Singaporean Blockchain Wallet Security Company Discovers New Type of Scam Targeting Centralized Exchanges
Fraudulent Transactions Exploit Wallet Vulnerability, Could Have Stolen More than $3 Million in TRX
Singapore, 6th August 2024, ZEX PR WIRE, CoinsDo, a Singaporean blockchain asset security company, has uncovered a sophisticated scam involving fake transactions and multiple smart contracts targeting major centralized cryptocurrency exchanges. While only a single successful instance of this scam has been confirmed, further analysis of the smart contracts in question revealed that the perpetrators initiated hundreds of these fake transactions, potentially defrauding exchanges, payment gateways, and centralized wallet companies of more than $3 million USD worth of TRX.
It is highly possible that both firms who built their own wallet infrastructure as well as major wallet solution providers ...