Non-Fungible Thefts: Why Is The NFT Growth Mired With Thefts And Hacks?
The growth of NFTs have been a joy to watch. The willingness of many to pay millions of dollars for digital arts is a testament of what a world that continues to go digital could look like. Reports shows that NFT marketplaces and collections grew from $106 million in 2020 to $44.2 billion in 2021. […]
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Cryptocurrency exchange losses have been a nuisance since Bitcoin was first created. Many remember the loss of roughly 850,000 BTC in the demise of Mt Gox and the most recent 120,000 BTC Bitfinex compromise. However, over the course of the past eight years there has been various exchange hacks and/or inside jobs. 50+ Cryptocurrency Hacking Thefts Since....
2020 has been the year of DeFi, but not all has gone smoothly with the fledgling financial ecosystem. Unlike in previous years, crypto news in 2020 has not been dominated by major exchange hacks and million dollar Bitcoin thefts. However, there have still been quite a few and most of them have originated from the nascent decentralized finance sector.DeFi has been one of the main drivers of crypto market momentum in 2020 and it stands to reason that the emerging financial landscape has been a magnet for scammers and hackers. Largely unaudited smart contracts coupled with cloned code have....
The list of bitcoin thefts is far too long. Over the past, almost, eight years, we can roughly estimate $1 billion or more have been stolen. Each time, there is devastation for the individuals involved and the wider community as bitcoin’s security is brought to the forefront. This is followed by a backlash from the wider media and public who have been keen to disparage bitcoin ever since the first major hack in 2011 when many dismissed it as insecure. But, is there a solution or are we forever to live with these far too frequent theft stories? For bitcoin to function and have any value it....
The recent surge in DeFi makes the industry is an attractive target for hackers. Cryptocurrency-related crimes have slowed down in 2020, but some sectors within the crypto industry have become a new hotbed for criminal activity, a new report says.Citing major crypto analytics firm CipherTrace, Reuters reported on Nov. 10 that total losses from crypto thefts, hacks and fraud dropped from $4.4 billion in 2019 to $1.8 billion over the first 10 months of 2020.CipherTrace CEO Dave Jevans said that the general decline of criminal activity in the crypto industry is a result of increased security....
The role U. S. government agents played in bitcoin thefts at Mt. Gox in 2013 has generated a lot of media coverage recently. But one security firm investigating the Mt. Gox thefts, Tokyo-based WizSec, believes the agents did not play a significant role in the missing bitcoins. The Mt. Gox exchange collapsed in early 2014 and declared bankruptcy. In a recent blog post, WizSec provided an update on its investigation. "First of all: no, we don't think these agents are main characters in the story of the missing MtGox bitcoins, and the story doesn't begin in 2013 either," the blog post noted.....