The use of cryptocurrency is increasing with time; however, as its use rises, so does the risk of hacking and scams to traders. Similar shocking news has recently popped up from Vietnam. A Ho Chi Minh City resident steals 300 million Vietnamese dongs from a cryptocurrency entrepreneur.
The man also demanded money from the trading platform’s owner and stole sensitive data from 29,000 clients by leveraging the Crypto trading platform’s vulnerabilities. This cyber attack resulted in massive losses for the platform’s owner, Vu Ngoc Chau, who formed the platform in 2018 to promote cryptocurrency trading among Vietnamese residents.
Who is behind the Cyber Attack?
Nham Hoang Khang, a Cyber-criminal, carried out this hacking incident. A man was looking for an opportunity to hack a cryptocurrency platform, and when he discovered some vulnerabilities in the victim’s site, T-rex.exchange, he decided to leverage the vulnerabilities to gain access to the platform. However, as everyone knows, crime never pays, his success was also turned into a nightmare when he was caught by Vietnamese police and taken into custody for stealing money from the Vietnamese Crypto Exchange Platform.
The man was also told to refund the money he stole from the T-rex.exchange and was sentenced to ten years in prison. The incident could have been much worse if the hacker had not been caught; however, luckily, it has caused havoc among other Crypto entrepreneurs and traders, prompting them to reconsider investing in Vietnamese Crypto Exchange platforms. Although such incidents can be avoided by implementing good security measures in the Crypto exchange platforms, we hope this disaster will not occur again.