Start your day with intelligence. Get The OODA Daily Pulse.
Cryptocurrency exchange dYdX said it blocked user accounts with even a token link to Tornado Cash, the crypto-mixing service sanctioned Monday by the U.S. Treasury Department. The Treasury Department’s action led to a significant increase in accounts flagged by dYdX’s compliance provider, which is used to highlight accounts potentially associated with ransomware, malware, child sex…
In a new report published by American-Japanese cybersecurity company Trend Micro, the firm said that the Metaverse possesses increasing vulnerabilities that could materialize within the next three to five years. As told by Trend Micro, the top threats to the sector, mainly from a regulatory standpoint, include NFT security concerns, the development of a “darkverse” similar…
If you have paid casual attention to crypto news over the past few years, you probably have a sense that the crypto market is unregulated—a tech-driven Wild West in which the rules of traditional finance do not apply. If you were Ishan Wahi, however, you would probably not have that sense. Wahi worked at Coinbase, a…
Although private digital currencies have rewarded some individuals and institutions, they are unstable financial asset that can bring social risks and costs, the agency warned. UNCTAD said their benefits to some are overshadowed by the threats they pose to financial stability, domestic resource mobilization, and the security of monetary systems. Cryptocurrencies are an alternative form of…
Aggressive U.S. moves to inhibit cryptocurrency mixing services employed by North Korean state-sponsored hackers are raising howls of opposition at home. The crypto community contends Washington is overreaching, preventing legitimate users from protecting their privacy and stifling software developers. On Monday, the U.S. Treasury forbade Americans to have any dealings with crypto mixer Tornado.cash, an…
Reports indicate that the decentralized finance (defi) protocol Curve was hacked for $570,000 in ethereum after people noticed that Curve’s front end was exploited. The attackers then tried to launder the funds via the crypto exchange Fixedfloat, and the trading platform’s team managed to freeze $200K worth of the stolen funds. Another defi hack was…
As the Ethereum Merge draws near, a key factor that will determine its success is the relative security of the blockchain under a proof-of-stake (PoS) regime. Experts say that Ethereum’s PoS chain will maintain the network’s security but at much lower cost. In a proof-of-work (PoW) system, counterfeiting cryptocurrencies requires a singular miner to control more…
Decentralized finance (DeFi) hacks cost crypto investors more than $2 billion in the first six months of the year alone. That’s more than in all of 2021 — so why aren’t regulators and politicians focusing on them more? Those numbers could get a lot worse, according to crypto security firm CertiK. It predicts that losses could…
Investors using “hot” or internet-connected crypto wallets on the well-known blockchain Solana came under attack from an unidentified bad actor shortly after cross-chain bridge Nomad became the target of a $200 million cryptocurrency heist. The incident has brought up numerous concerns regarding the security provided by both the Solana network and “hot” wallets, which are…
Blockchain analytics firm Elliptic has claimed that over $540 million in illicit funds have been laundered through the decentralized cross-chain service RenBridge over the past two years. Elliptic’s vice president of policy and regulatory affairs, David Carlisle, has said that he expects regulators to start cracking down on cross-chain bridges in the next six months…
The year is 2027. It’s a time of great innovation and technological advancement, but also a time of chaos. What will the crypto market look like in 2027? (For those unfamiliar, that’s a line from the 2011 video game, Deus Ex.) Long-term predictions are notoriously difficult to make, but they are good thought experiments. One year…
Following the loss of almost $200 million in a security exploit on crypto protocol Nomad, security experts insisted that more education and security protocols are necessary for protecting web3 communities from hackers. “The crypto ecosystem is currently in a nascent stage of adoption,” Nick Percoco, chief security officer at Kraken, said to TechCrunch. “Despite the…
It’s been an unrelenting week for MetaMask developers. Reacting to the news that $4.5 million worth of funds had been drained from thousands of software wallets on Solana, the team behind MetaMask far and away the most popular software wallet for Ethereum and Ethereum-compatible networks combed through the wallet’s codebase to make sure users would…
North Korea is increasingly using its crypto heists to fund its nuclear weapons program, worried U.S. officials say. “I’m very concerned about North Korea’s cyber capabilities,” Anne Neuberger, the Biden administration’s deputy national security adviser for cyber and emerging technology, said recently during an event hosted by the Center for a New American Security (CNAS). “They…
Email marketing firm Klaviyo disclosed a data breach after threat actors gained access to internal systems and downloaded marketing lists for cryptocurrency-related customers. Klaviyo says the breach occurred on August 3rd after hackers stole an employee’s login credentials in a phishing attack. These login credentials were then used to access the employee’s account and internal Klaviyo…
In a high-profile hack on Saturday, Steven Galanis, the co-founder and CEO of the Cameo app, said that he was the victim of a crypto hack. Galanis tweeted that he had lost several NFTs, including one Bored Ape, and over $70,000 worth of cryptocurrency. While he said that the hack had taken place through his…
One should not underestimate the growth potential of the Decentralized finance industry. However, there are some concerns as to whether regulation is necessary and, if so, how it would affect the future DeFi industry. It is not unlikely to think regulation will be a tangible option but not necessarily a requirement. Following some recent developments in…
Those thinking that the recent turmoil in the cryptocurrency market has abated may need to reassess. Singapore-based crypto lender Hodlnaut became the latest in a string of digital-assets firms to halt withdrawals. The company said Monday that the decision was due to “recent market conditions,” and that it was focusing on preserving assets. Hodlnaut said it couldn’t…
Something about Sunny Aggregator felt off-kilter to the cryptocurrency user known as Saint Eclectic. Sunny was the newest decentralized finance (DeFi) app to hit Solana during that blockchain’s scorching bull run last summer, when its native token jumped fivefold. Sunny was barely two weeks old by early September, but billions of dollars in crypto were…
The US Department of the Treasury has added the Tornado Cash crypto mixer to a list of sanctioned organizations, barring all US citizens from interacting with it and requiring that US assets belonging to Tornado Cash be reported to the Office of Foreign Assets Control. The announcement was made on Monday morning by the Treasury in…
In this video for Help Net Security, Nick Ascoli, VP of Threat Research, PIXM, discusses a multilayered phishing campaign targeting cryptocurrency exchange Coinbase. Attackers are sending out spoofed Coinbase emails to harvest personal credentials and use them to log into users’ legitimate accounts in real-time. The attackers present users with a notification that their account…
Crypto exchanges and other intermediaries such as cross-chain bridges are where the latest series of crypto hacks on internet-based “hot” wallets have been taking place. Exchanges need to put in additional security measures, said Alex Zinder, global head of hardware wallet maker Ledger Enterprises. Zinder said on CoinDesk TV’s “First Mover” show that the crypto…
Web3 adoption seem inevitable, but so does the increase in security issues and hacks. What are the main factors causing this? The high rate of innovation in the crypto world and the frequent software upgrades of the multi-chain world look like they will inevitably introduce more vulnerabilities. We need to have real-time monitoring infrastructure in…
Now we know: The hack that drained thousands of user wallets (more than 8,000 at writing time) on cryptocurrency platform Solana wasn’t a result some sort of wide-ranging system failure. It was very likely due to egregiously bad security practices by cryptocurrency wallet provider Slope. According to security company Otter, the hack was due to Slope…
Crypto company Nomad said it’s offering hackers a bounty of up to 10% to retrieve user funds after losing nearly $200 million in a devastating security exploit. Nomad pleaded with the thieves to return any funds to its crypto wallet. In a statement late Thursday, the company said it has so far recouped more than $20…