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Cybersecurity startup CloudSEK raises funding from IDFC-Parampara

Startup funding

CloudSEK Info Security, a digital risk management and cybersecurity platform provider, recently raised $490,000 in a funding round from IDFC Parampara Early Stage Opportunities Fund. The Singapore-based company stated the new funds will be used to evolve its unified risk management platform Xvigil and also to expand its footprints in India and South East Asia.

Founded in 2015 by cybersecurity expert Rahul Sasi, CloudSEK develops artificial based software-as-a-service (SaaS) information security risk management solutions.

Powered by artificial intelligence and machine learning, CloudSEK helps organizations identify, assess, control, and monitor cyber threats in real time. The startup claims that its platform secures businesses across cyber threats, data leaks, identity thefts, fake applications, fake domains, fake pages, third-party interfaces, and infrastructure security.

Speaking on the new investment, CloudSEK CEO, Sourabh Issar said, “With the increasing awareness about CyberSecurity, we are seeing an urgency in the demand, which has translated into us doubling our revenues in the last 4 months. This vote of confidence from IDFC Parampara is a welcome validation of this momentum and acceleration that we have been witnessing.”

“Cloudsek has developed a much-needed product to scan and monitor the dark web, deep web, and surface web threats. They provide actionable intelligence leveraging their AI/ML-based deep technology and domain expertise, that helps protect the digital assets of an enterprise, including the infrastructure. This fits in very well with IDFC-Parampara’s fund theme of technology IP/innovation-based investments,” said, General Partner of IDFC-Parampara Fund, Jatin Desai in a media statement.

“Access to personal data by the state poses an enormous threat to privacy”

Archie Jackson, the AVP – Technology/Information Security of Genpact, is a senior technology professional with more than 17 years of insightful experience in IT Infrastructure design, implementation and operations with strong service management, leadership and digital transformational skills. In an exclusive interaction with CISO MAG’s Rudra Srinivas, Jackson talks about his role in the organization and the need for implementing cybersecurity measures.

How do you think security leaders will improvise their cybersecurity strategies in 2019?

I foresee 2019 as a year that would stand as a remarkable benchmark and an exponential priority index in cybersecurity domain. There are parallel multiple emerging technology tracks and each of them has an integral dependency onto the cross-linkage of cybersecurity. As blockchain adoption increases and IoT enters through common doors into personal and enterprise with a chain reaction of AI implementation across almost every aspect, there is one peripheral governance of cybersecurity that would require prioritized attention and consideration. Cybersecurity is electricity to the appliances. If it is not there, functionality is void. With the enablement through Deep Learning algorithms predictive threat detection may be observed as an area of focus where cloud and application security take a deep dive along with the emerging technologies.

What are your views on the Personal Data Protection Bill 2018? How the Law is going to change the security market?

The data localization section of the new privacy bill requires data fiduciaries to store “at least one serving copy” of personal data on a server or data center located in India. The government can exempt certain categories of personal data from this requirement. It can also declare certain categories of data “critical” and require that they are stored only in India. In other words, foreign internet intermediaries and services, such as Facebook, Uber, Google, Twitter, AirBnB, Telegram, WhatsApp, and Signal may all be required to physically host user data in India. The only discernible reason for such a requirement is to give law enforcement easy access to this data. The bill allows the processing of personal data in the interests of the security of the state if authorized and according to procedure established by law. In addition, it permits processing of personal data for prevention, detection, investigation and prosecution of any offence or any other contravention of the law. This access to all personal data by the state poses an enormous threat to the right to privacy given the weak safeguards that exist in India against state surveillance.

The draft bill creates a regulatory structure that is not sufficiently independent: The draft bill gives the central government the power to appoint members of the data protection authority upon the recommendation of an outside committee. The appointment is for a term of five years, which seems much too short to give a new institution sufficient time to learn the ropes and gain the independence it needs to be an effective regulator. The central government also has the ability to remove members of the authority for reasons specified in the law.

Insider threats are one of the important concerns for security leaders today. What kind of processes do you use in your organization to prevent information theft from insiders?

A strong focus is given in this area for employee education, awareness and detection. There are tools and teams actively working to ensure continual awareness is generated through training, mock phishing, quiz etc. In addition to that, extensively strong technology controls are implemented.

How technologies like Artificial Intelligence and blockchain can be useful in the cybersecurity industry?

Cybersecurity is considered as one of the key challenges in today’s data-centric environment. AI can easily detect the pattern of the cyber-crime and proactively alert suspicious activities. Blockchain, the decentralized ledger is a time-stamped recorder where data is stored in blocks. Each data transfer in a blockchain is stored in a separate block and each block is connected with a chain configuration. Blocks are encrypted with crypto keys and therefore avoiding cyber-attacks. The content in blockchain cannot be modified without the user’s authorization, therefore, reducing possible cyber threats.

In some years, we will be deep in a ‘war of the machines’ era with advances in artificial intelligence bringing fast and sophisticated execution of security defense and cybercrime. Cybercriminals will create fully autonomous, AI-based attacks that will operate completely independently, adapt, make decisions on their own and more. Security companies will counter this by developing and deploying AI-based defensive systems. Humans will simply supervise the process.

60% of enterprises suffer data loss due to printer security breaches

HP multi-function printers, Unpatched vulnerabilities

According to the security research firm, Quocirca printers which are connected to an organization’s network are the potential vector for cyber-attacks. In its report dubbed Global Print Security Landscape, 2019, Quocirca addressed the potential security vulnerabilities posed by connected printers.

The report highlighted the risks of unsecured printers and also suggested businesses best practices for integrating print into an overall information security strategy. It stated that 60% of businesses in the United Kingdom, United States, France, and Germany suffered a print-related data breach in the last year, which resulted in a data loss that cost companies an average of more than $400,000. Quocirca is a market insight and research firm specialized in analyzing the convergence of print and digital technologies in the workplace globally.

In addition to financial loss, data breach victims also suffer damage to productivity, consumer confidence, and brand value, the report said. “For many organizations, their cyber-attack surface area is increasing as connected the Internet of Things (IoT) endpoints proliferate. These include both legacy and the new breed of smart printers and multifunction printers (MFPs). Consequently, businesses must take a proactive approach to print security as these print devices can provide an open door to corporate networks. By taking steps to analyze the potential vulnerabilities of print environments, businesses can mitigate risks without compromising productivity,” the report stated.

A research from cybersecurity solutions provider Check Point revealed how organizations and individuals are vulnerable to hacking through their fax machines. Researchers at Check Point stated that fax machines have security vulnerabilities which could possibly allow a hacker to steal data through a company’s network using just a phone line and a fax number. The researchers also showed how they were able to exploit security flaws in a Hewlett Packard all-in-one printer.

Describing the potential threat, the researchers said the attackers can send specially created malware coded image file via fax to the targeted networks. The vulnerabilities in the fax machine enable malware to decode and uploads to its memory, which can breach sensitive information or cause disruption across the connected networks. Check Point recommended organizations to install updated firmware for their fax devices and place them on a separated network system to minimize the security risks.

Cyber criminals cash in on millions with formjacking: ISTR

Skimmer, formjacking

Faced with diminishing returns from ransomware and cryptojacking, cyber criminals are doubling down on alternative methods, such as formjacking, to make money according to a preview of Symantec’s (Nasdaq: SYMC) Internet Security Threat Report (ISTR), Volume 24.

Symantec’s ISTR provides an overview of the threat landscape, including insights into global threat activity, cyber criminal trends, and motivations for attackers. The report analyzes data from Symantec’s Global Intelligence Network, the largest civilian threat intelligence network in the world, which records events from 123 million attack sensors worldwide, blocks 142 million threats daily and monitors threat activities in more than 157 countries. Key highlights from this year’s report include:

Formjacking is the New Get Rich Quick Scheme for Cyber Criminals

Formjacking attacks are simple – essentially virtual ATM skimming – where cyber criminals inject malicious code into retailers’ websites to steal shoppers’ payment card details. On average, more than 4,800 unique websites are compromised with formjacking code every month globally. Symantec blocked more than 3.7 million formjacking attacks on endpoints in 2018, with nearly a third of all detections occurring during the busiest online shopping period of the year – November and December.

While a number of well-known retailers’ online payment websites, including Ticketmaster and British Airways, were compromised with formjacking code in recent months, Symantec’s research reveals small and medium-size retailers are, by in large, the most widely compromised.

By conservative estimates, cyber criminals may have collected tens of millions of dollars last year, stealing consumers’ financial and personal information through credit card fraud and sales on the dark web, with a single credit card fetching up to $45 in the underground selling forums. With more than 380,000 credit cards stolen, the British Airways attack alone may have allowed criminals to net more than $17 million.

“Formjacking represents a serious threat for both businesses and consumers,” said Greg Clark, CEO, Symantec. “Consumers have no way to know if they are visiting an infected online retailer without using a comprehensive security solution, leaving their valuable personal and financial information vulnerable to potentially devastating identity theft. For enterprises, the skyrocketing increase in formjacking reflects the growing risk of supply chain attacks, not to mention the reputational and liability risks businesses face when compromised.”

The Diminishing Returns of Cryptojacking and Ransomware

In recent years, ransomware and cryptojacking, where cyber criminals harness stolen processing power and cloud CPU usage from consumers and enterprises to mine cryptocurrency, were the go-to methods for cyber criminals looking to make easy money. However, 2018 brought drop-offs in activity and diminishing returns, primarily due to declining cryptocurrency values and increasing adoption of cloud and mobile computing, rendering attacks less effective. For the first time since 2013, ransomware infections declined, dropping by 20 percent. Nevertheless, enterprises should not let their guard down – enterprise ransomware infections jumped by 12 percent in 2018 as compared to last year, bucking the overall downward trend and demonstrating ransomware’s ongoing threat to organizations. In fact, more than eight in ten ransomware infections impact organizations.

Although cryptojacking activity peaked early last year, cryptojacking activity declined by 52 percent throughout the course of 2018. Even with cryptocurrency values dropping by 90 percent and significantly reducing profitability, cryptojacking nonetheless continues to hold appeal with attackers due to the low barrier of entry, minimal overhead, and anonymity it offers. India ranks fourth globally, second in APJ in terms of crypto mining activities. Similarly, India ranks second both globally and in APJ in terms of ransomware activities.  Symantec blocked 3.5 million cryptojacking events on endpoints in December 2018 alone.

When it Comes to Security, the Cloud Is the New PC 

The same security mistakes that were made on PCs during their initial adoption by the enterprise are now happening in the cloud. A single misconfigured cloud workload or storage instance could cost a company millions of dollars or land it in a compliance nightmare. In the past year alone, more than 70 million records were stolen or leaked from poorly configured S3 buckets. There are also numerous, easily-accessible tools that allow attackers to identify misconfigured cloud resources on the internet.

The recent discoveries of hardware chip vulnerabilities, including Meltdown, Spectre, and Foreshadow also place cloud services at risk of being exploited to gain access to the protected memory spaces of other companies’ resources hosted on the same physical server.

Living Off the Land Tools and Supply Chain Weaknesses Spur Stealthier, More Ambitious Attacks

Supply chain and living off the land (LotL) attacks are now a mainstay of the modern threat landscape, widely adopted by both cyber criminals and targeted attack groups. In fact, supply chain attacks ballooned by 78 percent in 2018.

LotL techniques allow attackers to maintain a low profile and hide their activity in a mass of legitimate processes. For example, the use of malicious PowerShell scripts increased by 1,000 percent last year. While Symantec blocks 115,000 malicious PowerShell scripts each month, this actually accounts for less than one percent of overall PowerShell usage. A sledgehammer approach toward blocking all PowerShell activity would be disruptive to organizations, further illustrating why LotL techniques have become the preferred tactic for many targeted attack groups.

Identifying and blocking these attacks requires the use of advanced detection methods like analytics and machine learning, such as Symantec’s Managed Endpoint Detection and Response (MEDR) service, its enhanced EDR 4.0 technology, as well as its advanced AI solution, Targeted Attack Analytics (TAA). TAA has allowed Symantec to uncover dozens of stealthy targeted attacks, including those from the Gallmaker groupwho conducted their cyber espionage campaigns completely without malware.

In addition to LotL and weaknesses in the software supply chain, attackers are also increasing their use of conventional attack methods, like spear-phishing, to infiltrate organizations. While intelligence gathering remains the primary motive of targeted attacks, the number of attack groups using malware designed to destroy and disrupt business operations increased by 25 percent in 2018.

Internet of Things in the Crosshairs of Cyber Criminals and Attack Groups

While the volume of Internet of Things (IoT) attacks remains high and consistent with 2017 levels, the profile of IoT attacks is changing dramatically. Although routers and connected cameras make up the largest percentage of infected devices (90 percent), almost every IoT device has been proven vulnerable, with everything from smart light bulbs to voice assistants creating additional entry points for attackers.

Targeted attack groups are increasingly focusing on IoT as a key entry point. The emergence of the VPNFilter router malware represents an evolution in traditional IoT threats. Conceived by a skilled and well-resourced threat actor, it allows its creators to destroy or wipe a device, steal credentials and data, and intercept SCADA communications.

“With an increasing trend towards the convergence of IT and industrial IoT, the next cyber battlefield is operational technology,” said Ajathashatru Varma, Director, Symantec Cyber Security Services, India. “Agrowing number of groups, such as Thrip and Triton, display interest in compromising operational systems and industrial control systems to potentially prepare for cyber warfare.”

The Great Privacy Awakening

With the recent Cambridge Analytica data scandal and the Facebook data privacy hearings, the implementation of the General Data Privacy Regulation (GDPR), and revelations about app location tracking and privacy bugs in widely-used apps such as Apple’s FaceTime feature, consumer privacy has entered the spotlight the past year.

Smart phones could arguably be the greatest spying device ever created – a camera, a listening device and location tracker all in one that is willingly carried and used wherever its owner goes. While already targeted by nation-states for traditional spying, smart phones have also become a lucrative means by which to collect consumers’ personal information, with mobile app developers existing as the worst offenders. India is among the top countries for mobile malware with 23.6 percent of global infections.

According to Symantec research, 45 percent of the most popular Android apps and 25 percent of the most popular iOS apps request location tracking, 46 percent of popular Android apps and 24 percent of popular iOS apps request permission to access your device’s camera, and email addresses are shared with 44 percent of the top Android apps and 48 percent of the most popular iOS apps.

Digital tools that gather cellphone data for tracking children, friends, or lost phones are also on the rise and clearing the way for abuse to track others without consent. More than 200 apps and services offer stalkers a variety of capabilities, including basic location tracking, text harvesting, and even secret video recording.

 

 

Artificial Intelligence startup ViSenze grabs $20 million

Artificial Intelligence

Artificial Intelligence technology provider VISENZE recently raised $20 million in a series C funding round co-led by venture capital firm Gobi Partners and venture investor Sonae IM. The other participants in the funding round include Tembusu ICT Fund, 31Ventures Global Innovation Fund, and Jonathan Coon’s Impossible Ventures, along with the participation of existing investors Rakuten Ventures, WI Harper Group, Singapore Press Holdings (SPH) Ventures, Raffles Venture Partners, Enspire Capital, and UOB Venture Management.

ViSenze, founded in 2012, provides artificial intelligence technology and visual search tools for e-commerce businesses. The company said the latest funding will be used to provide advanced consumer and social communication applications and visual commerce technology to retailers, brands, and media companies. It also focussed on enhancing its AI platform solutions through its partnerships with major smartphone manufacturers.

“The e-commerce markets across the world continue to expand and shoppers are becoming more mobile-centric. As ViSenze helps clients to capture this group of consumers and adapt to their shopping behavior, the opportunity to scale its business significantly presents itself,” said Dan Chong, Managing Director, Gobi Partners. “ViSenze has emerged as a leading innovator in the visual search and image recognition space, and we are confident that ViSenze will continue creating disruptive innovation to dominate this rapidly growing market.”

According to a market research report, the global artificial intelligence market stood at $126.24 billion in 2015 and is projected to proliferate at a stellar CAGR of 36.10% during the forecast period of 2016-2024. With substantial growth rate year-over-year, the opportunities in the global market will touch a valuation of US$3,061.35 billion by 2024 end.

The demand is driven by the vast benefits of integrating automation products with artificial intelligence for players in these industries looking for innovative ways to position their products. The role played by processes powered by artificial intelligence in helping the end users to explore new consumer paradigms is a key aspect catalyzing market growth.

Blackberry acquires cybersecurity firm Cylance

NCSC and Microsoft Cyber Accelerator program

Blackberry Limited recently announced the acquisition of artificial intelligence and cybersecurity startup Cylance to expand its technology and cybersecurity portfolio. According to the acquisition deal, which was announced in November 2018, Cylance will function as a separate entity within the BlackBerry.

BlackBerry enables the Enterprise of Things (EoT) with its robust technology that allows fixed endpoints to communicate securely and maintain privacy. The Ontario-based firm claims its Spark Platform is a secure chip-to-edge communications platform for the EoT that will create trusted connections between any endpoint.

As the President of BlackBerry Cylance, Stuart McClure will continue to apply his visionary math-based approach to threat detection, prevention, and response, as well as lead the business’ large team of highly-skilled engineers and data scientists that deliver trusted products and services for more than 4,000 companies around the world.

Founded in 2012, Cylance help organizations with its antivirus programs and other kinds of computer software that prevent viruses and malware. The American software firm claims that it’s a pioneer in applying artificial intelligence, algorithmic science, and machine learning to cybersecurity software to predict and prevent the known and unknown cyber threats.

Cylance’s machine learning and artificial intelligence technology is a strategic addition to BlackBerry’s end-to-end secure communications portfolio. Notably, its embeddable AI technology will accelerate the development of BlackBerry Spark, the secure communications platform for the Internet of Things (IoT).

Speaking on the acquisition John Chen, Executive Chairman and CEO of BlackBerry, said, “Cylance’s leadership in artificial intelligence and cybersecurity will immediately complement our entire portfolio, UEM, and QNX in particular. We are very excited to onboard their team and leverage our newly combined expertise. We believe adding Cylance’s capabilities to our trusted advantages in privacy, secure mobility, and embedded systems will make BlackBerry Spark indispensable to realizing the Enterprise of Things.”

Russian hackers are faster than Chinese and North Koreans: Report

Ransomware gangs

A recent threat report from cybersecurity firm CrowdStrike revealed that hackers tied to Russian intelligence agencies are 8 times faster than North Koreans, Chinese, and Iranians in hacking.

In its report dubbed Global Threat Report 2019: Adversary Tradecraft and the Importance of Speed,  CrowdStrike stated the Russians are the most sophisticated among the many nation-state adversaries that are regularly hacking government and private computers in the United States.

CrowdStrike, the U.S.-based cybersecurity company, provides endpoint security, threat intelligence, and incident response services to users and enterprises globally. The company claims that its technology platform named Falcon provides a unique ability to detect and prevent evolving cyber threats. CrowdStrike measured the speed of a hacking group to break into a network and start stealing data, which is named as breakout time.

“We were able to provide a more granular examination of breakout time by clocking the average speed of major nation-state actors. The report compares the breakout speeds of Russia, China, North Korea, Iran, and the combined category of global eCrime actors. This and other unique insights in the report can help organizations advance their response objectives, depending on which adversary types they are most likely to encounter in the year ahead,” the report stated.

“Throughout 2018, eCrime and nation-state adversaries collectively upped their game. In diplomatic channels and the media, several nation-states gave lip-service to curbing their clandestine cyber activities, but behind the scenes, they doubled down on their cyber espionage operations combining those efforts with further forays into destructive attacks and financially motivated fraud,” the report added.

In August 2018, Microsoft Corporation revealed that hackers linked to Russian military intelligence tried to hack the websites of two conservative think-tanks in the United States ahead of November’s midterm elections. It said that it detected and seized websites that were created by hackers linked to the Russian unit to mimic the pages of the International Republican Institute and the Hudson Institute.  These sites are designed to redirect the users to fake web pages where they were asked to enter usernames, passwords, and other credentials.

Blockchain security firm CipherTrace raises $15 million

Startup Investment

Blockchain security company CipherTrace recently raised $15 million investment in a funding round led by Aspect Ventures including other investors like Galaxy Digital, Neotribe Ventures, and WestWave Capital from top Silicon Valley and New York venture capital firms with deep cybersecurity and crypto asset expertise.

Founded in 2015 by veteran security professionals, CipherTrace develops Anti-Money Laundering (AML) cryptocurrency, cryptocurrency forensics, and blockchain threat intelligence solutions. The company claims that banks, investigators, regulators, and other digital asset businesses use its security platform to comply with regulatory anti-money laundering requirements and to mitigate threats related to the customer cryptocurrency activity. CipherTrace’s products are also used by government regulators, law enforcement investigators and auditors to enforce AML laws, combat crime and reduce fraud.

“CipherTrace is pleased to announce this strong backing from top-tier investors who share our vision that cryptocurrencies and blockchains need to be secured, regulated, and made safe so that they can scale globally,” said David Jevans, CipherTrace CEO. “Our investors have decades of experience investing in proven teams and technology companies in the Internet security and financial technology industries. CipherTrace will join the ranks of these successful companies.”

Along with the investment, Mark Kraynak, the director of Aspect Ventures is going to join CipherTrace’s Board of Directors team. “Great blockchain companies will be forged as crypto assets achieve mainstream adoption. We believe security and compliance with anti-money laundering and other financial regulations, as enabled by CipherTrace, will be a key first hurdle to mass adoption,” Mark Kraynak said in a statement.

Cybersecurity firm Palo Alto Networks acquires Demisto

Palo Alto

Global cybersecurity company Palo Alto Networks announced that it entered into a definitive agreement to acquire information security startup Demistro in a $560 million cash and stocks deal. The acquisition deal, which is expected to be completed in the third quarter of the fiscal year, will accelerate Palo Alto networks application framework strategy and support the company’s aim to deliver immediate threat prevention and response for security teams.

Founded in 2005, Palo Alto Networks covers several segments like firewalls, cloud-monitoring and compliance, endpoint protection, and threat detection services. The Santa Clara-based company stated the latest acquisition deal will bring it closer to using AI and machine learning to help further automate significant parts of the company’s customers’ security operations.

Demisto, founded in 2015, develops and markets automation tools for information security management. The company claims that its Security Orchestration Automation and Response (SOAR) Platform combines orchestration, incident management, and interactive investigation into a seamless experience. Demisto is going to jointly work with the Palo Alto Networks team to strengthen its existing integration with the Application Framework, the company said in a statement.

Speaking on the latest acquisition deal, Nikesh Arora, chairman, and CEO of Palo Alto Networks stated, “We are delighted to welcome Demisto into the Palo Alto Networks family. Coupled with our Application Framework, Demisto will help us strengthen our commitment to security teams by delivering a platform that provides higher levels of integration, automation, and innovation to prevent successful cyber-attacks.”

“We have dedicated ourselves to the challenge of automation because we believe that relying on people alone to combat threats will fail against the scale of today’s attacks. Palo Alto Networks strategy resonates with our own vision. And we have found a like-minded team that shares our conviction that the future of security is all about automation and AI. We’re thrilled to be joining them to help make it a reality,” said Slavik Markovich, CEO of Demisto

Palo Alto recently announced the launch of its Cybersecurity Academy in collaboration with IBM Canada and the British Columbia Ministry of Education to bridge the skills gap by preparing students for careers in cybersecurity.

The 12-month academic program gives students, across selected high schools in British Columbia, hands-on training on evolving cyber threats and how to prevent them. The special curriculum, jointly designed by Palo Alto Networks, British Columbia’s Ministry of Education and IBM Canada, focuses on firewall installation, antivirus software, zero-day vulnerabilities, and other security skills.

Cryptocurrency exchange Coinmama reports data breach

cryptocurrency-related cyberattacks

Coinmama, a crypto brokerage platform, notified users that it suffered a security breach which affected around 450,000 users’ emails and hashed passwords. The company stated that a few unknown intruders compromised customer data and kept for sale on a dark web registry.

Coinmama provides a cryptocurrency exchange platform for trading digital currency globally. The security professionals at Coinmama revealed the compromised data belonged to the users who registered until August 05, 2017. Coinmama also explained the security issue affected 30 companies and a total of 841 million user records.

“Today, February 15, 2019 Coinmama was informed of a list of emails and hashed passwords that were posted on a dark web registry. Our Security Team is investigating, and based on the information at hand, we believe the intrusion is limited to about 450,000 email addresses and hashed passwords of users who registered until August 5th, 2017. This comes as part of a larger breach affecting 30 companies and a total of 841 million user records,” Coinmama said in an official post.

“As of February 15, 2019, there has been no evidence of this data being used by perpetrators. Given the dated nature of the published data, we have no reason to suspect that any other Coinmama systems are compromised. Coinmama does not store credit card information, and do not hold user funds,” Coinmama added.

Coinmama established an Incident Response Team to identify the nature of the intrusion. The company also took additional security measures to thwart further loss and notified the affected users to reset their passwords upon next login and urged all other users to verify that their passwords are unique and strong.

In a similar recent incident, hackers cashed out $3.2 million worth tokens from cryptocurrency exchange Cryptopia. According to reports, the hackers have been sending their loot to popular crypto exchanges with Bitbox, Binance, and Huobi seeing the most withdrawal volumes. It is estimated that out of the $16 million stolen by hackers nearly $900,000 have been withdrawn.

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