Hackers are always on the lookout for loopholes and vulnerabilities in cryptocurrency exchanges and wallet. In the latest development, the MyEtherWallet team has urged all users of the Hola VPN to transfer their coins to a safer portfolio as cyberpunks have compromised the VPN.
The team claimed the hackers were able to gain access into Hola and held the VPN software under siege for up to five hours.
MyEtherWallet announced the ugly situation on its Twitter handle saying:
“Urgent! If you have Hola chrome extension installed and used MEW within the last 24 hrs, please transfer your funds immediately to a brand new account,” adding “We received a report that suggests Hola chrome extension was hacked for approximately 5 hours and the attack was logging your activity on MEW.”
Although regular users of the wallet who hadn’t installed the Hola VPN extension on their browsers were not affected, the MEW team have hinted that the hack originated from a Russian IP address.
One too Many
Of a truth, there is hardly any system that is 100 percent secure, as hackers are getting more and more sophisticated in their operations with each passing day. However, the MyEtherWallet team really need to beef up their system, since this is not the first time cyberpunks are breaking into their platform.
Back in April, MEW fell to a DNS attack that saw quite many users lose funds to criminals.
“A majority of those affected were using Google DNS servers. Affected users are likely to have clicked the “ignore” button on an SLL warning that pops up when visiting a malicious site imitating MEW. We recommend all our users to switch to Cloudflare DNS servers in the meantime. We are currently in the process of verifying which servers were targeted to help resolve this issue as soon as possible,” the MEW team stated at the time.
At the time of filing this report the number of users affected by the hack is yet to be ascertained.
Even though the entire crypto market is trying to overcome a strong bearish trend, altcoins such as ethereum remain quite valuable and will not cease being the target of hackers. Therefore, it is pertinent for hodlers to be alert at all times and avoid installing extensions like the Hola VPN that could make them vulnerable to attacks.