Cryptocurrency Startup Hacks Itself To ‘Save’ $13M Of Its Users’ Cryptocurrencies

The threats lurking on the internet are getting more dangerous by the day. Cybersecurity experts are consistently trying to defeat the ill actors through cutting edge solutions.

Komodo Platform, however, took the offbeat path by hacking into its own users’ accounts after detecting a bug that would have led the hackers to do the same.

The bug was found in one of the startup’s wallet application. So in an attempt to prevent the hackers from exploiting the bug to hack into users’ accounts and steal the funds, the firm itself hacked into them and seized control of the funds by moving them to a safer wallet address.

Controversial but successful

As controversial as it may sound, the Komodo team successfully prevented the theft of bitcoin and Komodo coin worth $13 million. Had the team not discovered the hacking attempt, it would have led the hackers to gain access to wallets and login passwords. Beating the hackers at their own game has indeed come as a big success for the startup.

A common narrative

If you are an active member of the crypto community, news of hacks and cryptocurrency thefts are probably not new to you. The industry has lost millions of dollars to severe hacks this year only- the latest being the Binance exchange hack that saw $40 million being washed out from Binance’s wallets.

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