12 Aug 2022

North Korean Cryptocurrency Hacking Poised to Get Even Worse

Widening mainstream acceptance of cryptocurrency will intensify state-sponsored cybertheft by North Korea, potentially adding to the hereditary despotic monarchy’s billions of funds stolen through hacking, participants in a Washington think tank panel said. North Korean-controlled cybercrime groups have stolen more than $2 billion. Pyongyang has recently turned to cryptocurrency theft, including

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12 Aug 2022

Open source software is needed to prevent future crypto hacks, Polygon CISO says

The pace of crypto hacks hasn’t slowed in the dog days of summer, with tens of millions of dollars stolen in August alone. As the crypto community carries on in the wake of the expensive exploits, many web3 users are biting their tongue waiting for the next big one to

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11 Aug 2022

Trend Micro calls out vulnerabilities in metaverse security development

In a new report published by American-Japanese cybersecurity company Trend Micro, the firm said that the Metaverse possesses increasing vulnerabilities that could materialize within the next three to five years. As told by Trend Micro, the top threats to the sector, mainly from a regulatory standpoint, include NFT security concerns, the

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10 Aug 2022

What To Expect From Ethereum Security and Privacy After the Merge

As the Ethereum Merge draws near, a key factor that will determine its success is the relative security of the blockchain under a proof-of-stake (PoS) regime. Experts say that Ethereum’s PoS chain will maintain the network’s security but at much lower cost. In a proof-of-work (PoW) system, counterfeiting cryptocurrencies requires a

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10 Aug 2022

Protecting cryptocurrency assets in wake of the Solana Wallet hack

Investors using “hot” or internet-connected crypto wallets on the well-known blockchain Solana came under attack from an unidentified bad actor shortly after cross-chain bridge Nomad became the target of a $200 million cryptocurrency heist. The incident has brought up numerous concerns regarding the security provided by both the Solana network

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09 Aug 2022

Why education is key to halting hacks like the $190M Nomad exploit

Following the loss of almost $200 million in a security exploit on crypto protocol Nomad, security experts insisted that more education and security protocols are necessary for protecting web3 communities from hackers. “The crypto ecosystem is currently in a nascent stage of adoption,” Nick Percoco, chief security officer at Kraken,

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09 Aug 2022

How Secure Is the Ethereum Sitting in Your MetaMask Wallet?

It’s been an unrelenting week for MetaMask developers. Reacting to the news that $4.5 million worth of funds had been drained from thousands of software wallets on Solana, the team behind MetaMask far and away the most popular software wallet for Ethereum and Ethereum-compatible networks combed through the wallet’s codebase

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08 Aug 2022

US Treasury bans Tornado Cash mixer for role in crypto money laundering

The US Department of the Treasury has added the Tornado Cash crypto mixer to a list of sanctioned organizations, barring all US citizens from interacting with it and requiring that US assets belonging to Tornado Cash be reported to the Office of Foreign Assets Control. The announcement was made on Monday

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05 Aug 2022

Crypto’s Future Depends on Security, Ledger Exec Say

Crypto exchanges and other intermediaries such as cross-chain bridges are where the latest series of crypto hacks on internet-based “hot” wallets have been taking place. Exchanges need to put in additional security measures, said Alex Zinder, global head of hardware wallet maker Ledger Enterprises. Zinder said on CoinDesk TV’s “First

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05 Aug 2022

Nomad and Solana hacks: what are the lessons for cryptocurrency investors?

Web3 adoption seem inevitable, but so does the increase in security issues and hacks. What are the main factors causing this? The high rate of innovation in the crypto world and the frequent software upgrades of the multi-chain world look like they will inevitably introduce more vulnerabilities. We need to

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