Tag Archives: Hacking

As discussions around crypto fraud intensify following the recent $1.5 billion Bybit hack, Ethereum co-founder Vitalik Buterin is urging the industry to recognize another major risk. According to him, while much attention is given to preventing theft, not enough is done to protect people from accidental loss due to user errors. Accidental Crypto Loss Remains a Big Factor In a February 28 post on X, Buterin outlined several ways individuals lose large amounts of crypto,...

Former Binance CEO Changpeng Zhao (CZ) has criticized Safe Wallet’s post-mortem update on the Bybit hack, calling it “not that great” and raising concerns about how attackers tricked multiple signers. His comments follow an audit report stating that the breach resulted from a compromise of Safe’s infrastructure rather than the exchange’s systems. Safe’s Response Forensic investigations found that compromised Safe Wallet credentials led to the nearly $1.5 billion Bybit...

About The Book:Your Money and the World: How to Spend, Save, Donate and Invest Sustainably. Winner of the SKBI Prize for Sustainable Finance Literacy as part of the Money Awareness and Inclusion Awards (MAIA). Cecile Biccari, sustainable investment expert helps young readers understand how money works—and how spending, saving, donating and investing can change the world. Financial literacy is an important skill in life. At around the age of seven, children develop attitudes and beliefs about...

About The Book:Your Money and the World: How to Spend, Save, Donate and Invest Sustainably. Winner of the SKBI Prize for Sustainable Finance Literacy as part of the Money Awareness and Inclusion Awards (MAIA). Cecile Biccari, sustainable investment expert helps young readers understand how money works—and how spending, saving, donating and investing can change the world. Financial literacy is an important skill in life. At around the age of seven, children develop attitudes and beliefs about...

In what is considered now the largest hack within the cryptocurrency industry, Bybit’s hot wallet was compromised when trying to complete a legitimate transfer, and roughly $1.5 billion, mostly in ETH, was stolen by being sent to another address. Aside from the immediate impact on crypto prices, such a notable incident garnered the attention of the community, and now some prominent figures are calling for a rollback of Ethereum’s chain. Hayes, Mow Say Yes Arthur Hayes, the...

Bybit CEO Ben Zhou confirmed in a Friday livestream that the $1.5 billion hack against his crypto exchange lost the firm the vast majority of its customers’ ETH holdings.  “I believe it was around seventy percent,” Zhou told viewers, when asked how much was lost relative to the company’s ETH assets under management. “We normally keep sixty to  seventy prevent in the cold wallets, and I believe this was the amount.”  What Caused The Hack? The breach, first flagged by on-chain...

As the details around perhaps the largest hack in the cryptocurrency industry continue to unravel, BTC’s price has started to crash once again, falling by over four grand since today’s peak. With the altcoins in a similar state, it’s no wonder that the total value of liquidated positions has skyrocketed to over $600 million on a daily scale. Recall the events that took place earlier today when reports emerged about suspicious transfers made from Bybit’s hot wallets. Later on,...

About The Book:Your Money and the World: How to Spend, Save, Donate and Invest Sustainably. Winner of the SKBI Prize for Sustainable Finance Literacy as part of the Money Awareness and Inclusion Awards (MAIA). Cecile Biccari, sustainable investment expert helps young readers understand how money works—and how spending, saving, donating and investing can change the world. Financial literacy is an important skill in life. At around the age of seven, children develop attitudes and beliefs about...

As 2024 gradually wraps up, the web3 security firm Cyvers has released a Security, Fraud, and Compliance Report for the year, detailing how much impact cybercriminals and their operations had on the crypto industry. According to an executive summary shared with CryptoPotato, in 2024, the crypto industry lost over $2.361 billion to cyber threats across 165 incidents. This figure represents a 40% increase from 2023, when losses totaled $1.69 billion. Access Control Incidents...

Japanese cryptocurrency exchange DMM Bitcoin will cease operations by March 2025 following a hack that resulted in losses exceeding $300 million. This decision follows months of recovery efforts that ultimately failed to restore the platform’s viability. DMM Bitcoin to Transfer All Assets to SBI VC Trade According to a report from Nikkei Asia, the exchange also plans to sell all its assets to SBI VC Trade, a trading company owned by the SBI Group. SBI VC Trade confirmed in a...