2024

Arkham

Chainlink

<ul>
 <li>Inferno Drainer stole $900,000 worth of Chainlink’s LINK tokens in late January.</li>
 <li>Phished private wallet keys through a fraudulent crypto airdrop website.</li>
 <li>Swiftly drained the wallet with two transactions.</li>
</ul>
<p>Yet another multi-hundred thousand dollar crypto hack hit the news this week, tied to the surging real-world asset tokenization trend and lax security practices.</p>
<p>According to threat intelligence group <a href="https://twitter.com/ArkhamIntel/status/1754490612638765264?s=20" target="_blank" rel="noopener noreferrer nofollow">Arkham</a>, hacking syndicate Inferno Drainer made off with $900,000 worth of <a href="https://thenewscrypto.com/?s=chainlink" target="_blank" rel="noopener noreferrer nofollow">Chainlink’s</a> LINK tokens from a Swiss crypto investment fund’s hot wallet in late January. The attackers allegedly phished the victim’s private wallet keys using a fraudulent crypto airdrop website.</p>
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   <p lang="en" dir="ltr">Last week, a wallet linked to the Swiss fund PrismInvest was drained by Inferno Drainer for $850K LINK.<br><br>In the morning of January 27th, “Alchemist63” signed two approval transactions, the first losing $450K in LINK.<br><br>12 seconds later, he was convinced to switch chains and again… <a href="https://t.co/tYgRWGNaUb" rel="noopener noreferrer nofollow">pic.twitter.com/tYgRWGNaUb</a></p>— Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1754490612638765264?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 5, 2024</a>
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<p>Once inside, they swiftly drained the wallet across two transactions after securing signature approvals from the compromised “Alchemist63” account. The transactions targeted LINK specifically, siphoning $400,940 at first, then $456,400 twelve seconds later as the victim unwittingly approved both fraudulent money transfers.</p>
<p>Researchers subsequently tied the drained wallet to PrismInvest, a Switzerland-based fund with activity history on Binance dating back years. However, with digits keys now compromised, the stolen crypto likely passed through coin mixers and into Inferno’s possession permanently.</p>
<h2 class="wp-block-heading" id="h-cybersecurity-risks-around-crypto-rise"><strong>Cybersecurity risks around crypto rise</strong></h2>
<p>The eye-watering hack, one of many linked to Inferno Drainer, spotlights the cybersecurity risks surrounding the accelerating trend of real-world asset tokenization on blockchain ledgers.</p>
<p>With institutions and enterprises rushing to convert everything from commodities to currencies into tokenized digital representations, hackers salivate at the prospect of even easier big-game targets.</p>
<p>Chainlink has emerged as a tokenization leader, allowing real-world assets worth trillions to port onto its oracle-connected network. However, with financial titans like SWIFT, Associated Press, and major banks now gravitating to Chainlink, this latest $1 million LINK hack heightens the urgency around buttoning up security.</p>
<p>Industry experts urge companies tokenizing real-world assets to implement robust multi-factor authentication, isolate and vigilantly manage private keys, stress test systems against attacks, and carefully evaluate blockchain partners.</p>
<p>As more value floods into the crypto ecosystem from enterprise adoption, hackers will ratchet up efforts to siphon funds by exploiting vulnerabilities in tokenization architecture.</p>

Inferno Drainer Nabs $900,000 Worth of Chainlink (LINK) in Latest Crypto Hack

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