CoinLoan Fraud Detection Team Saved Wallet Users from Losing Millions in Crypto Investments
TALLINN, Estonia, May 10, 2022 (GLOBE NEWSWIRE) — CoinLoan announces its fraud detection team caught and helped put a stop to what could have been another massive scam in April 2022. After a team member received an email containing a link prompting them to download what seemed to be the latest version of a software Suite (starting with T. Next, we call it T-app), the individual noticed that the linked domain was in fact a fraudulent copy of the T-app website. The attached download was programmed to steal the seed phrase associated with their unique wallet. The team at CoinLoan then got to work, first reporting the IP address to ensure that it and any following fraudulent domains were swiftly taken down before sending a report of the malicious wallet software binaries to VirusTotal, an online service that analyzes suspicious files for malware and automatically shares them with the security community. These quick actions by the CoinLoan fraud detection team quickly and effectively prevented hackers from gaining access to hundreds, if not thousands, of T-app wallet users.
While this data breach was not the fault of the T-app team (the hackers gained access to user emails through a popular email newsletter site), it does serve as a reminder as to why proper bank-grade security standards must be a priority for both crypto users and the companies they choose to engage with.
When asked about the CoinLoan team’s efforts, Max Sapelov, co-founder and CTO, responded by saying: “We…