{"id":552437,"date":"2023-09-21T17:00:37","date_gmt":"2023-09-21T17:00:37","guid":{"rendered":"https:\/\/wncen.com\/?p=552437"},"modified":"2024-06-11T14:29:31","modified_gmt":"2024-06-11T14:29:31","slug":"coinspaid-perspective-the-main-reason-youre-at-risk-of-being-hacked","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/coinspaid-perspective-the-main-reason-youre-at-risk-of-being-hacked\/","title":{"rendered":"CoinsPaid Perspective: The Main Reason You’re At Risk Of Being Hacked"},"content":{"rendered":"

CoinsPaid, the crypto payment processor, fell victim to a meticulously planned cyberattack on July 22. The scheme had been six months in the making, attributed largely to social engineering tactics, according to Max Krupyshev, the company’s co-founder and CEO.\u00a0<\/span><\/p>\n

This incident, while costing the company $37.3 million in losses, has underscored the unsettling reality that the human element remains the weakest link in the digital security chain.<\/span><\/p>\n

Related Reading: Bitcoin Enjoys Growing Favorable Conditions, Top Analyst Says<\/a><\/div>\n

Human Element: Achilles’ Heel<\/strong><\/h2>\n

Max Krupyshev, in an exclusive interview <\/span>reported by The Block<\/span><\/a>, emphasized the significance of the human element’s vulnerability in the digital age.\u00a0<\/span><\/p>\n

“It’s evident from the nature of this attack that the human element remains the weakest link in the system, as our wallets were not compromised,” he said. This highlights how even the most sophisticated security systems can be compromised through cleverly orchestrated social engineering tactics, leaving no digital fortress entirely impenetrable.<\/span><\/p>\n

Despite the devastating breach, CoinsPaid acted swiftly by reimbursing its gambling-focused clients from its own reserves, ensuring a remarkable recovery within just two days.\u00a0<\/span><\/p>\n

Krupyshev revealed that the company promptly alerted its clients on the day of the attack, followed by an official statement four days later, and a <\/span>comprehensive breakdown<\/span><\/a> of the attack. This commitment to transparency and responsibility helped restore confidence in CoinsPaid’s platform.<\/span><\/p>\n

<\/p>\n

Cryptocurrencies tallied a market cap of $1.03 trillion today. TradingView.com<\/a><\/pre>\n
CoinsPaid: A Vigorous Pursuit Of Justice<\/strong><\/h2>\n
CoinsPaid did not simply stop at reimbursement; it partnered with cybersecurity firm Match Systems to trace the stolen funds and identify the services used to launder them.\u00a0<\/span><\/p>\n
Krupyshev explained, “We are determined to pursue every avenue to freeze these illicit funds and bring the perpetrators to justice.” This relentless pursuit of justice is not only about recovering lost assets but also about sending a strong message to cybercriminals.<\/span><\/p>\n
The attack on CoinsPaid bore eerie similarities to previous <\/span>Lazarus Group cyberattacks<\/span><\/a>, raising suspicions of the North Korean regime-linked cybercrime group’s involvement.\u00a0<\/span><\/p>\n
“As the investigation remains ongoing, we’re unable to share specific details about its progress,” Krupyshev commented. However, he pointed out that consistent withdrawal patterns observed in Lazarus Group’s previous targets, including the Atomic Wallet heist, have fueled these suspicions.<\/span><\/p>\n
Related Reading: How Cross-Chain Bridges Facilitate Dirty Money For Crypto Criminals<\/a><\/div>\n
Learning From The Incident<\/strong><\/h3>\n
CoinsPaid is determined to learn from this incident and fortify its defenses. The company is enhancing employee education regarding advanced social engineering tactics, including fake job offers, bribery attempts, and seemingly harmless tech inquiries that can compromise a company’s infrastructure. Additionally, access rights for operational processes are being restructured to minimize exposure risks.<\/span><\/p>\n
As CoinsPaid continues to navigate the aftermath of this cyberattack, it stands as a stark reminder that no entity is impervious to cyber threats. The focus on human vulnerabilities, combined with a commitment to improved security measures, may serve as a turning point in the ongoing battle against cybercrime in the cryptocurrency industry.<\/span><\/p>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from <\/span>iPleaders<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
CoinsPaid, the crypto payment processor, fell victim to a meticulously planned cyberattack on July 22. The scheme had been six months in the making, attributed largely to social engineering tactics, according to Max Krupyshev, the company’s co-founder and CEO.\u00a0 This incident, while costing the company $37.3 million in losses, has underscored the unsettling reality that the human element remains the weakest link in the digital security chain. Related Reading: Bitcoin Enjoys Growing Favorable Conditions, Top Analyst Says Human Element: Achilles’ Heel Max Krupyshev, in an exclusive interview reported by The Block, emphasized the significance of the human element’s vulnerability in the digital age.\u00a0 “It’s evident from the nature of this attack that the human element remains the weakest link in the system, as our wallets were not compromised,” he said. This highlights how even the most sophisticated security systems can be compromised through cleverly orchestrated social engineering tactics, leaving no digital fortress entirely impenetrable. Despite the devastating breach, CoinsPaid acted swiftly by reimbursing its gambling-focused clients from its own reserves, ensuring a remarkable recovery within just two days.\u00a0 Krupyshev revealed that the company promptly alerted its clients on the day of the attack, followed by an official statement four days later, and a comprehensive breakdown of the attack. This commitment to transparency and responsibility helped restore confidence in CoinsPaid’s platform. Cryptocurrencies tallied a market cap of $1.03 trillion today. TradingView.com CoinsPaid: A Vigorous Pursuit Of Justice CoinsPaid did not simply stop at reimbursement; it partnered with cybersecurity firm Match Systems to trace the stolen funds and identify the services used to launder them.\u00a0 Krupyshev explained, “We are determined to pursue every avenue to freeze these illicit funds and bring the perpetrators to justice.” This relentless pursuit of justice is not only about recovering lost assets but also about sending a strong message to cybercriminals. The attack on CoinsPaid bore eerie similarities to previous Lazarus Group cyberattacks, raising suspicions of the North Korean regime-linked cybercrime group’s involvement.\u00a0 “As the investigation remains ongoing, we’re unable to share specific details about its progress,” Krupyshev commented. However, he pointed out that consistent withdrawal patterns observed in Lazarus Group’s previous targets, including the Atomic Wallet heist, have fueled these suspicions. Related Reading: How Cross-Chain Bridges Facilitate Dirty Money For Crypto Criminals Learning From The Incident CoinsPaid is determined to learn from this incident and fortify its defenses. The company is enhancing employee education regarding advanced social engineering tactics, including fake job offers, bribery attempts, and seemingly harmless tech inquiries that can compromise a company’s infrastructure. Additionally, access rights for operational processes are being restructured to minimize exposure risks. As CoinsPaid continues to navigate the aftermath of this cyberattack, it stands as a stark reminder that no entity is impervious to cyber threats. The focus on human vulnerabilities, combined with a commitment to improved security measures, may serve as a turning point in the ongoing battle against cybercrime in the cryptocurrency industry. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from iPleaders<\/p>\n","protected":false},"author":557,"featured_media":552441,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,3],"tags":[1144,89078,12029,1599,8686,87083],"class_list":["post-552437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","category-news","tag-btcusd","tag-coinspaid","tag-crypto-hack","tag-cyberattack","tag-ethusd","tag-lazarus-group"],"acf":[],"yoast_head":"\nCoinsPaid: The Main Reason You're At Risk Of Being Hacked<\/title>\n<meta name=\"description\" content=\"CoinsPaid, the crypto payment processor, fell victim to a meticulously planned cyberattack on July 22. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"CoinsPaid Perspective: The Main Reason You’re At Risk Of Being Hacked","url":"http:\/\/wncen.com\/news\/coinspaid-perspective-the-main-reason-youre-at-risk-of-being-hacked\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/coinspaid-perspective-the-main-reason-youre-at-risk-of-being-hacked\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/a-77.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/a-77.png?fit=759%2C317"},"articleSection":"All","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["btcusd","coinspaid","crypto hack","cyberattack","ethusd","lazarus group"],"dateCreated":"2023-09-21T17:00:37Z","datePublished":"2023-09-21T17:00:37Z","dateModified":"2024-06-11T14:29:31Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"CoinsPaid Perspective: The Main Reason You’re At Risk Of Being Hacked\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/coinspaid-perspective-the-main-reason-youre-at-risk-of-being-hacked\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/coinspaid-perspective-the-main-reason-youre-at-risk-of-being-hacked\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/a-77.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/a-77.png?fit=759%2C317\"},\"articleSection\":\"All\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"btcusd\",\"coinspaid\",\"crypto hack\",\"cyberattack\",\"ethusd\",\"lazarus group\"],\"dateCreated\":\"2023-09-21T17:00:37Z\",\"datePublished\":\"2023-09-21T17:00:37Z\",\"dateModified\":\"2024-06-11T14:29:31Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/a-77.png?fit=759%2C317","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/552437"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=552437"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/552437\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/552441"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=552437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=552437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=552437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}