Cryptocurrencies

Paxful faced cyberattack – Cryptocurrencies

Paxful suffers a cyberattack

They are back on the front of the stage and will stop at nothing to steal their bitcoins from users of different exchanges. Their latest weaponry is nothing more than the theft of approximately $ 200 million in cryptocurrency from KuCoin. While it was thought that only exchanges were the target of hackers, Paxful has just announced that she too has been attacked. The P2P exchange however had a happy ending unlike Kucoin thanks to the service provided by the IB Group. Explanations.


220,000 attacks foiled in two months

Before this test, to say the least, Paxful had had to face targeted attacks marked by attempts to take control of its clients’ accounts. Seeing the evil coming, the platform decided to seek the services of Groupe IB, a company engaged in tracking threats and intelligence. As a specialist in the matter, the company has a habit ofalert cryptocurrency holders to various online scams. In its task, it proceeded to install its fraud detection and prevention tool, namely Secure Portal, on the platform of Paxful. The results after a few months of use are chilling.

The system put in place has in fact enabled thwart 220,000 attacks in just two months, all of which are intended to spoil users of Paxful to have them. These included several waves of web bot attacks that are already wreaking havoc on e-commerce companies. To counter these attacks, the tool Secure Portal creates a unique fingerprint of a system that is based on more than a dozen indicators and measures. This includes in particular user information, operating system, time zone from which it operates or even the language. This fingerprint helps to establish a list of potentially suspicious activities which will then be blocked.

Unique technology that easily detects suspicious activity

Head of Information Security at Paxful, Dmitry Moiseev did not lack praise for Group IB. “We were particularly impressed by the precision of Group IB fingerprint technology. This unique technology that easily detects suspicious activity is exactly what we were looking for. Interactive graphical visualization tools and powerful API create a truly comprehensive experience when it comes to investigating fraud. Thanks to reliable and useful technical support, Group IB is a well-balanced cybersecurity solution that works for us, ”he said. In addition to these suspicious activities, the solution deployed by the company revealed the existence of 100,000 accounts with three or more connections from the same device.

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Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

Paxful’s experience further proves that cryptocurrencies are the new targets of interest for hackers. It is therefore essential that online platforms equip themselves with a system as efficient as the Secure Portal to protect their customers.

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