Resolving a UraniumX Security Incident

Resolving a UraniumX Security Incident

UraniumX (URX) is a CPU mineable coin that is GPU and ASIC resistant. The cryptocurrency was added to SafeTrade in November 2018.

A few days ago the SafeTrade team were informed about a stolen URX wallet that contained funds that totalled over 1 BTC.

Thankfully, we were informed in enough time to stop the funds from being withdrawn.

UraniumX Stolen Wallet Details

SafeCoin and SafeTrade founder Jeff Galloway informed everyone about the incident in a Discord announcement:

Hi there, this is just a heads up that we were able to resolve a security incident involving a stolen wallet on URX today.

No damage was incurred. 3200 URX was stolen from a wallet, which at current prices is worth over 1 BTC. These funds were frozen and are now safely in cold storage awaiting their rightful owner.

None of the URX was traded or withdrawn, it was a 100% recovery.

One of the key reasons we were able to successfully make this recovery is the immediate reporting by the URX team and @wildraven. A huge thanks goes out to them for communicating this quickly.

If you ever have an issue with stolen funds please message us directly and immediately, as was done here.

This is also an example of a number of protocols we have put in place to protect users and communities. Safety and Security is, and always will be, our number one focus.

For your large crypto holdings we always recommend cold or paper wallets. Please protect yourselves as much as possible as attacks are an every day occurence.

SafeTrade – A Two Way Street

Security is always the top priority for the SafeTrade team, however in incidents such as this we rely on cryptocurrency teams informing us of anything suspicious as soon as possible.

We are fortunate that the UraniumX team was able to inform us quickly that the stolen funds were sent to SafeTrade. This incident is a reminder that successful cryptocurrency exchanges have to work closely with all cryptocurrencies that are traded on their platform.

UraniumX

UraniumX is one o the most popular coins on SafeTrade.

An Update On the January 2019 Attack

In January 2019 the SafeTrade exchange was attacked. We are pleased to announce that we discovered the exploit that was used for the attack.

Due to the sensitive nature of the attack, we are unable to share exactly how the attack was performed, however we are pleased to note that we have informed the developers of our exchange software of everything we know. This has allowed them to address the security hole and ensure that no other cryptocurrency exchange is attacked in the same way.

We appreciate your continued support on the issue.

Kevin

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About Kevin

Kevin Muldoon is a cryptocurrency enthusiast who has been working online since 2000. He is known in the cryptocurrency world for his YouTube channel "Kev's Crypto Channel".
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