cybercrime Archives - Coin Engineer

$3.5B Bitcoin Heist from 2020 Retroactively Uncovered!

Yigit Taha OZTURK — Sun, 03 Aug 2025 12:00:34 +0000

A massive heist that remained unreported for years has finally come to light, marking the largest cryptocurrency hack in history. According to Arkham Intelligence, Chinese mining pool LuBian was hacked in 2020, with 127,426 Bitcoin valued at approximately $3.5 billion stolen, making it the biggest crypto hack of all time.

LuBian Mining Pool Hacked in December 2020

Arkham Intelligence uncovered the hack on Saturday, revealing that the LuBian mining pool, which was the sixth-largest BTC mining pool at the time, was attacked on December 28, 2020. About 90% of its Bitcoin was stolen by hackers before the pool managed to transfer its remaining 11,886 BTC to recovery wallets. Neither LuBian nor the hackers reported the attack at the time.

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The hackers embedded OP_RETURN messages in 1,516 transactions to store wallet addresses. Arkham also noted that LuBian used a private key generation algorithm that was susceptible to brute-force attacks, which may have been the vulnerability exploited by the hackers.

The Aftermath and Crypto Security Warning

At the time of the hack, the stolen Bitcoin was worth $3.5 billion, but now, at current prices, it’s valued at around $14.5 billion. Arkham highlights this incident as a critical reminder for crypto users to implement robust private key management and security practices. The breach also serves as a warning for all cryptocurrency investors about the risks of weak algorithms and poor cybersecurity practices.

A Turning Point in Crypto Theft History

The LuBian hack surpasses the $1.5 billion ByBit hack from earlier this year, which was previously considered the largest crypto theft in history. This event, along with several other notable hacks, highlights the ever-present threats in the crypto space. In April, an elderly individual lost $330 million in Bitcoin via a social engineering attack, which was later laundered through 300 different wallet addresses.

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Cyber Strike on LockBit Gang: 60K Bitcoin Addresses Exposed

Yeliz Akmaca — Thu, 08 May 2025 15:00:04 +0000

The LockBit ransomware gang, one of the most dangerous groups in the cybercrime world, was shaken today by an attack on its own system. Approximately 60,000 Bitcoin addresses were leaked. This incident presents a significant opportunity for cybersecurity experts and law enforcement. The hack of the gang’s dark web panel exposed its vulnerabilities. Additionally, it is suggested that the leak may be linked to the Everest gang.

Major Blow to LockBit

LockBit targets companies and individuals with ransomware. This time, the gang itself was hacked. Its dark web panel was exposed, and 59,975 Bitcoin addresses along with victim negotiations were leaked. Furthermore, this data provides clues for tracking the gang’s money flow.

Among the victims targeted by the group are Boeing, Royal Mail UK, ICBC, and Capital Health. The gang allows affiliates to use LockBit’s tools to carry out attacks and share the ransom with the developers. According to Chainalysis reports, Russia-linked gangs (e.g., Evil Corp) earned over $400 million in cryptocurrency from ransomware in 2021. Crypto firms, particularly decentralized finance (DeFi) platforms or small exchanges, are vulnerable to such attacks.

The panel displays the message: “Don’t commit crimes, crime is bad, R from Prague xoxo,” along with a link to download the “paneldb_dump.zip” file.

The leaked data includes Bitcoin wallet addresses and ransom negotiations. LockBit’s leader, “LockBitSupp,” claimed that the private keys are secure. However, experts are skeptical of this claim. On the other hand, the leaked information will make it easier for law enforcement to track the gang. The Bitcoin addresses put the gang’s revenue at risk.

Cybersecurity Warning

This incident revealed that cybercrime gangs are also vulnerable. Experts urge companies to protect themselves against ransomware. The leaked Bitcoin addresses could enhance cryptocurrency tracking. This situation underscores the importance of cybersecurity measures.

The attack on LockBit is said to potentially reshape the cybercrime world. The leaked data puts the gang’s affiliates in a difficult position. Law enforcement and experts may be able to dismantle the gang by analyzing this information. Cybersecurity experts believe such incidents could foster greater collaboration.

Lastly, it should be noted that more work is needed for security in the digital world.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

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Crypto Crime Goes Industrial!

Yigit Taha OZTURK — Tue, 22 Apr 2025 16:30:54 +0000

Organized crime is evolving, and according to a new UNODC report, it’s going on-chain. Criminal syndicates across Southeast Asia are no longer just users of crypto infrastructure — they’re building their own. From custom stablecoins to dedicated exchanges and blockchains, billions of $ are being laundered in plain sight.

Southeast Asia Becomes Crypto Crime Hotspot

One case highlighted is Huione Guarantee (now rebranded as Haowang), a Chinese-language platform operating out of Phnom Penh, Cambodia. Over the past four years, it has facilitated over $24 billion in crypto linked to fraud and scam operations, growing to over 970,000 users.

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The platform has launched its own crypto exchange, blockchain (Xone Chain), online gambling services, and even a US dollar-backed stablecoin aimed at bypassing government oversight. In February 2025, the group unveiled a Huione Visa card.

Billions Of Dollars Laundered Through Custom Coins And Exchanges!

The report warns that criminal groups in Myanmar, Laos, and Cambodia are industrializing cybercrime with AI, blockchain, and stablecoins, executing phishing, fake investments, and romance scams — collectively known as pig butchering — on a massive scale.

Recent crackdowns in Hong Kong, Nigeria, and other countries have led to hundreds of arrests. In October 2024, 27 people were arrested in Hong Kong for running a deepfake-powered crypto scam worth $46 million. In December, 792 suspects were caught in Lagos, Nigeria.

The UN warns these groups are leveraging their own stablecoins and private exchanges to circumvent AML laws and move funds freely across borders. The threat is growing beyond Asia — into Africa, South America, and the Pacific.

Governments are urged to close loopholes and prepare for this expanding form of financial crime.

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KiloEx Hacker Returns Entire $7.5M After Bounty Offer

Yigit Taha OZTURK — Fri, 18 Apr 2025 17:30:38 +0000

The attacker behind the $7.5 million KiloEx exploit has returned 100% of the stolen funds, just days after the decentralized exchange offered a $750,000 white hat bounty for the return of 90% of the stolen crypto.

All Funds Returned Within 4 Days

The exploit, reported on April 15, forced KiloEx to suspend platform operations. On April 18, PeckShieldAlert confirmed that approximately $5.5 million in crypto had been returned. KiloEx later confirmed full recovery of all assets.

White Hat Agreement Honored

KiloEx had offered the exploiter 10% of the stolen funds as a bounty if they returned the remaining 90%. The attacker complied, and as promised, the platform said:

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“All affected funds have been fully restored, and we will honor our agreement with a 10% white hat bounty.”

KiloEx also said it will not pursue legal action, as the issue has been resolved transparently and without victims.

Oracle Vulnerability Suspected

According to PeckShield, the root cause of the exploit may have been a price oracle issue — a manipulated or inaccurate data feed used by smart contracts to determine asset prices.

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North Korea Confirms $42 Million Ethereum Theft from Upbit Exchange

Yigit Taha OZTURK — Thu, 21 Nov 2024 10:30:24 +0000

The South Korean government has officially confirmed that North Korea stole $42 million worth of Ethereum from the Upbit exchange. The stolen amount is reportedly part of North Korea’s illegal cybercrime strategy to fund its activities. South Korean authorities announced that stricter cybersecurity and regulatory measures will be implemented in response to the breach.

Impact on the Crypto Market

Erosion of Trust in Centralized Exchanges: This incident could increase concerns about the security of centralized exchanges, leading users to shift towards decentralized finance (DeFi) platforms.
Increased Regulation: Governments may feel a growing need to impose stricter regulations on the cryptocurrency market to prevent similar breaches.
Ethereum Volatility: The theft of a large amount of Ethereum may trigger short-term price fluctuations in the market.
North Korea’s Cyberattacks: This highlights the need for more advanced security protocols in the crypto industry to protect against sophisticated cyberattacks.

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REvil Affiliate “Rabotnik” Sentenced to 13 Years for Cybercrime Spree

Tanju Akbıyık — Thu, 02 May 2024 11:00:42 +0000

Once sentenced by the judge, Yaroslav Vasinskyi, also known by a criminal pseudonym as Rabotnik, will serve 13 years and 7 months in jail over a series of cyber crimes he participated in. As an affiliate of notorious Evil ransomware gang, Rabotnik had a significant role in over 2,500 ransomware attacks, with ransom demands that sometimes exceed $700 million.

Global Cooperation in Justice

The Department of Justice in its announcement on Wednesday reported the facts about Rabotnik’s activities and the consequences of those actions. “Also charged against Rabotnik, 24, is a restitution liability of around $16 million,” stated the release emphasizing the financial consequence.

Rabotnik’s struggle for justice started with his extradition from Poland to the United States. In the face of an 11-count indictment, he ultimately pleaded guilty, admitting to participation in numerous cybercrimes against his knowledge, including fraud, computer damage and money laundering.

International Efforts against Ransomware

Through this sentencing, we have the privilege of witnessing a turning point in the relentless fight against ransomware groups which was started by U.S. President Joe Biden in November 2021. The determination of the administration was greatly strengthened after REvil launched their obscene demand for $70 million in bitcoin, after they had compromised Kaseya, which is a software provider based in Miami.

The takedown of REvil in March 2022 by the Russian authorities, which showcased the significance of international cooperation in curbing these cyber threats, is a testimony to this fact. The attorney general, Merrick B. Garland, focused on the collective effort in this regard by pointing out that the Justice Department in collaboration with its international partners is using all tools at its disposal to track the cybercriminals down, seize their proceeds, and hold them accountable for the crimes they commit.

Financial Repercussions

Rabotnik’s sentence also involves substantial financial burden. Besides his prison sentence, he has been ordered to pay a restitution depicting the fact that the DOJ is determined to trace and recover ill-gotten assets. The Department’s previous actions, including the seizure of 38 BTC and $6 million worth of ransom funds, illustrate its proactive attitude towards disbanding cybercrime activities and minimizing their effects.

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Unverified Zero-Day Exploit in iMessage Raises Security Concerns for iPhone Users

Tanju Akbıyık — Tue, 16 Apr 2024 22:00:07 +0000

The discovery of a zero-day exploit targeting Apple’s iOS platform has sent shockwaves through the cyber security realm, raising concerns about the safety and integrity of millions of iPhone users’ devices.

Trust Wallet’s Alarming Revelation

Trust Wallet, a reputable crypto wallet provider, sounded the alarm bells after uncovering evidence of a zero-day exploit lurking within Apple’s iMessage application. CEO Eowyn Chen’s disclosure of a screenshot purportedly showcasing the exploit for sale on the dark web for a staggering $2 million sparked immediate concern among iOS users. The urgency of Trust Wallet’s warning, urging users to disable iMessage to mitigate the risk, underscores the severity of the threat posed by this exploit.

Industry Response and Skepticism

In the wake of Trust Wallet’s revelation, industry experts and commentators have responded with a mix of alarm and skepticism. While some have echoed Trust Wallet’s concerns and emphasized the gravity of the situation, others have raised doubts about the validity of the claimed threat. The criticism from the public emphasizes the lack of concrete evidence that goes beyond the screenshot and represents an overall sense of careful inspection in the cyber security space.

Navigating the Perilous Landscape of Zero-Day Exploits

The emergence of this zero-day exploit serves as a stark reminder of the ever-present threats looming in the digital realm. With cyber criminals constantly comes up with new tactics to exploit vulnerabilities in popular software and platforms, the need for strong cyber security measures has never been more pressing. As iOS users grapple with the implications of this recent exploit, vigilance, informed decision-making, and collaboration between industry stakeholders are essential in safeguarding against future attacks into the digital infrastructure we rely upon.

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