CryptoRush Hack: Difference between revisions
(COMPLETE Another 30 minutes. About section spread around. Reviewing different lists as sources. Integrating information into article. Found and integrated news article. Reviewed chat with Blackcoin developers.) |
No edit summary |
||
| Line 43: | Line 43: | ||
!Description | !Description | ||
|- | |- | ||
|March | |March 11th, 2014 | ||
| | |Date Widely Cited | ||
| | |The date of the incident as reported by sources including Kyle Gibson<ref name="kylegibson-86" />. | ||
|- | |- | ||
|March 26th, 2014 5:02:01 AM MDT | |March 26th, 2014 5:02:01 AM MDT | ||
| Line 54: | Line 54: | ||
<ref>https://web.archive.org/web/20190624173514/https://pastebin.com/qW3xRmcL (Accessed Feb 27, 2024)</ref> | <ref>https://web.archive.org/web/20190624173514/https://pastebin.com/qW3xRmcL (Accessed Feb 27, 2024)</ref> | ||
https://www.ccn.com/cryptorush-support-worker-leaks-inside-info | |||
== Total Amount Lost == | == Total Amount Lost == | ||
Losses were reportedly up to 950 BTC and 2500 LTC<ref name="idexblog-7454" /> | Losses were reportedly up to 950 BTC<ref name="kylegibson-86" /> and 2500 LTC<ref name="idexblog-7454" />. | ||
The total amount lost has been estimated at $800,000 USD<ref name="kylegibson-86" />. | |||
== Immediate Reactions == | == Immediate Reactions == | ||
| Line 67: | Line 67: | ||
== Ultimate Outcome == | == Ultimate Outcome == | ||
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done? | What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done? | ||
"The guilt was starting to build up inside of me. I answered very few tickets the week of the 16th. I was conflicted, but I worked at my full time job >40 hours that week, so it kept my mind off of things a little. The issues continued. I kept suggesting ways we could maybe get some BTC back, arbitrage, etc. We didn’t even have enough funds for that. I wanted so bad for the exchange to stay afloat, thinking “Maybe tomorrow will bring us back our volume!” But alas, the problems with Zeit, and BTC withdrawals killed our volume. There was no coming back." | "The guilt was starting to build up inside of me. I answered very few tickets the week of the 16th. I was conflicted, but I worked at my full time job >40 hours that week, so it kept my mind off of things a little. The issues continued. I kept suggesting ways we could maybe get some BTC back, arbitrage, etc. We didn’t even have enough funds for that. I wanted so bad for the exchange to stay afloat, thinking “Maybe tomorrow will bring us back our volume!” But alas, the problems with Zeit, and BTC withdrawals killed our volume. There was no coming back." | ||
The issue was featured on several lists including Kyle Gibson<ref name="kylegibson-86" />, and the Idex Blog<ref name="idexblog-7454" />. | The issue was featured on several lists including Kyle Gibson<ref name="kylegibson-86" />, and the Idex Blog<ref name="idexblog-7454" />. | ||
Revision as of 18:00, 29 February 2024
Notice: This page is a new case study and some aspects have not been fully researched. Some sections may be incomplete or reflect inaccuracies present in initial sources. Please check the References at the bottom for further information and perform your own additional assessment. Please feel free to contribute by adding any missing information or sources you come across. If you are new here, please read General Tutorial on Wikis or Anatomy of a Case Study for help getting started.
Notice: This page contains sources which are not attributed to any text. The unattributed sources follow the initial description. Please assist by visiting each source, reviewing the content, and placing that reference next to any text it can be used to support. Feel free to add any information that you come across which isn't present already. Sources which don't contain any relevant information can be removed. Broken links can be replaced with versions from the Internet Archive. See General Tutorial on Wikis, Anatomy of a Case Study, and/or Citing Your Sources Guide for additional information. Thanks for your help!
The primary issue here appears to be numerous exploits in the various alt coin withdrawal processes which CryptoRush handled through hot wallets. This seems to be based on the service being quickly coded in a few short months.
This exchange or platform is based in United States, or the incident targeted people primarily in United States.[1][2][3][4][5]
About CryptoRush
This exchange or platform is based in United States, or the incident targeted people primarily in United States.
The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.
Include:
- Known history of when and how the service was started.
- What problems does the company or service claim to solve?
- What marketing materials were used by the firm or business?
- Audits performed, and excerpts that may have been included.
- Business registration documents shown (fake or legitimate).
- How were people recruited to participate?
- Public warnings and announcements prior to the event.
Don't Include:
- Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
- Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.
The Reality
This sections is included if a case involved deception or information that was unknown at the time. Examples include:
- When the service was actually started (if different than the "official story").
- Who actually ran a service and their own personal history.
- How the service was structured behind the scenes. (For example, there was no "trading bot".)
- Details of what audits reported and how vulnerabilities were missed during auditing.
What Happened
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
| Date | Event | Description |
|---|---|---|
| March 11th, 2014 | Date Widely Cited | The date of the incident as reported by sources including Kyle Gibson[1]. |
| March 26th, 2014 5:02:01 AM MDT | Insider Information Leak | A CCN article sheds visibility into the lack of funds in the CryptoRush exchange platform[6]. A support worker at CryptoRush, named DogeyMcDoge, has leaked inside information regarding the exchange's troubles. This leak sheds light on the challenges faced by CryptoRush in the past month, including two hacking incidents and unorthodox methods to recover losses. Despite attempts to reassure users with solutions like CryptoRushShares, transparency issues persisted, leading to insolvency. DogeyMcDoge's confession has been confirmed by CryptoRush's administrators, who announced an official statement forthcoming. Meanwhile, CryptoRush has appointed a new CEO and promised to reimburse stolen funds. However, doubts linger about the exchange's ability to address its issues effectively[6]. |
Technical Details
https://www.ccn.com/cryptorush-support-worker-leaks-inside-info
Total Amount Lost
Losses were reportedly up to 950 BTC[1] and 2500 LTC[4].
The total amount lost has been estimated at $800,000 USD[1].
Immediate Reactions
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?
Ultimate Outcome
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?
"The guilt was starting to build up inside of me. I answered very few tickets the week of the 16th. I was conflicted, but I worked at my full time job >40 hours that week, so it kept my mind off of things a little. The issues continued. I kept suggesting ways we could maybe get some BTC back, arbitrage, etc. We didn’t even have enough funds for that. I wanted so bad for the exchange to stay afloat, thinking “Maybe tomorrow will bring us back our volume!” But alas, the problems with Zeit, and BTC withdrawals killed our volume. There was no coming back."
The issue was featured on several lists including Kyle Gibson[1], and the Idex Blog[4].
Total Amount Recovered
There do not appear to have been any funds recovered in this case.
The exchange issued a “Debt Management Plan” which outlined plans and potential refunds for victims[4].
Ongoing Developments
What parts of this case are still remaining to be concluded?
General Prevention Policies
Coming soon.
Individual Prevention Policies
No specific policies for individual prevention have yet been identified in this case.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.
References
- ↑ 1.0 1.1 1.2 1.3 1.4 100 Crypto Thefts: A Timeline of Hacks, Glitches, Exit Scams, and other Lost Cryptocurrency Incidents - Kyle Gibson (Jan 25, 2020)
- ↑ List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses - BitcoinTalk (Feb 15, 2020)
- ↑ Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com (Mar 5, 2020)
- ↑ 4.0 4.1 4.2 4.3 A Complete List of Cryptocurrency Exchange Hacks [Updated] - Idex Blog Archive February 15th, 2021 4:34:24 AM MST (Accessed Mar 26, 2022)
- ↑ Bitcoin’s Correction Could Well Have Shaken Out Potentially Damaging Investors - CoinTelegraph (Mar 26, 2022)
- ↑ 6.0 6.1 CryptoRush support worker leaks inside info - CCN Archive June 24th, 2019 1:37:19 AM MDT (Accessed Feb 27, 2024)
- ↑ https://web.archive.org/web/20190624173514/https://pastebin.com/qW3xRmcL (Accessed Feb 27, 2024)