4 Million dollars worth of IOTA crypto coins has been stoled by a cybercriminal

4 Million dollars worth of IOTA crypto coins has been stoled by a cybercriminal
An ingenious cybercriminal made 4 million dollars in one day. The cybercriminal named Norbertvdberg has already disappeared from cyberspace with exactly $3.94 million worth of IOTA crypto coins. He managed to steal this enormous amount of money after building an elaborate phishing scheme using a site named iotaseed.io which he has promoted on various legit channels making it reach the top position in the google search for iota seed generator.

Every crypto coin requires a wallet so does IOTA coins. If a user wants to create a portfolio he must generate the wallet’s private key, also named a seed. A seed is a random alpha-numerical character, 81 in number, and it has two purposes: is used to generate the public wallet address, and as a password to authenticate the wallet’s owner. The seeds are produced using various tools, and this is how the cybercriminal figured that he could give a “helping hand” to other users. Back in August 2017 he released the iotaseed.io and presented as an IOTA seed online generator.

To get more credibility the hacker link the site to GitHub repository saying that both are running the very same code. Which was not true because the code was mostly the same code from the GitHub repository but slightly altered with ingenious modifications made in Notifier.js library which is used to load additional code that adds patches for Math.seedrandom function and returns a fixed seed every time 4782588875512803642 then adds to a counter 1 unit with every generator run.

The cybercriminal promoted the site using Google’s advertising platforms for six months. In this six months, he recorded every log from its site then in 19 of January when a DDoS attack occurred on IOTA infrastructure he takes advantage of this event and transfers all the funds from the wallets collected for six months then disappeared with 4 million dollars in IOTA. Our expert investigated both incidents, the DDoS attack on IOTA’s infrastructure and the 4 million theft, and found no relations between those two, meaning that the cybercriminal patiently waited for something big to happen to make the hist silently whiteout anyone seeing the significant cash flow that he moved in one night. Although this fraud method didn’t involve any malicious software or breaches to get the coins, only an ingenious method of stealing the credentials, it doesn’t mean that other cybercriminals will not use better and maybe more clever ways involving malicious threats to get their prey.

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