In recent years, the cryptocurrency market has become a lucrative target for hackers. They continuously exploit security vulnerabilities, infiltrating crypto exchanges and other providers. A recent report by security provider Privacy Affairs has caused a stir. It revealed that cybercriminals are selling verified crypto accounts from renowned providers.
The report states that traders exchange these accounts at varying prices. With a verified N26 account fetching the highest price at around $2,650. Binance accounts range from $250 to $1,170, while a verified US Bittrex account is allegedly available for just $30. The prices reflect what buyers are willing to pay for access to financial data or social media login credentials.
However, the buyers are less interested in the money and cryptocurrencies in these accounts. Instead, they use them to circumvent Know Your Customer (KYC) measures on the affected crypto exchanges illegally. They impersonate legitimate account holders, gaining access to platforms they wouldn’t otherwise be able to use. This can potentially compromise the security of cryptocurrencies overall.
The trading of verified crypto accounts from reputable providers on the dark web is concerning. It demonstrates that even seemingly secure providers like Coinbase, Binance, and N26 are not immune to hacker attacks. Cybercriminals continually find new ways to access sensitive data.
Cybercriminals stole approximately $3.8 billion in 2022. This marks it as the “most successful” year for cybercriminals to date, according to the report. This highlights the persistent threat posed by hackers and cybercriminals in the cryptocurrency market. Both providers and users must remain vigilant to ensure their security.
We are yet to witness the response of the affected providers to the report and the measures they will undertake to enhance their security. However, it is evident that the cryptocurrency market continues to face a constant threat from cybercriminals, emphasizing the crucial importance for providers and users to strengthen their security measures.