SnatchCrypto, a new hacking campaign, is believed to have the capability to drain crypto wallets of various companies and organizations.
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Researchers from Kaspersky, a Russian multinational cybersecurity firm, said that the new malicious cryptocurrency campaign targets small- and medium-sized businesses (SMBs) linked to the blockchain, DeFi (decentralized finance), virtual assets, and smart contracts.
They added that SnatchCrypto is conducted by an APT (Advanced Persistent Threat) group named BluNorooff, which attacked Bangladesh’s Central Bank way back in 2016.
SnatchCrypto Hacking Campaign’s Severity
According to ZDNet‘s latest report, the BlueNoroff APT group is larger than Lazarus, a hacking group from North Korea.
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A visual representation of the digital Cryptocurrency, Bitcoin on December 07, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum, and Lightcoin have seen unprecedented growth in 2017, despite remaining extremely volatile. While digital currencies across the board have divided opinion between financial institutions, and now have a market cap of around 175 Billion USD.
“The group seems to work more like a unit within a larger formation of Lazarus attackers, with the ability to tap into its vast resources,” said Kaspersky researchers via their official blog post.
On the other hand, the cybersecurity firm confirmed that the cybercriminals behind SnatchCrypto already deployed a series of attacks on some SMBs.
Security experts added that these security attacks were exploited in the United States, India, China, the United Kingdom, Russia, Hong Kong, Ukraine, Singapore, Germany, and other countries.
BlueNoroff hackers allegedly breached the communication systems of the targeted crypto firms. After that, they will monitor the employees’ interactions to acquire the needed social engineering pathways.
How SnatchCryto Hacking Campaign Works?
Kaspersky explained that since BlueNoroff hackers are relying on the compromised communication systems of their targets, the SnatchCrypto campaign will use stalking techniques.
Once they gather enough information about the crypto company, they will create data maps that will help them launch social engineering attacks.
SnatchCrypto is just one of the latest security threats targeting the cryptocurrency market. In other news, BitMart also suffered from a massive hacking campaign.
Meanwhile, Pakistan issued a notice to Binance because some of the crypto exchange’s consumers claimed that they were scammed.
For more news updates about SnatchCrypto and other security threats targeting the blockchain industry, always keep your tabs open here at TechTimes.
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Written by: Griffin Davis
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