Komodo Wallet Provider Exploits Vulnerability to Protect Customers


A Cryptocurrency platform known by the name Komodo, has hacked itself in order to protect its customers from being accessed. The incident is pretty uncommon in the history of hacking. The firm has discovered a weakness in the mobile wallet app named as Agama, following which Komoso has exploited the weakness to gain access to Cryptocurrencies worth $13 million from the clients’ wallets before any third party attempts to access the customers’ Cryptocurrencies.

The company revealed that it had received a notice regarding a malware risk affecting the customers of its Cryptocurrency wallet Agama on 4th of June 2019 at 5 pm UTC from the cybersecurity provider npm and assisted the protection of over $13 million in the Cryptocurrency assets. The company said that the main aim of the assault was to implant the malware to retrieve the seeds of the wallet and as well as passphrases used in the system. The company has further elaborated on how the bug was created and how the bug exactly functions.

Komodo has also alerted the customers impacted through the hack and has advised the recovery method of the assets. In latest times, the Cryptocurrency transactions have recorded numerous breaches and in a significant safety violation, the hackers have successfully robbed over $40 million worth of Bitcoin from the Cryptocurrency exchange named by Binance.

The Taiwanese firm has stated that it has found the violation at exactly 17:15:24 UTC on 7th of May 2019, where the hackers have used fraudulent techniques and obtained over 7,000 Bitcoins using a range of the assault techniques that includes viruses, phishing and much more. The hackers have also acquired multiple client API keys, 2FA numbers and other data as per the Binance. Soon after the hack, the exchange has briefly ceased all activities and ensured that it will completely reimburse the impacted client.

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