Paxful, a prominent peer-to-peer (P2P) crypto platform, says that it defended itself from over 220,000 separate bot attacks within a span of just two months. Paxful then credited Group-IB, an intelligence and threat searching firm, as helping it protect its user base from said bot attacks.
According to Paxful, the attacks it withstood over the past two months were varied in nature and engineering, while some were even posing critical threats. In the same period as Paxful’s struggle against the attacks, cybercriminals were able to siphon up to $200 million and $5.4 million worth of crypto from KuCoin exchange and Eterbase, respectively. Clearly, the threat of bot attacks and hackers still linger within the crypto space, and Paxful feels lucky to have survived such an ordeal.
The P2P-based crypto marketplace then revealed that its unsuccessful attackers utilized brute-forcing automated bots in an attempt to compromise its user accounts.
The ongoing nationwide lockdowns driven by the COVID-19 pandemic has presented cybercriminals with a bunch of unique approaches and opportunities to execute their illicit doings. The staggering volume of attacks Paxful has experienced over the past couple of months highlights the very notion that crypto companies are still high-value targets for illegal online activities.