The Good Tech Companies - Match Systems' CEO Andrei Kutin Provides Insight On DMM Bitcoin Breach

Episode Date: July 15, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/match-systems-ceo-andrei-kutin-provides-insight-on-dmm-bitcoin-breach. Whether social engineering techniques or malware were used to get exchange employees to sign a transaction authorizing the transfer of funds to their wallets, w Check more stories related to cybersecurity at: https://hackernoon.com/c/cybersecurity. You can also check exclusive content about #cybersecurity, #match-systems, #cyberwire, #press-release, #match-systems-announcement, #bitcoin-blockchain, #cyberthreats, #good-company, and more. This story was written by: @cyberwire. Learn more about this writer by checking @cyberwire's about page, and for more stories, please visit hackernoon.com. Japanese cryptocurrency exchange DMM Bitcoin was recently hacked, resulting in the theft of over $300 million dollars in Bitcoins. The hackers were able to access a private key, which allowed them to transfer 4,502.9 bitcoins from the exchange's main wallet. More than 2,000 BTC was sent to addresses associated with JoinMarket, while 2,500 BTC remained at the hackers' original addresses.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Match Systems CEO Andre Kudin provides insight on DMM Bitcoin breach by CyberWire. Dubai, UAE, July 15, 2024, CyberNewsWire, asterisk asterisk on May 31, 2024, as a result of the hacking 4,502.9 BTC worth approximately $308 million were stolen from the Japanese exchange bitcoin.dmm.com. The cyber security agency match systems conducted the current situation of the case. Japanese cryptocurrency exchange DMM Bitcoin was recently hacked, resulting in the theft of over $300 million in Bitcoins. The hackers were able to access a private key, which allowed them to transfer 4,502.9 Bitcoins from the exchange's

main wallet. The incident occurred on May 30, 2024, and DMM Bitcoin announced the hack the following day. The reasons for the hack of the exchange are still unclear. The attack cold have occurred as a result of compromised private keys. The keys of a hot wallet connected to the internet could have been compromised either through an internal threat or an external hack, which could have allowed hackers to initiate a transfer of funds. Whether social engineering techniques or malware were used to get exchange employees to sign a transaction authorizing the transfer of funds to their wallets, we have yet to learn. An insider attack scenario cannot be ruled out, in which someone with legitimate access to the system contributed to the hack by giving the hackers the necessary

data or initiating the attack. The investigation revealed that the hackers used cryptocurrency mixer JoinMarket to launder the stolen funds. More than 2,000 BTC was sent to addresses associated with join market, while the remaining 2,500 BTC remained at the hacker's original addresses. The Match Systems team was able to identify the first large withdrawal from the mixer in the amount of 223.38 BTC, as well as more than 50 withdrawals over 10 BTC that may be relevant to this case. The full cycle of money laundering can take months to a year, and Match Systems will continue to monitor the movement of stolen funds, as well as looking into the cause of the attack. About Match Systems Match Systems is a leading company specializing in AML services,

blockchain investigations, and implementation of compliance procedures for cryptocurrency projects around the world. By leveraging advanced technology and expertise in financial crime detection, the company is poised to help organizations to navigate the complex regulatory landscape as well as minimize the risks associated with digital currencies. Contact Joseph Match Systems Media Coverage at matchsystems.com. Tip This Story was distributed as a release by CyberWire under HackerNoon's business blogging program. Learn more about the program here. Thank you for listening to this HackerNoon story, read by Artificial Intelligence. Visit HackerNoon.com to read, write, learn and publish.