Beware: WeChat Friends Used to Steal Cryptocurrency!

Crypto Theft via Hacked WeChat Accounts: A Growing Concern

A new and disturbing trend has emerged, with hackers exploiting WeChat’s friend verification system to steal cryptocurrency. Chinese social media influencers are increasingly becoming targets, raising serious questions about the platform’s security.

How the WeChat Crypto Scam Works

Since April, numerous victims have reported their WeChat accounts being compromised. The attackers are leveraging a specific security feature – the friend verification system – to bypass traditional login methods.

This feature, designed as a backup for SMS or QR code authentication, allows a user’s contacts to verify login attempts from new devices. Hackers are exploiting this by targeting contacts with whom the victim has limited interaction.

• Attackers gain access to WeChat login credentials.
• They trigger the friend verification system when logging in from a new device.
• Victims’ contacts, often unfamiliar with the request, unknowingly approve the login, granting the hacker access.

Korbit Denies Hack Allegations After Unexpected Maintenance

South Korean cryptocurrency exchange, Korbit, has vehemently denied being hacked following a prolonged 12-hour maintenance period. The unscheduled downtime sparked concerns among users, leading to widespread speculation about a potential security breach.

Korbit officials assured users that the maintenance was conducted to enhance security protocols and improve overall platform stability. They emphasized that no user funds were compromised and that the exchange remains secure.