Through 16 attacks in the month of July, cryptocurrency hackers were executed, causing losses amounting to $266 million.

According to reports, on July 8, the Indian exchange WazirX lost more than $230 million after a hacker attack. This case represents 86.4% of the total cryptocurrency lost that month.

According to the blockchain research company PeckShield, the funds stolen from WazirX, totaling 61,154 Ether, are still under the hacker’s control.

Others affected by this theft method are “the algorithmic protocol Compound Finance (USD 24 million), the bridge protocol Li.Fi (USD 10 million), the decentralized AI protocol Bittensor and the liquidity provider Rho Markets (USD 8 million each). one).”

The usual methodology of attackers, once they get hold of cryptocurrencies, is to move the funds to the Tornado Cash mixer so that their actions are undetected and untraceable.

In the opinion of Deddy Lavid, co-founder and CEO of the security firm Web3 Cyvers, the main target of cryptocurrency hackers this year are centralized financial entities (CeFi).

M.Pino

Source: cointelegraph

(Reference image source: Unsplash+, in collaboration with Getty Images)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Losses in cryptocurrencies due to hacks during the month of July amount to $266 million apareció primero en Bitfinance.

The crimes of scams, fraud and cryptocurrency hacks have generated losses in the order of $573 million dollars in the first quarter of 2024.

The data published by the Web3 Immunefi security platform indicates that the increase in these crimes is considerable compared to 2023, due to more than 70 incidents with computer attacks.

“These losses represent an increase of 70.3 % compared to the 336.3 million dollars that were recorded in the first quarter, and 112 % compared to the second quarter of 2023, when hackers and scammers stole 265.5 million dollars,” indicates the platform.

They add that during 2024 thefts amount to more than 900 million dollars through computer attacks and fraud, which represents 24 % more than in the same period in 2023.

“With nearly $100 billion in total value locked in Web3 protocols, according to DeFiLlama data, decentralized finance remains the top target for hackers,” accounting for 100 % of the exploits identified by Immunefi in the first quarter of the year.

For the April-June period, the main target was centralized finance, representing 70 % ($401.4 million) of the quarter’s losses, compared to 30 % ($171.3 million) for DeFi.

Most of the losses came from “two exploits that totaled $360 million, 62.8% of the total. A $305 million attack on Japanese cryptocurrency exchange DMM Bitcoin represented the largest attack, while another $55 million was stolen from Turkish exchange BtcTurk on June 23.

The networks with the most attacks were Ethereum and BNB Chain; while Arbitrum, Blast, Optimism, Solana, Polygon, Fantom, Linea, Mantle and TON made up the rest of the incidents.

M.Pino

Source: cripto247

(Reference image source: Unsplash+, in collaboration with Getty Images)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Cryptocurrency scams generated losses of $573 million dollars apareció primero en Bitfinance.

The BNB Chain network experienced a notable decrease in the amount of cryptoassets lost in 2023, breaking a three-year upward trend. According to a recent report by AvengerDAO, a collaboration of security firms CertiK, Hashdit, Ancilia and Salus, network losses were reduced by 85%.

The report detailed that, since 2020, losses at BNB Chain had been steadily increasing, peaking in 2022 with more than $1.1 billion in stolen crypto assets. However, in 2023, the situation reversed dramatically, recording only $161 million in losses, a significant drop from the previous year.

In addition, there was a decrease in funds lost through hacks and scams at BNB Chain. Hacks showed a 91% reduction in the amount lost, while scams decreased by 54% in 2023.

Despite the decrease in stolen value, the report highlighted an increase in hacking attempts and scams. The year 2023 registered 210 hacks, an increase of 96%, and scams increased by 14%, with 2023 cases reported.

A representative of the BNB Chain Lead Development Team attributed the reduction in lost funds to AvengerDAO’s rapid alerts, which warn the community of possible malicious actors. “The reduction in losses is largely due to early alerts to minimize participation in potential scams,” they explained.

In 2023, BNB Chain stepped up its use of “Red Alerts”, a risk assessment tool, with Hashdit sending out about 3,500 alerts and 330 warning tweets.

K. Tovar

Source: EIN News

(Reference image source: Lukas Blazek, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Losses from theft at BNB Chain fell by 85% apareció primero en Bitfinance.

Over the course of July, the cryptocurrency world has seen several high-impact hacks and exploits, as well as an increase in legislative activity related to cryptocurrency and digital assets.

The De.Fi report reveals that, sadly, only a total of $6.15 million has been recovered, which represents less than 1 % of all cryptocurrencies and digital assets that were stolen during this period. This fact has highlighted the insufficient speed and effectiveness of the recovery efforts undertaken.

De.Fi researchers point out that the cryptocurrency industry’s ability to recover stolen or lost funds is critical to mitigating the impact of these unfortunate incidents.

In terms of losses, the Ethereum network has been the most affected, with a total of 447 million lost in 36 cases, including the Multichain hack, which resulted in a loss of USD 231 million, and the Alphapo exploit, which cost around of 100 million dollars.

The second most affected network was Base, which lost $23 million in a single case, while Binance ranked third with losses close to $11 million spread across 18 cases.

Analysis of the losses reveals that “access control issues” were responsible for most of the funds lost in July, with a total of 364 million. The “rugpulls”, which totaled more than 38 cases, caused losses of approximately 36 million, while the re-entry attacks caused losses of about 78 million.

However, the report also strikes a positive note: no exit scams were reported during the month of July, which is a welcome relief for the cryptocurrency community.

In summary, the cryptocurrency market is going through a difficult period, with significant losses and the need to improve recovery efforts. The security and protection of digital assets remain a top priority for the industry.

K. Tovar

Source: Cointelegraph

(Reference image source: Jievani Weerasinghe, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Cryptocurrency market suffered in July the worst month of the year apareció primero en Bitfinance.

The company DappRadar, a specialist in DApps (decentralized applications) market data, reported that blockchain-powered games grew by 2,000 % in one year.

According to DappRadar, this result was obtained by the number of unique active wallets -UAW- daily during the month of March 2022, exceeding 1.22 million, which is equivalent to 2000% more than what is registered annually.

Additionally, the company highlights in the report presented that investors continue to supply “billions in the blockchain gaming sector”, confident in the advantages, development and great benefits that will occur in the future of this block technology sector.

DappRadar stated that during the first quarter of this year a collection equivalent to “2.5 billion dollars” was obtained and according to its projections “at this rate, investments in 2022 will be 150 % higher than last year”.

Top blockchain-based games

Blockchain-based games like Polygon (MATIC), an Ethereum sidechain, continue to grow and gain “momentum as a challenge to the leading gaming ecosystems of Wax (WAXP), Harmony (ONE), and BNB Chain.” Gaming DApps on Polygon gained an average of 114,000 UAWs daily in the first three months of 2022 and 173,000 in the month of March.

Another of the main blockchain-based games, Axie Infinity (AXS), one of the most popular video games in the ecosystem, is going through a “difficult period” after it was recently the victim of one of the “biggest hacks in the history of the sector”.

Sky Mavis, one of the main players in the industry, the video game reached its peak last January when it registered an average of more than 55,000 UAWs per day. But in March it dropped to nearly 22,000 UAWs a day.

According to DappRadar’s report, “Axie Infinity is in the top 10 most played games” on a daily basis and the game continues to captivate more than 1.5 million daily active users.

M. Rodríguez

Source: crypto247.com

La entrada Blockchain-powered games grew 2,000 % annually apareció primero en Bitfinance.

Ransomware was the first threat to cybersecurity for organizations between April and June of this year, accounting for almost half (46 %) of all incidents globally.

This is clear from the latest Cisco Talos quarterly report, which ranks ransonware with more than three times the impact of the next most common threat, exploiting vulnerabilities in Microsoft Exchange Server.

The data reveals that the attackers targeted a wide range of sectors such as transportation, telecommunications, manufacturing and education in the second quarter, with health being the most attacked for the third consecutive quarter and followed by Public Administration.

“There are several reasons that explain the interest of cybercriminals in the health care sector, including the Covid-19 pandemic that encourages victims to pay quickly to restore services as soon as possible,” said the director of Cyber-Security at Cisco Spain, Ángel Ortiz.

To carry out their attacks, the ransomware actors used commercial tools such as Cobalt Strike, open source applications including Rubeus, and other tools native to the victims’ device such as PowerShell.

“We frequently see ransomware incidents that could have been prevented by enabling multi-factor authentication on critical services,” Ortiz said.

Other cyber threats noted in the report are the exploitation of known vulnerabilities, cryptocurrency mining, and user account control. There were also several incidents involving Trojanized USB drives, a longstanding attack vector undetected for years.

K. Tovar

Source: dpa

La entrada The main ransomware are responsible for cyberattacks apareció primero en Bitfinance.