With the rising craze of cryptocurrencies, there's a huge demand for cryptocurrency exchanges as well. There are many countries where not many exchanges available for people to buy cryptocurrencies via fiat currency. People have to rely on international exchanges for obtaining crypto's and while doing so, they had to suffer international cost on their mode of payment as well as they have to go though rigorous KYC compliance.
As we all know, crypto market has always been highly prone to scams, hacking and conspiracy stuff. Time to time, we have seen many exchanges got hacked by hackers in order to transfer their funds to their own anonymous wallets. Bithumb, Bitfinex, Bitstamp are some major crypto exchanges which have suffered hacking and lost an enormous amount of crypto funds.
Now, let's talk about another Crypto exchange which had suffered an anonymous hacking attack from Hackers.
The Crypto exchange name is UnoCoin.
Unocoin is India's leading cryptocurrency exchange which allows it's users to buy Bitcoin through fiat currency. Being a lead crypto exchange means high customer base. High customer base means more funds in Unocoin wallet.
Last month, a news got viral that Unocoin database had been hacked by a group of anonymous hackers. When the news became clear, then people got to know that instead of funds in Unocoin wallet, hacker hacked even more precious thing from Unocoin's database. That precious thing is the ledger of customer's e-mail addresses.
As we all know, e-mail address are not being considered that important as compared to funds in the wallet. So, hackers got their hands on the majority of customer's email addresses.
Now, the next thing they do was that they circulated an e-mail on those addresses that UnoCoin was about to conduct their own ICO.
This news was actually a shock to many people because Unocoin had no plan for ICO's and in India as the ICO' are not so popular and people don't invest in them.
To show it's legitimacy, hackers even hyperlink that e-mail with the website URL so that people would find it genuine and deposit their funds in the address providing in the e-mail on ICO's starting date or even before in order to receive discount on tokens.
As this news went viral, Unocoin got to know about the issue and they immediately posted on their Twitter page about this fake ICO news. They warned their users not to invest any ICO through that circulated e-mail as it was fake.
Although, even after company's warning, some people invested some funds in that ICO wallet address but not majority of people. Only a few people got mugged by that hacking attempt.
As I have said above, Crypto world is full of conspiracies, hacks and scams. Most of the people in crypto market don't even have beginner's level knowledge and they invest only out of FOMO or other people's recommendation. And mainly these people becomes the victims of these hacking or fake ICO's attempts.
I would recommend everyone to use their own due diligence to research about any crypto or ICO project while making any investment in them. Only after proper genuine research, an investment decision has to be made.
Thanks for reading ..!!
