Category: Security

The hacker who hijacked cryptocurrency mixer Tornado Cash returned control to its team, despite laundering stolen funds on the platform. This highlights the risks linked to privacy-enhanced solutions and Tornado Cash’s use by cybercriminals for hiding illicit transactions.

At the Israel Crypto Conference, Shahar Madar of Fireblocks emphasized the importance of security in Web3 startups and shared insights to protect platforms and users, including establishing a security framework, access control, and developing a game plan against potential threats.

A zero-day vulnerability in Tron multisig accounts, discovered by dWallet Labs, risked $500 million worth of assets by potentially bypassing the multi-signature mechanism. The vulnerability was resolved in February, emphasizing the importance of continuous security assessments and improvements in the blockchain space.

Binance has reopened TORN deposits after a security breach on privacy-focused crypto mixer Tornado Cash DAO. Despite the hack, Tornado Cash’s protocol was not impacted, but concerns arise over potential risks and vulnerabilities in decentralized systems. Binance’s decisive actions, like monitoring projects, aim to ensure better stability and security.

Shiba Inu regained its AAA rating from Certik, following concerns about a recent drop in its rating. Ranking 33rd on Certik’s Security Leaderboard, Shiba Inu scored highly in all six measured categories. However, its price dipped by 1% recently, and thorough research is advised before investing.

The Jimbos Protocol team offers a deal to the exploiter who drained $7.5 million from their DeFi app: return 90% of the funds and keep 10%, or face prosecution. This raises questions about the ethics of negotiating with hackers and highlights the importance of robust security measures in the blockchain industry.

Jimbos Protocol is collaborating with security researchers and on-chain analysts to investigate a cyber attack that exploited a loophole and resulted in a theft of ETH 4,048 (about $7.5 million). As hacking incidents increase, this event emphasizes the importance of implementing effective security measures and continuous assessments in the blockchain and cryptocurrency space.

This week, Trezor’s hardware wallet sales soared by 900%, coinciding with Reddit users’ warnings about fake Trezor phishing websites. Despite concerns over security flaws in Trezor and Ledger wallets, these hardware wallets remain the top choice for crypto enthusiasts, as their offline storage and tamper-resistant features provide significant protection against online threats.

Hardware wallet firm Ledger faces criticism over its “Recover” service, aimed at simplifying self-custody by allowing backup and restoration of private seed phrases. Amid security concerns, Ledger postponed the launch to focus on open-sourcing its protocol. While critics argue it goes against core ideals, some believe it may help onboard new users.

The recent growth in cryptocurrency popularity has led to a surge in South Korean crypto scams targeting young women through social media platforms. Perpetrators primarily use Instagram and popular dating apps, making off with significant amounts of fiat and cryptocurrencies monthly. Authorities are implementing measures, such as specialized departments and training, to combat these crypto-related scams.

The blockchain and DeFi world faces uncertainty after a $7.5 million exploit involving Arbitrum-based Jimbos Protocol. This highlights the need for better security, prevention methods, and collaboration between developers and security researchers to maintain confidence in decentralized finance systems.

This article explores the complexities and high risks involved in insuring the crypto industry. It highlights the challenges faced by insurance providers, such as assessing over 2,000 variables, managing private keys, and proving the legitimacy of individual claims. Adopting traditional insurance sector lessons and blockchain technology could help promote industry growth and make insurance more accessible.

The recent $7.5 million exploit of Arbitrum-based Jimbos Protocol highlights potential vulnerabilities in DeFi protocols and raises questions about blockchain security. Adopting stricter security measures and learning from previous breaches is essential to safeguard users’ investments and promote mass adoption of DeFi platforms.

Jimbos Protocol, a liquidity protocol for the Arbitrum system, suffered a recent attack, leading to a loss of 4,000 ETH ($7.5 million) due to a lack of slippage control in liquidity conversions. Despite efforts to enhance security, the DeFi ecosystem still faces persistent challenges safeguarding against potential vulnerabilities and unauthorized access.

Stargate has proposed a comprehensive plan to address concerns surrounding Multichain and Fantom’s primary USDC asset, including halting STG emissions on Fantom pools and isolating them from other network pools. The proposal considers alternative bridging options, such as Hydra, to mitigate risks and maintain ecosystem integrity.

The recent security breach of Nigerian crypto trading platform, Patricia, has raised concerns about digital asset safety. This incident highlights the risks associated with cryptocurrency trading and questions the efficacy of current security measures, emphasizing the need for stronger regulations and robust security protocols in the industry.

The hacking of an older version of Yearn Finance saw the exploiter mint over 1 quadrillion Yearn Tether, resulting in $11.6 million in stolen stablecoins. Despite crypto mixer Tornado Cash sanctions, the hacker laundered nearly $9.3m worth of loot, raising concerns about the long-term effectiveness of such sanctions and the need for evolving security measures in the crypto community.

Ledger’s new seed-recovery service received criticism for security concerns, prompting the CEO to announce changes, including open-sourcing the Ledger Recover code, and adding passphrase protection. However, not all firmware will be open-sourced, and users must still trust the manufacturer for crypto safety.

The cryptocurrency market saw a 70% reduction in attacks on token protocols and crypto projects in Q1 2023, compared to the same period in 2022, according to a TRM Labs report. However, the industry should remain vigilant against large-scale attacks and maintain proactive security measures amidst fluctuating hack statistics.

Chinese chemical manufacturers are increasingly accepting cryptocurrencies like Bitcoin and Tether for fentanyl ingredients, with transactions totaling over $27 million. Elliptic’s report reveals a 450% year-on-year increase in transaction volume and raises questions about digital currencies’ role in illegal drug trade. Increasing regulation may become crucial to address this issue.

Binance’s crypto custody platform, Ceffu, assures clients that digital assets stored in cold wallets are never commingled and maintains segregated accounts and wallets. This response comes amid Reuters’ accusations against Binance for commingling user funds at Silvergate Bank, which Binance denies as false.

The first quarter of 2023 saw a 70% drop in money stolen from crypto projects, with contributing factors including crackdown on hackers, legal sanctions, and anti-money laundering standards. However, TRM Labs analysts warn of a potential “rebound” in crypto hacks as the year unfolds, emphasizing the need for continued security efforts and regulatory measures.

The crypto market has seen a surge in meme coin popularity, leading to scammers creating fake tokens and duping investors out of millions. Research by PeckShieldAlert shows a significant increase in meme coin rug pulls, highlighting the potential risks associated with the crypto market. It’s crucial to maintain skepticism, conduct thorough research, and remain well-informed about emerging trends and risks to avoid falling victim to fraudulent schemes.

Crypto hacker exploits have declined by 70% in Q1 2023, with hackers increasingly returning stolen funds for “white hat” rewards, says a TRM Labs report. Increased regulatory attention, robust KYC/AML policies, and successful enforcement cases are contributing factors to this shift.

In a recent high-profile phishing attack, valuable tokens from Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) were stolen and sold on the Blur marketplace, resulting in losses surpassing 100 ETH. This alarming event underscores the importance of staying vigilant in the crypto and NFT space, as phishing scams continue to threaten the security and livelihood of cryptocurrency owners.

A scam vendor called “Inferno Drainer” has stolen $5.9 million in assets from 4,888 victims across 689 phishing websites. Specializing in multi-chain scams, Inferno Drainer provides scammers with ready-to-go code in exchange for a 20% cut of stolen funds. Crypto scams and hacks continue to pose a threat, reinforcing the importance of security and vigilance in the crypto market.

The attacker of decentralized autonomous organization, Tornado Cash, submits a proposal to return control, sparking skepticism and optimism among crypto enthusiasts. The incident highlights the vulnerabilities and potential resilience of decentralized systems while emphasizing the importance of community-based approaches to mitigate risks and maintain trustless relationships in blockchain technology.

A new proposal surfaces to potentially restore Tornado Cash’s governance after a malicious attacker hijacked it. Quick action by community member Tornadosaurus Hex aimed to limit damage while the attacker surprisingly signaled intent to return governance control. This incident highlights the need for constant vigilance in blockchain cybersecurity.

Q1 2023 saw a significant decline in crypto hacks with a 65% drop in average hack size. However, TRM Labs warns against complacency, as historical data suggests temporary reprieves don’t guarantee permanent trends. Continuous vigilance in security is necessary to maintain this positive development.

A security breach at the decentralized autonomous organization (DAO) of Tornado Cash raised concerns as an attacker initiated a malicious proposal, gaining control over certain project aspects. This highlights the potential risks of decentralized management and emphasizes the importance of increased vigilance and robust security measures in ensuring a secure future for digital assets.

A recent governance attack on crypto mixer Tornado Cash allowed attackers to gain full control, granting themselves 1.2 million votes through a malicious proposal. The attackers have been withdrawing TORN from the platform’s governance vault and trading it for Ethereum, causing TORN price to plummet 35% within 24 hours. Major crypto exchanges like Binance suspended TORN deposits as a precautionary measure.

Decentralized crypto mixer Tornado Cash fell victim to an attacker who gained full control of its governance through a malicious proposal. The attacker’s control now poses risks to locked votes, tokens, and router functionality, emphasizing the need for investors to scrutinize proposals and prioritize safety in the evolving crypto landscape.