Report reveals Russian Hackers May Be Responsible for $530 Million Cryptocurrency Hack

Report reveals Russian Hackers May Be Responsible for $530 Million Cryptocurrency Hack

It was previously believed that North Korean hackers were behind the January 2018 Coincheck hack, but recent developments in the investigation suggest that Russian actors may have been responsible.

A new report of the investigation into the $530 million hack that ruined Japanese cryptocurrency exchange Coincheck in January 2018 states that Russian, not North Korean, actors may have been behind the attack.

The Asahi Shimbun, a Japanese newspaper, reported that viruses that were thought to have been used in the hack were found on employees’ computers. According to the Asahi Shimbun, the viruses were linked to Russian hacker groups and named “Mokes” and “Netwire.” These viruses were most likely transferred via email, and allowed the hackers to gain access to private keys.

In addition, the viruses have previously appeared on Russian-based message boards with Mokes first appearing in June 2011 and Netwire appearing approximately 12 years ago.

In the January 2018 attack, Coincheck lost over $500 million worth of NEM tokens. The company was adamant that it wasn’t an inside job, even though at the time there was no suggestion of how the attacks had been able to gain access to the system without insider information.

Francis Gaffney, director of threat intelligence at Mimecast, said that as of January 2019, over $1 billion had been lost from cryptocurrency attacks.

“Coincheck is just the latest incident,” Gaffney said. “At the end of the day, cybercriminals are going to go directly where the money is via point-of-sale-focused attacks, like we’re seeing here and with ransomware.”

Gaffney said that these crypto-based attacks are particularly concerning for companies dealing with currencies, and other products that require a large amount of trust.

“Attacks on cryptocurrencies and their enabling exchanges are particularly troubling for systems like currencies, which rely heavily on trust for reliable means of exchange,” Gaffney said. “We see these crypto-based attacks begin with sophisticated phishing campaigns and malware droppers. From there, threat actors study their victims to identify their credentials and capture sensitive information.”

About the Author

Kaitlyn DeHaven is the Associate Content Editor for the Infrastructure Solutions Group at 1105 Media.

Featured

  • Just as Expected

    GSX produced a wonderful tradeshow earlier this week. Monday was surprisingly strong in the morning, and the afternoon wasn’t bad at all. That’s Monday’s results and asking attendees to travel on Sunday. Just a quick hint, no one wants to give up their weekend to travel and set up an exhibit booth. I’m just saying. Read Now

    • Industry Events
    • GSX
  • NOLA: The Crescent City

    Twenty years later we finds ourselves in New Orleans. Twenty years ago the aftermath of Hurricane Katrina forced exhibitors and attendees to look elsewhere for tradeshow floor space. Read Now

    • Industry Events
    • GSX
  • Nothing Artificial About this Intelligence

    I have been looking forward to this year’s GSX show in New Orleans, the Cresent City, or if you prefer The Big Easy. It seems like quite a while since we’ve been here. Twenty years ago, ASIS, as it was known then was literally washed out of the city by someone known as Katrina. It is a good thing to come back to NOLA. Read Now

  • From Monitors to Mission Control

    Security Operations Centers (SOC) were once defined by rows of static monitors, each displaying a single feed with operators quietly watching for issues. That model has become obsolete. Incidents evolve too quickly, data comes from multiple locations, and decisions must be made in seconds—not minutes. Read Now

  • New Gas Monkey Garage Venue Uses AI-Enhanced Video Technology

    Gas Monkey Garage, the automotive custom shop and entertainment brand founded by Richard Rawlings of Fast N’ Loud TV fame, has opened a vibrant new restaurant and bar in South Dakota, equipped with advanced, AI-enhanced video tech from IDIS Americas. Read Now

New Products

  • AC Nio

    AC Nio

    Aiphone, a leading international manufacturer of intercom, access control, and emergency communication products, has introduced the AC Nio, its access control management software, an important addition to its new line of access control solutions.

  • Compact IP Video Intercom

    Viking’s X-205 Series of intercoms provide HD IP video and two-way voice communication - all wrapped up in an attractive compact chassis.

  • Camden CV-7600 High Security Card Readers

    Camden CV-7600 High Security Card Readers

    Camden Door Controls has relaunched its CV-7600 card readers in response to growing market demand for a more secure alternative to standard proximity credentials that can be easily cloned. CV-7600 readers support MIFARE DESFire EV1 & EV2 encryption technology credentials, making them virtually clone-proof and highly secure.