A class action lawsuit has been filed against Solana Labs, a for-profit company working on the development of the Solana blockchain, in a California federal court last week accusing the company and people within the ecosystem of making illegal profits and promoting its token, SOL, as an unregistered security. The outcome of the lawsuit could have…

Rarely has a job application backfired more spectacularly than in the case of one senior engineer at Axie Infinity, whose interest in joining what turned out to be a fictitious company led to one of the crypto sector’s biggest hacks. Ronin, the Ethereum-linked sidechain that underpins play-to-earn game Axie Infinity, lost $540 million in crypto to…

The massive growth of NFT creation, collection and sales in the past few years has led to a growth in NFT scams seeking to separate investors from their cash or cryptocurrency. In 2021, the NFT market grew by 21,000%, with $17.6 billion in sales, according to Fortune. NFTs stored in cold wallets — digital wallets…

Security researchers have revealed that a radio control system for drones is vulnerable to remote takeover due to a weakness that lies in the mechanism that connects the transmitter and receiver. According to researchers, the protocol for radio controlled aircraft called ExpressLRS is popular among drone creators. The security vulnerability presents a major issue as…

If there’s any term that can describe the current NFT market, it’s the Wild West. Because the NFT space is still experimental and regulations are unclear or lax, it has attracted a flood of hackers and scammers who are on the hunt for a payday. If you own digital assets or you’re looking to dip…

The future of money and digital assets is a vast topic that presents numerous challenges, and it has even caused debate as to whether cryptocurrency is a prudent retirement plan investment. In its July 1, 2022 In Focus report, the Congressional Research Service nicely summarized the current developments concerning Cryptocurrency in 401(k) Retirement Plans. Of notable…

Hackers and fraudsters stole a total of USD 670.7m from various crypto protocols during the second quarter of the year, according to a report by major bug bounty and security services platform Immunefi. In 50 instances of both successful and semi-successful hacking attempts, decentralized finance (DeFi) projects lost USD 670,698,280 during the last quarter, said the…

Whether the first six months of 2022 have felt interminable or fleeting—or both—massive hacks, data breaches, digital scams, and ransomware attacks continued apace throughout the first half of this complicated year. With the Covid-19 pandemic, economic instability, geopolitical unrest, and bitter human rights disputes grinding on around the world, cybersecurity vulnerabilities and digital attacks have…

More than 24,000 registered attendees descended upon Detroit earlier this month to see the latest products and innovations around the world of robotics and automation at the Automate 2022 event and trade conference. Visitors spoke with more than 600 companies displaying new solutions in the automation space, or heard from the top leaders in the…

Tencent, Ant Group, Baidu, JD.com, and several other leading Chinese tech companies last week issued a “self-disciplined development proposal” for the “digital collectible industry” that would introduce real-name authentication for users that issue, buy, and sell non-fungible tokens (NFTs), according to a South China Morning Post report. According to a statement by the China Cultural Industry…

Regulation is coming for crypto. After more than a decade when cryptocurrencies and related technologies have surged, boomed, and busted in a regulatory vacuum, lawmakers in both the US and Europe are writing new rules for a sector that has grown dangerously large in both value and reach, touching $2.9 trillion at its peak in…

Quixotic – an NFT marketplace that runs on Optimism – revealed that wrongdoers breached its security and drained ERC-20 tokens. The organization assured that users with stolen assets will be reimbursed. In a recent tweet, Quixotic disclosed that criminals attacked its “Offer” feature and stole ERC-20 tokens. The team advised its customers to cancel their offers…

Hackers claim to have obtained a trove of data on 1 billion Chinese from a Shanghai police database in a leak that, if confirmed, could be one of the largest data breaches in history. In a post on the online hacking forum Breach Forums last week, someone using the handle “ChinaDan” offered to sell nearly…

The domino effect of the 2022 bear market, which saw the downfall of numerous crypto ecosystems and tokens over several months, caught up to GARI token as it tanked over 83% in value in a matter of hours on Monday. While GARI Network brushed off the development as a “market event,” investors suspect a rug…

This current crypto nuclear bear market marks my third brush with generalised market carnage. And while they can sometimes feel like reruns, every episode yields new lessons to be learned. Everyone is always going to have their own view of what those lessons are — but if it’s the mainstream financial media you’re listening to,…

When MicroStrategy Inc. began buying Bitcoin in bulk in the summer of 2020, CEO Michael Saylor said it was because inflation would make cash worthless. The crypto pile he has since accumulated was worth $3.4 billion less at the end of the second quarter than the previous one. Technically, the decline is yet another paper loss…

Cryptocurrency hacks have been significantly decreasing in numbers since the beginning of the year. According to the latest research from BestBrokers, the industry saw 64 security breaches by mid-June — a sharp decline from last year’s 251 hacks. However, while the number of successful hacks has been decreasing, the damage they’ve done to the industry certainly…

Coincub reports that there have been over 15 verified cases of crypto crime in the nation, with revenues estimated at $1.59 billion. The United States, Russia, China, and the United Kingdom are the other top four nations that closely watch the hermit kingdom. North Korea’s contribution to the worldwide crypto crime rate is unknown, but…

A hacker compromised the social media accounts of the British Army to push people toward cryptocurrency scams. The army’s Twitter and YouTube profiles were taken over by the hacker, or hackers — the identity of whom is not yet known — on Sunday. The Twitter account’s name was changed to “pssssd,” and its profile and banner…

Securities and Exchange Commission Chairman Gary Gensler today reaffirmed the SEC’s view that Bitcoin is a commodity but refrained from extending the label to any other cryptocurrencies in an interview with CNBC. Gensler singled out Bitcoin as an example of a crypto asset that should be regulated under the Commodity Futures Trading Commission (CFTC), as he’s…

The Department of Justice, together with federal law enforcement partners, today announced criminal charges against six defendants in four separate cases for their alleged involvement in cryptocurrency-related fraud, including the largest known Non-Fungible Token (NFT) scheme charged to date, a fraudulent investment fund that purportedly traded on cryptocurrency exchanges, a global Ponzi scheme involving the…

The recent exploit on Harmony’s Horizon Bridge revealed the inherent flaws with multisig admin keys that leave projects and their users “one small slipup” from deep trouble. Two crypto project leads expressed their concern that the expansion of the multi-chain ecosystem could be hampered by the use of multisig contracts due to the dangers they pose…

North Korea’s economy has been ravaged by United Nations sanctions and the coronavirus pandemic. The government has warned of a severe food shortage. An unidentified intestinal disease began spreading among citizens in June. And yet the country has conducted more missile tests this year than in any previous year. The government is giving new luxury…

Cryptocurrency companies will need a license and customer safeguards to issue and sell digital tokens in the European Union under groundbreaking new rules agreed by the bloc to tame a volatile “Wild West” market. Globally, crypto assets are largely unregulated, with national operators in the EU only required to show controls for combating money laundering. Representatives…

Crypto exchange Coinbase analytics program, Coinbase Tracer, will provide the U.S. Immigrations and Customs Enforcement agency (ICE) with data about crypto users, including their “historical geo tracking data” and transaction history, according to a contract obtained by watchdog group Tech Inquiry. The contract adds detail to what was previously known about the three-year deal between the…

OpenSea, the largest non-fungible token (NFT) marketplace by trading volume, has suffered a data breach after an employee at Customer.io, the platform’s email delivery partner, leaked user data. In a blog post on Thursday, the marketplace said that an employee of Customer.io “misused their employee access to download and share email addresses – provided by…

In March of this year, suspected North Korean government hackers stole more than $600 million in ether from hyped-up play-to-earn game Axie Infinity in one of the largest crypto hacks in history. The hackers then sent a part of the proceedings ($100 million at the time) through the Tornado Cash, a so-called mixing service designed…

North Korean state-sponsored hackers were likely the perpetrators of a hack that led to the theft of around $100 million in cryptocurrency, according to analysis from blockchain researchers. The hackers targeted Horizon, a so-called blockchain bridge developed by U.S. crypto start-up Horizon. The tool is used by crypto traders to swap tokens between different networks. There are…

The cybersecurity community has watched the rise of businesses that take money to do inappropriate things for years. Now new expositions by inteligence and security professionals at Google and seasoned journalists at Reuters shed new light on how this activity has evolved. From Reuters: Bodyguard Carlo Pacileo was under mounting pressure. His boss, a direct…

Last week, crypto derivatives exchange dYdX announced that it will be leaving the Ethereum ecosystem and launching its own blockchain within the Cosmos ecosystem. According to dYdX’s founder, a new chain will allow the platform to provide the best possible experience for its users – enabling the platform to more easily customize things like fee…