New York polls crypto firms on security measures after Twitter hack
The New York Department of Financial Services found that crypto firms blocked the Twitter hackers’ crypto addresses within 40 minutes. The New York Department of Financial Services, or NYDFS, has released a lengthy report analyzing the impact of July’s high-profile Twitter hack, which resulted in the theft of over $118,000 worth of Bitcoin (BTC). Far beyond the immediate material impact, the NYDFS states that the incident exposed deep cybersecurity weaknesses of a publicly-traded social media company valued at $37 billion and counting over 330 million active monthly users. The discovery....
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Anyone can become the victim of a malicious NFT hack, so what more could OpenSea do to protect its users? The nonfungible token (NFT) market has been booming since the summer of 2021 and as NFT prices skyrocketed, so too did the number of hacks targeting NFTs. The most recent high-profile hack siphoned approximately 600 Ether (ETH) worth of NFTs from Arthur0x, the founder of DeFiance Capital, which were then sold on OpenSea.A 2022 Crypto Crime Report published by Chainalysis highlighted that the value sent to NFT marketplaces by illicit addresses jumped significantly in 2021, topping out....
Crypto exchange Deribit halted withdrawals following a hot wallet hack where hackers got away with $28 million in stolen funds. Major cryptocurrency derivatives exchange Deribit has halted withdrawals after suffering a $28 million hot wallet hack.Deribit exchange got its hot wallet compromised before midnight UTC on Nov. 1, the firm reported on Twitter.The exchange emphasized that client funds are safe as losses are covered by Deribit’s reserves, stating:“Client assets, Fireblocks or any of the cold storage addresses are not affected. It's company procedure to keep 99% of our user funds....
The blockchain technology is now sitting at a stage of evolution that is somehow similar to the that of the internet in the 1990s. No one can overlook the millions of dollars invested, the hefty merchant adoption and the large number of businesses inspired by bitcoin and the blockchain technology. Nevertheless, the lack of standardized security models has rendered most of today's bitcoin exchanges & businesses vulnerable to hack attacks, especially when basic security measures are overlooked. The aftermath of this immature and inconsistent handling of security issues has unfolded many....
On the latest episode of the Bitcoin.com Podcast, our host Zach Doty sat down with ShapeShift CEO Erik Voorhees to discuss the recent hack that took place at the exchange. Voorhees detailed the events before and after the hack, sharing his personal reactions to the theft. Voorhees spoke with Zach as a follow up to the guest post Voorhees published on....
In the crypto industry, issues of hacks and exploits have become one of the dreaded nightmares. The increasing expansion of the crypto space brews more exploitations as well. Despite the security measures most crypto protocols build around them, the bad actors never cease to scan for available vulnerabilities. On September 20, a source revealed bug […]