Distressing Developments in Crypto World: Measures for Damage Control

“Crypto enthusiasts often overlook the significant issue of private keys security. While theoretical security is advancing, practical security falls short, with billions lost due to misplaced mnemonic keys. Challenges exist, but managing private keys properly is crucial for a secure crypto future.”

“Cypher Protocol, a Solana-based decentralized futures exchange, managed to freeze $600,000 of stolen crypto assets after a security exploit. A vulnerability in tracking isolated sub-accounts let an attacker exploit the flaws and drain $1 million in various cryptocurrencies. Negotiations with the hacker for return of assets remain uncertain.”

Reports suggest that the notorious North Korean hacking group Lazarus Group has a cryptocurrency reserve worth over $47 million, mostly in Bitcoin, according to institutional crypto platform provider, 21.co. The hacker group’s stash was tracked to 295 wallets identified by the US Government.