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CoinLoan Team Prevents Massive Crypto Scam

PRESS RELEASE. With the increasing popularity of cryptocurrencies, fraud cases have become frequent lately. News about massive crypto scams hits the headlines virtually every other day. Specifically, Trezor users risked losing control of their wallets were it not for prompt and efficient measures of CoinLoan’s anti-fraud team that prevented the large-scale swindle.

In April 2022, a team member received an email with a link to the latest version of Trezor Suite, but the linked domain was a fraudulent copy of the Trezor website, which raised a red flag. As it turned out, the attached download was intended to steal a seed phrase that unlocks access to users” wallets. The response to this finding was quick, as CoinLoan staff first ensured that the fraudulent IP address and any related domains were disabled and then reported the malware to VirusTotal, a service analyzing files and URLs for viruses and shares them with the security community. The CoinLoan anti-fraud team managed to save hundreds or maybe thousands of Trezor wallet users from losing their funds in such a swift move.

The Trezor team is not to blame for this data breach because hackers wormed out the wallet users’ email addresses via a popular newsletter website. However, this incident has proved that there are never too many security measures. Therefore, the highest level of A bank-grade protection against fraud is a must for both crypto users and the companies they work with.

CoinLoan co-founder and CTO Max Sapelov commented on the team’s efforts: “We are immensely proud of our fraud detection team., However, this incident does shed light on the inherent risks associated with (cold) non-custodial wallets, including software, connections to third-party vendors, and possible insider leaks. In contrast, custodial wallets such as CoinLoan often implement a series of checks and holds which prevent fraudsters from a) gaining access and b) moving or withdrawing crypto in the event of a leak. As attacks such as this become more common, we hope that users intelligently weigh up the pros and cons of using each type of wallet.”

It is a sad truth that the number of crypto-targeted cybercrimes, such as the one prevented by the CoinLoan anti-fraud team, is continuously increasing, which is a troubling sign for the crypto community. As a result of these attacks, consumer trust weakens while the perception of cryptocurrencies being an unstable and highly risky investment instrument becomes acute. Nonetheless, digital money is actively finding its way into our everyday life, so supporting the optimistic view about the safety of crypto should be the top priority. CoinLoan acknowledges this fact, utilizing the highest bank-grade security standards.

About CoinLoan

CoinLoan is an EU-licensed crypto business that started as a project in 2017. Its platform offers Instant Loans against crypto assets, Interest Accounts in crypto, and Crypto Exchange. These services are rendered both to individuals and corporate entities with exceptions required by the applicable laws. We strive to provide our clients with the highest bank-grade security standards and insurance on assets to let corporate and private customers benefit from the highest levels of protection.

Its highly-competitive loan and APY rates, transparent pricing, and 24/7 human customer support service have resulted in high customer retention and satisfaction. In addition, CoinLoan’s platform allows swapping and managing a comprehensive and growing range of cryptocurrencies, including its native token and fiat currencies.

The company is focused on continuous innovation through state-of-the-art technology and partnerships, bringing customers constant improvements and possibilities within the crypto world.

For more information, go to https://coinloan.io/ and follow us on Twitter, LinkedIn, Facebook, Instagram and Discord.

 


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