The attack of the bots! Paxful fights against thousands of automated threats

Malicious actors allegedly tried to break into Paxful users‘ accounts in a series of ongoing attacks.

Paxful, a peer-to-peer crypto market, successfully defended itself against a number of serious threats, including 220,000 bot attacks and a variety of social engineering tactics, all within the space of two months.

During the same period of time, hackers managed to steal around USD 200 million in KuCoin crypto Legacy currencies, and in another unrelated attack they stole USD 5.4 million of Eterbase.

Paxful said its alleged attackers tried to use bots to break into accounts belonging to project users:

„Bots, which reportedly generate about a quarter of the world’s web traffic, are de facto programs that emulate the actions of a real device for necessary purposes. Today, they are a major headache for e-commerce companies, as cybercriminals use them to steal money, force user credentials or carry out DDoS attacks“.

The global quarantine has offered criminals a number of unique opportunities. While not the largest in terms of damage, the most well known exploit of this nature was perpetrated by a few teenagers who managed to hack into some of the largest Twitter accounts.