French regulator accepting CASP applications ahead of MiCA rollout

August 3, 2024 Coin Telegraph

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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India’s Web3 alliance tightens cybersecurity after Wazirx attack

July 31, 2024 Coin Telegraph

Bharat Web3 Association

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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Microsoft blames Crowdstrike meltdown on 2009 European Union deal

July 22, 2024 Coin Telegraph

Coin Telegraph

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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Fractal ID postmortem ties breach to 2022 password hack

July 21, 2024 Coin Telegraph

2022 hack

This breach highlights the ongoing challenges in maintaining data security, especially in today’s centralized storage systems.

Blockchain identity platform Fractal ID has published a postmortem outlining the data breach that the company suffered on July 14. The breach has since been traced back to a 2022 incident where an employee reused a compromised password.

According to Fractal ID, the compromised account belonged to an operator with the platform for three years and had admin rights. This allowed the attacker to bypass internal data privacy systems, though system monitoring helped lock out the attacker within 29 minutes.

The operator’s failure to follow operational security policies and training, along with the reuse of credentials from past hacks, facilitated the breach.

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Crypto firms’ vulnerability to CrowdStrike blackout: Analyst insights

July 20, 2024 Coin Telegraph

Blockchain

Although no major crypto exchange was affected by the CrowdStrike downtime, analysts provided possible impacts in a case where they are.

The recent data blackout CrowdStrike experienced has raised questions about its potential impact on various industries, including cryptocurrency firms. Blockchain researcher and ex-CEO of Naijacrypto Chiagozie Iwu provided insights into how the disruption could have affected crypto companies and offered recommendations to mitigate associated risks.

Speaking with Cointelegraph, Iwu pointed out that blockchain-native companies, which operate on decentralized networks, are inherently more resilient to such disruptions. “For blockchain-native companies, they have nothing to worry about as the elements of node-based decentralization mitigate this risk,” he said.

However, he cautioned that centralized crypto platforms could be vulnerable to similar issues in the future. He suggested that institutions might start considering decentralized cloud-based architectures, like those of the internet Computer (Dfinity), to bolster their resilience.

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Li.Fi releases incident report following $11M hack

July 18, 2024 Coin Telegraph

Li.Fi releases incident report following M hack

Coin Telegraph

The team also announced it was working on a voluntary compensation plan to reimburse 100% of funds to users affected by the exploit.

Following the $11.6 million exploit of the Li.Fi protocol, an API used to bridge and swap digital assets across blockchains, the Li.Fi team released an update outlining the technical details of the breach.

According to the security update, the deployment of a new smart contract facet was ground zero for the malicious attack. A vulnerability in the code allowed users calling the smart contract to initiate calls to any contract without prior validation.

This function is a result of code taken from the LibSwap library, used to facilitate calls between decentralized exchanges, service providers, and clients to coordinate the asset bridging and swapping processes.

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US military partner Constellation opens Hypergraph network to app developers

July 15, 2024 Coin Telegraph

Coin Telegraph

The “Layer 0” network was created in collaboration with the United States Department of Defense and is now open for commercial Web3 applications.

On July 15, Constellation Network opened its Hypergraph blockchain, created in partnership with the United States military, to application developers at a global hackathon event hosted alongside technology giants IBM and Panasonic.

The hackathon marks the debut of Constellation’s “meta graph” application layer, which enables third-party developers to build Web3 applications—or even new layer 1 blockchains—on top of Hypergraph’s existing network.

Hypergraph is a so-called “Layer 0” protocol designed to validate and store data from interoperable applications and networks—known as “meta graphs”—on its ledger. According to the announcement, its meta graphs can work with any data type, interface directly with external data sources, and accept mainstream programming languages such as Java.

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Report Uncovers North Korean Hackers’ Crypto Job Board Infiltration

July 15, 2024 Bitcoin.com

bitcoin.com

North Korean hackers are infiltrating crypto job boards, posing as fake applicants to steal sensitive data, hack systems, and gather assets, according to a DL News investigation. More than 4,000 North Koreans have been directed to penetrate the tech industry, including crypto, by concealing their identities. This scheme reportedly generates up to $600 million annually […]

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Ethereum Ecosystem Suffers $400,000,000 in Losses Year-to-Date, Amount of Crypto Hacks Rise by Over 50%: SlowMist

July 6, 2024 The Daily Hodl

Ethereum Ecosystem Suffers 0,000,000 in Losses Year-to-Date, Amount of Crypto Hacks Rise by Over 50%: SlowMist

Altcoins

New research from cybersecurity firm SlowMist reveals that the Ethereum (ETH) ecosystem has lost $400 million in exploits year-to-date as the number of crypto hacking cases sees a 50% rise. According to SlowMist’s 2024 mid-year report, the second largest digital asset by market cap saw the most funds lost due to exploits as an ecosystem, […]

The post Ethereum Ecosystem Suffers $400,000,000 in Losses Year-to-Date, Amount of Crypto Hacks Rise by Over 50%: SlowMist appeared first on The Daily Hodl.

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Cybersecurity Breach at Evolve Bank

June 27, 2024 Bitcoin.com

bitcoin.com

Evolve Bank & Trust has recently confirmed a cybersecurity incident. The cybercrime group Lockbit 3.0 reportedly released customers’ personal identification data on the dark web. The bank, known for its fintech partnerships and facilitation of customer accounts for firms with significant crypto user bases, is now under scrutiny. The incident has raised concerns about the […]

Cybersecurity

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