Another cryptocurrency exchange, Coss exchange has been hacked and some of its users already posted the details of their account hacking on the popular social media—Reddit.
Coss Exchange User’s 2FA Got Hacked
Based on a recent report, the 2-factor authentication of the Exchange was hacked and as of now, about $850,000 in crypto funds has been reported stolen.
Hacking experts have been able to come up with a theory. The theory has it that the hackers made use of a method known as brute force. This involves hammering on a particular weakness in the system.
The reason for this conclusion was based on an extensive Reddit post by one of the hacking victim. The user made it known that over 1000 attempts to break his 2FA were sent to his email, all while he was sleeping. The user further reported that he ensured that his account on the exchange complied with all the exchange’s security measures.
Hacked Account Details
Since the report of the hacking came to light, it has been reported that the exchange is doing all in its power to help the user get his funds back. The hacked user has also made it known that he will be holding Coss Exchange responsible for this hack and he will be pressing charges if he doesn’t get his funds back.
Based on the Reddit post, the hacked user made it is known that he lost 8 BTC, 22 ETH, and 11,700,000 COSS—the exchange’s native token. An additional 19,000 EOS held by the user was not stolen due to the EOS Node’s inoperability during the events of the hack.
Hack Not Limited to a Single Account
Since the post was made on Reddit, other users have also reported that their accounts were affected by the hack. So the exact number of accounts hacked is yet to be determined.
Many are of the opinion that the exchange needs to beef up its security and employ up-to-date security measures.