Komodo Crypto Wallet Successfully Foiled Attempt To Dupe Investors Of $13 Million

Crypto Wallet Hacking

The developer of cryptocurrency wallet, Komodo has reportedly foiled a theft attempt that could have possibly resulted in a loss of $13 million. According to the information available on the npm JavaScript, the security system of the wallet alerted the company about the possible theft attempt which had been executed by the scammers to rob Agma, one of the older wallets of Komodo. The Audit report was conducted, which promptly showed that there was a theatre of malware which was trying to enter into the system through a backdoor system.

Swift Action and Response

Acting swiftly to the warning, Komodo and npm sprung into action and extracted the funds of users of Agma using the same backdoor entry system. These funds were then transferred into a safe location which was out of the reach of the hackers. According to the Komodo, their cybersecurity teams reacted very swiftly after detecting the alert, and in fact, it is because of their promptness and alacrity, it was possible to safeguard the money of the investors. Komodo also elaborated on the way its team foiled the attempt and said that its team uses the same methodology adopted by the hackers to gain access to the funds and then safely transferred the money to a new location.

Revealing the details about the amount, the cryptocurrency wallet said that it was able to save money worth 96 Bitcoin and 8 million KMD (komodo tokens). Collectively, both of these add up to around $13 million. Further, the cryptocurrency wallet has asked all the users of Agama to create a new account on the KMD and then move their funds to their new address. This will help to avoid any risk of future attacks and hence ensure the safety of investors money in the time to come.

Impact on Crypto World

This is indeed a good development from the perspective of assuring investors that there are many organizations in the crypto field, which have a robust safety mechanism to protect their money and investment. Like in this case, the wallet moved through the safety process swiftly, and by ensuring safety procedure, it was able to thwart the hacking attempt. Other organizations and crypto wallets can take a cue from the working of Komodo which has indeed done a commendable job. The development also points towards the fact that hackers and scammers are also evolving their technique of duping the investors which also put a responsibility on the investors to remain vigilant about their passwords as well as login accounts.  Investors should always follow the safety mechanisms, and in case of any kind of suspicious activity, they must inform the concerned authorities or organizations at first. This will not only save their own money but also help in ensuring the overall safety of the other investors’ fund too. On a larger scale, the use of safety mechanisms is very much needed to ensure the widespread adoption of cryptocurrency and digital coins.

Related Cryptocurrency News