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0xChairman
0xChairman
followers

$10M Lost in Wallet Hack! Hackers on the prowl While you labour to make sterling gains from crypto, hackers are out there hunting to steal it. In a recent incident, a wallet hack led to a loss of $10 million. The founders are assuring users about the security of the chain. In a recent security breach, Jeffrey Zirlin, co-founder of Sky Mavis, the company behind the popular Axie Infinity game, fell victim to a wallet hack, resulting in a loss of over $10 million. Here's a breakdown of the key details: What Happened: Zirlin confirmed that two of his personal wallets were compromised in the hacking incident. Chain Integrity: Despite the breach, Zirlin assured users that the Ronin sidechain, which hosts Axie Infinity, remains secure and unaffected by the attack. Scope of Attack Blockchain security firm PeckShield revealed that a significant "whale wallet" was targeted, raising speculation about the security of the Ronin Bridge. Approximately 3,248 ETH, equivalent to $9.7 million, was illegally withdrawn and transferred to the crypto mixer Tornado Cash. Isolated Incident: Zirlin's counterpart, Aleksander Leonard Larsen, emphasized that the Ronin Bridge maintains robust security measures and that the compromised wallet was an isolated incident, similar to occurrences on other blockchain networks. Overall Crypto Security Trends: In 2023, the crypto space saw over 600 major hacks, resulting in $2.61 billion in losses, according to PeckShield. However, there was a 27.8% decrease in crypto hacks and scams compared to the previous year. Despite this setback, the founders are working diligently to address the issue and ensure the ongoing security of the Axie Infinity ecosystem. What are your thoughts on this situation? #Write2Earn #TrendingTopic #CryptoSecurity #axs #hackattack

6 days ago
Breaking News Author
Breaking News Author
The Best Ethereum Crypto Mixer On Telegram Bot & DApp: LNDRY
about 1 month ago
MarsNext
MarsNext
followers

👉👉👉 #tether CEO implies Circle director misled Congress in 'desperation' attack on #USDT #stablecoin issuer Tether has emphasized its proactive measures in preventing the misuse of stablecoin technology by collaborating closely with global law enforcement agencies, according to a statement provided to CryptoSlate on Feb. 16. The statement comes in response to comments made by Caroline Hill, Senior Director of Global Policy and Regulatory Strategy at Circle, during a House Financial Services Committee hearing titled ‘Crypto Crime in Context Part II: Examining Approaches to Combat Illicit Activity.’ Hill urged authorities to scrutinize Tether's alleged involvement in terror financing. Responding to inquiries regarding Tether during the hearing, Hill appeared to directly address the stablecoin competitor, highlighting concerns over its role. In reaction, Tether's representatives reiterated their commitment to combating illicit crypto activities, emphasizing their extensive efforts in this regard. #JPMorgan analysts have suggested that American regulatory bodies, notably the Office of Foreign Assets Control (OFAC), wield significant influence over Tether's offshore utilization. They pointed to OFAC's sanction on Tornado Cash, a crypto-mixer on the Ethereum blockchain, as evidence of regulatory control. Tether, in compliance with OFAC sanctions, has frozen assets associated with sanctioned wallets. Tether asserts compliance with Treasury OFAC sanctions and cooperation with law enforcement. Analysts foresee upcoming stablecoin regulations potentially eroding Tether's appeal due to transparency and compliance concerns with KYC/AML standards. DeFi platforms, relying on USDT as collateral and liquidity, may also face scrutiny. Analysts question Tether's transparency, citing concerns over its ability to maintain its dollar peg. Tether's dominance in the crypto sector has faced criticism from Wall Street, prompting strong rebuttals from Tether's representatives over perceived double standards in the banking sector. Source - cryptoslate.com #CryptoNews

10 days ago
Crypto Daily™
Crypto Daily™
followers

The dreaded North Korean hacker collective Lazarus Group is now using the YoMix Bitcoin mixer to launder stolen funds after the recent crackdown on the Sinbad mixer.  The Lazarus Group is infamous for carrying out some of the largest crypto heists over the years, targeting a plethora of crypto firms.  YoMix Emerges As Alternative For Lazarus  Lazarus’ activities on YoMix were revealed in a report by blockchain analytics firm Chainalysis, which stated that the group moved its laundering operations from Sinbad mixer after it was sanctioned to YoMix. The report revealed that hackers associated with the group have resorted to using novel money laundering techniques, and are increasingly using cross-chain bridges to obfuscate the origins of the stolen crypto assets.  The Lazarus Group has historically used services such as Tornado Cash and the Sinbad Mixer to launder funds. However, the Chainalysis report revealed that the group has started using the services of a new mixer, YoMix. The Lazarus Group has been involved in several infamous hackings, such as those of Coincheck, Harmony, and Atomic Wallet.  Significant Increase Of Funds Into YoMix  In its report, Chainalysis reported a significant surge of funds flowing through the YoMix mixer, with data showing a five-fold increase in inflows. One alarming detail of these funds was that over one-third originated from wallets associated with crypto hacks. This indicated a significant reliance on YoMix by bad actors looking to obfuscate the origin of their funds.  The switch to YoMix indicates the adaptability of threat actors in the face of ever-changing security measures following the closure of previously popular avenues. Chainalysis also observed a shift towards less centralized money laundering practices at the deposit level. This observation was made even as laundering activities have become more centralized at the service level. This suggests that bad actors diversify their laundering activities across multiple services or deposit addresses.  Use Of Cross-Chain Bridges  Apart from moving to new mixing protocols, the Lazarus Group has also started using cross-chain bridges, enabling the seamless flow of funds through different blockchain networks. Chainalysis noted that bad actors transferred $743.8 million worth of crypto from addresses associated with hacks using cross-chain bridges in 2023. This is double what it was last year.  Despite the overall decrease in the total number of funds laundered compared to the previous year, using cross-chain bridges and other obfuscation techniques remains popular among cybercriminals. Chainalysis observed a general decline in the popularity of mixing services, with mixing services receiving $504.3 million worth of crypto, compared to $1 billion in 2022. Chainalysis attributed this decline to law enforcement and regulatory efforts.  “Much of this is likely due to law enforcement and regulatory efforts, such as the sanctioning and shutdown of mixer Sinbad in November 2023.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

12 days ago
Valuble
Valuble
followers

According to Arkham Intelligence, North Korean hacking group Lazarus sent 27,371 BTC to a crypto mixer service before sending a further 3,343 BTC to a previously inactive address.

about 2 months ago
Crypto
TON
TONNEL Network(TONNEL)

$0.68

-3.27%

Market Cap
N/A
 

Volume (24h)
5.67k
 

-42.50%

Released on 19 Jan 2024

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