Malicious actors exploited an unknown flaw in Revolut’s payment systems to steal more than $20 million of company funds in early 2022.
The Financial Times reported on the development, citing multiple unnamed sources with knowledge of the incident. The breach has not been publicly disclosed. This news has raised concerns in the cryptocurrency community and highlights the importance of taking proper security measures to protect digital assets. Here we tell you the details of this sophisticated attack and how you can protect yourself.
The glitch was due to discrepancies between Revolut’s US and European systems, resulting in funds being erroneously refunded with your own money when some transactions were declined.
The issue was first detected in late 2021. But before it could be shut down, the report says the attackers encouraged people to try and make expensive purchases that would later be declined. The refunded amounts would then be withdrawn from ATMs.
The exact technical details associated with the glitch are currently unclear.
About $23 million in total was stolen, with some funds recovered by going after those who had withdrawn cash. The massive fraud scheme is said to have resulted in a net loss of around $20 million for the firm.
This is a reminder of the risks associated with cryptocurrencies and the need for strong security. Users and exchanges should take preventative measures to avoid similar incidents in the future. Cybersecurity education and implementation of best practices are essential to protect digital assets in the world of cryptocurrencies.