The security of the cryptocurrency, is it assured?

It is possible that you have heard or read in the press, that some cryptocurrency attacks had recently taken place. It is true that the cryptocurrency world is often targeted by hackers. Is there a particular reason for this? Let's take a look at the latest assaults and see if we can remedy the situation. security holes or to bypass them.    

The Celer Network attack

Celer Network, is a cryptocurrency whose platform of the same name aims to create decentralized applications that are easy to use and highly accessible. On August 17, 2022, it will Cbridge which has been targeted. The bridge to transfer cryptos between blockchains. These are the DNS (Domain name service) that have been hijacked to create redirections of Internet users to the sites of hackers without users noticing that they're no longer on the same website. As a result, $240,000 disappeared in just 2 hours! This amount is less than that of some attacksAs you can see in this article, only the users' cryptos were in the hackers' sights, not those in transit on the Cbridge.    

The attack of Wintermute

Wintermute, an intermediary of cryptocurrency working in collaboration with the crypto trading platformswas subjected, on September 16, 2022, to a cyber-attack on a massive scale. The amount of cryptos stolen amounts to no less than $160 billion. Once again, it's a case of Blockchain attackThis is because the elements of traditional centralized finance have not been targeted. The security flaw comes from an Ethereum address personalization tool called Profanity. Using the public addresses (public keys) that had been personalized, it was possible to deduce the private keys of users' wallets and thus steal their cryptos. That's why it's best not to use public key personalization tools, and to prefer the random address generation. However, it is important to note that the flaw does not come from the blockchainbut the use of an external tool.    

The attack of the 44 platforms

On September 23, 2022, an employee of the dydx cryptocurrency exchange platform has posted npm packages on Github a software hosting and development company that has also become the world's largest online code repository. One of the packages sent was present on no less than 44 digital finance platforms. An npm (Node Package Manager) package is a program that manages the Node.js Javascript programming libraries contained in a directory. These libraries can be used to add functionality to applications and scripts. Node is an environment for executing programs in the Javascript programming language. The problem lies in the fact thatmalicious code was part of the package content and that its purpose was to retrieve users' personal data and send it to an IP address abroad. It's easy to imagine that the accounts of a very large number of users could then be hacked. Fortunately, a patch has been deployed as a matter of urgency. dydx was able to reassure its users that their data had not been compromised. According to a Chainalysis study cryptocurrency cyber-attacks are experiencing a increase of 60 % since the beginning of 2022 compared to 2021.    

The FTX hack

No less than $600 million worth of cryptos were lost on the FTX exchange platform between November 10 and 12, 2022. FTX CEO John Ray issued a statement under cover of his lawyer, indicating that there had indeed been a hack and that law enforcement had been seized. Following the intrusion, FTX.com and FTX.us took steps to transfer their assets to cold (offline) wallets.    

We don't skimp on security

This is why the use of an extremely secure wallet is highly recommended. We advise you to manage your own wallets to ensure their security. Security through an offline data storage technology like the one we have implemented on Legapass. All your information will be stored in a offline safe safe from hackers. Your data will be protected via a military grade cryptography thus making them perfectly untraceable and inviolable. Minimize the risk of hacking of your keys thanks to a physical portfolio coupled with off-line software that will ensure its retransmission to your heirs. All the more reason to use Legapass! Don't hesitate open your account !