Although blockchain technology is extremely efficient and secure than most financial services operating within the world, it is not completely invincible when it comes to a crypto hack. Cybercriminals are always trying their best to trick users and wallet owners into giving away their personal information by either phishing attacks or email scams, or whatever. But when they can’t target the users directly, they step up their game and go for the exchange or wallet provider the users are currently using.
The same thing happened with the CoinMarketCap hack. About 3.1 million email addresses of many users having their business affiliated with CoinMarketCap were hacked and later on sold on various forms. CoinMarketCap provides a unique service that is for the users to be able to track the current real-time price for many cryptocurrencies out there. Instead of keeping these email addresses ransom and asking for payment in exchange, these hackers had something else in mind. They took the information regarding email addresses which subsequently branched out to usernames and other sensitive information, and sold the whole lot on various hacking forums.
Hackers Sold Email Addresses at Various Hacking Platforms
Later on, this whole thing was cracked open on a website known as ‘have I been Pwned’, which is dedicated to informing the public regarding these hacks and compromised accounts. CoinMarketCap is a subsidiary of Binance and provides a very decent service when it comes to providing the users with current price charts for various cryptocurrencies. A representative from the CoinMarketCap has come forward and has indeed stated that the email address which was sold at various hacking forums matches its user base.
But at the same time, CoinMarketCap is saying that these were only the email addresses that were scraped off their servers, not the passwords or any other sensitive information which the hackers might use at some later instant to gain access to user accounts. No matter how they paint it, the situation is dire through and through, this shouldn’t have happened in the first place, and the service, along with many other crypto service providers out there, need to strengthen their security parameters for the future.