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Submitted by admin on August 22, 2024

On Saturday, 9 June, Coinrail, a South Korean cryptocurrency exchange, announced that they had been the victim of a data breach, leading to the loss of an estimated $40 million in altcoins.

The attackers are believed to have stolen 1,927 ether, 2.6 billion NPXS, 93 million ATX and 831 million DENT coins, alongside significant amounts from six other tokens, representing 30% of Coinrail’s total coin and reserves. However, Coinrail claim that two thirds of the stolen coins have either been frozen or withdrawn so far, with further recovery action likely to happen.

Although the attack did not feature any of the major cryptocurrencies, such as Bitcoin, Ethereum or Dogecoin, many recorded large losses in value after the attack was announced, with Bitcoin dropping to its lowest value in two months.

While cryptocurrencies remain valuable, it is almost certain that they, and associated services such as exchanges and wallet providers, will remain an attractive target for cyber criminals.

Even smaller exchanges have sufficient funds to make them worthwhile targets for cyber criminals. The Coinrail attack represents another notable attack against an exchange following the Coincheck, Youbit (twice), EtherDelta and NiceHash thefts that have taken place since December 2017.

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Kenya Education Network CERT(KENET-CERT) is a Cybersecurity Emergency Response Team and Co-ordination Center operated by the National Research and Education Network of Kenya. KENET-CERT coordination center promotes awareness on cybersecurity incidences as well as coordinates and assists member institutions in responding effectively to cyber security threats and incidences. KENET-CERT works closely with Kenya's National CIRT coordination center (CIRT/CC) as a sector CIRT for the academic institutions. KENET promotes use of ICT in Teaching, Learning and Research in Higher Education Institutions in Kenya. KENET aims to interconnect all the Universities, Tertiary and Research Institutions in Kenya by setting up a cost effective and sustainable private network with high speed access to the global Internet. KENET also facilitates electronic communication among students and faculties in member institutions, share learning and teaching resources by collaboration in Research and Development of Educational content.