Hacks

DeFi’s ‘unknown and unpredictable’ risks curb institutional use — Fireblocks VP

April 24, 2024 Coin Telegraph

Institutions are keen on DeFi, and its use among them is growing, but on-chain risks are hamstringing further adoption, says Fireblocks’ Shahar Madar.

Institutional investors have a “growing interest” in decentralized finance (DeFi) but are held back by the risks of on-chain transactions, says a Fireblocks executive. The company aims to address these concerns by introducing new features to its platform.

“For institutional investors navigating DeFi transactions, the risks are significant,” Fireblocks security and trust products vice president Shahar Madar told Cointelegraph. “They manage significantly more funds than the average consumer trader.” Madar added:

Despite the risks, Madar said institutional DeFi trading on Fireblocks rose 75% in the first quarter of 2024, reaching “nearly $4.5 billion.”

New crypto users shouldn’t ‘rush into DeFi’ — Security firms

April 24, 2024 Coin Telegraph

Coin Telegraph

Hacken’s Luciano Ciattaglia said that new crypto users should not jump into decentralized finance or decentralized exchanges right away.

While the prevalence of hacks within the crypto space might deter new users from jumping in, crypto security professionals say that there are ways for them to avoid the riskier parts of crypto.

On Jan. 22, a market sizing report from Crypto.com showed that the crypto space reached about 580 million users in December 2023. Compared to January 2023, the data showed a 34% increase in the crypto market user base.

With crypto onboarding more new users, Cointelegraph spoke with security professionals to get insights on what those new to crypto should do to keep their funds safe in the digital asset space.

Binance Labs-backed Velvet Capital forced offline to prevent phishing attack

April 23, 2024 Coin Telegraph

Applications

According to Vasily Nikonov, the founder of Velvet Capital, users who have confirmed any transactions on the platform since April 23 at 5:39 am UTC may be potential victims of the website hack.

Decentralized finance (DeFi) asset management protocol Velvet Capital was forced to deactivate its website temporarily to prevent a major phishing attempt.

Crypto community members on X reported unusual activity on Velvet Capital’s trading platform on April 23. Users trying to connect to the front-end were prompted to approve their wallet access to the protocol.

Internal investigations led Velvet Capital to issue a cybersecurity alert, advising investors to deny all wallet connect requests from the application until further notice.

Mt. Gox trustee updates Bitcoin and fiat repayment timetable

April 22, 2024 Coin Telegraph

Bitcoin

Mt. Gox creditors can now see the amount of Bitcoin and Bitcoin Cash expected to be repaid this year on the Mt. Gox rehabilitation claims system.

Users of the hacked cryptocurrency exchange Mt. Gox received another optimistic signal regarding compensation for hacked funds, with Mt. Gox trustee updating some crucial repayment data.

Multiple Mt. Gox creditors have reported that their Mt. Gox claims accounts were updated with information about Bitcoin (BTC), Bitcoin Cash (BCH) and fiat repayment, with many suggesting that cryptocurrency repayments are coming soon.

Some of the first such reports surfaced on the Mt. Gox insolvency subreddit in mid-April, with users reporting the addition of amounts to be paid in the repayment data table on their accounts.

Hedgey Finance loses $44.5 million in flash loan exploit

April 19, 2024 The Crypto Briefing

Hedgey Finance loses .5 million in flash loan exploit

Crypto Briefing

The flash loan exploit was executed through the Arbitrum and Binance Smart Chain networks.

The post Hedgey Finance loses $44.5 million in flash loan exploit appeared first on Crypto Briefing.

DeFi platform Hedgey Finance hit by $44 million exploit

April 19, 2024 Coin Telegraph

DeFi platform Hedgey Finance hit by million exploit

Coin Telegraph

Over $500 million worth of digital assets were lost to hacks and exploits in Q1 2024.

Hedgey Finance, a token infrastructure platform, has suffered two parallel exploits amounting to a total of $44.7 million worth of lost funds.

Hedgey suffered an exploit worth over $42.8 million Arbitrum (ARB) tokens on the Arbitrum network, according to an April 19 X post by on-chain security firm Cyvers. The attacker has already deposited part of the funds to the Bybit cryptocurrency exchange.

Earlier, Hedgey protocol was hacked for a total of $1.9 million worth of crypto on the Ethereum network, according to an X alert by Cyvers.

Binance Shifts $1 Billion in SAFU Bitcoin Reserves to USDC

April 18, 2024 Bitcoin.com

Binance

Binance, the leading cryptocurrency exchange globally in terms of trading volume, has shifted its SAFU (Secure Asset Fund for Users) reserves into the stablecoin USDC to bolster “its reliability.” During the early hours of Thursday, the platform transferred two substantial amounts of BTC and BNB. Binance Executes Dual Crypto Moves on Thursday: What’s Behind the […]

Security Alliance launches crypto threat-sharing platform

April 17, 2024 The Crypto Briefing

chainalysis

The platform is purpose-built for the crypto industry and was designed to pool resources on current threats and vulnerabilities.

The post Security Alliance launches crypto threat-sharing platform appeared first on Crypto Briefing.

White hat hacker group SEAL launches crypto threat-sharing center

April 17, 2024 Coin Telegraph

Coin Telegraph

The Security Alliance said it’s helped to recover $50 million since it formed, and now it has launched a tool to assist in fighting crypto hacks in real time.

A team of white hat hackers called the Security Alliance (SEAL) has said it recovered $50 million in assets since its inception in 2023 and has launched a threat-sharing platform to support the crypto space.

On April 17, the alliance announced its free Information Sharing and Analysis Center (ISAC) called SEAL-ISAC — a platform purpose-built for crypto aiming to protect against cyberattacks and financial crimes by providing security intelligence and connections to experts.

Its features include information sharing, threat analysis and alerts, best practices, incident coordination and response and education on security best practices and threats.

Trust Wallet releases advisory on zero-day exploit exposing iOS users

April 16, 2024 The Crypto Briefing

Crypto Briefing

Trust Wallet, the crypto wallet acquired by Binance, has disclosed a high-risk vulnerability affecting wallets on iOS.

The post Trust Wallet releases advisory on zero-day exploit exposing iOS users appeared first on Crypto Briefing.

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