Beware of New Malware Targeting Crypto Wallets and Exchanges, Warn Government Agencies

Government agencies in the United States and the United Kingdom have issued an advisory report cautioning users about a new malware that is specifically targeting cryptocurrency wallets and exchanges. The report, released jointly by the U.S. National Security Agency (NSA), Cybersecurity and Infrastructure Security Agency (CISA), Federal Bureau of Investigation (FBI), and the U.K.'s National Cyber Security Centre (NCSC), reveals that the malware has been named "Infamous Chisel."

Sandworm, Russia's Cyberwarfare Unit, Behind the Malware

The joint report states that the Infamous Chisel malware has been linked to Sandworm, a cyberwarfare unit operating under the Russian military intelligence agency, GRU. This particular unit has been targeting the Android devices of the Ukrainian military, extracting sensitive information using the new malware. The report raises concerns about the compromised mobile devices and the potential risks associated with the extraction of data.

Crypto Wallets and Exchanges at Risk

The report highlights that the data extracted by the Infamous Chisel malware includes information within the directories of popular cryptocurrency exchange applications such as Binance and Coinbase, as well as the Trust Wallet application. Disturbingly, the malware indiscriminately exfiltrates every file in these directories, regardless of their type.

Malware Lacks Stealth Techniques

An interesting observation made in the joint report is that the Infamous Chisel malware lacks the usual stealth techniques used by similar malicious software. The report speculates that this may be due to the absence of host-based detection systems specifically designed for Android devices. As a result, the malware is able to carry out its operations without disguising its activities.

Losses in the Crypto Space Reach Nearly $1 Billion

In a separate development, the year 2023 has seen a staggering amount of nearly $1 billion lost to exploits, hacks, and scams. According to blockchain security firm CertiK, as of September 1, the total losses for the year were reported to be around $997 million. However, it is worth noting that the losses in August were significantly lower, with approximately $45 million lost. In the preceding month of July, over $486 million worth of digital assets were lost due to malicious attacks.

As the threat landscape continues to evolve, users are reminded to exercise caution and implement strong cybersecurity practices when dealing with cryptocurrency wallets and exchanges.