Industry News: ESG5

The Target: Crypto.com, a Singapore based cryptocurrency exchange app.

The Take: Theft of $31 million USD from customer’s online wallets.

The Vector: Through a credential stuffing attack, where previously exposed passwords are reused by users across multiple platforms, the threat actors executed unauthorized withdrawals from user accounts.

This breach highlights the high-risk practice of poor password hygiene like reused passwords, and more importantly, the critical nature of proper credential management through multi-factor authentication. Employing multi-factor authentication is a key part of maintaining a robust cybersecurity posture and ensuring company and customer data Is only accessed by authorized parties.

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