Komodo, a crypto wallet provider has effectively hacked into its own system in order to prevent fraudsters from accessing users’ funds, the company confirmed in a blog post on June 5.
As per the company, the security researchers alerted them about a vulnerability in its Agama wallet. After realizing the hack could happen at any moment, Komodo’s cybersecurity devised a plan to employ the same exploit to move compromised crypto to safety. Explaining to users what happened, Komodo said:
“We were able to sweep around 8 million KMD and 96 BTC from these vulnerable wallets, which otherwise would have been easy pickings for the attacker.”
With this action, Komodo saved funds worth $13 million, at the current market rates from risk. As per the firm, the crypto is now being held in two safe wallets and owners are now being invited to reclaim their assets in case their accounts have been swept. As for those who still have cryptocurrency in their Agama wallet are being urged to move all their funds to a new address as soon as possible.
Once the firm ensures that all the funds are safe, they will reveal details about the vulnerability. Crypto wallet Hacks are being a massive threat to the crypto world.
Weeks earlier, Cryptocurrency Exchange Binance was hacked using phishing and viruses, compromising 7,000 bitcoin (BTC). It is purportedly, it was a premeditated attack that went undetected by the exchange’s security systems. In Mid-January, Cryptopia a New Zealand Based Cryptocurrency Exchange faced a hack
Image source – Komodo Twitter