Cryptocurrency News Today – A Cybersecurity firm known as ThreatFabric, released a report about a new viral threat to the digital currency ecosystem. The Amsterdam-based company called the Trojan virus the Cereberus. Cereberus has the capacity to steal two-factor authentication verification codes generated by Google’s Authentication application.

The Trojan virus was initially identified in June 2019 but has become a very serious threat after it received an update January this year. After the virus is installed on any device, it can download the entire contents of that device to a remote location. Fraudsters or Cybercriminals can access this. Among 25 crypto exchanges, Coinbase (one of the leading exchanges in the world) was on the list of exchanges targeted by the Trojan virus.

Cereberus Virus Targeting Major Exchanges

Just like other kinds of malware, Trojan viruses are designed to undermine the security functions of a device or network. Cereberus works by stealing the two-factor authentication codes of the user and giving the codes to the Cybercriminal behind the attack. The Trojan virus has the capacity to steal PIN codes. It can also swipe the patterns off infected devices, ensuring that the malicious actor gains access to all contents of the user’s device. Cereberus is among the three major threats that have recently emerged. These threats are aimed at 26 crypto exchanges.

Apart from Coinbase, Xapo, Binance, Bitpay, and Wirex were on the list of targets for Cereberus. Fortunately, the only way to stop a Cyberattack on your funds is to make use of a physical authentication key instead of a digital key. A digital key can be accessed from another location remotely. The only way a fraudster can gain access to your physical keys is if they gained access to your device. There’s a lower chance of attacks if you switch to a physical key.

To Fight Cereberus, Security is Essential

According to an earlier report, no less than $45 million in Bitcoin and Bitcoin Cash was made away with a whale investor during a SIM attack. Attacks like these highlight why it is important to take proper security measures.

Regarding storing large amounts of crypto, it’s advisable to store it in a hardware wallet. That is a wallet that isn’t connected to the internet. It is also essential to make sure your seed phrases and private keys are kept safe. Users are advised not to store large sums of crypto on any exchange. This can reduce the damage if a hack occurs.