06 Oct 2022

Bitcoin can solve the DeFi onboarding crisis, argues exec

As the decentralized finance space remains plagued with hacks, people have become less interested in jumping in and engaging with DeFi. But, according to Dennis Jarvis, the CEO of Bitcoin.com, there is a way for DeFi adoption to move forward through Bitcoin. In a keynote speech at the Blockchain Economy

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06 Oct 2022

Bitcoin Defi Protocol Sovryn Gets Hacked for Over $1 Million

Sovryn – a Bitcoin-based decentralized finance protocol – was drained of over $1 million in funds on Tuesday using a price manipulation exploit. The attack allowed the culprit to drain over $1 million worth of crypto from the protocol, including 44.93 RBTC and 211,045 USDT. According to Sovryn’s blog post

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06 Oct 2022

Web3 Recorded $428 Mn In Loss During Q3 2022 Due To Hacks And Frauds

Web3 ecosystem saw losses of USD 428 million in Q3 2022. The losses recorded due to hacks in Web3 space have decreased by more than half since Q3 2021. The loss of USD 398 million was attributed to hacks across 30 specific incidents and a loss of USD 29 million was

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06 Oct 2022

European Council Approves Crypto Regulation Bill

The European Union (EU) has taken a major step forward on regulating cryptocurrency, with the European Council approving comprehensive Markets in Crypto-Assets (MiCA) regulation on Oct. 5. The development marks another significant action taken by European authorities to ensure that the crypto market plays by their rules. The bill awaits

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06 Oct 2022

Reversible blockchain transactions are key to fighting crime — and wide adoption

A proposal out of Stanford University to make crypto transactions reversible is adding a wrinkle to discussions of crime and fraud prevention. Researchers suggested that mutability — the ability to reverse blockchain transactions — would help prevent crime. One of the advantages of cryptocurrency is that it is possible for the

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05 Oct 2022

The promising impact of Web3 on data privacy and security

As we continue to enjoy user-generated content (UGC) and applications enabled by the current Social Web (Web 2.0), we cannot ignore the imminent rise of Web 3.0 (Web3). Dubbed the Semantic Web, Web3 is essentially a decentralized version of Web 2.0 that omits centralized servers and data silos. With a decentralized

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05 Oct 2022

Hackers are breaching scam sites to hijack crypto transactions

In a perfect example of there being no honor among thieves, a threat actor named ‘Water Labbu’ is hacking into cryptocurrency scam sites to inject malicious JavaScript that steals funds from the scammer’s victims. In July, the FBI warned of scam ‘dApps’ (decentralized applications) that impersonated cryptocurrency liquidity mining services

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05 Oct 2022

‘Biggest Risk in DeFi’ Seen Coming From Backdoor Software Threat

The automated software programs that power much of the DeFi, or decentralized finance, activity on the Ethereum blockchain appear to be less tamper resistant than advertised. In recent years, most of these “smart contracts” have evolved to include a back door, or a way to change them, sometimes in drastic ways,

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05 Oct 2022

SEC Cracks Down on Multimillion Crypto Ponzi Targeting Latino Investors

The U.S. Securities and Exchange Commission (SEC) ordered the emergency shutdown of an ongoing fraudulent crypto offering targeting the country’s Latino community. CryptoFX, a Texas-based firm run by Mauricio Chavez and Giorgio Benvenuto, both residents of Houston, allegedly “used the attraction and novelty of crypto assets to solicit money from

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05 Oct 2022

Cryptocurrency: In the Face of Increased Enforcement, Be Prepared

This summer was a busy one for cryptocurrency regulators, with aggressive actions potentially signaling an increase in consumer protection compliance activity. In August alone, the New York Department of Financial Services (“DFS”) brought its first enforcement action against a DFS-licensed “virtual currency business” – resulting in a $30 million settlement with

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