In line with a recent official ‘web-blog post‘ published by the company, renowned cryptocurrency wallet service provider named ‘Komodo’ effectively ‘hacked‘ itself to stop fraudsters from accessing its users’ funds.
Security researchers earlier also alerted the firm to a vulnerability in its Agama wallet. Realizing that hackers might strike any moment, Komodo’s cyber-security team then decided to deploy the same exploit to transfer compromised crypto assets to safety.
Explaining to users what happened, Komodo added:
“We were able to sweep around 8 Mln KMD & around 96 Bitcoins [BTC] from these vulnerable wallets, that otherwise would have been a simple pickings for the accusers.”
Komodo’s actions mean that, at the present market rates, funds valued around $13 Mln were with successfully secured from a ‘hack‘.
The ‘crypto’s‘ are presently being held in 2 safe wallets, and the owners are now being invited to reclaim their assets if their accounts have been affected. Those who might still have crypto’s within their Agama wallet are being urged to transfer all their funds to a new address as soon as possible.
Additional details regarding the vulnerability will be further revealed once Komodo ensures that all the funds are secured.
Hacks are a continuous threat to the crypto world. Earlier in May, it emerged that the now-defunct New Zealand exchange Cryptopia ‘owes‘ about $4.22 Mln to its creditors after ‘suffering‘ an attack in January.
Also weeks earlier, hackers ‘used‘ phishing and viruses to withdraw around 7,000 Bitcoin’s [BTC] from compromised ‘Binance‘ hot wallets in an exceeding attack that went undetected by the exchange’s security systems.