Home Cyber Security $25 million worth of cryptocurrency stolen from Lendf.me platform by hackers

$25 million worth of cryptocurrency stolen from Lendf.me platform by hackers


It is seen that hacking incidents have increased quite a lot in recent times due to the fact that we are in between the coronavirus crisis which means that people are working from home and so the security and privacy they can maintain is much less when they are at their offices.

This also means that hackers are exploiting any security issues that there are in a matter of time and causing a lot of damage to people around the world. In a new hacking report, this one is related to cryptocurrency which is believed to be hack-proof.

It is known that hackers have stolen cryptocurrency worth $25 million in an attempt to hijack the platform named Lendf.me. It is known that the platform in question is a lending platform meaning that people lend money from here to the potential takers.

In addition, we have seen that the attacks took place over the weekend, on Saturday and Sunday, respectively. While the investigations are underway, both the hacks that took place on different days are most likely to be related and carried out by the same group.

As per the initial investigation reports, hackers appear to have chained together bugs and legitimate features from different blockchain technologies to orchestrate a sophisticated “reentrancy attack”. Reentrancy attack is a type of attack where hackers are allowed to withdraw funds repeatedly, in a loop, before the original transaction is approved or declined.

The most worrying part about this attack is that hackers have stolen $25 million worth of cryptocurrency which is a serious concern. However, the good news is that hackers seem to have lapsed during the attack as they revealed one of the IP address meaning they had to return the money or else they could have been easily caught in the action as per reports.