CyberSecurity
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📢 IMPORTANT NEWS ALERT 🚨🚨
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⚠️ North Korean Hacker Indicted for Cyber Attacks ⚠️
A U.S. grand jury has indicted Rim Jong Hyok, a North Korean citizen, for hacking and extorting hospitals, money laundering, and using ransom funds for cyber attacks on global defense, technology, and government entities. The U.S. State Department offers a $10 million reward for information leading to his location or identity.
Assistant Attorney General Matthew G. Olsen highlighted that North Korean hackers target U.S. healthcare providers using custom tools, and illicit profits are funneled into cyber intrusions through China. Rim and his team, affiliated with North Korea's Reconnaissance General Bureau, operate under aliases like 'Andariel,' 'Onyx Sleet,' and 'APT45.'
#CyberSecurity #Hacking #NationalSecurity #NorthKorea #CyberCrime
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⚠️ North Korean Hacker Indicted for Cyber Attacks ⚠️
A U.S. grand jury has indicted Rim Jong Hyok, a North Korean citizen, for hacking and extorting hospitals, money laundering, and using ransom funds for cyber attacks on global defense, technology, and government entities. The U.S. State Department offers a $10 million reward for information leading to his location or identity.
Assistant Attorney General Matthew G. Olsen highlighted that North Korean hackers target U.S. healthcare providers using custom tools, and illicit profits are funneled into cyber intrusions through China. Rim and his team, affiliated with North Korea's Reconnaissance General Bureau, operate under aliases like 'Andariel,' 'Onyx Sleet,' and 'APT45.'
#CyberSecurity #Hacking #NationalSecurity #NorthKorea #CyberCrime
👉👉👉 #SEC Statement on the Hack of Its X Account and the Resulting Fake #BitcoinETF💰💰💰 Approval Announcement
In response to the unauthorized access and hacking of its @SECGov X.com account, the U.S. Securities and Exchange Commission (SEC) issued a statement on the incident. The SEC reported that on January 9, 2024, shortly after 4:00 pm ET, an unauthorized party gained control of the @SECGov X.com account by compromising the associated phone number. The intruder posted a fake announcement at 4:11 pm ET, falsely claiming the Commission's approval of spot bitcoin exchange-traded funds, followed by another post saying "$BTC." The second post was deleted, but the first one remained. The unauthorized party also liked two posts from non-SEC accounts.
Upon discovering the breach, the SEC took swift action. The Office of Public Affairs posted on the official @garygensler X.com account at 4:26 pm ET, alerting the public to the compromise, the false announcement, and clarifying that the SEC had not approved spot bitcoin exchange-traded products. The SEC staff deleted the unauthorized post, un-liked the two external posts, and, by 4:42 pm ET, made a new post on @SECGov confirming the account compromise. The SEC contacted X.com for assistance in terminating the unauthorized access, and based on current information, the unauthorized access was terminated between 4:40 pm ET and 5:30 pm ET.
The SEC is evaluating the #CyberSecurity incident's impact on the agency, investors, and the marketplace. Although no evidence suggests unauthorized access to SEC systems or data, concerns about social media account security are acknowledged. SEC staff is collaborating with law enforcement, including the Office of Inspector General, FBI, and DHS's Cybersecurity and Infrastructure Security Agency. Updates will be provided, emphasizing official announcements on the SEC website, not through social media.
Source - coindesk.com
#CryptoNews #BinanceSquare
In response to the unauthorized access and hacking of its @SECGov X.com account, the U.S. Securities and Exchange Commission (SEC) issued a statement on the incident. The SEC reported that on January 9, 2024, shortly after 4:00 pm ET, an unauthorized party gained control of the @SECGov X.com account by compromising the associated phone number. The intruder posted a fake announcement at 4:11 pm ET, falsely claiming the Commission's approval of spot bitcoin exchange-traded funds, followed by another post saying "$BTC." The second post was deleted, but the first one remained. The unauthorized party also liked two posts from non-SEC accounts.
Upon discovering the breach, the SEC took swift action. The Office of Public Affairs posted on the official @garygensler X.com account at 4:26 pm ET, alerting the public to the compromise, the false announcement, and clarifying that the SEC had not approved spot bitcoin exchange-traded products. The SEC staff deleted the unauthorized post, un-liked the two external posts, and, by 4:42 pm ET, made a new post on @SECGov confirming the account compromise. The SEC contacted X.com for assistance in terminating the unauthorized access, and based on current information, the unauthorized access was terminated between 4:40 pm ET and 5:30 pm ET.
The SEC is evaluating the #CyberSecurity incident's impact on the agency, investors, and the marketplace. Although no evidence suggests unauthorized access to SEC systems or data, concerns about social media account security are acknowledged. SEC staff is collaborating with law enforcement, including the Office of Inspector General, FBI, and DHS's Cybersecurity and Infrastructure Security Agency. Updates will be provided, emphasizing official announcements on the SEC website, not through social media.
Source - coindesk.com
#CryptoNews #BinanceSquare
🔓💻 Peckshield reports, "Over 48 major hacking incidents occurred in July, causing approximately $165M in damages (excluding the multi-chain $209M breach). The top 5 incidents represented 95% of July's hacking damage" 📈💰
#CyberSecurity #CryptoNews #Peckshield ⚠️🔗
#CyberSecurity #CryptoNews #Peckshield ⚠️🔗
🔒🌐 Slowmist's Web3 security report reveals insights! 💡 The week of August 28 to September 3 saw 7 security incidents in the Web3 sector, resulting in approximately $830,000 in losses. Discord channel hijacking incidents are on the rise, though overall damage has decreased compared to the prior week. Notable incidents include mnemonic leaks during Ivan Bianco's live broadcast, Starkware, Babysia Rugful, Lama Finance Discord hack, Balthazar Discord hack, Cordi Finance Rugful, and Bit Browser private key hacking. Stay vigilant about security in the evolving Web3 landscape! 🛡️👁️🗨️ #Web3SecurityReport #IncidentInsights #CyberSecurity
👉👉👉 Inferno Drainer #Cryptoscam still a threat despite previous shut down: Report
In a recent report, Singaporean #CyberSecurity firm Group-IB has shed light on the persistent threat posed by the 'scam-as-a-service' known as Inferno Drainer within the #cryptocurrency realm. The study reveals that since late March 2023, Inferno Drainer, utilizing 16,000 domains for phishing attacks, successfully pilfered $80 million from crypto users. Despite its shutdown in November 2023, the report titled 'Burnout: Inferno Drainer’s multimillion-dollar scam scheme detailed' underscores that the menace still hangs over the crypto market.
Inferno Drainer emerged on the scene in November 2022, rapidly evolving into one of the most adept crypto drainers within a year. Functioning as a 'drainer,' this service specialized in stealing cryptocurrencies through various deceptive methods, primarily focusing on phishing attacks.
The closure of Inferno Drainer in November 2023, announced by its developers, did not entirely eliminate the threat, as former users could have transitioned to alternative schemes. Group-IB analysts caution that there remains a risk that Inferno Drainer has not been completely eradicated.
The report highlights the extensive phishing operation involving 16,000 unique domains, mimicking over 100 crypto brands. Cybercriminals skillfully impersonated popular crypto entities and Web3 protocols like Seaport, WalletConnect, and Coinbase, luring victims to phishing sites. These fraudulent platforms initiated unauthorized transactions by duping users into connecting their accounts, promising financial rewards.
The report reveals Inferno Drainer's sophisticated operation crafting fake crypto project websites on platforms like X and Discord. Despite its halt, Group-IB warns of evolving cyber threats in the crypto space, calling for increased vigilance and enhanced security measures.
Source - cryptobriefing.com
#CryptoNews #BinanceSquare
In a recent report, Singaporean #CyberSecurity firm Group-IB has shed light on the persistent threat posed by the 'scam-as-a-service' known as Inferno Drainer within the #cryptocurrency realm. The study reveals that since late March 2023, Inferno Drainer, utilizing 16,000 domains for phishing attacks, successfully pilfered $80 million from crypto users. Despite its shutdown in November 2023, the report titled 'Burnout: Inferno Drainer’s multimillion-dollar scam scheme detailed' underscores that the menace still hangs over the crypto market.
Inferno Drainer emerged on the scene in November 2022, rapidly evolving into one of the most adept crypto drainers within a year. Functioning as a 'drainer,' this service specialized in stealing cryptocurrencies through various deceptive methods, primarily focusing on phishing attacks.
The closure of Inferno Drainer in November 2023, announced by its developers, did not entirely eliminate the threat, as former users could have transitioned to alternative schemes. Group-IB analysts caution that there remains a risk that Inferno Drainer has not been completely eradicated.
The report highlights the extensive phishing operation involving 16,000 unique domains, mimicking over 100 crypto brands. Cybercriminals skillfully impersonated popular crypto entities and Web3 protocols like Seaport, WalletConnect, and Coinbase, luring victims to phishing sites. These fraudulent platforms initiated unauthorized transactions by duping users into connecting their accounts, promising financial rewards.
The report reveals Inferno Drainer's sophisticated operation crafting fake crypto project websites on platforms like X and Discord. Despite its halt, Group-IB warns of evolving cyber threats in the crypto space, calling for increased vigilance and enhanced security measures.
Source - cryptobriefing.com
#CryptoNews #BinanceSquare
🚨 Uniswap Founder’s Twitter Account Hacked for Scam Promotion 🚨
#Uniswap founder Hayden Adams' Twitter account was compromised, and a #scam tweet was posted falsely claiming users' tokens were at risk due to an exploit in the platform's #Permit2 contract.
The tweet encouraged followers to click on a malicious link. Crypto Twitter members quickly identified the scam and warned others.
Web3 Security Alerts channel on Telegram notified followers about the account compromise. Several nearly identical scam tweets were posted, though the first one was taken down after a few minutes. Adams' accounts with #MetaMask and Coinbase Wallet were also reported to be blocked.
#CyberSecurity
#Uniswap founder Hayden Adams' Twitter account was compromised, and a #scam tweet was posted falsely claiming users' tokens were at risk due to an exploit in the platform's #Permit2 contract.
The tweet encouraged followers to click on a malicious link. Crypto Twitter members quickly identified the scam and warned others.
Web3 Security Alerts channel on Telegram notified followers about the account compromise. Several nearly identical scam tweets were posted, though the first one was taken down after a few minutes. Adams' accounts with #MetaMask and Coinbase Wallet were also reported to be blocked.
#CyberSecurity
🔐🔍 #CertiK, a blockchain security firm, revealed a vulnerability in #WorldCoin's iris scanner, The Orb, that could bypass identity verification 🚫👁️. WorldCoin has since fixed the issue, ensuring user security 🛡️💼. Details to follow at an appropriate time 📅.
#CryptoNews #Blockchain #CyberSecurity 🚀🔗
#CryptoNews #Blockchain #CyberSecurity 🚀🔗
🔐 Multiple Web3 projects reportedly targeted by North Korean hackers, with attempts involving sharing files containing hidden malicious code, according to Cos, founder of security company Slow Mist. 🌐🛡️ #CyberSecurity #Web3Projects
🔐 Bitfinex reports a phishing attack, assures system and funds remain unharmed, cooperates with authorities, and reaches out to affected customers. #CyberSecurity #BitcoinWorld 🚫💼📞
ALTA Announces Strategic Partnership with Vibranium Audits
Announces Strategic Partnership
The agreement between ALTA and Vibranium represents to fortify and shield all blockchain network. Recognizing the criticality of blockchain network security, we unite our forces, empowering industries across the board to combat cyber threats and forge a future where safety and resilience prevail.
About Vibranium:
Vibranium Audits is a trusted cyber attack protection company that offers comprehensive services to protect businesses and individuals against potential cyber threats. With the increasing frequency and complexity of cyber attacks, it is essential to have the right defense mechanisms in place. Vibranium Audits provides expert penetration testing, vulnerability assessments, and proof of reserves services to ensure the protection of critical assets and sensitive information. With Vibranium Audits, you can be assured that your security is always a top priority.
Mandeep Singh, CEO at Vibranium: “Through this partnership, we aim to empower blockchain startups by offering them discounted access to our top-notch auditing services. Together with ALTA, we will equip these projects with the tools and confidence they need to succeed in the competitive blockchain landscape. ”
Serhii Viatkin, CCO at ALTA: " Our company's strategy and Vibranium Audit are very similar. Now together we will strive for a more secure blockchain industry. The digital hygiene of the founders is very important because it all affects the reputation and uniqueness of blockchain technology."
About ALTA:
ALTA is a blockchain accelerator and consultancy that is committed to driving the mass adoption of distributed ledger technology (DLT) and blockchain solutions. The company offers a broad range of services to selected startups, including mentorship, due diligence, effective marketing, outreach strategies, and connections to funds, investors, and launchpads.
ALTA's key connections with venture capital funds and investors provide full access to a network of industry experts, advisors, and mentors who can assist startups in growing and scaling their businesses. Through ALTA's scaling and localization efforts, projects can increase their visibility and improve their chances of climbing the top 100 rankings on CoinMarketCap or gaining global recognition.
Yurii Chernikov, Head of Quality Assurance at ALTA: "Embracing the significance of cyber security, we join forces with Vibranium in a strategic partnership that places our customers' protection at the forefront. Together, we build a robust shield against cyber attacks, ensuring the safety of our valued clients and fostering a steadfast commitment to their security."
Ral Andrew, CTO at Vibranium: “Our partnership with ALTA enables us to extend our cutting-edge auditing services to a broader range of blockchain projects. By working together, we are committed to driving the mass adoption of distributed ledger technology and ensuring the utmost security and integrity within the ecosystem.”
The agreement between ALTA and Vibranium represents to fortify and shield all blockchain network. Recognizing the criticality of blockchain network security, we unite our forces, empowering industries across the board to combat cyber threats and forge a future where safety and resilience prevail.
About Vibranium:
Vibranium Audits is a trusted cyber attack protection company that offers comprehensive services to protect businesses and individuals against potential cyber threats. With the increasing frequency and complexity of cyber attacks, it is essential to have the right defense mechanisms in place. Vibranium Audits provides expert penetration testing, vulnerability assessments, and proof of reserves services to ensure the protection of critical assets and sensitive information. With Vibranium Audits, you can be assured that your security is always a top priority.
Mandeep Singh, CEO at Vibranium: “Through this partnership, we aim to empower blockchain startups by offering them discounted access to our top-notch auditing services. Together with ALTA, we will equip these projects with the tools and confidence they need to succeed in the competitive blockchain landscape. ”
Serhii Viatkin, CCO at ALTA: " Our company's strategy and Vibranium Audit are very similar. Now together we will strive for a more secure blockchain industry. The digital hygiene of the founders is very important because it all affects the reputation and uniqueness of blockchain technology."
About ALTA:
ALTA is a blockchain accelerator and consultancy that is committed to driving the mass adoption of distributed ledger technology (DLT) and blockchain solutions. The company offers a broad range of services to selected startups, including mentorship, due diligence, effective marketing, outreach strategies, and connections to funds, investors, and launchpads.
ALTA's key connections with venture capital funds and investors provide full access to a network of industry experts, advisors, and mentors who can assist startups in growing and scaling their businesses. Through ALTA's scaling and localization efforts, projects can increase their visibility and improve their chances of climbing the top 100 rankings on CoinMarketCap or gaining global recognition.
Yurii Chernikov, Head of Quality Assurance at ALTA: "Embracing the significance of cyber security, we join forces with Vibranium in a strategic partnership that places our customers' protection at the forefront. Together, we build a robust shield against cyber attacks, ensuring the safety of our valued clients and fostering a steadfast commitment to their security."
Ral Andrew, CTO at Vibranium: “Our partnership with ALTA enables us to extend our cutting-edge auditing services to a broader range of blockchain projects. By working together, we are committed to driving the mass adoption of distributed ledger technology and ensuring the utmost security and integrity within the ecosystem.”
**🚨 Breaking News:** 💻 Microsoft's security team has issued a warning about cybercrimes, including illicit cryptocurrency mining, that exploit open standards for access delegation (OAuth). These attacks target accounts with weak security authentication methods, leading to malicious activities like asset theft. To mitigate such threats, Microsoft is urging users to enable multi-factor authentication (MFA), utilize risk detection tools, and consistently bolster their security measures. Stay safe online! 🔒💻🛡 #CyberSecurity #CryptoSecurity
Just in: #Atomic Wallet is offering up to $100K for finding major security flaws, with a total reward pool of $1M. Hackers can earn $500 to $10K for various levels of vulnerabilities, from high to critical risk. #CyberSecurity
🕵️ KyberSwap hacker's address identified! 💻🔍 1,000 ETH transferred to Tornado Cash; Security firm Pecshield deals with $48.8M hack damage. 💰🔒 #CyberSecurity #CryptoHack
Cybertrace Alert: Deep Fake Crypto Scam with Aussie Billionaire
Cybertrace CEO Dan Halpin suggests that the crypto scammers are probably skilled in sales and marketing, given the “convincing” nature of the ruse.
Cryptos Headlines Platform Has Launched Its Native Token, Early Public Sale Is Live On CryptosHeadlinesToken.com
Cybersecurity company Cybertrace issued a cautionary alert about a “convincing” deep fake video featuring Australian mining tycoon Andrew “Twiggy” Forrest. In the video, Forrest is seen endorsing a fraudulent crypto trading platform on social media.
Fraudulent Deep Fake Video on Facebook
A deep fake video appeared on Facebook, luring users to join a fake platform promising hefty daily earnings for “regular people.” Victims are redirected to a website named “Quantum AI,” associated with scams and financial fraud, as reported by Cybertrace.
Cybertrace’s CEO, Dan Halpin, expressed worry, noting the convincing nature of the deepfake and suggesting the scammers possess sales expertise. He pointed out the video’s lengthy and repetitive content, indicating skill in sales and marketing techniques.
The fake video alters Andrew “Twiggy” Forrest’s behavior and body language from a previous “fireside chat” in October, organized by Rhodes Trust. Detected by Cybertrace on Jan. 27, the manipulated version of Forrest promotes bogus crypto trading software on Facebook.
In the modified video, Forrest invites viewers to partner with him in “the world’s smartest stock and cryptocurrency trading software,” claiming consistent daily profits ranging from $700 to $2,200 over nine months.
Deep Fake Scam Concerns Rise
Andrew “Twiggy” Forrest, a former CEO of Fortescue Metals Group, is one of Australia’s most successful entrepreneurs, with a net worth of $29.4 billion, according to Bloomberg. In a scam video, Forrest urgently encourages viewers to join a platform, raising alarms from Cybertrace amid a surge in deep fake fraud.
The proliferation of deep fakes has grabbed the attention of United States lawmakers, sparked by fake photos of Taylor Swift. U.S. Representative Joe Morelle aims to make the production of deep fake images illegal.
Cybertrace notes that other prominent Australian figures like Gina Rinehart, Dick Smith, and Allison Langdon have also been targeted by scammers creating deep fake videos.
This trend emerges as Australians reported over $2 billion (3.1 billion Australian dollars) in losses to scams in 2022, according to the country’s consumer regulator. Additionally, scams involving cryptocurrency payments totaled $148.3 million (221.3 million Australian dollars) in 2022, marking a 162.4% increase from 2021.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#cyber #CyberSecurity #Bitcoin #Altcoin #Cryptocurrency
Cryptos Headlines Platform Has Launched Its Native Token, Early Public Sale Is Live On CryptosHeadlinesToken.com
Cybersecurity company Cybertrace issued a cautionary alert about a “convincing” deep fake video featuring Australian mining tycoon Andrew “Twiggy” Forrest. In the video, Forrest is seen endorsing a fraudulent crypto trading platform on social media.
Fraudulent Deep Fake Video on Facebook
A deep fake video appeared on Facebook, luring users to join a fake platform promising hefty daily earnings for “regular people.” Victims are redirected to a website named “Quantum AI,” associated with scams and financial fraud, as reported by Cybertrace.
Cybertrace’s CEO, Dan Halpin, expressed worry, noting the convincing nature of the deepfake and suggesting the scammers possess sales expertise. He pointed out the video’s lengthy and repetitive content, indicating skill in sales and marketing techniques.
The fake video alters Andrew “Twiggy” Forrest’s behavior and body language from a previous “fireside chat” in October, organized by Rhodes Trust. Detected by Cybertrace on Jan. 27, the manipulated version of Forrest promotes bogus crypto trading software on Facebook.
In the modified video, Forrest invites viewers to partner with him in “the world’s smartest stock and cryptocurrency trading software,” claiming consistent daily profits ranging from $700 to $2,200 over nine months.
Deep Fake Scam Concerns Rise
Andrew “Twiggy” Forrest, a former CEO of Fortescue Metals Group, is one of Australia’s most successful entrepreneurs, with a net worth of $29.4 billion, according to Bloomberg. In a scam video, Forrest urgently encourages viewers to join a platform, raising alarms from Cybertrace amid a surge in deep fake fraud.
The proliferation of deep fakes has grabbed the attention of United States lawmakers, sparked by fake photos of Taylor Swift. U.S. Representative Joe Morelle aims to make the production of deep fake images illegal.
Cybertrace notes that other prominent Australian figures like Gina Rinehart, Dick Smith, and Allison Langdon have also been targeted by scammers creating deep fake videos.
This trend emerges as Australians reported over $2 billion (3.1 billion Australian dollars) in losses to scams in 2022, according to the country’s consumer regulator. Additionally, scams involving cryptocurrency payments totaled $148.3 million (221.3 million Australian dollars) in 2022, marking a 162.4% increase from 2021.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#cyber #CyberSecurity #Bitcoin #Altcoin #Cryptocurrency
⚖️🔒 Ilya Dutch Lichtenstein pleads guilty to laundering funds from the 2016 #Bitfinex hack, as reported by CNBC 📰. Charged alongside his wife, Heather Morgan, they allegedly tried to clean 119,000 BTC (~$70M at the time) 💰💼.
#CryptoNews #Blockchain #CyberSecurity 🚀🔗
#CryptoNews #Blockchain #CyberSecurity 🚀🔗
🕵️♂️ Seoul Metropolitan Police and FBI collaborate to expose North Korean hacking group 'Andariel,' which targeted defense firms, research institutes, and pharmaceutical companies to steal technology, including laser anti-aircraft weapons. The group extorted 470 million won in Bitcoin from affected companies, many of which did not report the attacks due to trust concerns. 💼💻 #CyberSecurity
🚨 Breaking News: Tellor's X (formerly Twitter) account (@WeAreTellor) has fallen victim to a hacking incident! 😱💔
$TRB
Disclaimer: #CyberSecurity threats are a concern in the digital age, and the incident reported here may not reflect the current situation. Stay vigilant and verify information from trusted sources. 📵🔐🤝
🙏 a small LIKE & FOLLOW 🙏 MOTIVATES ME A LOT ❤️
$TRB
Disclaimer: #CyberSecurity threats are a concern in the digital age, and the incident reported here may not reflect the current situation. Stay vigilant and verify information from trusted sources. 📵🔐🤝
🙏 a small LIKE & FOLLOW 🙏 MOTIVATES ME A LOT ❤️
Assessing Web3 Exploit Trends: Decrease in Losses Following November's Surge in Cyber Attacks
- Recent Web3 reports highlight substantial losses incurred between December 3 and December 9, amounting to almost $1.91 million.
- Several prominent tokens, including Abattoir of Zir (DIABLO) and Strong Finance (STRONG), experienced significant losses, attributed to rug pulls and debacles within the Web3 ecosystem.
- SlowMist, in its findings, uncovered the Stargate snapshot scam occurring on December 4, detailed in a separate report, contributing to the broader losses in the Web3 space.
In a quarterly web3 report published by CertiK, a blockchain security company, findings reveal a concerning trend: cryptocurrency exploits and hacks led to a loss of over $300 million worth of digital assets during the second quarter of 2023.
Analyzing CertiK’s report, a total of 212 security incidents unfolded in the quarter, resulting in a staggering $313,566,528 drained from Web3 protocols.
Despite the quarter's lower losses compared to the same period in 2022, our scrutiny reveals a surge in losses attributable to exit scams, totaling around $70 million during this period.
Notably, Q2 experienced a decline in losses from Oracle manipulation attacks and flash loans. The previous quarter witnessed 52 oracle manipulation attacks, causing losses of about $222 million, primarily due to the Euler Finance hack constituting over 85% of these losses.
Additionally, Q2 observed a 89% drop in losses stemming from 54 flash and oracle manipulation attacks, amounting to around $23 million. Oracle manipulation attacks exploit vulnerabilities in price oracles used by decentralized applications (DApps) and smart contracts, enabling fraudulent activities like price manipulation and transaction misexecution.
Meanwhile, flash loan attacks, where individuals leverage uncollateralized lending to manipulate markets, declined in their impact during Q2.
CertiK's report highlighted BNB Chain as the most targeted blockchain with 119 incidents, resulting in losses of $70,711,385, followed by Ethereum with over 55 incidents and hackers gaining more than $65,999,953.
While Web3's rapid expansion presents incredible opportunities, it also amplifies risks. Stakeholders need heightened vigilance against fraudulent activities that exploit vulnerabilities in the system, underscoring the importance of fortifying defenses to thwart potential cyber threats.
Disclaimer: Voice of Crypto aims to provide accurate information but cannot be held liable for missing facts or inaccuracies. Cryptocurrencies are highly volatile; therefore, conducting thorough research is crucial before making financial decisions.
#Web3 #Web3Wallet #CyberSecurity #Cyber #cryptonovember
- Several prominent tokens, including Abattoir of Zir (DIABLO) and Strong Finance (STRONG), experienced significant losses, attributed to rug pulls and debacles within the Web3 ecosystem.
- SlowMist, in its findings, uncovered the Stargate snapshot scam occurring on December 4, detailed in a separate report, contributing to the broader losses in the Web3 space.
In a quarterly web3 report published by CertiK, a blockchain security company, findings reveal a concerning trend: cryptocurrency exploits and hacks led to a loss of over $300 million worth of digital assets during the second quarter of 2023.
Analyzing CertiK’s report, a total of 212 security incidents unfolded in the quarter, resulting in a staggering $313,566,528 drained from Web3 protocols.
Despite the quarter's lower losses compared to the same period in 2022, our scrutiny reveals a surge in losses attributable to exit scams, totaling around $70 million during this period.
Notably, Q2 experienced a decline in losses from Oracle manipulation attacks and flash loans. The previous quarter witnessed 52 oracle manipulation attacks, causing losses of about $222 million, primarily due to the Euler Finance hack constituting over 85% of these losses.
Additionally, Q2 observed a 89% drop in losses stemming from 54 flash and oracle manipulation attacks, amounting to around $23 million. Oracle manipulation attacks exploit vulnerabilities in price oracles used by decentralized applications (DApps) and smart contracts, enabling fraudulent activities like price manipulation and transaction misexecution.
Meanwhile, flash loan attacks, where individuals leverage uncollateralized lending to manipulate markets, declined in their impact during Q2.
CertiK's report highlighted BNB Chain as the most targeted blockchain with 119 incidents, resulting in losses of $70,711,385, followed by Ethereum with over 55 incidents and hackers gaining more than $65,999,953.
While Web3's rapid expansion presents incredible opportunities, it also amplifies risks. Stakeholders need heightened vigilance against fraudulent activities that exploit vulnerabilities in the system, underscoring the importance of fortifying defenses to thwart potential cyber threats.
Disclaimer: Voice of Crypto aims to provide accurate information but cannot be held liable for missing facts or inaccuracies. Cryptocurrencies are highly volatile; therefore, conducting thorough research is crucial before making financial decisions.
#Web3 #Web3Wallet #CyberSecurity #Cyber #cryptonovember
Protecting yourself from scammers is a top priority! Stay informed with our security tips to avoid being a victim. Remember, never share your login details or password with anyone to keep your account safe. #CyberSecurity #StaySafe #safu