Cybercriminals are increasingly using three major vulnerabilities in blockchain defi projects to steal cryptocurrency. The Federal Bureau of Investigation (FBI) announced this on its official website.
One of the most popular methods of hacking against DeFi is using flash loans to exploit the vulnerability, law enforcement said. According to the FBI, between January and March 2022, attackers could steal about $3 million using flash loans.
Exploiting a signature verification vulnerability in cross-chain bridges and withdrawing all of the platform’s investments remains another popular attack. During a similar period, cybercriminals could steal about $320 million.
Attackers are also actively pursuing attacks on decentralized project codes that rely on a single price oracle (a program that takes data outside the blockchain). It is reported that cybercriminals use loans to manipulate the quotations of trading pairs, leading to price slippage. This type of attack has enriched the attackers by $35 million.
In April, the FBI, U.S. Treasury Department and the U.S. Agency for Cybersecurity and Infrastructure Protection reported that U.S. cryptocurrency companies were a prime target for North Korean hacker groups like Lazarus Group, APT38, BlueNoroff and Stardust Chollima. According to the agencies, North Korean hackers have targeted various blockchain and cryptocurrency organizations. These included:
- cryptocurrency exchanges;
- Decentralized finance protocols;
- video games for earning cryptocurrency;
- cryptocurrency trading companies;
- venture capital funds investing in cryptocurrencies;
- Individual holders of large sums in cryptocurrency or non-exchangeable tokens (NFTs).
According to U.S. regulators, North Korean hackers mainly use social engineering to incentivize people to download trojan cryptocurrency apps into Windows or MacOS operating systems. The attackers then use the apps to gain access to the victim’s computer, spread malware, and steal private wallet keys.
We previously reported on what awaits the price of Ethereum after the update if it fails.
Korea begins blocking bitcoin holdings of Terra founder
The South Korean prosecutor’s office appealed to local cryptocurrency exchanges to block the assets belonging to Terra founder Do Kwon. Bloomberg writes about it citing law enforcement officials.
The prosecutor’s office sent demands to cryptocurrency exchanges KuCoin and OKX to freeze a total of 3,313 BTC worth about $67 million, which are owned by Kwon through Luna Foundation Guard. Representatives of KuCoinand OKX at the time of writing had not officially commented on the reports about the blocking of Kwon’s assets.
According to Bloomberg, citing research firm CryptoQuant, the LFG wallet address was created on September 15. After its creation, a total of 3,310 BTC were moved to KuCoin and OKX. Meanwhile, back on September 14, the South Korean prosecutor’s office announced an arrest warrant for Terra coin.
Meanwhile, Do Kwon continues to assure the cryptocurrency community via Twitter that he is not hiding from law enforcement. Moreover, the founder of Terra even questioned whether he was wanted by Interpol. He noted that he still can’t find himself on the Interpol wanted list.
Earlier we reported that the head of Celsius Network, Alex Mashinsky, had resigned.
Revolut and cryptocurrency news: Revolut received a license from the UK regulator for cryptocurrency services
Fintech broker Revolut can now provide cryptocurrency services in the UK thanks to a license from the Financial Conduct Authority (FCA). This is reported on the website of the regulator. Revolut and cryptocurrency were not previously linked.
In fact, the broker received approval from the regulator back on Monday, September 26, but it has become known only now. Before the license, Revolut provided cryptocurrency services through a temporary permit from the FCA. In addition to Revolut, CEX.IO, Copper Technologies, GlobalBlock and Moneybrain also provided crypto services on a temporary basis.
Revolut has long been exploring the expansion of cryptocurrency-related services. According to Revolut CEO Nikolai Storonsky, the company has been exploring options to introduce new services like Revolut cryptocurrency wallet. Revolut was also looking at integrating cryptocurrency stacking. However, it remains unclear whether the broker still plans to provide such services.
Earlier we reported that the head of FTX wants to buy the assets of the bankrupt Celsius Network.
U.S. exchange regulator fines Tether auditor company $1.5 million
Tether auditor company, Friedman LLP, was fined $1.5 million for improper services from 2017 to 2020. This was reported in a press release from the U.S. Securities and Exchange Commission (SEC).
According to the exchange regulator, the Tether auditing company didn’t properly develop audit procedures in its work for the iFresh product network. The company also didn’t exercise the necessary due diligence in auditing another unnamed company. Although the press release does not explicitly identify Tether, the issuer of the USDTstablecoin, as Tether, Friedman’s firm was Tether’s auditor from just 2017 to 2018.
Tether full audit
Earlier, a New York County court required Tether to disclose the USDT Stablecoin’s collateral and prove the assets linkage to the U.S. dollar. According to the court order, Tether is required to provide the company’s financials, income statements, cash flow statements, and so on. However, the time frame in which Tether must provide the statements is not specified.
The lawsuit is part of a legal battle between investors and Tether’s parent company, iFinex. The plaintiffs believe that Tether manipulated the cryptocurrency market by issuing unsecured USDT with the intention of artificially inflating cryptocurrency prices.
Earlier we reported that Vitalik Buterin announced the release of his book.
- Coronavirus10 months ago
Biden administration still seeking agreement from Mexico on return of asylum seekers
- Stock Markets6 months ago
WeLion Cooperates with Nio to Produce Semi-Solid Battery
- Cryptocurrency10 months ago
Arvalex Token Launches It’s PreSale to Shake Up The Metaverse
- Forex2 months ago
Forex Today: the dollar is gaining strength amid gloomy sentiment at the start of the Fed’s week
- Cryptocurrency10 months ago
Crypto & NFT Influencer Marketing: Hire an Agency or Do It Yourself?
- Economy10 months ago
Analysis-Europe’s big payday remains elusive even as inflation surges
- Cryptocurrency11 months ago
NFT World Records: CryptoDragons Sold Out 500 Eggs in Its Primary Pre-Sale in Тhe Тwinkling of аn Еye!
- Cryptocurrency9 months ago
In the Wilder World, Staking and Liquidity Mining Have Arrived