Cybercriminals attempted to gain access to Paxful users‘ accounts using brute force attack methodologies

Over the past two months, Paxful, the P2P crypto marketplace, has been able to defend itself against a long series of cyber attacks, including 220,000 attempts at intrusion via bots and various social media scams.

In the same time frame, two different hacker groups managed to steal around $200 million in crypto from the KuCoin exchange, and $5.4 million from Eterbase.

Paxful claims that the attackers tried to use bots to perpetrate brute force attacks in order to break into users‘ accounts:

„Bots, which according to some reports generate about 25% of the world’s web traffic, are programs that simulate the actions of a real device. They pose a serious problem for those running e-commerce, as cybercriminals use bots to steal money, discover user credentials through brute force attacks, and disrupt systems with DDoS attacks.“

Lockdowns in various countries around the world have provided criminals with unique possibilities: just think of the small group of teenagers who managed to hack some Twitter accounts of well-known characters.