hackers

North Korean Lazarus Group is targeting crypto funds with a new spin on an old trick

Microsoft reports that a threat actor has been identified targeting cryptocurrency investment startups. A party Microsoft has dubbed DEV-0139 posed as a cryptocurrency investment company on Telegram and used an Excel file weaponized with “well-crafted” malware to infect systems that it then remotely accessed. The threat is part of a trend in attacks showing a high level of sophistication. In this case, the threat actor, falsely identifying itself with fake profiles of OKX employees, joined Telegram groups “used to facilitate communication between VIP clients and cryptocurrency exchange platforms,” Microsoft wrote in a Dec. 6 blog post. Microsoft explained: “We are […] seeing more complex attacks wherein the threat actor shows great knowledge and preparation, taking steps to gain their targ...

DeFi ecosystem still haunted by FTX contagion: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The FTX contagion that started in the second week of November is still haunting various crypto protocols in the DeFi ecosystem. The latest to fall prey to the contagion includes the Solana-based decentralized exchange (DEX) Serum, of which Alameda and FTX were backers. Another DeFi crypto trading firm Auros Global missed its principal repayment on a 2,400 Wrapped Ether (wETH) DeFi loan. Looking at some other key news in the DeFi ecosystem, popular DEX protocol Uniswap launched its nonfungible token (NFT) marketplace aggregator, allowing users on the platform to trade NFTs. Ankr became the latest victim of an explo...

DeFi sparks new investments despite turbulent market: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The prolonged crypto winter aided by the collapse of FTX has kept investors from backing a new protocol that merges DeFi and the foreign exchange market. A new Cosmos blockchain-based DeFi protocol has caught the eyes of investors who have put $10 million behind the project. Cardano-based leading stablecoin ecosystem Ardana abruptly stopped its development after several launch delays. However, the project remains open-source for others to add to it until they restart the development process. Aave community has now proposed a governance change after a failed $60 million short attack. The short attack was later trac...

FTX hacker dumps 50,000 ETH, still among top 40 Ether holders

The hacker behind the bankrupt cryptocurrency exchange FTX started transferring their Ether (ETH) holding to a new wallet address on Nov. 20. The FTX wallet drainer was the 27th largest ETH holder after the hack but dropped by 10 positions after the weekend ETH dump. The FTX hacker drained nearly $447 million out of multiple FTX global and FTX US exchange wallets just hours after the crypto exchange filed for Chapter 11 bankruptcy on Nov. 11. Majority of the stolen funds were in ETH, making the exploiter the 27th largest ETH whale. On Nov. 20, the FTX wallet drainer 1 transferred 50,000 ETH to a new address, 0x866E. The new wallet address then swapped the ETH for renBTC (ERC-20 version of BTC) and bridged to two wallets on the Bitcoin blockchain. One of the wallets bc1qvd…gpedg held 1,070 ...

Crypto sleuth debunks 3 biggest misconceptions about the FTX hack

On-chain sleuth ZachXBT has shared his findings on what he sees as the three most common misconceptions about the FTX hack — taking to Twitter to correct a “ton of misinformation” about the event and the possible culprits.  In a lengthy Nov. 20 post on Twitter, the self-proclaimed “on-chain sleuth” debunked speculation that Bahamian officials were behind the FTX hack, that exchanges knew the hacker’s true identity, and that the culprit is trading memecoins. 1/ I have seen a ton of misinformation being spread on Twitter and in the news about the FTX event so let me debunk the three most common things I’ve seen “Bahamian officials are behind the FTX hack”“Exchanges know who the hacker is”“FTX hacker is trading meme coins” pic.twitter.com/IAtHnpJI44 — ZachXBT (@zachxbt)...

Future of Web3 security with Immunefi and Brave CEOs: The Bug House 2022

Celebrating the myriads of accomplishments earned by the crypto ecosystem, Immunefi, Electric Capital, Bitscale Capital and MA Family together hosted The Bug House — a party for bringing together the global Web3 community.  In a panel hosted by Cointelegraph, editor-in-chief Kristina Lucrezia Cornèr sat with Mitchell Amador, founder and CEO at Immunefi, and Brendan Eich, founder and CEO of Brave browser, to discuss the evolution of Web3 and its future trajectory. (From left to right) Kristina Cornèr, Mitchell Amador and Brendan Eich during The Bug House. Source: Cointelegraph “There’s a lot of Web2 in Web3. That’s a problem right now,” began Eich when asked about the ongoing Web2 to Web3 transition. From using trusted servers to sub-custody wallets, Amador believed that such Web2 site...

JPMorgan executes first DeFi trade on a public blockchain: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The first week of November saw the institutionalization of DeFi markets as major international banks and financial institutions executed and completed their first DeFi transactions. The global financial giant JP Morgan completed its first-ever cross-border transaction using DeFi on a public blockchain with the help of the Monetary Authority of Singapore’s (MAS) Project Guardian. DBS Bank started a trading test of foreign exchange (FX) and government securities using permissioned DeFi liquidity pools. Apart from JPMorgan and DBS Bank, the Bank for International Settlements also said that automated market-making tec...

Developers need to stop crypto hackers — or face regulation in 2023

Third-party data breaches have exploded. The problem? Companies, including cryptocurrency exchanges, don’t know how to protect against them. When exchanges sign new vendors, most just innately expect that their vendors employ the same level of scrutiny as they do. Others don’t consider it at all. In today’s age, it isn’t just a good practice to test for vulnerabilities down the supply chain — it is absolutely necessary. Many exchanges are backed by international financiers and those new to financial technologies. Many are even new to technology altogether, instead backed by venture capitalists looking to get their feet wet in a burgeoning industry. In and of itself, that isn’t necessarily a problem. However, firms that haven’t grown up in the fintech arena often don’t fully grasp the exten...

Web Summit Lisbon, Nov. 3: Latest updates from Cointelegraph ground team

Welcome back to the day two coverage of Web Summit, one of the leading tech conferences in the world, with over 71,000 attendees on day two. The summit is live in person in Lisbon, Portugal after two years.  The summit is known to bring together some of the most prolific personalities from the tech world together and in 2022 it’s no different. Web3 has increasingly become the most talked about topic in the tech world and Web Summit is no different as leading tech giants such as Apple or Microsoft continue to explore ways to integrate and transition to the Web3 ecosystem. After an eventful first day that saw some major Web3 announcements, including the Web3 alliance to prevent malicious phishing attacks, bad actors and Web3 domain collisions. Binance CEO Changpeng Zhao ...

Compound pauses 4 tokens to avoid price manipulation: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. After the Mango Markets exploit last week, Compound protocol paused the supply of four tokens as lending collateral to protect it against any price manipulation. Crypto staking protocol Freeway said one of its trading strategies “appears to have failed,” forcing the firm to halt services earlier this week. October continues to be dominated by DeFi hacks as another DeFi lockup protocol, Team Finance, lost $14.5 million during contract migration, despite an audit clearance. MakerDAO community voted to approve the custody of $1.6 billion USD Coin (USDC) with the institutional brokerage platform Coinbase Prime. The to...

After Mango Markets exploit, Compound pauses 4 tokens to protect against price manipulation

Decentralized lending protocol Compound has paused the supply of four tokens as lending collateral on its platform, aiming to protect users against potential attacks involving price manipulation, similar to the recent $117 million exploit of Mango Markets, according to a proposal on Compound’s governance forum that was recently passed. With the pause, users will not be able to deposit Yearn.finance’s YFI (YFI), 0x’s ZRX, Basic Attention Token (BAT) and Maker’s MKR (MKR) as collateral to take loans. The proposal passed on Oct. 25 with 99% of all voters in favor. It stated: “An oracle manipulation-based attack analogous to the one that cost Mango Markets $117m is much less likely to occur on Compound due to collateral assets having much deeper liquidity than MNGO and Compound requiring loans...

FTX to give a ‘one-time’ $6M compensation to phishing victims

Cryptocurrency exchange FTX will provide around $6 million in compensation to victims of a phishing scam that allowed hackers to conduct unauthorized trades on certain FTX users’ accounts.  FTX founder and CEO Sam Bankman-Fried posted in a Twitter thread on Oct. 23 that the exchange generally doesn’t award compensation to its users “phished by fake versions of other companies in the space” but in this case, it would compensate users. Bankman-Fried said that this was a “one-time thing” and FTX would “not do this going forward.” “THIS IS NOT A PRECEDENT,” he wrote, clarifying it was only the accounts of FTX users that would be reimbursed. 14) But this once, we’ll do it; roughly $6m total. (To be clear, only for FTX accounts! Hopefully other exchanges will comp theirs.) BUT AGAIN N...

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