CoinLoan prevents a critical attack on Trezor crypto wallets
In early April 2022, Trezor hardware wallet owners received suspicious emails urging them to update their software. One of the largest phishing campaigns in the history of the Web3 segment was attempted through these letters.
CoinLoan’s fraud detection team thwarts the attack
Cryptocurrency holders who use Trezor’s popular hardware wallets began receiving suspicious emails on April 3, 2022. There was no indication that the messages were spam, and it looked like the source was a reputable hardware wallet company.
Based on CoinLoan’s investigation, links to the letters directed users to malicious websites with a homoglyph-added letter “e” in the word “Trezor”. Software on fraudulent websites was capable of stealing funds from users by compromising their seed phrases.
Upon detecting the malicious web domains, CoinLoan’s fraud detection team was able to reveal their IP addresses and hosting providers. Upon being notified of the fake domains, the providers removed them immediately.
The next portion of IPs was also flagged by CoinLoan representatives, even though hackers tried to use them. In response, the team uploaded the binaries to VirusTotal and notified the global cybersecurity community.
The failed attack was executed through MailChimp, a popular email marketing platform, where an unknown insider accessed its internal mechanisms and organized the phishing campaign.
Lessons to be learned from this case
Although Trezor had nothing to do with the attack, CoinLoan experts believe it is a wake-up call for the industry. Customers’ sensitive data, security, and privacy are often not protected by established and mainstream services. These failures lead to the general public believing that digital assets are associated with scams and fraud.
In this Web3 space evolution, high-level security practices, like those used by CoinLoan, can no longer be optional. This incident also highlights the vulnerability of some noncustodial services to attacks that don’t affect their custodial competitors.
While noncustodial services need to integrate third-party marketing mechanisms, CoinLoan has the strongest data protection policies to protect its customers’ funds from being accessed or moved in an unauthorized fashion.
How is CoinLoan revolutionizing digital asset lending?
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CoinLoan has been operating as an EU-licensed business since 2017. Offering Instant Loans, Interest Account in crypto, and Crypto Exchange, its services are available to both individuals and corporations, subject to legal requirements. Both corporate and private clients of CoinLoan can benefit from a high level of security standards.
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For more information, please visit us at https://coinloan.io/.