Trustwave Spiderlabs Researchers Warn of New Malware Strain Draining Crypto Funds

According to researchers at Trustwave Spiderlabs, a strain of malware known as Rilide is believed to help cybercriminals steal funds from cryptocurrency exchanges. Although the steps being taken to address 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 resolve the issue.”

Malicious browser extensions

Trustwave Spiderlabs researchers recently said they discovered a new strain of malware that smuggles funds from crypto wallets. According to 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 its 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 the malware trick users before draining the funds from their respective crypto wallets.

“The difference of this malware is that it has the effective and rarely used ability to use forged dialogs to trick users into revealing their two-factor authentication (2FA) and then withdraw the cryptocurrency in the background,” the researchers argued.

While steps like the pending enforcement of the so-called manifesto v3 are expected to make life a bit more difficult for cybercriminals, Knapczyk and Cieslak say this alone may not be enough “to fully resolve the issue, as most functionalities leveraged by Rilide will continue to be available.”

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

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Terence Zimwara

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