WeChat friends help crypto thieves, Korbit denies hack: Asia Express

WeChat Scammers Exploit Friend Networks to Target Crypto Holders

A new wave of cybercrime is targeting users of the popular WeChat platform, with scammers leveraging the social network’s friend verification system to potentially access and steal cryptocurrency holdings. This insidious method is raising concerns about online security and the importance of vigilance among Indian internet users.

How the Scam Works

Since April, reports have emerged of WeChat accounts being compromised. Attackers are exploiting the “friend verification” feature, a security measure designed to aid users logging in from new devices. This feature sends verification requests to a user’s contacts, allowing them to confirm the login if the user is unable to use SMS or QR code authentication.

Here’s the crucial vulnerability:

• Attackers gain access to a victim’s WeChat login information.
• They attempt to log in from a new device, triggering the friend verification system.
• The request is sent to the victim’s WeChat contacts.
• Attackers specifically target contacts with whom the victim has minimal interaction, increasing the likelihood of a careless approval.

Once a contact approves the request, the attacker gains access to the victim’s WeChat account, potentially enabling them to access sensitive information, including cryptocurrency-related data.

South Korean Exchange Korbit Denies Security Breach After Unexpected Maintenance

Meanwhile, in related news, South Korean cryptocurrency exchange Korbit has vehemently denied experiencing a hack after undergoing a 12-hour period of unexpected maintenance. The exchange assured users that their funds were safe and that the maintenance was conducted to enhance platform security and stability. While Korbit has not disclosed the specific reasons behind the maintenance, the incident has sparked discussions about the ongoing risks associated with cryptocurrency exchanges and the importance of robust security protocols.