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Explained: Distributed Denial of Service (DDoS) Attack
What is Distributed Denial of Service (DDoS) attack?
Distributed Denial of Service (DDoS) attack is a type of cyber-attack that aims to disrupt the availability of a targeted website or network by overwhelming it with traffic from multiple sources. The goal of a DDoS attack is to take down a website or network, making it inaccessible to its intended users. This type of #attack is typically carried out by botnets, which are networks of compromised devices that are under the control of the attacker. DDoS attacks can have significant consequences for businesses and organizations, including lost revenue, damaged reputation, and diminished customer trust.
Types of DDoS Attacks
There are several types of DDoS attacks that attackers can use to disrupt the availability of a targeted website or #network . Some of the most common types of DDoS attacks include:
Volumetric Attacks: This type of attack aims to saturate the bandwidth of a targeted website or network by flooding it with a high volume of traffic. The traffic may consist of malformed packets, random data, or a combination of both.
Protocol Attacks: This type of attack aims to consume the resources of a targeted website or network by exploiting weaknesses in the protocol used to communicate with it. The attack may involve sending a large number of requests to the target, sending malformed packets, or exploiting vulnerabilities in the protocol itself.
Application Layer Attacks: This type of attack aims to overload the application layer of a targeted website or network by sending a high volume of legitimate requests. This can be achieved by targeting specific vulnerabilities in the application #layer or by mimicking legitimate user behavior.
Methods used by Attackers
Attackers use a variety of methods to carry out DDoS attacks. Some of the most common methods include:
Botnets: Attackers can use botnets to launch DDoS attacks. A botnet is a network of compromised devices that are under the control of the attacker. The attacker can use the botnet to send a large volume of traffic to the targeted website or network.
Amplification: Attackers can use amplification techniques to increase the volume of traffic they can generate. This can be achieved by sending requests that trigger large responses from the targeted website or network.
Reflection: Attackers can use reflection techniques to generate traffic that appears to come from legitimate sources. This can be achieved by sending requests to servers that are configured to respond to requests from any source.
Defending against DDoS Attacks
There are several strategies that businesses and organizations can use to defend against DDoS attacks. Some of the most effective strategies include:
Network Monitoring: Organizations can use network monitoring tools to detect and respond to DDoS attacks. These tools can identify unusual traffic patterns and alert security personnel to potential attacks.
Traffic Filtering: Organizations can use traffic filtering tools to block traffic from known malicious sources. This can help to reduce the volume of traffic that the targeted website or network receives.
Load Balancing: Organizations can use load balancing techniques to distribute traffic across multiple servers. This can help to prevent a single server from becoming overwhelmed by traffic.
Cloud-based Solutions: Organizations can use cloud-based solutions to defend against DDoS attacks. Cloud-based solutions can provide greater scalability and flexibility than traditional on-premises solutions.
Final Words
DDoS attacks are a serious threat to businesses and organizations of all sizes. These attacks can have significant consequences, including lost revenue, damaged reputation, and diminished customer trust. By understanding the different types of DDoS attacks and the methods used by attackers, organizations can develop effective strategies for defending against these attacks. Some of the most effective
Distributed Denial of Service (DDoS) attack is a type of cyber-attack that aims to disrupt the availability of a targeted website or network by overwhelming it with traffic from multiple sources. The goal of a DDoS attack is to take down a website or network, making it inaccessible to its intended users. This type of #attack is typically carried out by botnets, which are networks of compromised devices that are under the control of the attacker. DDoS attacks can have significant consequences for businesses and organizations, including lost revenue, damaged reputation, and diminished customer trust.
Types of DDoS Attacks
There are several types of DDoS attacks that attackers can use to disrupt the availability of a targeted website or #network . Some of the most common types of DDoS attacks include:
Volumetric Attacks: This type of attack aims to saturate the bandwidth of a targeted website or network by flooding it with a high volume of traffic. The traffic may consist of malformed packets, random data, or a combination of both.
Protocol Attacks: This type of attack aims to consume the resources of a targeted website or network by exploiting weaknesses in the protocol used to communicate with it. The attack may involve sending a large number of requests to the target, sending malformed packets, or exploiting vulnerabilities in the protocol itself.
Application Layer Attacks: This type of attack aims to overload the application layer of a targeted website or network by sending a high volume of legitimate requests. This can be achieved by targeting specific vulnerabilities in the application #layer or by mimicking legitimate user behavior.
Methods used by Attackers
Attackers use a variety of methods to carry out DDoS attacks. Some of the most common methods include:
Botnets: Attackers can use botnets to launch DDoS attacks. A botnet is a network of compromised devices that are under the control of the attacker. The attacker can use the botnet to send a large volume of traffic to the targeted website or network.
Amplification: Attackers can use amplification techniques to increase the volume of traffic they can generate. This can be achieved by sending requests that trigger large responses from the targeted website or network.
Reflection: Attackers can use reflection techniques to generate traffic that appears to come from legitimate sources. This can be achieved by sending requests to servers that are configured to respond to requests from any source.
Defending against DDoS Attacks
There are several strategies that businesses and organizations can use to defend against DDoS attacks. Some of the most effective strategies include:
Network Monitoring: Organizations can use network monitoring tools to detect and respond to DDoS attacks. These tools can identify unusual traffic patterns and alert security personnel to potential attacks.
Traffic Filtering: Organizations can use traffic filtering tools to block traffic from known malicious sources. This can help to reduce the volume of traffic that the targeted website or network receives.
Load Balancing: Organizations can use load balancing techniques to distribute traffic across multiple servers. This can help to prevent a single server from becoming overwhelmed by traffic.
Cloud-based Solutions: Organizations can use cloud-based solutions to defend against DDoS attacks. Cloud-based solutions can provide greater scalability and flexibility than traditional on-premises solutions.
Final Words
DDoS attacks are a serious threat to businesses and organizations of all sizes. These attacks can have significant consequences, including lost revenue, damaged reputation, and diminished customer trust. By understanding the different types of DDoS attacks and the methods used by attackers, organizations can develop effective strategies for defending against these attacks. Some of the most effective
DeFi trader suffers 100% slippage in sandwich attack
Arkham Intelligence reveals a transaction where the trader experienced a sandwich attack leading to a 100% slippage
Source:blockchainreporter.net
#DeFi #crypto2023 #attack #cryptotrading
Arkham Intelligence reveals a transaction where the trader experienced a sandwich attack leading to a 100% slippage
Source:blockchainreporter.net
#DeFi #crypto2023 #attack #cryptotrading
#BTC #attack @AayanCom @Aayannoman @Mbeyaconscious @On-chain_News @Wise Analyze @ElliotCrypto
Defi Platform Levana Protocol Says $1.14 Million Was Lost During an 'Oracle Attack'
The decentralized finance platform Levana Protocol confirmed on Dec. 27 that unknown attackers had drained approximately $1.14 million from the liquidity pool. The Levana team however insisted that the issue has “been fixed and opening positions will relaunch next week.”
‘Precognition Oracle Attacks’
The decentralized finance (defi) platform, Levana Protocol, recently confirmed that it was a victim of an oracle attack, in which approximately 10% or $1.14 million was drained from the liquidity pool (LP). However, in an update shared via X on Dec. 27, the Levana team insisted that the issue has already “been fixed and opening positions will relaunch next week.”
According to the update, the attack occurred 14 days earlier, and over 12 days, the hackers were able to drain approximately 4% off the LP. However, the attack increased significantly during Osmosis congestion on Dec. 26, resulting in an additional 5% drain. Initially, the Levana team attributed the resulting change in the profit and loss (PNL) to “organic trader profits and lack of effective cash.”
Defi Platform Levana Protocol Says $1.14 Million Was Lost During an 'Oracle Attack'
The decentralized finance platform Levana Protocol confirmed on Dec. 27 that unknown attackers had drained approximately $1.14 million from the liquidity pool. The Levana team however insisted that the issue has “been fixed and opening positions will relaunch next week.”
‘Precognition Oracle Attacks’
The decentralized finance (defi) platform, Levana Protocol, recently confirmed that it was a victim of an oracle attack, in which approximately 10% or $1.14 million was drained from the liquidity pool (LP). However, in an update shared via X on Dec. 27, the Levana team insisted that the issue has already “been fixed and opening positions will relaunch next week.”
According to the update, the attack occurred 14 days earlier, and over 12 days, the hackers were able to drain approximately 4% off the LP. However, the attack increased significantly during Osmosis congestion on Dec. 26, resulting in an additional 5% drain. Initially, the Levana team attributed the resulting change in the profit and loss (PNL) to “organic trader profits and lack of effective cash.”
🚨🚨Address Poisoning: The New Wave of Attacks Targeting Crypto Wallets
As the world of cryptocurrencies grows rapidly with innovation, the increasing security threats in this area cannot be ignored. A new type of attack, known as "address poisoning," has emerged, posing a serious threat to crypto users. In this article, we will explore what address poisoning is, how it works, and how you can protect yourself from such attacks.What is Address Poisoning?Address poisoning is a method of attack that involves tricking users by imitating cryptocurrency wallet addresses. The basic principle of the attack is for hackers to analyze the transactions of targeted wallets and create addresses very similar to those the wallets normally send money to, then send small amounts of money to these addresses. Victims, mistaking these addresses for familiar ones, may mistakenly make large transfers of money.Recent Cases and LossesIn the past four months, 21 Safe Wallet users have lost 5 million dollars due to such attacks. These cases highlight the serious consequences that address poisoning can have. A critical role in these attacks is played by the Create2 function in Solidity. Security firm Slowmist reported another group of hackers using the Create2 function to steal 3 million dollars from 11 victims.The Role of the Create2 FunctionCreate2 is a function in Solidity, the programming language of Ethereum. This function allows for the pre-computation of contract addresses. However, this feature can be exploited by malicious individuals. Hackers can use this function to create addresses similar to existing ones and convince users to send money to these addresses.Ways to Protect YourselfAs a crypto user, here are ways to protect yourself from such attacks:- Careful Address Verification: Always check the sending address carefully before each transaction.- Use Secure Wallets: Choose reliable wallet providers.- Stay Alert to Suspicious Transactions: Be cautious of unexpected small transfers.With the rapid growth of the crypto sector, security threats are also increasing. New types of attacks like address poisoning require users to be careful and informed. Always be vigilant and conduct your transactions safely.#attack #BinanceTournament #Web3Wallet
Kazakhstan Regulator Issues Subpoena to Atomic Wallet Operators
According to Folklog, a media specializing in cryptocurrencies, Kazakhstan's regulator has issued a subpoena to the operator of Atomic Wallet, a cryptocurrency wallet that was recently exposed to hacking attacks. In addition, the regulatory body requested access to the log-in record server of Atomic Wallet users. Previously, Atomic Wallet announced a wallet security issue on the 3rd, and announced that it was estimated that at least $35 million of cryptocurrency was stolen.
The attack was reportedly carried out by the North Korean hacker group Lazarus.
#attack #cryptocurrency #hackers #fraud #attack
According to Folklog, a media specializing in cryptocurrencies, Kazakhstan's regulator has issued a subpoena to the operator of Atomic Wallet, a cryptocurrency wallet that was recently exposed to hacking attacks. In addition, the regulatory body requested access to the log-in record server of Atomic Wallet users. Previously, Atomic Wallet announced a wallet security issue on the 3rd, and announced that it was estimated that at least $35 million of cryptocurrency was stolen.
The attack was reportedly carried out by the North Korean hacker group Lazarus.
#attack #cryptocurrency #hackers #fraud #attack
🚨 Another day, another hack! 😦
#KyberSwap DEX hit for a whopping $48M. The attacker, now teasing negotiations, has targeted multiple chains, swiping millions in $ETH and $USDC
#HackerAlert #attack #KYBER
#KyberSwap DEX hit for a whopping $48M. The attacker, now teasing negotiations, has targeted multiple chains, swiping millions in $ETH and $USDC
#HackerAlert #attack #KYBER
7,000 MetaMask Users Targeted in Security Breach, Consensys Says
Thousands of MetaMask users who contacted customer support over an 18 month period were targeted in a personal data breach, Consensys said Friday.
#crypto2023 #metamask #attack #consensys
Thousands of MetaMask users who contacted customer support over an 18 month period were targeted in a personal data breach, Consensys said Friday.
#crypto2023 #metamask #attack #consensys
⚠️ A #Crypto wallet tied to #Binance has lost $27 million in an apparent attack 😱
🕵️ The alleged attack occurred yesterday, draining the wallet of 27M #USDT
#attack #CryptoWallet
🕵️ The alleged attack occurred yesterday, draining the wallet of 27M #USDT
#attack #CryptoWallet
Hackers Growing Smarter, But Japanese Crypto Exchanges Say They’re Fighting Back #hackers
bitFlyer executive says hackers use advanced AI tools and LOTL attacks to target staff and networks
Crypto exchanges’ past security woes are well documented. But in 20204, they continue everywhere, with multi-million dollar hacks now a seemingly regular occurrence. #CryptoNewsCommunity
Last month, Chainalysis reported a drop in overall illicit crypto transactions. But it also noted that this year has already seen a 2.8% rise in hacking attacks. #attack
By the midpoint of this year, the cumulative value of stolen cryptocurrencies had hit the $1.58 billion mark. That represents an 84% increase compared to the same period in 2023.
Crypto Exchanges: A Top Target for Hackers?
$BTC
For hackers, exchanges represent the biggest prize in the crypto world. In many cases, millions of USD worth of transactions pass through their platforms every day.
$ETH
Arguably nowhere on earth has felt the pain of hacks quite as acutely as Japan. The Mt. Gox hack of 2011, and the platform’s eventual collapse in 2014 were crippling blows.
$BNB
And a potential coup de grace followed in early 2018, with the Coincheck hack – then the biggest hack in crypto industry history.
These security breaches rocked the confidence of Japanese investors, once some of the most crypto-keen people on earth.
Earlier this month, a top Japanese exchange chief noted that yen-Bitcoin trades made up 50% of the global BTC market in 2017-2018.
Japan’s presence has since dwindled to a “small” and “fading” percentage of the global market share.
Surely, the only antidote to Japanese crypto crises will be proving that the sector’s security worries are a thing of the past. So how are exchanges hoping to do this?
Japan is considering a change to its crypto tax code, potentially lowering it to align with other financial assets.
Big Challenges for Japanese Platforms.
bitFlyer executive says hackers use advanced AI tools and LOTL attacks to target staff and networks
Crypto exchanges’ past security woes are well documented. But in 20204, they continue everywhere, with multi-million dollar hacks now a seemingly regular occurrence. #CryptoNewsCommunity
Last month, Chainalysis reported a drop in overall illicit crypto transactions. But it also noted that this year has already seen a 2.8% rise in hacking attacks. #attack
By the midpoint of this year, the cumulative value of stolen cryptocurrencies had hit the $1.58 billion mark. That represents an 84% increase compared to the same period in 2023.
Crypto Exchanges: A Top Target for Hackers?
$BTC
For hackers, exchanges represent the biggest prize in the crypto world. In many cases, millions of USD worth of transactions pass through their platforms every day.
$ETH
Arguably nowhere on earth has felt the pain of hacks quite as acutely as Japan. The Mt. Gox hack of 2011, and the platform’s eventual collapse in 2014 were crippling blows.
$BNB
And a potential coup de grace followed in early 2018, with the Coincheck hack – then the biggest hack in crypto industry history.
These security breaches rocked the confidence of Japanese investors, once some of the most crypto-keen people on earth.
Earlier this month, a top Japanese exchange chief noted that yen-Bitcoin trades made up 50% of the global BTC market in 2017-2018.
Japan’s presence has since dwindled to a “small” and “fading” percentage of the global market share.
Surely, the only antidote to Japanese crypto crises will be proving that the sector’s security worries are a thing of the past. So how are exchanges hoping to do this?
Japan is considering a change to its crypto tax code, potentially lowering it to align with other financial assets.
Big Challenges for Japanese Platforms.
WHAT IS "SYBIL" AND HOW TO AVOID IT?
FOR AIRDROP HUNTERS...
When you farm an airdrop you must follow simple rules such as:
DYOR the projecttest the platform/game/dappjoin socialsbe active and make transactionsdo NOT do exact same things on the same time on the same project via different wallets - this will turn you into a "SYBIL mode" which is..
In the context of cryptocurrency, a Sybil attack is a malicious attempt to gain undue influence or control over a decentralized network by creating numerous fake identities. This can be achieved by using low-cost or free internet services or by exploiting vulnerabilities in the network's identity verification process.
How Sybil Attacks Work
A Sybil attacker can use fake identities to perform various actions, such as:
Manipulating consensus mechanisms: By creating a large number of fake identities, attackers can outvote honest nodes and alter the consensus rules of the network. This could allow them to double-spend coins, prevent legitimate transactions from being processed, or even halt the network altogether.Influencing governance: In some decentralized networks, certain decisions are made through community voting or governance polls. Sybil attackers can flood the network with fake votes to sway the outcome of these polls and gain control over the network's governance.Dominating airdrops: Airdrops are a common marketing strategy in the crypto space, where tokens are distributed to users based on specific criteria. Sybil attackers can create numerous fake identities to maximize their airdrop rewards, effectively stealing from other participants.
Examples of Sybil Attacks in Crypto
Monero's RingCT Upgrade: In 2018, an attacker attempted to manipulate the voting process for Monero's RingCT upgrade by creating over 40,000 fake identities. However, the Monero community was able to detect and invalidate these fake votes, preventing the attacker from influencing the outcome.Stealing Uniswap V1 Liquidity: In 2019, an attacker exploited a vulnerability in Uniswap V1's liquidity pool system to create millions of fake identities. This allowed them to siphon off a significant portion of the liquidity pool, causing significant losses for other users.
Preventing Sybil Attacks
Several strategies can be employed to mitigate the risk of Sybil attacks in decentralized networks:
Reputation systems: Networks can implement reputation systems that reward honest behavior and penalize malicious activity. This can make it more difficult for Sybil attackers to gain traction.Collaborative identity verification: Networks can collaborate to verify the identities of their users. This can help to identify and eliminate fake accounts before they can cause harm.Utilizing multiple verification factors: Networks can require multiple verification factors, such as KYC (Know Your Customer) procedures, to ensure the authenticity of user identities.Implementing Sybil-resistant consensus mechanisms: Some consensus mechanisms are inherently more resistant to Sybil attacks, such as Proof of Stake (PoS) systems that require network participants to stake a significant amount of cryptocurrency to participate in the consensus process.
Thanks for reading, following and supporting guys! 🙏
#airdropking #Sybil #attack #CryptoNews🔒📰🚫 #educational $BTC
When you farm an airdrop you must follow simple rules such as:
DYOR the projecttest the platform/game/dappjoin socialsbe active and make transactionsdo NOT do exact same things on the same time on the same project via different wallets - this will turn you into a "SYBIL mode" which is..
In the context of cryptocurrency, a Sybil attack is a malicious attempt to gain undue influence or control over a decentralized network by creating numerous fake identities. This can be achieved by using low-cost or free internet services or by exploiting vulnerabilities in the network's identity verification process.
How Sybil Attacks Work
A Sybil attacker can use fake identities to perform various actions, such as:
Manipulating consensus mechanisms: By creating a large number of fake identities, attackers can outvote honest nodes and alter the consensus rules of the network. This could allow them to double-spend coins, prevent legitimate transactions from being processed, or even halt the network altogether.Influencing governance: In some decentralized networks, certain decisions are made through community voting or governance polls. Sybil attackers can flood the network with fake votes to sway the outcome of these polls and gain control over the network's governance.Dominating airdrops: Airdrops are a common marketing strategy in the crypto space, where tokens are distributed to users based on specific criteria. Sybil attackers can create numerous fake identities to maximize their airdrop rewards, effectively stealing from other participants.
Examples of Sybil Attacks in Crypto
Monero's RingCT Upgrade: In 2018, an attacker attempted to manipulate the voting process for Monero's RingCT upgrade by creating over 40,000 fake identities. However, the Monero community was able to detect and invalidate these fake votes, preventing the attacker from influencing the outcome.Stealing Uniswap V1 Liquidity: In 2019, an attacker exploited a vulnerability in Uniswap V1's liquidity pool system to create millions of fake identities. This allowed them to siphon off a significant portion of the liquidity pool, causing significant losses for other users.
Preventing Sybil Attacks
Several strategies can be employed to mitigate the risk of Sybil attacks in decentralized networks:
Reputation systems: Networks can implement reputation systems that reward honest behavior and penalize malicious activity. This can make it more difficult for Sybil attackers to gain traction.Collaborative identity verification: Networks can collaborate to verify the identities of their users. This can help to identify and eliminate fake accounts before they can cause harm.Utilizing multiple verification factors: Networks can require multiple verification factors, such as KYC (Know Your Customer) procedures, to ensure the authenticity of user identities.Implementing Sybil-resistant consensus mechanisms: Some consensus mechanisms are inherently more resistant to Sybil attacks, such as Proof of Stake (PoS) systems that require network participants to stake a significant amount of cryptocurrency to participate in the consensus process.
Thanks for reading, following and supporting guys! 🙏
#airdropking #Sybil #attack #CryptoNews🔒📰🚫 #educational $BTC
MONERO
Monero's communitywallet loses 2,675 $XMR ($442K) in the recent attack.
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.
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#IluPredictor #MoneroHack #Monero #BinanceSquareTalks #attack
Monero's communitywallet loses 2,675 $XMR ($442K) in the recent attack.
.
.
.
#IluPredictor #MoneroHack #Monero #BinanceSquareTalks #attack
What an #unlucky guy!
He got 275,700 $LINK ($4.42M) stolen by a #phishing #attack .
This guy accumulated 290,750 #LINK ($2.26M) at $7.8 from #exchanges between Jun 7, 2022, and Oct 14, 2023, a profit of nearly ~$2.4M currently.
Unfortunately, he accidentally clicked on the phishing link and was deceived into signing the approval transaction.
Ultimately, he lost a profit of $2.4M and a cost of $2.26M, a total loss of $4.66M!
He got 275,700 $LINK ($4.42M) stolen by a #phishing #attack .
This guy accumulated 290,750 #LINK ($2.26M) at $7.8 from #exchanges between Jun 7, 2022, and Oct 14, 2023, a profit of nearly ~$2.4M currently.
Unfortunately, he accidentally clicked on the phishing link and was deceived into signing the approval transaction.
Ultimately, he lost a profit of $2.4M and a cost of $2.26M, a total loss of $4.66M!
South Korean karaoke platform Somesing recently faced a cyberattack, losing over $11.5 million worth
South Korean karaoke platform Somesing recently faced a cyberattack, losing over $11.5 million worth of its native token, SSX. The attack occurred on January 27th, sending shockwaves through the cryptocurrency community.
The attack is believed to be the work of highly skilled hackers specializing in virtual asset theft. Notably, there is no evidence of involvement from Somesing's team members, as stated in the platform's official response. Somesing reported the incident promptly to the National Police Agency. The platform plans to collaborate with Interpol to investigate the cyber breach thoroughly.
Somesing is working alongside the Klaytn Foundation and the cybersecurity firm Uppsala Security, an Interpol partner, to track down the attackers. The platform's main objective is to identify the responsible party quickly. It aims to take appropriate actions, including freezing the stolen assets and pursuing legal measures against those behind the cyberattack.
Suspension of Services by Major Exchanges
Following the security breach, major South Korean cryptocurrency exchanges temporarily suspended deposit and withdrawal services for SSX, including Upbit, Bithumb, and Coinone. These exchanges also warned their users about the potential for increased price volatility. However, other exchanges, such as HTX and Gate.io, which also list SSX, did not take similar precautionary measures.
Somesing operates on the Klaytn blockchain, employing a unique model encouraging users to upload their karaoke recordings. In return for their contributions, users are rewarded with SSX tokens. These rewards are funded by fellow users who donate tokens to support their preferred karaoke performers. The distribution model allocates 60% of donated tokens to singers and 20% to Somesing, with the remaining portion divided for copyright fees and community maintenance.
Cybersecurity Concerns in the Cryptocurrency Sector
Despite this incident, concerns surrounding cybersecurity in the cryptocurrency sector persist. The Somesing cyberattack is just one in a series of recent security breaches. Notably, the attack on Somesing follows an $81.5 million hack on the Klaytn-linked protocol Orbit Bridge earlier in the same month. However, reports suggest that the total volume of cryptocurrency hacks in 2023 witnessed a significant reduction, dropping by over 50% compared to the previous year.
The Somesing cyberattack underscores the ongoing challenges of ensuring the security of blockchain-based platforms. The platform's proactive response and collaboration with relevant entities demonstrate a determined effort to address the breach and protect users after this incident.
#hacking #Korean #attack
The attack is believed to be the work of highly skilled hackers specializing in virtual asset theft. Notably, there is no evidence of involvement from Somesing's team members, as stated in the platform's official response. Somesing reported the incident promptly to the National Police Agency. The platform plans to collaborate with Interpol to investigate the cyber breach thoroughly.
Somesing is working alongside the Klaytn Foundation and the cybersecurity firm Uppsala Security, an Interpol partner, to track down the attackers. The platform's main objective is to identify the responsible party quickly. It aims to take appropriate actions, including freezing the stolen assets and pursuing legal measures against those behind the cyberattack.
Suspension of Services by Major Exchanges
Following the security breach, major South Korean cryptocurrency exchanges temporarily suspended deposit and withdrawal services for SSX, including Upbit, Bithumb, and Coinone. These exchanges also warned their users about the potential for increased price volatility. However, other exchanges, such as HTX and Gate.io, which also list SSX, did not take similar precautionary measures.
Somesing operates on the Klaytn blockchain, employing a unique model encouraging users to upload their karaoke recordings. In return for their contributions, users are rewarded with SSX tokens. These rewards are funded by fellow users who donate tokens to support their preferred karaoke performers. The distribution model allocates 60% of donated tokens to singers and 20% to Somesing, with the remaining portion divided for copyright fees and community maintenance.
Cybersecurity Concerns in the Cryptocurrency Sector
Despite this incident, concerns surrounding cybersecurity in the cryptocurrency sector persist. The Somesing cyberattack is just one in a series of recent security breaches. Notably, the attack on Somesing follows an $81.5 million hack on the Klaytn-linked protocol Orbit Bridge earlier in the same month. However, reports suggest that the total volume of cryptocurrency hacks in 2023 witnessed a significant reduction, dropping by over 50% compared to the previous year.
The Somesing cyberattack underscores the ongoing challenges of ensuring the security of blockchain-based platforms. The platform's proactive response and collaboration with relevant entities demonstrate a determined effort to address the breach and protect users after this incident.
#hacking #Korean #attack
🚨 Uwu Lend hit by a $3.7M hack, the second flash loan exploit this week, totaling $23.7M in losses.
Both attacks are linked to the same perpetrator.
UwULend previously claimed the issue was resolved after a $20M hit on June 10.
#UWU #UwULend #attack #Hacked #TrendingTopic
Both attacks are linked to the same perpetrator.
UwULend previously claimed the issue was resolved after a $20M hit on June 10.
#UWU #UwULend #attack #Hacked #TrendingTopic
Ever thought about why there's a massive sell-off in the crypto market during attacks?
The war using has a big impact on crypto because it creates uncertainty and fear in the market.
When conflicts like the Israel-Hezbollah strikes or the Russia-Ukraine escalation happen, investors tend to move their money to more stable assets like gold or traditional currencies, causing a dump in the crypto market.
This dump occurs because people are looking to protect their investments during times of crisis, leading to a decrease in demand for cryptocurrencies and a drop in their prices. #CryptoNewss #attack #MarketDownturn
The war using has a big impact on crypto because it creates uncertainty and fear in the market.
When conflicts like the Israel-Hezbollah strikes or the Russia-Ukraine escalation happen, investors tend to move their money to more stable assets like gold or traditional currencies, causing a dump in the crypto market.
This dump occurs because people are looking to protect their investments during times of crisis, leading to a decrease in demand for cryptocurrencies and a drop in their prices. #CryptoNewss #attack #MarketDownturn
Huge Security Attack , Hacker steal $43 millions..
On September 20, 2024, BingX, a Singapore-based cryptocurrency exchange, suffered a major security breach when hackers targeted their hot wallet, stealing around $43 million in assets. The cybersecurity firm PeckShield verified the magnitude of the breach, highlighting the severity of the incident. In response, BingX’s technical team immediately transferred remaining assets to cold storage and halted all withdrawal operations to contain any further losses.
The exchange reassured its users that the vast majority of assets are safe in cold wallets, with only a small fraction being impacted by the hack. BingX has committed to fully compensating those affected and aims to restore withdrawal services within 24 hours. This attack highlights the persistent security threats facing cryptocurrency platforms, but BingX's prompt response showcases its commitment to protecting its users' funds.
As security concerns continue to challenge the crypto industry, BingX's decisive actions reflect their readiness to address threats while prioritizing the safety of their community.
#ScamAware #HackerAlert #BinanceLaunchpoolHMSTR #attack #NeiroOnBinance
On September 20, 2024, BingX, a Singapore-based cryptocurrency exchange, suffered a major security breach when hackers targeted their hot wallet, stealing around $43 million in assets. The cybersecurity firm PeckShield verified the magnitude of the breach, highlighting the severity of the incident. In response, BingX’s technical team immediately transferred remaining assets to cold storage and halted all withdrawal operations to contain any further losses.
The exchange reassured its users that the vast majority of assets are safe in cold wallets, with only a small fraction being impacted by the hack. BingX has committed to fully compensating those affected and aims to restore withdrawal services within 24 hours. This attack highlights the persistent security threats facing cryptocurrency platforms, but BingX's prompt response showcases its commitment to protecting its users' funds.
As security concerns continue to challenge the crypto industry, BingX's decisive actions reflect their readiness to address threats while prioritizing the safety of their community.
#ScamAware #HackerAlert #BinanceLaunchpoolHMSTR #attack #NeiroOnBinance
An academic paper suggests that state actors may target privacy-focused blockchain networks like #Monero and #Zcash due to their ability to obscure transaction details.
This raises concerns that governments could attack these privacy chains to hinder criminal activities such as money laundering, while also posing a risk to legitimate users seeking financial privacy.
The paper advocates for a balance between privacy and regulatory measures to avoid misuse without compromising personal freedoms.
#PrivacyfocusedBlockchain #attack #TrendingTopic
This raises concerns that governments could attack these privacy chains to hinder criminal activities such as money laundering, while also posing a risk to legitimate users seeking financial privacy.
The paper advocates for a balance between privacy and regulatory measures to avoid misuse without compromising personal freedoms.
#PrivacyfocusedBlockchain #attack #TrendingTopic
