Threat actors contacted for compensation against cryptocurrency heist

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As soon as cryptocurrency exchanging firm BadgerDAO learnt that a threat actor has stolen more than $100m funds from user accounts, the company somehow passed on a compensation proposal to the hacker against the cyber heist he/she conducted.

A few weeks back, a threat actor exploited a vulnerability on the crypto financing platform to steal more than $100 million in user funds.

BadgerDAO officials who contacted the US and Canada law enforcement agencies along with security firms Mandiant and Chainalysis have concluded of compensating the threat actor with some funds in exchange for the stolen digital currency in million.

Meanwhile, the company is urging its users to take several steps like checking Etherscan for illegal transactions and revoking token permissions that help neutralize the attack.

In another instance related to cryptocurrency steal via cyber attack, Cryptocurrency exchange service named BitMart has announced that hackers stole $150m worth of funds from its servers and the actual figure will be revealed after the investigation gets concluded.

However, blockchain analysis and security firm Peckshield claims that the stolen amount could be more than $196m and could be a result of a mix of tokens from Safemoon, Binance, and Shiba Inc.

Sheldon Xia, the CEO of BitMart agreed that the threat actors somehow got hold of the private keys and compromised the funds from 2 of the company’s hot wallets. So, the company is all set to use its own funds to compensate its customers and then plans to approach the law enforcement, as they can recover the fraudulently gained amount from a hacker who is currently suspected to be from Russia.

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Naveen Goud
Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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