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Attackers exploit fundamental flaw in the web’s security to steal $2 million in cryptocurrency

2022-03-09, CITP
#KlaySwap #Cryptocurrency #Suspicious


By Henry Birge-Lee, Liang Wang, Grace Cimaszewski, Jennifer Rexford and Prateek Mittal
On Thursday, Feb. 3, 2022, attackers stole approximately $2 million worth of cryptocurrency from users of the Korean crypto exchange KLAYswap. This theft, which was detailed in a Korean-language blog post by the security firm S2W, exploited systemic vulnerabilities in the Internet’s routing ecosystem and in the Public Key Infrastructure (PKI), leaving the Internet’s most sensitive financial, medical and other websites vulnerable to attack.
Remarkably, years earlier, researchers at Princeton University predicted such attacks in the wild and successfully developed initial countermeasures against it, which we will describe here. But unless these flaws are addressed holistically, a vast number of applications can be compromised by the exact same type of attack.
Unlike many attacks that are caused by zero-day vulnerabilities (which are often patched rapidly) or a blatant disregard for security precautions, the KLAYswap attack was not related to any software …