Home Cyber Crime Hacker forum contest gives $100K for new ways to steal digital assets

Hacker forum contest gives $100K for new ways to steal digital assets


The administrator of a Russian-speaking cybercriminal discussion board has held a contest for the group to share unusual strategies to focus on cryptocurrency-related expertise.

Members of the discussion board had one month to submit their papers and enter a contest that promised greater than $100,000 in prizes.

Eyes on digital belongings

The announcement got here on April 20 and requested for analysis papers that explored numerous methods to steal personal keys and cryptocurrency wallets, unusual mining software program, good contracts, or non-fungible tokens (NFTs).

In a report right now, menace intelligence firm Intel 471 notes that after the preliminary publish from the administrator, one other discussion board member added $15,000 to the preliminary prize pool.

Incentivized by the elevated prize worth, a number of members of the group began to share their papers, Intel 471 says.

“One entry checked out manipulating APIs from in style cryptocurrency-related companies or decentralized-file expertise as a way to receive personal keys to cryptocurrency wallets” – Intel 471

One other discussion board person detailed easy methods to create a phishing web site for grabbing the keys to the cryptocurrency wallets and the corresponding seed phrases, that are important to recovering entry to the digital pockets.

Specializing in cryptocurrency and related expertise is smart as of late. The rising worth of digital cash and the explosion of the NFT market are too enticing for cybercriminals to go.

Similar to safety researchers, cybercriminals additionally make an effort to remain on the high of their recreation by updating their strategies and methods or growing new ones.

Varied underground boards have sponsored such contests earlier than and even cybercriminal teams pitched in to realize new information that would assist with their assaults.

Intel 471 says that previous requires papers on two in style cybercriminal boards coated matters starting from botnets, and ATM or PoS fraud, to pretend GPS indicators.

To spark curiosity, anybody submitting their paper was promised $50, whereas the “greatest analysis” obtained as much as $10,000.

Ransomware teams like REvil and Lockbit have finished the identical, in an effort to seek out new avenues of assault and improve their income.

Though these contests usually are not novelty, they present how cybercriminals have taken a business-like method to their exercise and likewise search for progressive or much less frequent strategies to focus on organizations and money in as massive as potential.

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