WeChat Friends Unwittingly Aid Crypto Thieves; Korbit Denies Hack

WeChat Accounts Targeted in Sophisticated Crypto Theft Scheme

A worrying trend has emerged where hackers are exploiting WeChat’s friend verification system to gain access to user accounts and potentially steal cryptocurrency. Chinese social media influencers have become primary targets in this scheme.

How the WeChat Crypto Heist Works

Since April, numerous victims have reported that their WeChat accounts were compromised. Hackers are leveraging a security feature designed to help users regain access to their accounts when SMS or QR code authentication fails.

• The hackers gain access to the victim’s login credentials.
• They trigger WeChat’s “friend verification” system when attempting to log in from a new device.
• This system sends a verification request to the victim’s WeChat contacts.

Cos, co-founder of blockchain security firm SlowMist, explained that attackers specifically target contacts with whom the victim has limited interaction. This increases the likelihood that those contacts will approve the verification request without careful consideration, forwarding the necessary code and granting the hackers access.

South Korean Exchange Korbit Denies Allegations of Security Breach

Following a 12-hour period of maintenance, South Korean cryptocurrency exchange Korbit has vehemently denied claims that it was the victim of a hacking incident.

While details remain scarce, the exchange has assured users that their funds are safe and that the maintenance was part of planned system upgrades.