Peer-to-peer (P2P) crypto marketplace Paxful recently announced that it successfully protected its platform against 220,000 bot attacks in two months. Crypto companies have been under siege from bot attacks in recent months. The attacks aim to steal money from the victim’s accounts.
Thousands of attacks
According to Paxful, it suffered over 220,000 requests from web-bots in the past two months. However, it was able to successfully manage these issues using Group-IB’s online fraud prevention platform. The high volume of attacks showcases that crypto companies continue to be a lucrative target for online threat actors who want to steal users’ crypto assets. Last month, hackers were able to steal $5.4 million from Eterbase and about $200 million from KuCoin.
Paxful is working with Group-IB, a threat hunting, and intelligence company. It is using Group-IB’s online fraud prevention platform Secure Portal to manage the bot attack problem. In a statement, Group-IB noted,
“The platform has managed to fight off over 220,000 requests from web-bots in just two months, shielding its 4.5 million customers against possible attacks.”
Bot attacks becoming common
Bot attacks have become very common in the crypto industry. Dmitry Moiseev, the chief security officer of Paxful said that bot attacks are usually designed to steal a client’s money by taking over their account. The bot can trade on behalf of the user or even transfer all their existing funds into the accounts of the hacker.
The hackers create special databases that contain the login and passwords to start their attack on a platform. They are able to get access as users frequently use similar credentials on their social media networks and other platforms. The login pairs are then filtered twice to find a match. Once done, they are able to get into the user’s account and steal their assets.
Secure Portal from Group-IB helps in detecting a wide range of online threats. They will include bot activity, fraud and social engineering attacks as well.