The Horizon Bridge to the Harmony layer-1 blockchain has been hit by a major security breach that saw an estimated $100 million worth of cryptocurrency successfully siphoned out of the protocol.
Blockchain Intelligence Group, the cryptocurrency compliance and intelligence company, owned by BIGG Digital Assets, today announced the launch of NFT Explorer, the first risk and investigation solution for NFTs, built on the QLUE data analytics platform. Development of the new NFT Explorer core capabilities relied on client feedback and work with expert collaborators across financial, tech, […]
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Crypto wallet provider MetaMask reported a vulnerability that could affect a very small portion of its users. Discovered by blockchain security firm Halborn, the vulnerability could enable a bad actor to take possession of a user’s secret recovery phrase compromising his funds. Related Reading | Russia Still To Ban Crypto? A Bill To Ban Digital Assets […]
“Ultimately, we’ve learned that our password encryption feature’s security was partially undermined by browser behavior,” said the team at MetaMask.
Aurora, a blockchain bridge project, has paid out the second-largest reward in crypto history after being informed of a vulnerability. $330 Million In Losses Averted A white hat hacker by…
Over $200 million worth of users’ funds could have been at risk if the whitehat had chosen to exploit the vulnerability for personal gain instead of reporting it to developers.
Once one of the most popular protocols on the Terra ecosystem, the Mirror Protocol might be seeing its final moments. Per a report from a pseudonym user, know as Fatman on Twitter, the platform has been under attack for the past day with losses amounting to millions of dollars. Related Reading | Terra (LUNA) Staff Under […]
The collapse of the Terra USD (UST) stablecoin created several hurdles for the stablecoin networks. While some stablecoins have been stress tested since the UST […]
It is imperative to ensure the foundation of Bitcoin is built with great care and diligence. Every change should be made with extreme caution.
This comprehensive how-to guide walks you through unboxing, setting up and signing bitcoin transactions with the air-gapped SeedSigner device.
The picture is getting clearer for BitMEX co-founder Arthur Hayes. The judge called what he did “a willful violation of the Bank Secrecy Act,” but he still got two years probation. Hayes will serve the first six months of that sentence in home confinement, but that’s it. The banker and entrepreneur will not set foot in a cell. Why was anyone expecting otherwise, though? Related Reading | Arthur Hayes’ Crystal Ball Predicts: Bitcoin And Ethereum To See Carnage In June The top federal prosecutor in Manhattan, Damian Williams, commented in a statement that Hayes “allowed BitMEX to operate as a platform in the shadows of the financial markets.” That’s according to Bloomberg, publication that summarizes the situation as: “On Friday a federal judge sentenced Hayes to two years’ probation, after Hayes and BitMEX’s other founders were charged in 2020 with violating the Bank Secrecy Act, which requires the establishment of such safeguards, including verifying the identities of an exchange’s customers.” His company, BitMEX, also “agreed to pay $100 million to settle civil allegations that it allowed illegal trades for years and violated rules requiring anti-money-laundering programs, without admitting to or denying the claims.” Some people are completely against the sentence, as they believe it sets a dark precedent. Objections To Arthur Hayes’ Sentence The publication quotes assistant US Attorney Samuel Raymond, who told US District Judge John Koeltl. “This is a very serious offense. There were real consequences. When individuals like Mr. Hayes operate platforms without anti-money-laundering programs or know-your-customer programs, they become a magnet for people to launder money.” Considering criminals are highly incentivized to circumvent the AML measures and KYC procedures, we can categorically say that John Koeltl’s assumptions are skewed. However, that doesn’t justify not complying with the law. According to Samuel Raymond, not sending Hayes to prison “would send a message to him that the cost of doing business is merely a fine, and he could continue to violate the law for huge amounts and pay any fine.” What About The Other BitMEX Co-Founders? The article is about Hayes, so, it doesn’t go into detail about the others. It summarizes their situation as follows: “Hayes and co-founder Benjamin Delo pleaded guilty in February, and Samuel Reed in March, each agreeing to forfeit $10 million. Delo is scheduled to be sentenced next month and Reed in July.” To close it all off, James Benjamin, Hayes’ lawyer, states the obvious. “Did BitMEX do a perfect and seamless job on its path from startup to a mature fintech company? No, it did not. There were some bumps in the road.” LUNA price chart on FTX | Source: LUNA/USD on TradingView.com Arthur Hayes On The Terra Luna Collapse As many crypto-experts knew, Terra was a disaster waiting to happen. In his latest piece about the Luna collapse, Arthur Hayes tried to explain the underlying problem with algo-stablecoins. Related Reading | BitMEX CEO Arthur Hayes Goes Mum amid CFTC Probe Rumor ”Algorithmic stablecoins are not much different than fiat debt-backed currencies, save for one crucial factor. Terra and others like it cannot force anyone to use UST at any price. They must convince the market with their fancy designs that the governance tokens backing the protocol will have a non-zero value that rises more quickly over time than the amount of fiat-pegged tokens issued.” Obviously, the model failed. The vulnerability was so big that maybe it wasn’t even a coordinated attack. The Terra Luna scheme wasn’t long for this world, in any case. Featured Image by Ichigo121212 from Pixabay | Charts by TradingView
DeFi exploits have become a recurring theme this year, with nearly $1 billion lost already in just a little over the first quarter. Blockchain analytics and security group BlockSec revealed a new DeFi exploit of about $80 million. Rari Capital Attacked In Fresh Exploit According to a BlockSec report via their Twitter handles, DeFi platform […]
DeFi investigator BlockSec’s monitoring system detected a loss of more than $80 million — citing the root cause as a typical reentrancy vulnerability.
The world stands on the precipice of a monetary restructuring, with bitcoin seemingly the most likely to be adopted — albeit slowly.