The Microsoft Tech company’s security team is looking into a recent cyber attack in the crypto space. This malicious attack was launched at multiple crypto firms at the same time.
Perpetrators Traced And Identified
The perpetrators of these attacks, identified as DEV-013, were discovered infiltrating a chat messenger app group, Telegram, disguised as crypto investment firm representatives.
They concealed themselves under the guise of discussing trading fees with top representatives from other exchanges.
Due to the cunning nature of the hackers who also had a thorough understanding of the system as well as the business under discussion, the clients were easily duped and able to place their trust in them.
The hackers’ strategy was to lure these top representatives to download an excel file containing trading fees and the exchange structure into their systems while concealing a malicious file that would taint the system once the file was downloaded.
This malicious file is hidden and duplicates and runs a different Excel file that is also hidden from users.
They have access to these investors’ and representatives’ computers thanks to this duplicate and infected excel file, giving them complete control to author and use the system anyway they see fit.
Also read:Microsoft And Other Security Firms Join In The CyberAttack Fight
The Microsoft security team also confirmed that similar campaigns like the strategy used in this case are ongoing and these hackers are modifying their hacking strategies, which are also aimed at crypto companies.
Microsoft believes that the crypto sector is an open and appealing space for cybercriminals to set up a base; they are also capable of targeting both large and small businesses.
Over $500 million was stolen from exchanges and Defi platforms during the hacktober attacks in October. As more exchanges were hacked by the day, this hack attack exposed a major flaw in crypto exchanges and crypto space in general.
However, some hacks were ruled as white hat cases, while others were true hacks in which the hackers looted funds with no recompense.
Microsoft advises exchanges and businesses to take precautions to avoid cyber attacks like this in the future.
However, some other tech and security firms have joined Microsoft in investigating this cryptocrimes, including Check Point Software Technologies, which discovered a mining malware campaign in August that infected over 10,000 users.
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