12 Sep 2022

Ethereum Merge makes network more vulnerable to attack — Security expert

Despite the Ethereum Merge being touted as a major upgrade to the blockchain network, its transition to proof-of-stake theoretically makes it more vulnerable to exploit. Speaking to Cointelegraph, the security researcher explained that unlike proof-of-work (PoW) systems, a proof-of-stake (PoS) system informs node validators in advance what blocks they will validate,

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10 Sep 2022

Rethinking Responsible Disclosure for Cryptocurrency Security

The Biden administration has pointed, with alarm, to the national security implications of both cybersecurity and cryptocurrency. It’s just a matter of time before the government begins worrying about their intersection—cryptocurrency security. All of the United States’ international adversaries are in the business of exploiting bad cybersecurity, and many of

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09 Sep 2022

Cryptocurrency’s Structural Security Problem

I explore the remarkable number of failures in cryptocurrency security for Lawfare. I argue that security really is worse for cryptocurrency, because the decentralization that proponents treasure makes it hard to safely disclose and fix security holes: Software security flaws … are ubiquitous in digital products. Like writers who can’t see

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09 Sep 2022

Google Cloud to Validate Transactions on Axie Infinity’s Ronin Network

As Axie Infinity creator Sky Mavis works to further decentralize its Ronin network—a custom Ethereum sidechain designed for NFT-powered games—the Web3 startup has tapped one of the largest Web2 tech giants to help its cause. Today, Sky Mavis announced that it has reached an agreement with Google Cloud that will see

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08 Sep 2022

Crypto Scammers Use Fake Websites in Latest Bid to Dupe Customers

Scammers in recent weeks have employed up fake cryptocurrency web pages to attempt to steal money from users, the latest tactic to emerge in what’s already been a costly year for crypto-related hacks. The sham websites – which masquerade as pages for popular services such as Coinbase, Gemini, Kraken and MetaMask

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06 Sep 2022

UK forces crypto exchanges to report suspected sanction breaches

Crypto exchanges must report suspected sanctions breaches to UK authorities under new rules brought in amid concerns that bitcoin and other cryptoassets are being used to dodge restrictions imposed in response to Russia’s invasion of Ukraine. Official guidance was updated on 30 August to explicitly include “cryptoassets” among those that must

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06 Sep 2022

Top 4 Biggest Exploits in August and How They Got Access

According to one of the most recent reports by a data analysis platform Chainanalysis, vulnerabilities in cross-chain bridge protocols have posed the biggest security threat in the crypto industry; they now represent two-thirds of all hacks. According to a blockchain security firm SlowMist Hacked, users lost around $263 million worth

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05 Sep 2022

Terror groups may turn to NFTs to raise funds and spread messages: WSJ

The first known case of a nonfungible token (NFT) created and shared by a “terrorist sympathizer” has come to light, raising concerns that the immutable nature of blockchain tech could help the spread of terrorist messages and propaganda. In a Sunday article in The Wall Street Journal (WSJ), intelligence experts said

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05 Sep 2022

Binance Identifies Suspects Who Stole From KyberSwap Whales

Binance may have helped crack last week’s $265,000 hack on decentralized exchange (DEX) platform KyberSwap. Binance CEO Changpeng Zhao said on Saturday that his exchange’s security team identified two suspects behind the attack, and that their identities have been forwarded to the KyberSwap team. On Sept. 1, KyberSwap issued an alert to

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02 Sep 2022

DeFi protocol Kyber Network suffers frontend hack, loses $265K

Multi-chain DeFi protocol Kyber Network (KNC) revealed that it suffered an exploit on its frontend on Sept. 1, leading to a loss of $265,000 from two whale wallets. According to Kyber Network, its team “identified a malicious code in our Google Tag Manager (GTM)which inserted a false approval, allowing a hacker

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