In the first three months of 2024, the blockchain security sphere faced challenges that, while seemingly typical, underscored a growing concern over the sophistication of cyber-attacks, particularly those involving private key compromises and phishing.
Ronghui Gu, a co-founder of CertiK, a blockchain security company, shared insights with Cointelegraph about these challenges.
He noted a significant uptick in losses due to private key compromises, marking a stark increase to $239 million from just $18.8 million in the same period last year, an alarming rise of 1,171%.
CertiK’s “Hack3d” quarterly security report shed light on these figures, revealing that despite only 26 incidents of private key compromises, the financial impact was profound.
Additionally, phishing attacks have not only become more frequent, with 83 incidents reported, but also more devastating, cumulatively costing victims $64 million.
Gu highlighted the severity of the situation by pointing out that “The sophistication and success of phishing attacks have also reached alarming levels, with 18 phishing incidents, each causing over $1 million in losses.”
Despite these daunting challenges, Gu remains optimistic about the crypto community’s ability to bolster its defenses.
He advocates for the use of multisig wallets and multiparty computation as effective measures to enhance security.
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These methods distribute the authorization power, thereby reducing the risk of single-point failures and unauthorized access, ensuring that no single entity has complete control over assets and complicating efforts by attackers to compromise private keys.
Gu stresses the importance of integrating both Web2 and Web3 security practices to combat these advanced threats.
This includes encrypting internal systems, implementing multifactor authentication, conducting regular security audits, and educating employees on the latest phishing and social engineering tactics to minimize the risk of security breaches.
Looking ahead, Gu anticipates that the current trends in cyber threats will persist throughout the year, fueled by the recent uptick in market activity.
He warns that the increasing sophistication of cyber-attacks, coupled with the lucrative opportunities presented by a growing market, necessitates not only vigilance but also proactive measures to anticipate and thwart emerging threats.
“This, combined with the escalating sophistication of attacks, suggests that we should not only expect the continuation of serious security incidents but also proactively prepare for the emergence of new, innovative attack vectors,” Gu concluded.
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Google has taken a significant leap in enhancing user experience by integrating the ability to search for wallet balances across various blockchains, including Bitcoin, Arbitrum, Avalanche, Optimism, Polygon, and Fantom.
Users can now effortlessly input a wallet address and receive detailed information on token balances by network and the latest update time.
This feature supports three Bitcoin address formats — P2PKH, P2SH, and Bech32 — enabling users to check current balances and recent transactions seamlessly.
This integration of Bitcoin data into Google’s search results marks a significant advancement in making on-chain activity more accessible, leveraging Google’s massive daily search traffic.
Although this development has been met with applause for promoting mainstream adoption, it has also sparked privacy concerns among Bitcoin enthusiasts who prioritize privacy, due to fears over centralized data aggregation.
Following its introduction of Ethereum Name Service (ENS) domain search capabilities, Google’s new feature represents a continued expansion of its blockchain-related services.
Users can now search for wallet balances using easily recognizable domain names, such as “vitalik.eth” for Ethereum wallet addresses.
This update builds on Google’s initial steps toward embracing the crypto world, starting with Ethereum wallet balance searches in May 2023 and the integration of a feature in 2022 that tracked some Ethereum wallet balances directly through Google, bypassing the need to visit Etherscan.
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The progression in Google’s approach is notable, from banning Bitcoin-related advertisements in 2018 to its recent reversal, which now welcomes advertisements for spot Bitcoin exchange-traded funds (ETFs) following their U.S. approval in January.
This change has allowed ETF offerings from prominent asset managers like BlackRock to feature in Google’s search results.
Moreover, in October 2022, Google’s partnership with Coinbase enabled customers to pay for cloud services with cryptocurrencies, demonstrating Google’s growing embrace of digital currencies.
Furthermore, Google has shown its support for significant events in the crypto world, such as the Ethereum Merge, by featuring themed animations, and has partnered with Web3 startup Orderly Network in 2023.
This collaboration aims to develop user-friendly developer tools for decentralized finance (DeFi), addressing some of the main challenges within the DeFi ecosystem, including entry barriers and security concerns.
This series of initiatives highlights Google’s evolving relationship with the cryptocurrency and blockchain technology, positioning it as a key player in the bridge between mainstream users and the decentralized digital world.
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Crypto.com, a leading centralized cryptocurrency exchange, is poised to expand its reach by launching its cryptocurrency trading application in South Korea on April 29.
The move signifies a strategic expansion for the company, granting South Korean retail investors access to a diverse portfolio of over 150 cryptocurrencies and nonfungible tokens (NFTs) through the Crypto.com app.
Eric Anziani, the president and CEO of Crypto.com, emphasized the importance of the South Korean market in the company’s growth strategy.
In an announcement made on April 2, Anziani lauded the progressive stance of South Korean regulators towards the cryptocurrency sector and expressed enthusiasm for future collaborations aimed at fostering industry growth responsibly.
The transition to the new platform marks the end of services for crypto exchange OK-Bit, which Crypto.com acquired in 2022.
From April 29, OK-Bit will cease its operations, coinciding with the launch of Crypto.com’s app.
This move is tailored exclusively towards retail investors, reflecting the regulatory landscape in South Korea where institutions have been prohibited from investing in cryptocurrencies since 2017.
Furthermore, due to the non-recognition of cryptocurrencies as financial assets by the country’s financial regulators, institutions are also barred from engaging in crypto-related exchange-traded funds.
The launch is a crucial component of Crypto.com’s broader strategy to cement its presence in key global markets, including North America, Western Europe, the United Kingdom, and Asia.
The company has been laying the groundwork for its expansion in South Korea since at least 2022, securing necessary registrations under the Electronic Financial Transaction Act and as a virtual asset service provider.
However, this expansion occurs amidst increasing regulatory scrutiny in South Korea.
The Financial Intelligence Unit (FIU) of South Korea has announced stricter regulatory measures for crypto exchanges, including the potential expulsion of platforms considered unsuitable for the market.
These measures are part of a broader effort to enhance screening procedures in the crypto sector and to prevent the entry of unfit exchanges into the economy.
Additionally, a proposed amendment by South Korea’s Financial Services Commission (FSC) could further tighten controls, requiring new crypto firm executives to secure regulatory approval prior to assuming their roles, a move that underscores the evolving and increasingly regulated landscape of cryptocurrency trading in South Korea.
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Despite facing criminal allegations and concerns about its financial reserves, the Seychelles-based cryptocurrency exchange KuCoin has been deemed “fine” by Ki Young Ju, the CEO of the crypto analytics firm CryptoQuant.
Ju’s endorsement comes amidst user worries over KuCoin’s ability to fulfill withdrawal requests, particularly in light of recent surges in Bitcoin (BTC) and Ethereum (ETH) withdrawals.
Ju observed that these withdrawals, mainly initiated by retail users, had little impact on KuCoin’s overall reserves.
He assured on X, “They appear to not commingle customers’ funds and have sufficient reserves to process user withdrawals,” suggesting from an on-chain analysis that the exchange is stable.
KuCoin’s financial health appears robust, with Scopescan data revealing its total portfolio balance across multiple blockchain networks is valued at $4.889 billion.
This reassurance occurs as the United States Department of Justice leveled allegations against KuCoin’s founders, Chun Gan and Ke Tang, on March 26.
The accusations included a failure to establish an Anti-Money Laundering program and concerns that the platform facilitated “money laundering and terrorist financing.”
Ju also highlighted a key operational difference between KuCoin and the collapsed crypto exchange FTX, pointing out KuCoin’s practice of not mixing customer funds with its own reserves.
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This operational integrity is crucial for user trust, especially when legal issues or reserve status concerns prompt investors to withdraw their assets from exchanges.
The crypto community vividly recalls the rapid withdrawal of funds from FTX following a loss of confidence, triggered by a tweet from Binance’s former CEO, Changpeng “CZ” Zhao, concerning FTX’s native FTT token.
The broader implications of reserve concerns at large exchanges like KuCoin extend beyond their user base, potentially leading to market-wide repercussions.
However, despite the serious nature of the allegations against KuCoin’s founders, the cryptocurrency market’s response has been relatively muted.
The Crypto Fear & Greed Index, a measure of market sentiment, indicates an “extreme level of greed” with a score of 83, suggesting that the wider crypto market remains largely unfazed by the developments surrounding KuCoin.
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The XRPL blockchain, foundational to Ripple’s operations, is poised to revolutionize decentralized finance (DeFi) with its newly launched automated market maker (AMM) protocol, XLS-30.
This development, a collaborative effort with the XRPL community, is designed to enrich the blockchain’s ecosystem significantly.
Ripple‘s announcement of the XLS-30 AMM protocol marks a pivotal expansion in the XRPL ecosystem’s DeFi capabilities, facilitating cross-chain DeFi applications across 50 blockchain platforms.
This innovation aims to complement XRPL’s existing decentralized exchange (DEX), which primarily operates on a traditional order book model lacking the advancements seen in newer DeFi protocols.
A Ripple spokesperson highlighted to Cointelegraph that the AMM is a foundational step towards broader DeFi developments on the XRPL blockchain.
Furthermore, integrating with cross-chain messaging services like Axelar is expected to extend XRPL-based DeFi solutions’ reach and utility across various blockchain ecosystems.
Ripple CTO and XRPL co-founder David Schwartz has shared insights on the AMM’s development journey since June 2022, emphasizing its role in enhancing the DEX’s order book system.
This integration is anticipated to offer optimal pricing by merging AMM and order book systems, while also providing liquidity providers with yield opportunities on their idle assets.
The introduction of liquidity pools for any asset pair issued on XRPL by the AMM aims at a broader user base, including high-volume traders and firms, despite not being specifically designed for institutional traders.
The lack of built-in compliance features in the AMM is seen as complementary to the DEX’s suitability for large financial institutions engaged in high-volume trading of popular tokens.
This new addition to the XRPL DEX is expected to create a more dynamic trading environment for a diverse range of participants, from retail investors to institutional players.
Efforts are underway to include on-chain regulatory compliance mechanisms to further facilitate institutional engagement with the protocol.
The collaboration between Ripple and the XRPL community in developing the AMM underscores the potential of cross-chain messaging protocols to attract investment, developers, and traders from across the blockchain spectrum, promising a more interconnected and efficient DeFi landscape.
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IFTTT (If This Then That), a third-party auto-posting service, has been implicated in a recent scam outbreak on X involving bogus posts that prompted users to invest in a fake meme token named “PACKY” by sending Solana’s SOL to a particular wallet address.
The scam notably affected the X profiles of notable figures in the crypto and tech industries, including a16z adviser Packy McCormick, Coinbase product director Scott Shapiro, and Twitch co-founder Justin Kan, all of whom found their accounts hijacked to promote the fraudulent token.
Packy McCormick was among the first to alert his followers, stating, “This is not me.
“Account hacked. Working to get it fixed. Don’t click any links from me or (obviously) send money to a random address.”
His account had previously posted claims about creating the PACKY memecoin with ambitious marketing strategies and plans for CEX listings, accompanied by a Solana wallet address.
McCormick later revealed the intrusion’s source was IFTTT, a service he had linked to his Twitter account years earlier, advising others to revoke permissions to such apps to prevent similar incidents.
Blockchain investigator ZachXBT and other affected individuals, including Justin Kan, echoed this analysis, highlighting the security risks posed by outdated third-party app connections.
Scott Shapiro’s compromised account also spread misinformation about a collaboration with Coinbase’s CEO to launch the PACKY token, leading him to comment on the danger of having old, connected third-party applications and stressed the importance of revoking their access.
The incident further extended to others in the digital space, including Rainbow co-founder Mike Demarais, Asymmetric Finance’s Joe McCann, and digital artist Bryan Brinkman, all victims of the scam through their IFTTT-linked X accounts.
Brinkman issued an apology and offered to assist those who fell for the scam, underscoring the lesson that even with robust security measures like 2FA and Yubikey, vulnerabilities can still be exploited.
As this wave of scams shakes the X platform, highlighting ongoing concerns over cybersecurity in the social media domain, IFTTT’s role in this specific series of hacks remains a critical point of contention, with the company yet to respond to inquiries regarding the incident.
The prevalence of scams and hacking on X, as exemplified by this event and even a breach of the SEC’s official account, underscores the persistent challenge of ensuring digital security amidst the platform’s vast landscape of users and applications.
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The Uzbekistan National Agency for Prospective Projects (NAPP) announced an increase in monthly fees for cryptocurrency market participants on March 19, 2024.
This move revises an initial directive from the Ministry of Justice back in September 2022, aimed at enhancing the financial contributions from the crypto sector to state revenues.
This decision comes after NAPP’s evaluation of the sector’s profitability, leading to a new fee structure affecting crypto exchanges and retailers alike.
Crypto exchanges in Uzbekistan will now incur a monthly fee of 740 basic reference values (BRV), equivalent to about 251.6 million Uzbekistani som ($20,015), a significant hike from the previous 400 BRV or 136 million som ($10,819).
The BRV, a unit used for calculating various financial obligations like taxes and fines, has thus become a more substantial burden for these businesses.
Similarly, the fees for crypto retailers have risen sharply to 185 BRV per month, translating to 62.9 million som ($5,003), up from a mere 20 BRV or about 6.8 million som ($540) previously.
NAPP’s rationale behind these adjustments is to double the revenue from the crypto sector while ensuring these changes do not adversely affect the service providers’ financial health.
The revised fee system is set to be implemented on June 20, giving stakeholders three months to adjust.
This regulatory adjustment follows a Memorandum of Understanding between NAPP and Tether, focusing on fostering blockchain innovations within Uzbekistan, such as stablecoins and digital asset tokenization.
Although the finer details of this partnership remain confidential, Tether has expressed its commitment to working with local authorities to develop a conducive legal and regulatory environment for crypto assets.
Additionally, this development is in line with NAPP’s legal action against Binance for operating without a proper license and failing to settle fines. Uzbekistan mandates that all crypto exchanges operate with a license and house their trading servers within the country.
This policy, enforcing licensed operation of crypto services, was established in 2023, with the first batch of licenses awarded in November 2022.
Prior to this, Uzbekistan had already restricted access to major international crypto exchanges like Binance, FTX, and Huobi over unlicensed activities accusations.
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A federal court in the United States has imposed sanctions on the Securities and Exchange Commission (SEC), accusing it of “bad faith” in a legal battle against the firm Debt Box.
This decision stems from the SEC’s attempt to dismiss a case it had initiated, which was rebuffed by Judge Robert J. Shelby.
Shelby criticized the agency for misleading the court over the evidence it presented to obtain a temporary restraining order (TRO) and an asset freeze against Debt Box in August.
Judge Shelby condemned the SEC’s actions as a “gross abuse of the power” granted by Congress, stating that these actions severely compromised the integrity of the judicial process.
He highlighted that the evidence the SEC claimed to have obtained had no factual basis and was presented in a way that was “deliberately false and misleading.”
As a consequence of this misconduct, Shelby determined that imposing sanctions on the SEC, specifically covering attorneys’ fees and costs incurred due to their actions, was justified.
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He remarked, “The bad faith is inextricable from the abusive conduct and a sanction of attorneys’ fees and costs for all expenses resulting from that conduct is appropriate.”
“The SEC had accused Debt Box of engaging in a $50-million fraudulent cryptocurrency scheme, seeking a TRO and an asset freeze on the grounds that the company had transferred funds overseas and planned to flee to the United Arab Emirates.
However, Shelby later found that the SEC had misrepresented the facts regarding the $720,000 transfer, which had actually occurred within the United States.
Following these revelations, Shelby issued a “show cause order” to the SEC in December, demanding an explanation for their misleading conduct.
Although the SEC admitted its lack of transparency, it contended that sanctions were unwarranted.
Shelby criticized SEC attorney Michael Welsh for his role in misleading the court, noting that Welsh’s failure to correct false statements represented an attempt to obscure the truth.
Austin Campbell, a founder of Zero Knowledge Consulting, argued that SEC staff involved in this misconduct should face termination and emphasized the need for agency reform.
He advocated for personal liability for SEC lawyers, stating, “What is described here is unconscionable for those entrusted with such authority by law.”
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In the last 24 hours, an astonishing transfer of half a trillion Shiba Inu (SHIB) tokens by anonymous “whales” has caught the crypto community’s attention.
The question on everyone’s mind is: What’s the strategy behind these massive movements, and is there a connection among these whales? Analyzing transaction data could shed some light on the matter.
Diving into the specifics, it appears that a handful of significant players are orchestrating these shifts, moving SHIB across various wallets and exchanges.
A notable transaction includes the movement of 77.18 billion SHIB to a Coinbase wallet.
Additionally, 205 billion SHIB were shuffled between different wallets, with a substantial 53.06 billion SHIB transfer directed to Robinhood’s wallet.
The interconnectedness of these transactions remains unclear, yet the synchronicity hints at potential coordination.
The SHIB/USDT chart by TradingView highlights SHIB’s volatile price journey, currently hovering around the $0.000027 mark.
After experiencing a sharp increase, SHIB seems to be in a minor retreat.
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Presently, the critical support level is at $0.000019, which SHIB has successfully maintained above in recent times.
This stability offers a glimmer of hope for the future. SHIB faces resistance at approximately the $0.000030 level.
Surpassing this barrier could signal the beginning of another upward trend, potentially reaching new highs.
Looking forward, SHIB’s potential to capitalize on recent transactions and a general market shift towards bullishness could set the stage for a significant price increase.
With the market showing signs of recovery after a recent downturn, SHIB’s trajectory might be poised for an upward movement, spurred on by the mysterious yet impactful actions of these anonymous whales.
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The United States Department of Justice (DOJ) has filed a significant antitrust lawsuit against Apple, accusing the technology behemoth of employing its app market regulations to illegally suppress competition and stifle innovation.
Filed on March 21 in a New Jersey federal court, and supported by 16 state attorney generals, the lawsuit claims that Apple maintains a monopolistic position in the smartphone market.
This, the DOJ contends, allows Apple to coerce developers into exclusively using its payment system, thereby locking in developers and users to its platform.
Central to the DOJ’s accusations are Apple’s App Store guidelines and developer agreements, which are criticized for their complex and variable rules.
These restrictions, according to the DOJ, enable Apple to charge excessive fees, hinder innovation, compromise user experience security, and limit competitive alternatives.
The lawsuit suggests that such practices notably restrict the functionality of crypto-based apps on iOS devices, impacting competition not only in the smartphone sector but also in financial services and other industries.
The DOJ specifically criticizes Apple for excluding alternative payment systems in a manner deemed anticompetitive and exclusionary.
Highlighting the controversial 30% commission, often referred to as the “Apple tax” on apps and in-app purchases, the complaint outlines how this policy and Apple’s fiat-only payment systems effectively block the integration of cryptocurrencies into apps, rendering it economically unfeasible for crypto-based applications to offer in-app purchases.
Additionally, the complaint notes that while Apple permits certain customers to distribute apps through custom app stores, it restricts iPhone users and developers from accessing these alternatives.
This restriction aims to protect Apple’s revenue from its App Store fees.
The DOJ accuses Apple of inconsistently enforcing its App Store rules to penalize developers leveraging technologies that could challenge Apple’s market dominance.
Specific examples include the disabling of functionalities in nonfungible token (NFT) marketplaces like OpenSea, and the social app Damus being forced to remove a Bitcoin tipping feature after Apple removed it from the App Store for circumventing its payment system.
Moreover, the DOJ alleges that Apple’s control extends to web apps, as it mandates the use of its WebKit engine for all iOS web browsers, further restricting competition.
In defense, an Apple spokesperson refuted the DOJ’s allegations, asserting the lawsuit is baseless and vowing to “vigorously defend against it.”
Apple argues that the lawsuit threatens to give the government undue influence over technology design, potentially compromising user privacy and security.
This defense comes as Apple faces pressure from regulations like the European Union’s Digital Markets Act, which mandates offering alternative browser engines and app stores, despite Apple’s concerns for user safety.
Following the lawsuit’s announcement, Apple’s stock price dropped by 4% to around $171, with no significant recovery in after-hours trading, as reported by Google Finance.
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