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A significant number of Mt. Gox account holders recently reported unauthorized login attempts. These users, claiming to be creditors of the now-defunct cryptocurrency exchange, noticed several failed login attempts by hackers in the past 24 hours, causing panic. The general consensus among users is that brute force techniques might have been used to hack the accounts. However, many users report that two-factor authentication (2FA) successfully thwarted these attack attempts.
Hackers Use Brute Force Technique to Target Mt. Gox Accounts
Brute force technique involves hackers trying numerous password combinations until they gain access to an account. This method is particularly effective against accounts with weak or commonly used passwords, but the presence of 2FA, which requires an additional verification step beyond the password, poses a significant hurdle for hackers. Some users also consider that the unusual login attempts might be due to a system error rather than a coordinated attack.
Ovkovk, a Reddit user, shared that they received 15 login attempt notifications, sparking discussions among other users experiencing similar issues. While some could access their accounts after receiving the notifications, others could not. Mt. Gox is currently busy distributing BTC to its creditors, which heightens security concerns.
Another user, Joohansson, warned that hackers might have a list of Mt. Gox email addresses and are attempting to brute force their way into accounts. This sentiment, emphasizing the importance of 2FA in protecting accounts, was echoed by other users. One user shared that they received login notifications before using 2FA, suggesting their password might have been compromised, but 2FA successfully blocked unauthorized access.
Mt. Gox’s Website Allegedly Taken Down for Short Maintenance
Amid these notifications, it was claimed that Mt. Gox’s website was taken down for maintenance, displaying a message to check back shortly. Many Reddit users believe this temporary shutdown was a direct response to the reported login attempts, as the maintenance coincided with the increase in unauthorized access attempts.
The security issues arose after Mt. Gox transferred a significant portion of its $9 billion worth of BTC to Kraken, one of the entities responsible for distributing the funds to creditors. While some Japanese exchanges like Bitbank and SBI VC Trade have already received and distributed the allocated funds, others like BitGo and Bitstamp are still awaiting payment. According to Goxxed.org, a website tracking Mt. Gox-related wallet addresses, the cryptocurrency exchange still holds approximately 47,228 BTC worth around $3.05 billion.
