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Polygon’s Discord Channel Hacked; Admins Regain Control Amid Security Concerns

Polygon’s Discord Channel Hacked; Admins Regain Control Amid Security ConcernsPolygon’s community Discord channel was compromised in a recent cyberattack, raising security concerns among users. The platform’s administrators have regained control and are working to restore the channel to its original state. Polygon Discord Breached—Admins Regain Control Access Polygon‘s chief information security officer, Mudit Gupta, explained that the Discord channel was compromised, cautioning users to […]

‘BITSANITY’ — Records broken with $70B in volume for Bitcoin stocks, ETFs

WazirX restores balances post-hack, withdrawal timeline unclear

The delay in withdrawals has impacted individual investors and raised concerns about the overall security and reliability of cryptocurrency exchanges.

Nearly a month after a massive hack rocked the WazirX exchange, resulting in the loss of $234 million of investors’ funds in the Indian crypto exchange’s Safe Multisig wallet, the platform has restored investor balances. 

Despite this progress, there is still no clarity on when users will be able to withdraw their funds, leaving many frustrated and anxious.

In an update on Aug. 16, WazirX stated they are working on two main issues: finding a solution for Indian Rupee (INR) balances and resolving issues related to cryptocurrency balances.

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‘BITSANITY’ — Records broken with $70B in volume for Bitcoin stocks, ETFs

Styx Stealer malware exploits Windows vulnerability to ‘clip’ crypto

Styx Stealer steals data and can reroute crypto transactions coming from an infected computer to the bad actor’s wallet.

New malware called Styx Stealer has been uncovered by cybersecurity solutions provider Check Point Research. The newly discovered malware can steal a vast array of material, including cryptocurrency, through a mechanism known as clipping. It is freely available on a rental basis on the developer’s website.

Windows users with an up-to-date operating system are safe from the malware, since Styx Stealer depends on a vulnerability in Microsoft Windows Defender that was patched last year.

Styx Stealer was discovered because the developer experienced a data leak during debugging. It is derived from an older malware called Phemedrone Stealer. It maintains the functions of Phemedrone Stealer, such as stealing saved passwords, cookies, auto-fill data, cryptocurrency wallet data and instant messenger sessions, while incorporating new detection evasion techniques and adding a crypto clipper function.

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‘BITSANITY’ — Records broken with $70B in volume for Bitcoin stocks, ETFs

Germany’s Information Security Office champions hardware wallets

According to a recent Chainalysis report, thefts resulting from crypto hacks and exploits have totaled $1.58 billion in 2024.

In an Aug. 16 LinkedIn post, Germany’s Federal Office for Information Security, also known as BSI, explained the best practices for crypto storage and ultimately told users that a crypto hardware wallet was the most secure way to store private keys.

The post began with exchange-linked wallets, also known as “hot” wallets, and explained that while keeping crypto in an exchange wallet may be convenient for the end-user, it is also the least secure way of storing keys. This is because these wallets are always connected to the internet, creating an attractive target for hackers.

Next were self-custodial wallets on a user’s computer or smartphone. While this colder storage method is safer than keeping crypto on exchanges and allows users to control their keys, self-custodial wallet applications still suffer from “security gaps,” according to the BSI.

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‘BITSANITY’ — Records broken with $70B in volume for Bitcoin stocks, ETFs

Chaos Labs Secures $55M Series A Funding to Bolster Defi Risk Management Solutions

Chaos Labs Secures M Series A Funding to Bolster Defi Risk Management SolutionsChaos Labs has raised $55 million in a Series A funding round, led by Haun Ventures, to advance its onchain risk management platform for decentralized finance (defi). The company plans to use the funds to further enhance its technology, which automates real-time protocol parameter recommendations to improve the security and efficiency of defi protocols. Chaos […]

‘BITSANITY’ — Records broken with $70B in volume for Bitcoin stocks, ETFs

Chainalysis alerts rise in crypto hacks and ransom in 2024

Cryptocurrency hackers have been returning to their roots to targeting centralized exchanges amid a spike in the Bitcoin price in 2024.

A new report indicates that while overall illicit transactions in cryptocurrency markets declined in 2024, certain types of crypto-related criminal activity rose.

Aggregate illicit activity in crypto has dropped 19.6% year-to-date (YTD), falling from $20.9 billion to $16.7 billion by July 2024, according to the first part of the mid-year crypto crime update by Chainalysis released on Aug. 15.

Chainalysis found that legitimate crypto activity has been growing faster than illicit activity onchain in 2024, particularly due to positive industry events like the adoption of spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) in the US.

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‘BITSANITY’ — Records broken with $70B in volume for Bitcoin stocks, ETFs

Pan-African Tech Firm Cassava Technologies Launches AI Unit

Pan-African Tech Firm Cassava Technologies Launches AI UnitAfrica-focused technology and data services firm Cassava Technologies has created a separate business unit to oversee its artificial intelligence (AI) operations. The AI unit will offer data center, cloud, cybersecurity, fiber connectivity, and renewable energy services. Helping Clients Adopt Generative AI Pan-African technology firm Cassava Technologies is creating a separate business unit to focus on […]

‘BITSANITY’ — Records broken with $70B in volume for Bitcoin stocks, ETFs

French regulator accepting CASP applications ahead of MiCA rollout

The AMF is giving firms registered under its current DASP rules ample time to transition, too.

France's financial markets regulator, Autorité des marchés financiers (AMF), has begun accepting applications for crypto asset service providers (CASPs), six months ahead of Markets in Crypto-Assets (MiCA) regulations coming into force.

Beginning on Dec. 30, firms that provide any of ten crypto-related services will be required to have CASP authorization that will impose uniform rules for Anti-Money Laundering and Countering the Financing of Terrorism, cybersecurity and other aspects of doing business.

The MiCA requirements will replace France’s PACTE (Action Plan for Business Growth and Transformation) regime. Firms whose activities were not previously subject to regulation or that have digital asset service provider authorization under PACTE will have until July 1, 2026, to transition to CASP authorization. There are over 100 such firms.

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‘BITSANITY’ — Records broken with $70B in volume for Bitcoin stocks, ETFs

India’s Web3 alliance tightens cybersecurity after Wazirx attack

The BWA’s initiatives highlight an increasing awareness of the importance of cybersecurity in preserving trust and integrity in digital finance.

Following the $230 million hack on WazirX, India’s Bharat Web3 Association (BWA) is increasing its focus on strengthening cybersecurity and improving consumer protection within the crypto industry.

According to local media, the BWA, chaired by Dilip Chenoy, has formed two new internal groups specifically to address these issues and investigate the recent security breach.

One group will focus on cybersecurity, comprising chief information security officers from member firms. This team will develop standard operating procedures and implement solutions designed to prevent future security breaches.

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‘BITSANITY’ — Records broken with $70B in volume for Bitcoin stocks, ETFs

Microsoft blames Crowdstrike meltdown on 2009 European Union deal

The security incident affected 8.5 million Windows systems worldwide as commercial operations were hit with the “blue screen of death.”

According to The Wall Street Journal, a Microsoft spokesperson blamed the recent Crowdstrike failure on a 2009 regulatory deal between Microsoft and the European Union.

The spokesperson claimed Microsoft agreed to give external security developers the same level of access to interact with the software as Microsoft, paving the way for critical bugs.

Patrick Wardle, the CEO of DoubleYou, explained that monolithic ecosystems like Apple’s MacOS are more resistant to such critical errors because of their walled-off architecture. In 2020, Apple revoked similar security clearances for its operating system, insulating it from third-party security failures and coding conflicts.

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‘BITSANITY’ — Records broken with $70B in volume for Bitcoin stocks, ETFs