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Just two months after losing $15.6 million in a price oracle manipulation exploit, Inverse Finance has again been hit with a flash loan exploit that saw the attackers make off with $1.26 million in Tether (USDT) and Wrapped Bitcoin (wBTC). Inverse Finance is an Ethereum-based decentralized finance (DeFi) protocol and a flash loan is a type…
The threat landscape is in a constant state of flux. While malicious activity is incessant and we know it will continually occur, the methods and the rates of which threat actors target victims continues to morph and ransomware has begun to take center stage. Taking a look back at 2021, ransomware more than doubled in…
On Super Bowl Sunday, a Crypto.com ad featuring billionaire NBA star LeBron James lit up millions of Americans’ TVs. “If you want to make history, you gotta call your own shots,” Mr. James said in the 30-second spot for the popular cryptocurrency-trading platform. The words that splashed across the screen as the commercial ended read…
Another controversial cryptocurrency is causing havoc in the digital asset market — and this time, it’s not a stablecoin. Staked ether, or stETH, is a token that’s supposed to be worth the same as ether. But for the past few weeks, it has been trading at a widening discount to the second-biggest cryptocurrency, fanning the…
A former Amazon engineer has been convicted of seven federal crimes after she was caught stealing the personal data of over 100 million people. Following a seven-day trial and 10-hour deliberation by the jury, 36-year-old Paige A. Thompson was convicted on Friday(Opens in a new window) in the US District Court in Seattle of seven federal…
A recently disclosed critical remote code execution (RCE) vulnerability in Atlassian’s Confluence Server collaboration platform is now under active attack, in a spate of attacks bent on deploying a variety of malware, including ransomware. Researchers from Sophos have observed several attacks over the past two weeks in which attackers used automated exploits against vulnerable Confluence instances…
In a move that further executes upon the SEC’s increasingly tough rhetoric on cryptocurrency and cybersecurity, SEC Enforcement recently announced that it will nearly double the size of its newly-renamed Crypto Assets and Cyber Unit, the specialized unit that focuses on enforcement in those areas. This development is remarkable for the dramatic expansion of what…
Major U.S. cryptocurrency lending company Celsius Network froze withdrawals and transfers on Monday, citing “extreme” market conditions, sparking a sell-off across crypto markets. Here’s what you need to know about crypto lending – a corner of the digital asset market that has boomed over the last two years during soaring interest in cryptocurrencies. Just as customers at…
A number of popular browser-based crypto wallets are vulnerable to hacking under certain conditions, according to new research. Blockchain security firm Halborn found several instances where wallets including Brave, MetaMask and Phantom can be compromised under specific computer conditions — adding yet another wrinkle to traders still reeling from recent high-profile decentralized finance (DeFi) hacks. The conditions…
If someone steals your credit card or goes on a shopping spree with your debit card, there’s a good chance Visa or your bank will reverse the charges and help you untangle the mess. But for fraud victims in the crypto realm, the experience is very different. “If you lose your crypto, it’s a very humbling…
Social media is taking the blame for yet another of the world’s significant problems, as the Federal Trade Commission (FTC) is putting the onus for the $1 billion lost to cryptocurrency scams on the industry. While cryptocurrency has the potential to be a world-changing technology, its unregulated nature has made it ripe for scams over the…
Amid the extreme market conditions, a June 13 report by CipherTrace details positive developments in the crypto ecosystem, suggesting a decline in crypto-related crimes. The report showed increased crypto trade volumes from $4.3 trillion in 2020 to $16 trillion in 2021. The firm claims that this exponential growth is why regulators are looking into the crypto…
Cryptocurrency storage is one of the most important things that investors should consider when joining the burgeoning digital asset market. However, most people in this space have little to no knowledge of the existing options. As it stands, crypto exchanges currently hold the larger share of investors’ capital despite the associated risks, including hacking and regulatory…
Virtually every cryptocurrency has been crashing for at least a month—and it keeps getting worse. This has led to major cryptocurrency companies Crypto.com, Gemini, and Coinbase to lay off between 5 percent, 10 percent, and 18 percent of their staff, respectively. But there is one group that’s still thriving in the crypto world: Discord hackers. In…
Cryptocurrency users and enthusiasts are being targeted by malicious actors with fake wallet apps that steal their precious tokens, researchers have found. Cybersecurity researchers from Confiant discovered that some of the world’s most popular cryptocurrency wallets are being spoofed by clones(opens in new tab) that carry malware. Coinbase, MetaMask, TokenPocket, and imToken products are among those affected,…
Ever since the Luna-Terra stable coin crisis surfaced, the global cryptocurrency market has been on a freefall. To give you an idea of the decline, the global crypto market cap has fallen below the $1 trillion mark and is currently resting at $970 billion. The market cap is expected to fall further as more investors…
The growth of the metaverse emphasizes the need to address the cybersecurity challenges posed by this new multimedia environment. It is increasingly likely that the metaverse will be subject to cyberattacks that pose a real risk to both the companies that choose to be active in the metaverse and the users who access it. It…
A class-action lawsuit was filed today against Binance.US, alleging that the cryptocurrency exchange misled consumers about the safety of Terra’s stablecoin UST, and native token LUNA. The suit also claims Binance violated federal law both by selling UST and LUNA, cryptocurrencies that the plaintiffs claim are securities that should have been registered with the SEC, and…
Things change fast in the world of crypto. Prices were at dizzying heights in November, and then came the crash. In just a couple of weeks in May, cryptocurrencies lost more than half a trillion dollars in market value. The most spectacular implosion was a cryptocurrency called TerraUSD. It was a stablecoin – meaning its value was…
Last week a group of technologists, including Bruce Schneier, sent a letter to Congress outlining their concerns around cryptocurrency and urging Congress to regulate the space. Now let me be the first to say that I broadly support this goal. I have no problem with the idea of legislators (intelligently) passing laws to regulate cryptocurrency. Indeed,…
Investing in crypto requires strong defenses against security breaches. These tactics can help keep your funds safe. As of 2022, one in five Americans has invested in or traded some form of cryptocurrency. Popular coins like Bitcoin are increasingly finding their way into mainstream payment methods accepted at everyday stores, both online and in the material…
The SEC recently announced that it was doubling the size of its unit which deals with cryptocurrency assets. It plans to increase the footprint of the unit to reach 50 agents. The unit was first launched in 2017 and since then, has brought forward over 80 enforcement actions, mostly related to fraud and unregistered offerings. It…
Gemini is being sued for allegedly providing IRA Financial an onboarding system with a single point of failure, which allowed the theft of $36 million in IRA customer money. The exchange is also accused on failing to freeze accounts with sufficient rapidity. IRA Financial Trust (IRA) is suing Gemini over the February 2022 hack that saw…
Hackers found a flaw in a decentralized crypto exchange and exploited it to steal an estimated $113 million. On Sunday, the founder and CEO of Maiar—a decentralized exchange (DEX) that bills itself as “the future of money”—and the Elrond blockchain that it runs on, wrote on Twitter that he and his team were “investigating a set…
The web3 market is a mess. There’s enough going on that it will take us a moment to unpack the situation this morning, but leading indicators of sentiment in the blockchain ecosystem are sufficiently nasty to set the stage: Bitcoin is off around 13% in the last 24 hours to $23,436; ETH is off around…
The digitization of our world is continuing at an accelerating pace. More and more of our lives and our economy are moving online. Even our money is increasingly digital. We use credit cards and bank transfers to make most of our purchases and electronic wallets to store our money. With the rise of cryptocurrencies, we…
Michelle Bachelet is the United Nations human rights chief and has announced she will not seek a second term. Her current four-year term expires at the end of August and she will not continue in the position. Bachelet made a trip to China last month and was criticized for not doing more for the alleged…