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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…
The Senate Agriculture Committee, which oversees the Commodity Futures Trading Commission, introduced a bipartisan bill Wednesday that would grant the CFTC “exclusive jurisdiction” over cryptocurrency trades that meet commodities law. The Digital Commodities Consumer Protection Act of 2022, sponsored by Senators Debbie Stabenow (D-Mich.), John Boozman (R-Ark.), Cory Booker (D-N.J.) and John Thune (R-S.D.), would…
Web3 — or the new internet — is growing more mainstream recently. Despite the crypto crash, internet giants have continually invested in Web3 over the past few months. Meta started testing NFTs on Facebook with selected creators; eBay acquired leading NFT marketplace KnownOrigin; Mastercard opened its payment network to Web3. While the new internet revolutionizes industries and…
According to a study released on August 2 by blockchain analytics firm Chainalysis, there have been 13 separate token bridge violations (Crypto Hacks) this year, the most recent being the $190 million Nomad Bridge hack. According to their calculations, 13 different hacks have resulted in the Cross-chain bridge attacks accounting for 69% of the cash…
ZB.com, a cryptocurrency exchange that stopped accepting deposit and withdrawal requests on August 2, has had roughly $4.8 million taken from its hot wallet in a probable attack. Nearly $5 million has been drained from digital asset exchange ZB.com’s hot wallet in a likely hack. Security firm PeckShield made the announcement Wednesday on Twitter, posting…
The global digital asset industry woke to another hacking incident in just two days. This time Solana (SOL) network came on the radar of the hackers. SOL prices have dropped by over 5% since the news broke out. As per reports, around $8 million have been removed from more than 7500 Solana based wallets. The list…
Defy. To openly resist. DeFi. The contraction commonly used for decentralised finance. The buzzword used to describe the financial ecosystem getting plenty of mainstream traction sounds similar to the verb used to describe a refusal to obey. And from the outset, DeFi has been all about a defiance of the established hierarchy of banks, brokers and other…
Essentially, there are two types of NFT buyers in the market. The first one is aware of the legitimacy and the working mechanism of NFTs. In contrast, the second one is less proficient at NFTs but still considers them good investments. Undoubtedly, the chances of falling for NFT scams is higher for the second one…
The New York State Department of Financial Services imposed a $30 million fine on the cryptocurrency trading unit of online brokerage Robinhood Markets Inc. for alleged violations of anti-money-laundering and cybersecurity regulations, in the department’s first crypto enforcement action. The New York State financial regulator said Tuesday that Robinhood Crypto LLC failed to maintain and certify…
A bipartisan group of senators on Wednesday proposed a bill to regulate cryptocurrencies, the latest attempt by Congress to formulate ideas on how to oversee a multibillion-dollar industry that has been racked by collapsing prices and lenders halting operations. The regulations offered by Senate Agriculture Committee chair Debbie Stabenow and top Republican member John Boozman would…