19 May 2022

Axie Infinity hack highlights DPRK cryptocurrency heists

Despite how enormous it was, the Axie Infinity heist marked only the latest chapter in the story of North Korean financial cybercrime. Sky Mavis, the developer of popular nonfungible token (NFT) video game Axie Infinity, lost hundreds of millions of dollars in assets when they were stolen by hackers on March

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16 May 2022

Crypto is crumbling, and DeFi hacks are getting worse

Until recently, DeFi seemed like it was on an exponential trajectory upwards. With the collective value of crypto peaking near $3 trillion, hackers saw a big opportunity. The only thing that may slow them down is the precipitous drop in the value of the tokens they’re going after. DeFi hacks have

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12 May 2022

Crypto Lending: Unregulated crypto-backed loans get popular, but not without risks

While it is already known that cryptocurrency is becoming even more popular as an investment, it is evidently gaining traction globally as a mode of payment too – albeit not without factoring in related risks. Crypto lending refers to a type of ‘DeFi’, or decentralized finance, which allows investors to

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05 May 2022

Cronos DeFi Project MM.Finance Suffers $2M Exploit

The biggest decentralized exchange on Cronos has been hacked. MM.Finance, an ecosystem of DeFi applications and the biggest decentralized exchange on the Cronos blockchain, has suffered a $2 million frontend attack. The project reported the incident late Thursday after the attacker breached the app’s frontend and started moving funds to their

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04 May 2022

The Rise Of Web3: What Cybersecurity Concerns Should We Look Out For?

Web3 is the kitschy term that refers to the next iteration of our internet—including cryptocurrencies, decentralized networks, the blockchain and more. While for many people the concept of Web3 seems a futuristic, light-years-away idea, the truth is that it’s much more impending than we think, with many elements already firmly

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04 May 2022

Polkadot launches cross-chain messaging system to solve blockchain’s bridge problem

Blockchain platform Polkadot has launched a new cross-chain communications protocol, saying it will do away with cumbersome bridging mechanisms that have cost the crypto industry billions in cyber attacks. The newly launched XCM messaging system is intended to promote Polkadot’s multichain ecosystem, which is being built on the premise of full

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03 May 2022

Why The DeFi Sector Has Seen $1.57B In Exploits And Already Exceeds 2021 Record

Per a report from blockchain security firm Peck Shield, the DeFi sector has been under attack with a profitable season for bad actors. The total amount extracted from different crypto projects has already surpassed the total recorded last year. The security firm claims that around $1,57 billion have been obtained

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02 May 2022

Crypto Hackers Stole More Than $370 Million In April Alone

In April alone, hackers stole more than $370 million in crypto from several web3 projects, according to a cybersecurity firm, with nearly $100 million being stolen over the weekend. In the last month, there were 31 hacks affecting crypto or web3 projects, including Beanstalk, Fei Protocol, Deus Finance, and Bored Ape

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02 May 2022

More than $13 million stolen from DeFi platform Deus Finance

Decentralized finance (DeFi) platform Deus Finance confirmed reports that an attacker used an illicit method to steal millions of dollars on Wednesday evening. Two blockchain security firms, PeckShield and CertiK, said Deus Finance was hit with a variation of a “flash loan attack.” Flash loan attacks involve hackers borrowing funds that

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28 Apr 2022

Cryptocurrency heists are getting more ambitious — and costlier to investors

While 2022 has been a typically roller-coaster year for cryptocurrency buyers, it’s shaping up to be exceptional for one group of virtual money enthusiasts: thieves. Criminals have already stolen more than $1 billion in crypto this year. Attacks on Crypto.com in January, Wormhole in February and Ronin Network last month each

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