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Certik Web3 Security Quarterly Report: $688 Million Lost in Q2 2024, Totaling Over $1.19 Billion in H1 2024

Certik Web3 Security Quarterly Report: 8 Million Lost in Q2 2024, Totaling Over .19 Billion in H1 2024The latest Certik Web3 Security Quarterly Report reveals alarming statistics for the second quarter of 2024, with a staggering $688 million lost across 184 on-chain security incidents, marking a 37% increase in value lost compared to the previous quarter. Phishing attacks emerged as the most costly threat, accounting for approximately $433 million in losses, while […]

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CertiK migrates blockchain applications to Alibaba Cloud

CertiK's migration to Alibaba Cloud aims to enhance blockchain development security and resource efficiency in Asia.

Blockchain security firm CertiK migrated its cloud infrastructure in Asia to a cloud computing subsidiary of Chinese e-commerce giant Alibaba.

As part of the deal, CertiK will host its suite of 12 blockchain applications on Alibaba Cloud and use its cloud resources to provide Web3 services.

By hosting its services on Alibaba’s centralized cloud infrastructure, CertiK aims to provide its blockchain developers with a secure environment to develop and deploy Web3 applications. Ronghui Gu, co-founder of CertiK said:

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Blockchain Security Firm Certik Returns $3,000,000 in Exploited Funds to Crypto Exchange Kraken

Blockchain Security Firm Certik Returns ,000,000 in Exploited Funds to Crypto Exchange Kraken

A digital asset security research firm has returned $3 million in funds to crypto exchange Kraken after an unusual saga following a bug bounty program exploit. Yesterday, Kraken chief security officer Nick Percoco said in a lengthy X thread that the exchange was alerted days ago that an “extremely critical” code exploit allowing hackers to artificially […]

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CertiK identified Kraken exploit, claims exchange ‘threatened’ its team

The security firm said it was transferring the digital assets obtained in the exploit of Kraken back to the exchange, but many crypto users questioned its motives.

Blockchain security firm CertiK has gone public, identifying itself as the “security researcher” that cryptocurrency exchange Kraken claimed stole $3 million worth of digital assets.

In a June 19 X post, CertiK said it had informed Kraken of an exploit that allowed it to remove millions of dollars from the exchange’s accounts. Kraken Chief Security Officer Nicholas Percoco claimed that an unnamed security team — not revealed to be CertiK at the time — had committed “extortion” by refusing to return any funds until the exchange agreed to provide “a speculated $ amount that this bug could have caused if they had not disclosed it.”

“After initial successful conversions on identifying and fixing the vulnerability, Kraken’s security operation team has THREATENED individual CertiK employees to repay a MISMATCHED amount of crypto in an UNREASONABLE time even WITHOUT providing repayment addresses,” said CertiK. “In the spirit of transparency and our commitment to the Web3 community, we are going public to protect all users’ security. We urge [Kraken] to cease any threats against whitehat hackers.”

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Alex bridge on BNB Smart Chain drained of $4.3M after suspicious upgrade — CertiK

The deployer account changed an Alex contract’s implementation address, and multiple tokens were subsequently drained from its bridge.

According to a May 14 report from blockchain security platform CertiK, the Alex protocol bridge on the BNB Smart Chain network suffered $4.3 million in suspicious withdrawals just after its contract was suddenly upgraded.

Alex is a Bitcoin layer-2 protocol. According to its official website, it provides decentralized finance applications on Bitcoin. Its bridges are used to transfer assets from other networks, such as BNB Smart Chain and Ethereum, to its own network.

Blockchain data confirms that the Alex deployer account performed five identical upgrades to the “Bridge Endpoint” contract on BNB Smart Chain beginning at 3:56 pm UTC. Approximately $4.3 million worth of Binance-Pegged Bitcoin (BTC), USD Coin (USDC), and Sugar Kingdom Odyssey (SKO) were subsequently removed from the BNB Smart Chain side of the bridge.

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Proactive Detection by Certik Saves Wormhole Bridge From Potential $5 Million Hack

Proactive Detection by Certik Saves Wormhole Bridge From Potential  Million HackCertik, a security firm, prevented a potentially disastrous $5 million exploit in the Wormhole cross-chain bridge by identifying a critical bug, showcasing the importance of proactive security practices and the benefits of open-source software in enhancing Web3 security standards. Wormhole, a project enabling token and data transfers between blockchain networks like Ethereum and Solana, had […]

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CertiK discovered $5M security flaw in Wormhole bridge on Aptos

A flaw in the bridge could have allowed an attacker to produce fake token transfers, but it was discovered and patched before anyone could take advantage of it.

A security flaw in the Wormhole bridge on Aptos network could have resulted in $5 million worth of losses had it not been discovered, according to a social media post from blockchain security platform CertiK. The platform claimed to have discovered the bug and reported it to the Wormhole team before it could be expl. The flaw has been patched, and the bridge is no longer vulnerable.

Aptos is a blockchain network that uses the MOVE programming language, which was originally developed by Facebook for the Libra project. Supporters of MOVE claim that it is a safer language to write smart contracts when compared to Ethereum’s Solidity or other alternatives.

The CertiK report was posted in the form of a video. It claimed the flaw “arose from an incorrect implementation of the ‘public(friend)’ and ‘entry’ modifiers in the MOVE programming language.” The ‘public(friend)’ modifier allows a function to be called by other functions within the same module or by external accounts specified on a “friends list,” but not by other callers. On the other hand, the ‘entry’ modifier specifies that a function can be called by any external account.

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April sees $25M in exploits and scams, marking historic low ― CertiK

Losses from hacks and scams reached their lowest level since 2022 when CertiK first started recording the data, with flash loan attacks and private key hacks decreasing.

April saw record-low crypto losses from hacks and scams, according to an April 30 report from blockchain security platform Certik seen by Cointelegraph. Only $25.7 million was lost in attacks over the course of the month, the lowest amount since CertiK started keeping track of this data in 2021.

According to the report, losses from hacks, exploits and scams were down 141% over the previous month. The decline is mostly due to the lack of private key compromises. In March, there were 11 attacks against protocols via private key compromises, whereas in April, there were only three.

Despite this good news for crypto users, some notable hacks and scams during the month caused losses of several hundreds of thousands or even millions of dollars. Memecoin Condom “advertised a presale address on the Solana network,” which was used to drain funds from unsuspecting users. A total of approximately $933,000 of crypto was lost in that attack.

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Telegram Game on Brand-New Ethereum Layer-2 Scaler Blast Exploited for $4,600,000 in Reported White Hat Hack

Telegram Game on Brand-New Ethereum Layer-2 Scaler Blast Exploited for ,600,000 in Reported White Hat Hack

An unknown entity has exploited a Telegram-based game that runs on the newly launched Ethereum (ETH) layer-2 scaling solution Blast Network. In a post on social media platform X, the team behind the game Super Sushi Samurai (SSS) says token transfers are paused after an attacker exploited a vulnerability that allows exploiters to double their […]

The post Telegram Game on Brand-New Ethereum Layer-2 Scaler Blast Exploited for $4,600,000 in Reported White Hat Hack appeared first on The Daily Hodl.

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