Search Results for: CertiK

The Arbitrum-based project Chibi Finance conducted a rug pull scam, stealing over $1 million worth of tokens using a malicious contract. This highlights the challenges and pitfalls in decentralized finance (DeFi) and the need for investors to exercise caution and conduct due diligence.

CertiK, a blockchain security firm, received a $500,000 bounty from the Sui network for identifying a critical vulnerability called “HamsterWheel.” This threat traps nodes in an endless loop, rendering networks inoperable. Sui swiftly fixed the issue ahead of its mainnet launch, highlighting the importance of proactive security initiatives and bug bounty programs.

The crypto community, including Binance and Justin Sun, has donated over $1 million in stablecoins and tokens to blockchain investigator ZachXBT for his legal defense against defamation charges filed by NFT trader MachiBigBrother. The case highlights the importance of independent investigators, the strong bond within the crypto community, and the potential risks crowdfunding might bring to legal proceedings.

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.

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.

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.

Arbitrum-based decentralized exchange Swaprum allegedly conducted a rug-pull, swiping around $3 million of customer deposits. The culprits took 1,628 Ether from the platform’s liquidity pools and laundered it through Tornado Cash. The incident highlights challenges in crypto security and the importance of user vigilance and thorough research before investing.

The recent Swaprum exit scam on Ethereum Layer 2 network Arbitrum reveals the ongoing security challenges in the crypto world. This incident highlights the importance of credible security audits, regulatory framework, and user education in addressing growing concerns about hacks, scams, and the future of cryptocurrencies.

As PEPE memecoin’s popularity grows, security firms have observed a rise in scams and fraudulent activities involving meme coins. Investors must be cautious, distinguishing between genuine opportunities and scams, while remaining vigilant as the crypto market continues to expand.

Smart contract auditor CertiK blocked $160,000 from Merlin DEX during a “rug pull” incident that cost users $1.8 million. Despite complications and lack of cooperation, CertiK committed $2 million to combating exit scams and recovering user funds. This highlights the need for stricter security measures, robust auditing, and increased transparency within the crypto space.

The recent rug pull incidents, including Xirtam’s educational project, highlight the need for stronger oversight mechanisms and due diligence in the cryptocurrency ecosystem. As crypto enthusiasts, it’s crucial to remain vigilant, advocate for better security measures, and embrace the blockchain future with caution and critical thinking.

The DeFi ecosystem faced another hack, with Level Finance losing $1.1 million due to a smart contract bug. 2023 has seen a surge in DeFi hacks, causing widespread concern about security measures and urging the community to proactively address these issues to maintain trust and growth.