Hacks have plagued the cryptocurrency space over the years. Hacks that happen on a protocol are the most devastating because they cause millions of losses for traders. With these hacks, there is always a question of how users will be compensated or how the protocol will recover lost funds. For instance, the Acala stablecoin was hacked…

With the exponential growth of cryptocurrencies, NFTs and other blockchain implementations, there has never been a better time for a cybercriminal to convert a vulnerability into easy and big money. We see two different types of attacks involving cryptocurrencies. One of these is centered around the end user (the victim). The attack technique relies on…

If there’s any lesson crypto companies should have learned from this year so far — a mere eight months that have vaporized some $2 trillion in value — it’s that the world’s continued existence doesn’t depend on them being around. It wasn’t always this way, though. Last year, the U.S. Treasury issued a report on…

Despite the cryptosphere going through a harsh winter the sector maintains its attractiveness to one sector – illicit users. According to Chainalysis’ Mid-year Crypto Crime Update report, criminal activity appears to be more resilient in the face of price declines: Illicit volumes are down just 15% year-on-year, compared to 36% for legitimate volumes. This is…

While policymakers have been busy formulating sweeping changes and regulators have been busy debating jurisdiction, some participants in the cryptocurrency industry have been busy regulating the space themselves. And considering that all too often the word “regulation” follows the word “government,” we shouldn’t be too quick to overlook the fact that the market too is…

While cryptocurrencies have gone from red hot to full on meltdown in recent months, with both retail and institutional investors losing substantial sums amidst the sell-off, threat actors don’t show any signs of shying away from finding new and innovative ways to pursue this lucrative and relatively new financial category with increasingly complex and stealthy…

For the past five years, cryptocurrency entrepreneurs have been in fierce disagreement with U.S. regulators over an existential question: whether certain digital assets are securities, or investment contracts that need to be registered with the Securities and Exchange Commission. The stakes are high—if a cryptocurrency is deemed a security in a U.S. court, it basically…

hieves stole over $100 million worth of non-fungible tokens in the year to July, blockchain research firm Elliptic said on Wednesday, as the fast-emerging digital asset became a new front in crypto’s hacking problem. NFTs are blockchain-based assets that represent digital files such as images, video or text. The market surged in 2021 as crypto-rich…

That is from the synopsis of an interesting new paper by Lin William Cong, Campbell Harvey, Daniel Rabetti and Zong-Yu Wu. It is a fairly comprehensive look at the criminal ecosystem built on top of the cryptocurrency boom, ranging from hacking, money laundering, scams, ransomware, sextortion and illegal commerce. Obviously, the data on these crimes…

The company behind Tether, the world’s most popular and widely used stablecoin, wants to have its bitcoin-shaped cake and eat it too. More accurately, it has previously claimed it works with U.S. financial regulators, but at the same time mentioned it doesn’t facilitate U.S. customers, so it doesn’t have to comply with orders. Which is why…

After numerous warnings that SudoRare could be a scam did the rounds on Crypto Twitter, the anonymous team behind the decentralized NFT exchange has pulled the rug. The theft has defrauded users of about $820,000 worth of ETH and other crypto tokens. According to on-chain data, the incident occurred early Tuesday, only about six hours after…

What do car manufacturers have to do with crypto lending platforms? Consumers and investors deserve protection—that’s true of motor vehicles and investment vehicles alike. In September 1966, President Lyndon B. Johnson signed the National Traffic and Motor Vehicle Safety Act. Nearly six decades later, seat belts and other basic safety features remain standard. That’s true despite…

The tragedy of some has been the blessing of others in the crypto space this year. The increase in cybercrime related to the cryptocurrency industry has fueled the work of firms dedicated to evaluating and ensuring the security of companies that trade in crypto. Attacks sponsored by North Korea’s hacker army and other criminals against Western…

Google is the world’s biggest backer of cryptocurrency and blockchain companies. The tech giant’s parent company Alphabet invested $1.5 billion into just four crypto startups since September 2021, according to a report from Blockdata. The companies backed were digital asset custody platform Fireblocks, Web3 game company Dapper Labs, Bitcoin infrastructure tool Voltage and venture capital firm Digital…

Coinbase (COIN) failed to properly secure customers’ accounts, leaving them vulnerable to theft and unauthorized transfers, a putative class action lawsuit filed against the crypto exchange last week alleges. The complaint, filed in the U.S. District Court for the Northern District of Georgia, also accuses the company of causing financial harm to users by locking…

Samsung’s securities company and other traditional brokerages plan to launch a crypto exchange next year. Samsung and several others could launch a crypto exchange. According to a report from NewsPim on August 22, seven South Korean securities companies under the Korea Financial Investment Association plan to open a virtual asset company. Those companies began to obtain licenses…

No one likes to lose their hard-earned money from their cryptocurrency investments, however, some unforeseen events do manage to wipe out investors’ wealth from their trade wallets. One of the popular practices would be hackers luring investors into appealing offers on social media platforms making them look like clickbait in a certain cryptocurrency. Just one…

Ronin hackers have transferred the stolen assets from Ethereum to the Bitcoin network, according to new findings by blockchain investigator and developer ₿liteZero. Recall that after the Ronin bridge hack in March, the attackers moved the $625 million worth of USDC and ETH to Ethereum-based crypto mixer Tornado Cash, making it difficult for authorities to trace…

Cybersecurity analyst Serpent has revealed his picks for the most dastardly crypto and nonfungible token (NFT) scams currently active on Twitter. The analyst, who has 253,400 followers on Twitter, is the founder of artificial intelligence and community-powered crypto threat mitigation system, Sentinel. In a 19-part thread posted on Aug. 21, Serpent outlined how scammers target inexperienced crypto…

Hackers have exploited a zero-day vulnerability in General Bytes Bitcoin ATM servers to steal cryptocurrency from customers. When customers would deposit or purchase cryptocurrency via the ATM, the funds would instead be siphoned off by the hackers. General Bytes is the manufacturer of Bitcoin ATMs that, depending on the product, allow people to purchase or sell…

The irony about needing accountants who understand digital assets is that blockchains themselves are transaction ledgers with automated record-keeping—a blockchain is a giant check register. The technical properties of blockchains means data can never be deleted, only added or read, while transactions and balances can be instantly verified with 100% certainty through the protocols themselves.…

There is a major earthquake happening in the sphere of digital assets, which is expected to create shockwaves that will impact tech not only in the real world but also in the metaverse. These potentially revolutionary changes appear in an innocuous-looking, if lengthy, consultation paper titled “Digital Assets: Consultation paper,” published by The Law Commission of…

It’s going to take more than a months-long cryptocurrency free fall to squash the mounting ransomware problem, cyber incident responders and threat analysts tell Axios. Why it matters: Companies have been struggling to fight off an abundance of ransomware hackers in recent years, but recent optimism over a crypto-crash-fueled drop in attacks might be short-lived. During a…

Interoperability protocol Celer Network has asked its users to revoke the approval for several contracts after shutting down its cBridge over a suspected Domain Name System (DNS) hijacking. According to the project’s initial analysis, there was suspicious DNS activity around 7:00 pm UTC on Wednesday. However, at the time of writing, the platform is still…

Infamous North Korean hacking group Lazarus is attempting to target Apple Inc. Mac users via fake job offers. Detailed Aug. 16 by security researchers at ESET s.r.o on Twitter, the new Lazarus campaign involves phony emails impersonating Coinbase Inc. developer job listings. The fake job emails include an attachment containing malicious files that can compromise both…

On Wednesday, March 9, President Joe Biden released an executive order regarding cryptocurrency and how his administration intends to approach the rapidly growing industry in 2022. However, after the release of this executive order, the question remains: Is mainstream adoption of cryptocurrency imminent in the U.S.? It’s evident that Joe Biden and his administration are…