Another cryptocurrency exchange has fallen victim to a major cyber-attack, resulting in the loss of over $5 million from customers’ hot wallets. Slovakian company ETERBASE, known as “Europe’s premier digital asset exchange,” disclosed the theft yesterday, stating that approximately $5.4 million had been stolen. Despite this setback, the firm assured its users that it has sufficient capital to fulfill all obligations and is cooperating with law enforcement authorities to investigate the incident.
ETERBASE wasted no time in reaching out to the exchanges believed to have received the stolen funds. According to a post on Twitter, a significant portion of the stolen digital currency was traced to Binance, Huobi, and HitBTC. The attack targeted six hot wallets containing various digital currencies, including Bitcoin, Ether, ALGO, Ripple, Tezos, and TRON.
Cyber-attacks on cryptocurrency exchanges have become a modern-day form of bank heists, albeit with lower chances of apprehending the perpetrators. These incidents occur frequently, with notable cases such as the nearly total loss of funds at Italian exchange Altsbit earlier this year. Other significant breaches include a $32 million attack on Bitpoint in Japan, a $52 million theft at South Korea’s UpBit, a $60 million raid on Zaif in Japan, and a $31 million attack on Bithumb in South Korea.
There is speculation that many of these attacks may be orchestrated by North Korean hackers, who have been identified by the UN and cybersecurity firm FireEye for their involvement in financial cybercrime. In fact, the UN estimated that Pyongyang had amassed $2 billion through hacking operations targeting banks and cryptocurrency exchanges.
The continuous occurrence of cyber-attacks on cryptocurrency exchanges underscores the importance of robust security measures and heightened vigilance within the digital asset industry. Despite the challenges posed by sophisticated threat actors, exchanges must prioritize the protection of customer funds and data to maintain trust and credibility in the rapidly evolving landscape of digital finance.