LMEX Stock Exchange: Difference between revisions
(Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/lmexstockexchange.php}} Although there is very limited information to be found on this case, it appears that the LMEX exchange had a vulnerability which allowed attackers to remove the funds. After losing $150k USD, the platform shut down and declared themselves insolvent. This exchange or platform is based in China, or the incident targeted people primarily in China. == About LMEX == "The LMEX...") |
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{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/lmexstockexchange.php}} | {{Imported Case Study 2|source=https://www.quadrigainitiative.com/casestudy/lmexstockexchange.php}} | ||
{{Unattributed Sources}} | |||
Although there is very limited information to be found on this case, it appears that the LMEX exchange had a vulnerability which allowed attackers to remove the funds. | Although there is very limited information to be found on this case, it appears that the LMEX exchange had a vulnerability which allowed attackers to remove the funds. | ||
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After losing $150k USD, the platform shut down and declared themselves insolvent. | After losing $150k USD, the platform shut down and declared themselves insolvent. | ||
This exchange or platform is based in China, or the incident targeted people primarily in China. | This exchange or platform is based in China, or the incident targeted people primarily in China.<ref name="slowmisthacked-1160" /><ref name="blockcast-2149" /><ref name="programmersought-2150" /><ref name="programmersought-2151" /><ref name="fjjnxs-2152" /> | ||
== About LMEX == | == About LMEX == | ||
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Don't Include: | Don't Include: | ||
* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed. | * 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. | * Anything that wasn't reasonably knowable at the time of the event. | ||
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!Description | !Description | ||
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|May 27th, 2020 | |May 27th, 2020 | ||
| | |Main Event | ||
| | |Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here. | ||
|- | |- | ||
| | | | ||
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== Technical Details == | |||
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited? | |||
== Total Amount Lost == | == Total Amount Lost == | ||
The total amount lost | The total amount lost has been estimated at $150,000 USD. | ||
How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie? | How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie? | ||
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== Total Amount Recovered == | == Total Amount Recovered == | ||
There do not appear to have been any funds recovered in this case. | |||
What funds were recovered? What funds were reimbursed for those affected users? | What funds were recovered? What funds were reimbursed for those affected users? | ||
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== Ongoing Developments == | == Ongoing Developments == | ||
What parts of this case are still remaining to be concluded? | What parts of this case are still remaining to be concluded? | ||
== General Prevention Policies == | |||
The platform appears to be being run by an anonymous team. They do not appear to have properly secured the assets, and it rather appears that all funds are in hot wallets. | |||
== Individual Prevention Policies == | |||
{{Prevention:Individuals:Placeholder}} | |||
{{Prevention:Individuals:End}} | |||
== Platform Prevention Policies == | |||
{{Prevention:Platforms:Placeholder}} | |||
{{Prevention:Platforms:End}} | |||
== Prevention Policies == | == Regulatory Prevention Policies == | ||
{{Prevention:Regulators:Placeholder}} | |||
{{Prevention:Regulators:End}} | |||
== References == | == References == | ||
[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun | <references><ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 26, 2021)</ref> | ||
[https://blockcast.cc/news/slow-mist-resume-2020-defi-exchange-and-public-chain-security-and-privacy-events/ Slow Mist: Resume 2020 DeFi, Exchange and Public Chain Security and Privacy Events • Blockcast.cc- News on Blockchain, DLT, Cryptocurrency] (Aug | <ref name="blockcast-2149">[https://blockcast.cc/news/slow-mist-resume-2020-defi-exchange-and-public-chain-security-and-privacy-events/ Slow Mist: Resume 2020 DeFi, Exchange and Public Chain Security and Privacy Events • Blockcast.cc- News on Blockchain, DLT, Cryptocurrency] (Aug 3, 2021)</ref> | ||
[https://www.programmersought.com/article/81474156313/ PeckShield: A total of 23 security incidents occurred in May, and frauds on the road were rampant - Programmer Sought] (Aug | <ref name="programmersought-2150">[https://www.programmersought.com/article/81474156313/ PeckShield: A total of 23 security incidents occurred in May, and frauds on the road were rampant - Programmer Sought] (Aug 3, 2021)</ref> | ||
[https://www.programmersought.com/article/36884157698/ Zero Time Technology: May 2020 Blockchain Security Event | A wide range of hacker attacks - Programmer Sought] (Aug | <ref name="programmersought-2151">[https://www.programmersought.com/article/36884157698/ Zero Time Technology: May 2020 Blockchain Security Event | A wide range of hacker attacks - Programmer Sought] (Aug 3, 2021)</ref> | ||
[http://www.fjjnxs.com/zixun/dtqkl0504_4039.html The three exchanges of "fulbit", "UEX" and "lmex" are running away together, offering a reward of ten million search for senior executives' information_Talk about blockchain] (Aug | <ref name="fjjnxs-2152">[http://www.fjjnxs.com/zixun/dtqkl0504_4039.html The three exchanges of "fulbit", "UEX" and "lmex" are running away together, offering a reward of ten million search for senior executives' information_Talk about blockchain] (Aug 3, 2021)</ref></references> | ||
Latest revision as of 13:32, 1 May 2023
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Although there is very limited information to be found on this case, it appears that the LMEX exchange had a vulnerability which allowed attackers to remove the funds.
After losing $150k USD, the platform shut down and declared themselves insolvent.
This exchange or platform is based in China, or the incident targeted people primarily in China.[1][2][3][4][5]
About LMEX
"The LMEX Stock Exchange's community issued a notice on the adjustment of exchange operations, stating that the platform was hacked and stolen and lost 150,000 USDT, which caused the platform to have a low debt. The deposit and withdrawal have been closed."
"[P]artners of the community. [F]irst of all, [we wish to] thank the community users for their company and support and the rapid development of the platform[.] It's far beyond the platform plan. [I]t's beyond the load of the platform system."
"[Y]esterday's online trading was right. It should have been the most anticipated day for the platform and everyone, but the plan can't keep up with the change[.]" "[Y]esterday opened the transaction, and a large number of members swarmed in to log in, which led to serious app jam. At the same time, hackers also carried out intrusion and attack on the system." "[D]ue to the large amount of recharge and withdrawal, [the] platform [went] offline[.] [Deposit] and withdrawal failed to arrive in time."
"At present, the platform database has produced a lot of LB holes. at present, we are checking and repairing the data." "Yesterday, the platform hackers invaded and stolen usdt. [T]he verification is about 150000 usdt, with the largest single currency of 52000 usdt." "At present, the platform market panic is serious. [T]he platform is not low in debt."
"It takes about five days for the platform to repair and verify the data. [A]fter the verification of the platform is completed, Public release of processing results and next step plan. During the current period, the platform is closed."
This exchange or platform is based in China, or the incident targeted people primarily in China.
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 |
|---|---|---|
| May 27th, 2020 | Main Event | Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here. |
Technical Details
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?
Total Amount Lost
The total amount lost has been estimated at $150,000 USD.
How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
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?
Total Amount Recovered
There do not appear to have been any funds recovered in this case.
What funds were recovered? What funds were reimbursed for those affected users?
Ongoing Developments
What parts of this case are still remaining to be concluded?
General Prevention Policies
The platform appears to be being run by an anonymous team. They do not appear to have properly secured the assets, and it rather appears that all funds are in hot wallets.
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
- ↑ SlowMist Hacked - SlowMist Zone (Jun 26, 2021)
- ↑ Slow Mist: Resume 2020 DeFi, Exchange and Public Chain Security and Privacy Events • Blockcast.cc- News on Blockchain, DLT, Cryptocurrency (Aug 3, 2021)
- ↑ PeckShield: A total of 23 security incidents occurred in May, and frauds on the road were rampant - Programmer Sought (Aug 3, 2021)
- ↑ Zero Time Technology: May 2020 Blockchain Security Event | A wide range of hacker attacks - Programmer Sought (Aug 3, 2021)
- ↑ The three exchanges of "fulbit", "UEX" and "lmex" are running away together, offering a reward of ten million search for senior executives' information_Talk about blockchain (Aug 3, 2021)