Decentralized finance (DeFi)and crypto seem to be target number one for scammers as the total amount of funds taken by fraudulent means has eclipsed both 2020 and 2021 combined, with the month of March alone beating 2020 by over $200 million.
Currency.com, one of the cutting edge trading platforms bringing crypto to the masses, suffered a massive cyberattack attempt after announcing that it would halt all operations in Russia last week due to the ongoing invasion of Ukraine.
Scammers have well-orchestrated procedures for carrying out their schemes on unsuspecting persons. Some are little subtleties that can be evasive, even to those who are well-versed in the realm of cryptocurrency.
In what is turning into a continuing theme for 2022, attackers have stolen hundreds of NFTs from 32 OpenSea accounts valued at over $1.7 million by taking advantage of a weakness in the smart contract network that supports OpenSea.
Hackers have again targeted the crypto industry, causing a data breach on February 8 resulting in the loss of $21 million in Bitcoin and $15 million in Ether from retirement accounts held by IRA Financial Trust, a FinTech that manages various portfolios consisting of nontraditional assets.
On a daily basis, there is lots of digital development, enhancement and sophistication on the blockchain technology. Zero Knowledge protocol seems to be an age long idea that will create new dimensions, and extra layers of security and privacy to the blockchain through a no authentication system. It’s a landmark process because it will drastically reduce exposure and enhance the privacy of all and sundry.
Unlike now, when you browse through your social media, it reports your data back to a company, say Facebook or Google in the case of YouTube. With Dapps, your data is distributed among different blocks in the blockchain network, keeping you safe from being tracked by a single network.
Google Cloud will be expanding its suite of security capabilities to include detection for cryptocurrency mining in virtual machines, zeroing in on a common but difficult threat to identify.
A troubling trend has surfaced in El Salvador over the past few weeks as citizens have been posting about the mysterious loss of funds from their Chivo wallets. El Salvador adopted one of the world’s most crypto friendly stances when the government announced in September that Bitcoin would be accepted as a legal tender, along with awarding fractional shares of Bitcoin, approximately worth $30, to all citizens who signed up for the government’s preferred digital wallet, Chivo.
Badger DAO, a decentralized finance project focused on Bitcoin built on the Ethereum blockchain network that allows users to earn. Passive crypto income, is the latest to be victimized by a hack with $120.3 million worth of Bitcoin and Ethereum stolen during a particularly nasty front-end attack.