market recovers from it recent sharp correction.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.