· April 24, 2018 · 6:30 pm
MyEtherWallet Users Lose Funds to DNS Hack
MyEtherWallet (MEW) has reportedly been the victim of a DNS hack on a day when Google appears to be having some issues. Social media and online crypto forums are awash with reports that reveal funds have been stolen from the wallet of some users. Other users who might have logged into the service during the period of the hack may have also been compromised.
Users Report Stolen Funds
A MEW user saying that 0.09 ETH (about $65) had been stolen from his/her account. The user had apparently fallen victim to a phishing scam based on a DNS exploit. The affected user also reported that upon visiting the site, the notification appeared that the connected was not secured. This is an anomaly for a service like MEW and an indication that all was not well. The user ignored the warning, entered his/her details and in 10 seconds, the coins were stolen.
Image showing warning message ignored by MEW user
MEW isn’t the only Ethereum-based service to have been hacked via a DNS exploit. Etherdelta was also hacked in December 2017. Many experts believe this phenomenon is due to the vulnerability created by the presence of a single point of failure in such services.
MEW and MyCrypto Confirm the Hack
MEW has since via Twitter. An Ethereum address possibly linked to the hack has been identified. The address has already been tagged on Etherscan under in the hack. According to Etherscan, the tagged address conducted 180 transactions during the hack, stealing 215 ETH ($150,000) in the process. claim that MEW has traced the hack to a Russian IP address.
Couple of DNS servers were hijacked to resolve users to be redirected to a phishing site. This is not on side, we are in the process of verifying which servers to get it resolved asap.
— MyEtherWallet.com (@myetherwallet)
MyCrypto, a MEW rival service has also . The platform posted a tweet announcing that MEW user accounts have been compromised. In what seems can be seen less than subtle schadenfreude, the MyCrypto team is giving out all the details of the problem. It will be recalled that a bitter feud between MEW founders is what led to the breakaway of MyCrypto from MEW.
To be clear, if you’ve used and entered your private key (or your json + password) past the time the site was compromised, you have been compromised.
Likely the most risk was within the last 3 hours. If you used it before then, you’re probably fine.
— MyCrypto.com (@MyCrypto)
Google DNS Issues
There have been reports of problems with the Google DNS service today, April 24. Binance in the early hours of the day, telling users that Google DNS was experiencing problems. Apparently, users of the platform had been affected by service disruptions. There is no indication of a connection between the Google DNS disruption and the MEW DNS hack. However, a tweet posted by CobraBitcoin alluded to a between the two incidents.
Edit: While writing this article, MEW saying that the issue had been resolved.
What are your views on the MEW DNS hack? Were you affected? Let us know in the comment section below.
Images courtesy of Reddit, Twitter, AdobeStock, MyEtherWallet
Published at Tue, 24 Apr 2018 22:30:24 +0000
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After Second Hack This Year, South Korean Exchange Youbit Closes Down
South Korean exchange Youbit announced on today that it is closing down after a hack early Tuesday, December 19, 2017, that resulted in the loss of 17 percent of its assets.
The exchange, previously known as Yapizon, did not indicate how many bitcoins or other cryptocurrencies were stolen or what the total fiat value of the attack amounted to, but it was enough to lead to bankruptcy.
This was the second hack the exchange suffered this year. A 2017, resulted in the loss of 3,816 bitcoins, worth around $5 million at the time.
Youbit said hackers broke into its hot wallet, the online account used to pay out cryptocurrencies instantly. While hot wallets offer greater convenience, they also put funds at greater risk because they are connected to the internet.
The remaining coins were kept offline in a cold wallet, the exchange said, resulting in no additional losses. The exchange indicated that customers could withdraw up to 75 percent of their balances, and the rest would be tallied out after the final settlement.
Korea Internet & Security Agency (KISA), the state agency that responds to cyberattacks, is investigating the incident, . KISA that North Korean hackers were behind the first hack.
Chris Doman, threat engineer at software security company , told bitcoin Magazine, he suspects BlueNoroff, a subgroup of North Korea’s cyber crime group is responsible for the second Youbit attack. Lazarus is known for the November 2014 hack on , one of the biggest corporate breaches in history.
While attacks by Lazarus have mainly been aimed at social disruption, the group is increasingly going after money. With the value of bitcoin surging to all-time highs,
“The first time I saw them target a bitcoin company was in May this year — the same month they unleashed ,” Doman said in a statement shared with bitcoin Magazine.
The exchange that Doman was refering to is South Korean bitcoin exchange . Around that same time, WannaCry ransomware attacks were encrypting user’s computers and offering to de-encrypt them in exchange for bitcoin. Analysis of the techniques used in the WannaCry attacks .
Doman added, “They’ve also used related malware to opportunistically mine Monero coins on compromised servers. Clearly they have a large interest in cryptocurrencies as an easy method for economic gain, as well as an opportunity to economically weaken their enemies.”
Although Youbit is one of the smaller bitcoin exchanges, the hack underscores the risk involved in leaving funds on an exchange, where control of those funds is handed over to a third party and is only as safe as whatever security measures that exchange chooses to use.
Throughout the history of bitcoin, hacks have amounted to painful losses. When bitcoin exchange Mt. Gox began liquidation proceedings in April 2014, the company announced that approximately 850,000 bitcoins were missing, an amount valued at more than $450 million at the time. In August 2016, the bitcoin exchange Bitfinex announced BTC, worth $72 million at the time.
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