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SirWin
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Layerswap domain hijack ends, $100k stolen funds to be refunded

layerswap-domain-hijack-ends-100k-stolen-funds-to-be-refunded
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Layerswap domain hijack ends, $100k stolen funds to be refunded

⁤Layerswap, a platform facilitating transactions between centralized cryptocurrency exchanges and layer-2 blockchains, has regained control over its domain after it was briefly hijacked, leading to the loss of approximately $100,000 from users. ⁤

The security breach occurred on March 20 at 19:40 UTC, when the layerswap.io domain was taken over, redirecting users to a phishing site. ⁤⁤Shortly after the domain compromise, the attacker also attempted to reset Layerswap’s social media account on platform X, effectively locking out the company. ⁤

https://twitter.com/layerswap/status/1770679223876780091

According to Layerswap, GoDaddy’s slow response allowed the hacker to maintain control of the domain for a longer period of time. Around 23:07 UTC, LayerSwap recovered access to their GoDaddy account and undid the hacker’s changes. The business stated:

“In pursuit of understanding how the breach occurred, we engaged with GoDaddy support for explanations but were left without concrete answers. We agreed to receive a detailed report via email, which we plan to share with our community for transparency.”

The sophisticated Layerswap phishing scheme was able to drain around $100,000 in cryptocurrency holdings from approximately 50 individuals. The company intends to fully repay the impacted users and offer an additional 10% as compensation for the inconvenience.

⁤⁤The company advised investors to revoke their token authorizations as a precautionary measure to prevent further losses and has initiated the refund process for those impacted. ⁤

⁤On March 20, hardware wallet provider Trezor was also targeted in a sophisticated cyberattack, resulting in the loss of at least $8,100. ⁤⁤Cybercriminals sent out deceitful messages about a non-existent “$TRZR” token presale on the Solana Network, directing Trezor’s followers to fraudulent websites equipped to drain wallets. ⁤

Amid these security breaches, the United Nations Security Council released a report highlighting North Korea’s increasing involvement in cyberattacks, which are now a major source of its foreign currency earnings. ⁤⁤The report estimates that North Korea has garnered almost $3 billion through cyber heists, underscoring the vulnerabilities present in the cryptocurrency sector’s security measures. ⁤