Crypto Hack Weekly Report: Indodax Heist, Caterpillar Coin Collapse, and Apple’s Deepfake Incident

The post Crypto Hack Weekly Report: Indodax Heist, Caterpillar Coin Collapse, and Apple’s Deepfake Incident appeared first on Coinpedia Fintech News

Cryptocurrencies have become the new norm in the world of digital currencies and, in the last one week, there have been various security threats across the dominant platforms. 

Ranging from millions of dollars heists to deepfake cons, hackers carried on to exploit weaknesses in both CeXs and DEXs.

Hackers stole $22 million worth of crypto assets from Indonesia’s largest digital asset exchange platform, Indodax. The hack identified by Web3 security firm Cyver found the stolen tokens promptly exchanged to native tokens on various chains. 

The hacker currently possesses large quantities of ETH, MATIC, TRX, and BTC; hence, this ranks as one of the largest hacking incidents in Southeast Asia. 

There are no words for what actually went wrong with Indodax, but to prevent further misuse of user funds, the trading platform has been temporarily halted using potential funds that may still have been stolen; however, users ‘money is still safe’.

In another fleeing incident, Caterpillar Coin was attacked by a flash loan, and all the value of the token was stolen, and the result was nearly $1.4 million. Defensive measures included the failure of the token’s price protection mechanisms, depleting the reserves within a record short time and 99% price slippage.

Another less typical cyberattack involved Apple’s YouTube channel, where scammers posted a fake giveaway involving cryptocurrency using Tim Cook’s live stream. 

It revealed an obviously fake video showing how users’ crypto contributions are doubled; the video received over 1 million views before it was pulled down. This event again proves that hackers have learned new ways of operating, using deep fake techniques, and synchronizing cyber attacks with major events like the launch of the iPhone 16.