How working on an unsecured system leads to theft of Bitcoins; highlights need of cyber security

By: |
July 15, 2020 2:58 PM

The hackers used a variety of techniques, including phishing, viruses, and other attacks to gain control of the employee’s computer with active sessions opened in the browser.

Bitcoin theft, Cashaa India OTC, cyberattack, cyber security, hacking, phishing, viruses, cybercrime, cryptocurrency crimeThe hackers succeeded in penetrating a vulnerable machine and within microseconds, all the funds in that account were wiped off.

On July 8, 2020, an employee of Cashaa India OTC positioned in East Delhi had reported a machine malfunction with the systems provided to him by the company and requested to operate from his personal computer and set up multiple alternative online wallets on various platforms like Blockchain.com, Huboi, etc.

Keeping ‘customer experience’ in mind for the ongoing OTC deals/transactions, the company made an exception and allowed him to do so.

Just after two days, on July 10, 2020, a cyberattack occurred on the system. The hackers succeeded in penetrating the vulnerable machine of the employee and within microseconds, all the funds in that account were wiped off.

After the mishap, an investigation team has secured the abused system for further investigation and the employee has been suspended until the end of the investigation.

The local management of Cashaa India OTC came in action right after the issue was reported by that employee and conducted a preliminary investigation internally. They also filed a cybercrime incident report to the Delhi Crime Bureau under the cryptocurrency crime category.

The hackers used a variety of techniques, including phishing, viruses, and other attacks to gain control of the employee’s computer with active sessions opened in the browser.

“We are still concluding all possible methods used,” Cashaa said, adding, “We would like to reiterate that there has been no security breach on Cashaa wallet or website.”

Based in London, Cashaa is a crypto-friendly neo-bank that provides banking services to businesses from the crypto industry and also deals with Bitcoin OTC operations and is working with all major exchanges in India.

“All our partners and customers have joined together to give out a strong message to hackers that cashing out hacked Bitcoin is not going to be easy. We got successful confirmation from Indian exchanges such as WazirX, CoinDCX, BitBNS, and international exchanges like Binance, Huobi, OKex, Bitfinix, MXC, and many more who have blacklisted the hacker’s address,” said the company.

Although Cashaa has reiterated that its wallet and website remains secured and also assured that it will conduct a thorough security review and policy checks on all its OTC managers globally as a safety precaution, but allowing an employee to use an unsecured personal system definitely highlights the need of adapting proper cyber security measures.

“Amongst the first few things that needs immediate attention on a security perspective is that people in an organisation must be trained to utilise and understand the digital assets. There must be the right control on every device and system that are connected,” says Vikas Bhonsle, CEO at Crayon India.

“Systems need to be audited and verified by cyber security experts. It is not just organisations, individual users must also be educated about phishing which is one of the most common methods of cyberattack used against common people to steal sensitive data,” says Gurpreet Singh, Managing Director at Arrow PC Network Pvt Ltd (Titanium Partners – Dell Technologies).

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