Komodo, a Crypto wallet provider, has effectively hacked itself to prevent fraudsters from accessing its users’ funds. Komodo confirmed this via a blog post.
Security researchers alerted the company to a vulnerability in its Agama wallet. Finding out that hackers could strike any moment, Komodo’s cybersecurity team decided to use the same exploit to move compromised crypto to safety.
Explaining to users what happened, Komodo said:
“We were able to sweep around 8 million KMD and 96 BTC from these vulnerable wallets, which otherwise would have been easy pickings for the attacker.”
Komodo’s action means that at current market rates, funds worth $13 million were successfully shielded from a being hacked.
The crypto is being held in two safe wallets now and owners are now being invited to reclaim their assets if their accounts have been swept. Those who may still have crypto in an Agama wallet are being urged to move all their funds to a new address as soon as possible.
Further details about the vulnerability are going to be published once Komodo has ensured that all funds have been secured.