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Blockchain analytics firm Chainalysis has released a new tool to track transactions across decentralized finance (DeFi) protocols and multiple blockchains. Chainalysis launched a beta version of its Storyline software on Wednesday. Touted as a “Web3-native blockchain analysis tool,” Storyline aims to track and visualize smart contract transactions with a focus on nonfungible tokens (NFTs) and DeFi…
Russian Industry and Trade Minister Denis Manturov has said that the country will sooner or later legalise cryptocurrencies as a means of payment, suggesting that the government and central bank may be moving closer to settling their differences. The Russian minister was asked at a forum whether he believed cryptocurrencies would become legal as a…
The cyber offensive against Ukraine continues with malware attacks and the spread of misinformation, according to security researchers. So far, Russian, pro-Russian, and Belarusian cyberattackers have employed the most comprehensive array of methods to achieve “tactical and strategic objectives, directly linked to the conflict itself,” according to research by security company Mandiant. However, the impact…
Despite how enormous it was, the Axie Infinity heist marked only the latest chapter in the story of North Korean financial cybercrime. Sky Mavis, the developer of popular nonfungible token (NFT) video game Axie Infinity, lost hundreds of millions of dollars in assets when they were stolen by hackers on March 23. The attack occurred via…
It’s been over a year since the SolarWinds supply chain hack sent shockwaves through thousands of organizations worldwide, but this cybersecurity earthquake is by no means over. More recently we’ve seen aftershocks fueled by the Log4Shell and Spring4Shell vulnerabilities, which impacted organizations using the Log4j library and the Spring Core framework. We had seen supply…
When Ethereum eventually shifts from its current proof-of-work method to a proof-of-stake (PoS) consensus mechanism, it will rely on validators rather than on miners to validate transactions on the Ethereum blockchain. In order to run a validator and earn staking rewards, participants must stake 32 ETH, which is worth roughly $65,800 at current prices. Lido…
Google has moved the bulk of its employees out of Russia, according to people familiar with the matter, ending the company’s commercial presence in the country for the near future. Most of Google’s Russian employees opted to leave the country and continue to work for Google outside Russia, with a large number ending up in Dubai,…
The ransomware landscape has evolved considerably since WannaCry dramatically drove home the potential severity of the threat five years ago on May 12. What has changed somewhat less over the same period is enterprise preparedness in the face of ransomware attacks. Ransomware emerged and has remained entrenched as one of the most difficult security issues for…
Birgit Rodolphe, executive director at Germany’s Federal Financial Supervisory Authority (BaFin), has called for innovative and uniform regulation of the decentralized finance (DeFi) space throughout the European Union. BaFin is Germany’s financial regulatory body responsible for regulating banks, insurance firms and financial institutions including cryptocurrency companies. BaFin is the issuer of “crypto custody licenses,” a permit…
Amid the largely kinetic activity involving the invasion of Ukraine by Russia, numerous shifts in the cyber landscape are occurring. Leading up to the military invasion, Putin made overtures of cyber recourse to his global opponents. Over the last week, the cyber tables turned against him. In addition to Ukraine’s cyber offensive operations, Russia has…
Big Four accounting and consulting firm Ernst & Young has unveiled its blockchain-based supply chain manager that is built for the Polygon network and that is aimed at solving bottlenecks in tracing products as they come to market. The EY OpsChain Supply Chain Manager, which is now available in a beta version, is the first…
Defined as a network of 3D virtual worlds focused on enhancing social connections through conventional personal computing and virtual reality and augmented reality headsets, the metaverse was once a fringe concept that few thought much, if anything, about. But more recently it was thrust into the limelight when Facebook decided to rebrand as Meta, and…
The U.S. government is increasingly alarmed about the thousands of North Korean tech workers that are being dispatched to American IT companies, including crypto firms, to earn revenue for North Korea and its weapons programs, violating U.S. and UN sanctions. In a new advisory, the government outlined methods to detect undercover North Korean workers, who gain…
Russia’s invasion of Ukraine has dealt a blow to the global economy—weakening the postpandemic recovery and aggravating already-high inflation. Even if the worst fears of rising geopolitical tensions and larger economic disruptions do not materialize, private forecasters anticipate an inflationary slump for the world economy. In this context, the U.S. economy faces significant headwinds from higher…
Elon Musk raised further doubts about the future of his $44 billion acquisition of Twitter on Tuesday, saying “this deal cannot move forward” until he gets more details about the volume of spam and fake accounts on the platform. Mr. Musk, who is carrying out a public tweet-by-tweet negotiation for the influential social media platform, has…
Today, ransomware is treated mostly as a criminal problem, but there is an argument to be made for treating it as a geopolitical issue too. As such a cheap and easy way to steal money from large businesses, it’s no wonder that the CEO of the UK’s National Cyber Security Centre called it “the most…
Until recently, DeFi seemed like it was on an exponential trajectory upwards. With the collective value of crypto peaking near $3 trillion, hackers saw a big opportunity. The only thing that may slow them down is the precipitous drop in the value of the tokens they’re going after. DeFi hacks have been getting worse and worse,…
Russian-linked hackers have claimed to have disrupted the infrastructure of Italy’s State Police anti-cyber crime arm after it thwarted hacking attempts on the Eurovision Song Contest. Hackers from the Killnet group announced in the early hours of Monday morning that claims made by Italian State Police referred to the disruption of cyber attacks over the…
The world is facing unprecedented geo-political challenges that are impacting businesses everywhere. Amidst the financial strain brought on by the global pandemic, the conflict between Ukraine and Russia continues to surge on — and so have fears of disruptive implications if the hostilities extend to the cyber theater. Since the conflict began, governments have continued to…
If the Pandemic crippled the global supply chain, the war in Ukraine knocked it to its knees. The greatest supply chain challenge today is a prolonged Ukraine-Russia war. Beyond uncertainty, it creates barriers in the market, disrupting the movement of commodities like auto parts, oil, and grain. Moreover, this profound impact on our supply chains…
Rather than issuing largely symbolic sanctions on North Korea whenever there is a major Pyongyang-affiliated hack, U.S officials should focus their efforts on regulating the entire cryptocurrency industry. Last month, the FBI announced that North Korean hackers had stolen more than $600 million in cryptocurrency from an online gaming company, Axie Infinity, in March 2022.…
When Tim Berners-Lee and colleagues developed upon the work started by ARPANET with TCP/IP, they gave us back in 1990 the basis of the modern internet that we see today. As with all life-changing technologies, this was developed further, and by 1999, “Web 2.0” was a term that was becoming common usage. Web 2.0 heralded…
While it is already known that cryptocurrency is becoming even more popular as an investment, it is evidently gaining traction globally as a mode of payment too – albeit not without factoring in related risks. Crypto lending refers to a type of ‘DeFi’, or decentralized finance, which allows investors to lend their cryptocurrencies to different…
While Thursday saw more volatility than usual in the cryptocurrency sector, the losses experienced by most Bitcoin and Ethereum investors were nothing compared to those seen by people who owned the Day of Defeat token. The altcoin saw its value drop 94.68% on Thursday, according to CertiK, a blockchain security firm and auditor. That resulted…