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CoinLoan’s Fraud Detection Team Helped in Mitigating Critical Attack on Crypto Wallets

Loan Scams

CoinLoan’s Fraud Detection Team Helped in Mitigating Critical Attack on Crypto Wallets

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Vladislav Sopov

Security officers of CoinLoan, a top-tier cryptocurrency lending service, prevented eight-digit attack on crypto wallets from happening

In early April 2022, owners of Trezor’s hardware wallets received a number of suspicious emails with the recommendations to download software updates. Through these letters, unknown malefactors attempted to organize one of the largest phishing campaigns in Web3 segment history.

Hardware wallets under attack; CoinLoan comes to the rescue

On April 3, 2022, cryptocurrency holders who used popular hardware wallets by Trezor started receiving unusual email notifications. These messages bypassed spam filtering mechanisms and looked like legit updates from the top-tier hardware wallets team.

Users were asked to upgrade their software, but the links to the letters redirected to malicious websites: the word “Trezor” in the website names included an altered letter “e” with an added homoglyph. The fraudulent websites contained software that was able to steal users’ funds through compromising seed phrases.

The Fraud Detection Team, a cybersecurity arm of CoinLoan, immediately detected the IP addresses behind the malicious web domains and…

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