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News

AngelDrainer Scam Group Paid Saboteurs to Target Balancer

September 20, 2023 - Around 2 mins mins to read

Key Points:

  • MistTrack uncovers that the Balancer attacker’s fees originated from the notorious AngelDrainer organization.
  • BGP hijacking, coerced transfers, and THORChain laundering unveiled – a multi-layered attack.
  • Possible ties to Russia emerge, highlighting the global nature of crypto threats.
MistTrack has recently published a revealing article shedding light on a sophisticated attack AngelDrainer involving the Balancer protocol.
AngelDrainer Scam Group Paid Saboteurs to Target Balancer

According to MistTrack’s investigation, the fees associated with the Balancer attacker’s actions have been traced back to the doorstep of the fraudulent organization known as AngelDrainer.

The attack unfolded through a multi-pronged strategy that showcased the attacker’s technical prowess. Initially, the assailant initiated a BGP (Border Gateway Protocol) hijacking, enabling them to take control of the targeted website. This manipulation of internet routing protocols allowed the attacker to gain access to the user’s session and, alarmingly, coerced the user into “agreeing” to transfer funds.

AngelDrainer Scam Group Paid Saboteurs to Target Balancer

To launder the ill-gotten gains, the attacker leveraged THORChain, a cross-chain decentralized liquidity network. Using this platform, the attacker seamlessly transferred the funds across different blockchains, going from Ethereum (ETH) to Bitcoin (BTC) addresses. The intricate web of cross-chain transfers created a complex trail that proved challenging to trace.

AngelDrainer Scam Group Paid Saboteurs to Target Balancer

As the investigation unfolds, one intriguing aspect has come to the forefront. There are indications that the Balancer attackers may have ties to Russia, suggesting a possible connection to a broader network of cybercriminals. The international nature of such attacks adds a layer of complexity to addressing and preventing such incidents.

MistTrack’s findings serve as a stark reminder of the ongoing battle to secure blockchain and cryptocurrency systems. It highlights the need for continuous vigilance and proactive measures to safeguard digital assets and user data. Users are advised to exercise caution when interacting with cryptocurrency platforms and to stay informed about the latest security threats and best practices.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

AngelDrainer

AngelDrainer Scam

Balancer

Balancer Protocol

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

AngelDrainer Scam Group Paid Saboteurs to Target Balancer

Key Points:

  • MistTrack uncovers that the Balancer attacker’s fees originated from the notorious AngelDrainer organization.
  • BGP hijacking, coerced transfers, and THORChain laundering unveiled – a multi-layered attack.
  • Possible ties to Russia emerge, highlighting the global nature of crypto threats.
MistTrack has recently published a revealing article shedding light on a sophisticated attack AngelDrainer involving the Balancer protocol.
AngelDrainer Scam Group Paid Saboteurs to Target Balancer

According to MistTrack’s investigation, the fees associated with the Balancer attacker’s actions have been traced back to the doorstep of the fraudulent organization known as AngelDrainer.

The attack unfolded through a multi-pronged strategy that showcased the attacker’s technical prowess. Initially, the assailant initiated a BGP (Border Gateway Protocol) hijacking, enabling them to take control of the targeted website. This manipulation of internet routing protocols allowed the attacker to gain access to the user’s session and, alarmingly, coerced the user into “agreeing” to transfer funds.

AngelDrainer Scam Group Paid Saboteurs to Target Balancer

To launder the ill-gotten gains, the attacker leveraged THORChain, a cross-chain decentralized liquidity network. Using this platform, the attacker seamlessly transferred the funds across different blockchains, going from Ethereum (ETH) to Bitcoin (BTC) addresses. The intricate web of cross-chain transfers created a complex trail that proved challenging to trace.

AngelDrainer Scam Group Paid Saboteurs to Target Balancer

As the investigation unfolds, one intriguing aspect has come to the forefront. There are indications that the Balancer attackers may have ties to Russia, suggesting a possible connection to a broader network of cybercriminals. The international nature of such attacks adds a layer of complexity to addressing and preventing such incidents.

MistTrack’s findings serve as a stark reminder of the ongoing battle to secure blockchain and cryptocurrency systems. It highlights the need for continuous vigilance and proactive measures to safeguard digital assets and user data. Users are advised to exercise caution when interacting with cryptocurrency platforms and to stay informed about the latest security threats and best practices.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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