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Home»TRADING NEWS»Layerswap domain hijacking over, $100,000 in stolen funds to be refunded
TRADING NEWS

Layerswap domain hijacking over, $100,000 in stolen funds to be refunded

By Crypto FlexsMarch 21, 20242 Mins Read
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Layerswap domain hijacking over, 0,000 in stolen funds to be refunded
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⁤Layerswap, a platform that facilitates transactions between centralized cryptocurrency exchanges and layer 2 blockchains, regained control of its domain after it was briefly hijacked, resulting in approximately $100,000 in losses from users. ⁤

The security breach occurred on March 20 at 19:40 UTC. At that time, the Layerwap.io domain was hijacked and users were redirected to a phishing site. ⁤⁤Shortly after the domain compromise, the attackers attempted to reset Layerswap’s social media accounts on Platform X, effectively blocking the company. ⁤

🛠 Layerswap March 20 incident

On March 20th at approximately 7:40 PM (UTC) @godaddy The https://t.co/xGoN2q5vOa domain account has been compromised and we are currently awaiting a comprehensive report from GoDaddy to understand the details of the breach. Meanwhile, here’s some context…

— Layer Swap (@layerswap) March 21, 2024

According to Layerswap, GoDaddy’s slow response allowed the hackers to maintain control of the domain for an extended period of time. At approximately 23:07 UTC, LayerSwap restored access to the GoDaddy account and reversed the hackers’ changes. The company stated as follows:

“We reached out to GoDaddy support for clarification to understand how the breach occurred, but received no concrete response. We have agreed to receive a detailed report via email and plan to share it with the community for transparency.”

A sophisticated Layerswap phishing scheme was able to extract approximately $100,000 in cryptocurrency from approximately 50 individuals. The company plans to compensate the affected users in full and provide an additional 10% as compensation for the inconvenience caused.

⁤⁤The company advised investors to decertify their tokens as a precautionary measure to prevent further losses and has initiated a refund process for those affected. ⁤

⁤On March 20, hardware wallet provider Trezor was also targeted by a sophisticated cyberattack, resulting in at least $8,100 in losses. ⁤⁤Cybercriminals sent false messages about a non-existent “$TRZR” token presale on the Solana network, directing Trezor’s followers to a fraudulent website where they could siphon their wallets. ⁤

Amid these security breaches, the United Nations Security Council released a report highlighting North Korea’s increasing involvement in cyberattacks, which is now a major source of foreign exchange earnings. ⁤⁤ The report estimates that North Korea has made nearly $3 billion through cyber heists, highlighting the vulnerabilities that exist in the cryptocurrency sector’s security measures. ⁤

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