Trustwave Spiderlabs Researchers Warn of New Strain of Malware Draining Crypto Funds – Security Bitcoin News

According to researchers at Trustwave Spiderlabs, a strain of malware known as Rilide is believed to be helping cybercriminals steal funds from cryptocurrency exchanges. Although the steps taken to tackle this malware are likely to make life more difficult for cybercriminals, two researchers – Pawel Knapczyk and Wojciech Cieslak – said that this alone may not be enough to “completely solve the problem.”

Malicious browser extensions

Researchers at Trustwave Spiderlabs recently said they discovered a new strain of malware that secretly siphons money from crypto wallets. According to the researchers, the malware, known as Rilide, is believed to be masquerading as a legitimate Google Drive extension. In addition to giving cybercriminals the ability to monitor the browsing history of their targeted victims, Rilide enables the injection of “malicious scripts to steal funds from cryptocurrency exchanges.”

In their blog post published on April 4, the two researchers Pawel Knapczyk and Wojciech Cieslak admit that Rilide is not the first malware to use malicious browser extensions. However, the researchers said they have seen how the malware tricks users before draining money from their respective crypto wallets.

“Where this malware differs is that it has the effective and rarely used ability to use fake dialog boxes to trick users into revealing their two-factor authentication (2FA) and then withdraw cryptocurrencies in the background,” the researchers claimed.

While steps such as the pending enforcement of the so-called manifest v3 are expected to make life a little more difficult for cybercriminals, Knapczyk and Cieslak argue that this alone may not be enough “to solve the problem entirely, as most of the functions exploited by Rilide will still be available .”

Meanwhile, in their warning to users, the two researchers reiterated the importance of being “vigilant and skeptical” whenever they receive unsolicited emails. They added that users “should never assume that any content on the Internet is safe, even if it appears to be.” Likewise, users should always strive to stay informed and educated about the latest happenings in the cybersecurity industry.

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Terence Zimwara

Terence Zimwara is a Zimbabwean award-winning journalist, writer and author. He has written extensively about the economic problems in some African countries, as well as how digital currencies can provide Africans with an escape route.