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HomeSecurityLayerswap's Domain Hijacked: $100,000 Stolen in Phishing Scam

Layerswap’s Domain Hijacked: $100,000 Stolen in Phishing Scam

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In a recent turn of events, Layerswap’s domain (layerswap.io) was compromised, leading to a phishing scam that resulted in the loss of $100,000. Despite the setback, Layerswap has pledged to refund affected users in full and offer a 10% bonus. This incident serves as a reminder of the prevalence of crypto scams, with $46.86 million lost in February 2024 alone.

On March 20th, Layerswap’s GoDaddy account was compromised, allowing malicious actors to alter the domain’s DNS settings and redirect traffic to a phishing site. Unfortunately, around 50 users fell victim to the scam, collectively losing $100,000 in assets.

However, Layerswap acted swiftly and regained control of their domain by 11:07 PM UTC, reversing the hacker’s modifications and taking steps to refund affected users. In addition, the company has offered a 10% bonus as compensation for the inconvenience caused by the security breach.

According to Scam Sniffer, February 2024 saw significant losses of $46.86 million in cryptocurrencies due to scams, with over 57,000 individuals falling victim to various phishing schemes. While there was a 75% decrease in victims losing over $1 million compared to January 2024, the Layerswap incident highlights the persistent threat posed by cybercriminals in the cryptocurrency space.

In light of this incident, it is essential for the crypto community to remain vigilant and take measures to protect themselves from such scams. Layerswap’s prompt response and commitment to refunding affected users serve as a positive example in addressing such security breaches.

In conclusion, the Layerswap domain hijacking serves as a reminder of the importance of enhanced security measures and user awareness in the cryptocurrency space. While the incident is unfortunate, Layerswap’s response demonstrates a commitment to user protection and underscores the need for continued vigilance against cyber threats.

Source: Coinjournal

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