Tag Archives: security

Nearly $10 billion were stolen in DeFi scams and thefts only in 2021, representing an 81% rise compared to 2020, and rugpulls accounted for over 35% of all crypto scam revenue. This is according to a recent report by Elliptic. And while there are many types of scams that take place regularly within the cryptocurrency community, rugpulls are arguably the most infamous. So, What is a Rugpull in Crypto? A rugpull — from the phrase to pull the rug from underneath someone —...

Reports emerged earlier today indicating that the team behind MetaSwap – a protocol enabling NFT swaps over Ethereum, Binance, and Polygon – has stolen 1,100 BNB. Shortly after, the native token tanked. The blockchain security and data analytics resource – PeckShield – detected suspicious behavior coming from the MetaSwap team and suggested a soft-rug pull. More precisely, the company said the team behind the NFT swapping platform had stolen 1,100 BNB (worth appr. $605,000)...

It appears that hackers are finding new avenues to exploit non-suspecting victims and take advantage of their computing power. This time, the primary tool to use are leaks of the new Spide-Man: No Way Home movie. Spider-Man: No Way Home premiered on December 17th, 2021 – merely a week ago, in the US. For the short time being, it has already become the third-most successful movie of the year, according to box office statistics. Data from Box Office Mojo shows that it’s the...

The self-described compounding yield optimizer – Grim Finance – has reported being hacked in a reentrancy exploit with the attacker swiping up to $30 million worth of Fantom tokens. The DeFi protocol took it to Twitter on Sunday to inform its users about the hack. The team described it as an “advanced attack,” in which the perpetrator exploited the project’s vault contract through five reentrancy loops. This enabled the attacker to fake five additional deposits into a vault...

MonoX, a decentralized finance project providing single token pools, has become the latest hack victim, in which early estimations show that the perpetrators managed to take more than $30 million in various cryptocurrencies. The protocol took it to Twitter to confirm the breach, explaining that a “method in the swap contract was exploited and boosted MONO token price to sky-high.” The attackers used the coin to purchase several other digital assets. According to some...

Rise Up – a platform that assists in the establishment of digital currency transparency and security – has launched its own unique token for traders to enjoy. Rise Up Is Releasing A Unique Cryptocurrency The company was initially designed to assist cryptocurrency exchanges in making their operations far more secure and stable. The firm is garnering heavy attention given that the crypto space and its security (or sometimes lack thereof) have been extremely important...

The popular investment app Robinhood announced recently that it experienced a data security breach on November 3, 2021. The incident gave the attackers access to personal information belonging to millions of users on the platform. The “unauthorized party” gained access to the customer support system via a social engineering technique, Robinhood stated in a blog post. Although the security threat has been contained according to the investment platform, the attackers had...

The largest US-based cryptocurrency exchange has admitted to being exploited earlier this year when hackers stole assets from approximately 6,000 users. The company vowed to reimburse all affected users. According to a copy of the letter sent to the affected customers, which was available on the website of California’s Attorney General, the exploits took place somewhere between March and May 20th this year. It reads that an unauthorized third party had gained access to the...

In an update to a blog post from months prior, Coinbase has withdrawn its plans to launch a USDC APY lending program on the platform in response to mounting legal pressure from regulators. Coinbase Bends to the SEC The news was quietly released this Friday when Coinbase updated its June blog post that announced an upcoming lending product. After encouraging users to pre-enroll for its program, the team has now discontinued its waitlist, which attracted hundreds of thousands...

The cross-chain DeFi protocol, pNetwork, has informed that it has become the latest victim of a security breach. By leveraging a codebase bug, the unknown perpetrator has stolen 277 bitcoins. As announced by the team behind the project, the hacker “was able to leverage a bug in our codebase and attack pBTC” on the Binance Smart Chain (BSC). Ultimately, he managed to take 277 bitcoins, most of which were collateral. Even with today’s prices when the cryptocurrency dumped by...