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Binance’s chief security officer Jimmy Su conducted an interview with an online news site warning crypto users against hackers targeting people with poor security hygiene. CSO says an organized group of dark web hackers lurk in the shadows, seeking to take advantage of the slightest security vulnerability to plunder users’ crypto assets.
In interview, Su noted that Binance saw many hacking attempts on its network in its early years. However, these hackers have shifted their focus from crypto companies to end users.
Su Cracks the Deep Layers of the Hacker Ecosystem
Phishing scams have become prevalent in the crypto space. In February, Trezor, a provider of hardware wallets, be warned users of phishing scams designed by criminals to steal investors’ funds. Scammers trick users into entering their wallet recovery phrases on the fake Trezor website.
Binance CSO Jimmy Su stated that the hacker community is well-established, operating under four layers, including intelligence gathering, data refiners, hackers, and money launderers.
Data collectors are the first layer in the hacking community, which Su describes as “threat intelligence”. Here cyber criminals and bad actors collect and compile illegally obtained information about crypto users.
They create spreadsheets with details about various users. Such information may include crypto-related websites that users frequently visit, their email addresses, names, and social media profiles.
As Su explained, there is a market for selling this unauthorized user information on the dark web. April 24th research paper by data security provider Privacy Affairs disclosed that cybercriminals sell unauthorized user account information on the dark web.
Another group of data engineers specializing in enhancing data buys unauthorized user data. According to Su, the group analyzes data sets and sequences related to crypto. Data engineers use scripts and bots to determine which exchanges crypto enthusiasts use.
They do this by trying to create an account with a user’s email address. Criminals will know if a user is registered with an exchange if they get an error message saying that the email address is already in use.
The next layer is phishing scammers or hackers who take fine data to create targeted phishing attacks. “Now that they know Tommy is an Exchange X user, they can simply send a text saying, ‘Hey Tommy, we detected someone withdrawing $5000 from your account; please click on this link and contact customer service if not you,” said Su.
Related Reading: Binance Australia Raided By Regulators In Dramatic Events
The final step after stealing funds is finding a way out to avoid being punished for theft. According to Su, hackers can leave looted funds dormant for years before moving them to crypto mixers like Tornado Cash.
“There are groups that we know of that may be sitting on their stolen profits for two, three years without any movement whatsoever,” Su said.
While there isn’t much action to stop hackers, Su advises users to practice better “security hygiene” to protect that data from fraudsters.
Featured image from Pixabay and chart from TradingView.com
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