#crypto hacking

Billions continue to vanish from the digital asset ecosystem, even as the pace of attacks begins to stabilize. This insightful piece breaks down the latest figures, highlights key breaches, and reveals what these trends mean for investors and the broader market. Stay ahead of evolving threats and understand the risks shaping crypto today - dive into the full story and explore the reality behind crypto hacking.

In the month of September, digital assets worth approximately $332 million were siphoned from trading platforms via methods that include flash loan attacks, exit scams, and exploits. The value of digital assets stolen through exploits rose from $13.5 million in August to nearly $330 million in September. Mixin Kernel Incident Most Significant Exploit in September According to the cybersecurity…

Mixin Kernel confirmed on Sept. 25 that it was the victim of a hacking attack which had resulted in the loss of assets on the mainnet. The decentralized exchange said it has since suspended deposit and withdrawal services and only expects to restore normal services once a probe into the incident is completed. Funds Worth Approximately $200 Million Involved The decentralized exchange Mixin Kernel…

Cybercriminals have reportedly breached AT&T email accounts and are using the access gained to steal crypto assets from their victims. While a spokesperson for AT&T has denied claims that hackers have gained access to the company’s internal systems, a report suggests that as much as $20 million worth of crypto may have been stolen. Criminals ‘Used an API Access’ Cybercriminals have reportedly…

In recent years, the cryptocurrency sector has become a lucrative target for cybercriminals seeking to make a quick profit. Unfortunately, the latest incident of crypto theft is no exception. In a brazen display of criminal activity, cryptocurrency hackers have again struck, stealing a whopping $3.3 billion worth of digital currency. This latest heist is a stark reminder of the growing threat of…

Any country that will soon establish a CBDC must make sure it is prepared to protect its digital assets, particularly its private keys. The financial industry of today is growing more and more digital, so it makes sense that central banks would want to change with the times. Cash usage is dwindling quickly. Globally, the use of cash has been declining, and COVID-19 and the

emergence of digital payment apps have further exacerbated this trend. This has increased interest in digital currencies and the need for simpler payment methods. The concept of central bank digital currencies (CBDCs) has gained traction as crypto use keeps growing. A few CBDCs have already been issued, and governments all over the world have been toying with and researching the notion. When CBDCs will become commonplace is unclear. Because a central bank is by definition a centralized entity, do not anticipate CBDCs to mirror Bitcoin’s ($BTC) decentralized features. Nevertheless, they can offer some of the same advantages, such as speeding up payment verification processes and offering transaction proof. But there are still a lot of obstacles to overcome. The operational dangers of the “cyber realm” are one of these difficulties. Banks are used to spending money to protect their “fiat” reserves, but protecting digital currencies calls for a different mentality. Blockchain technology has some inherent flaws, such as anonymity and irreversibility, that cunning con artists may be able to take advantage of. However, it’s unclear whether CBDCs will use blockchain technology. Could CBDCs expose central banks to new kinds of online dangers? And how can these potential dangers or weaknesses materialize?

Cybersecurity is Challenging:

The previous few years have seen a rise in the sophistication and audacity of hacker attacks. Both conventional banking and blockchain protocols fall prey to bad intentions. In fact, the SolarWinds operation in late 2020 included a breach of Denmark’s central bank. This should cause governments all across the world to become concerned. Imagine a team of determined hackers discovering, breaching, and gaining access to a backdoor that gives them access to the secret key of the central bank. The most crucial components of a blockchain system are private keys because they enable transactions to be registered by the system as secure and legitimate. At this point, a criminal group may effectively be holding the majority — or a sizable portion — of the nation’s money hostage. Digital currency might be freely created or destroyed by the hacker. An increase or decrease in the digital currency could have an impact on the value of the real currency, damage consumers, through inflation, and result in financial losses for businesses. A breach of this size might be disastrous and potentially destroy the entire economy of the country. Even some of the most skilled criminal masterminds would be much beyond their capabilities to launch an attack of this magnitude, but the threat cannot be ignored. It would be an unprecedented attack, therefore it’s impossible to foresee what would happen next. The world’s political and economic stability would surely be put to the test, but it wouldn’t be nice.

Source: CoinTelegraph

It goes without saying that any government would invest heavily in cyber security to safeguard its recently constructed digital infrastructure. However, merely using a lot of resources won’t protect against hacks. Any central bank that introduces a digital currency would obviously be a desirable target. So how can a nation that is committed to establishing its own CBDC defend its money against thieves trying to steal it?

Protecting the federal treasury:

Disincentivizing harmful cyber attackers is a difficult undertaking since they are constantly searching for new and lucrative targets while taking advantage of even the smallest weaknesses. Crypto hackers are skilled at spotting attack surfaces, using them, injecting malicious code, and gaining access to the private keys of people and companies. Banks spend millions, if not billions, annually to protect their IT infrastructure and database. To guard against hackers, insider attacks, or unintended disclosure of sensitive information, several security layers are used. Banks are accustomed to information security, but protecting digital assets demands a very different strategy than protecting traditional assets. If central banks choose to use blockchain, they must think about how current banking frameworks may be changed to accommodate the distributed architecture of blockchain, paying special attention to the system architecture, governance, and consensus processes. There is no such thing as being “too secure” when it comes to protecting a country’s treasury. Banks must take great precautions to safeguard their private keys in the case of CBDCs. The custody options available today have come a long way, yet practically all of them share the same flaw. All blockchain transactions must be carried out at some time while connected to the internet because of the structure of a blockchain transaction. They are not completely secure because of this interconnectedness, which is also their single point of failure. Governments are advised to establish a “never internet-connected” system to store and administer the private keys while granting custody, executing on-chain settlements, and issuing CBDCs. To appropriately balance the risks and rewards of CBDCs, the majority of central banks are, understandably, taking their time and performing all essential due diligence. Given the volatility of the cryptocurrency market, some may really decide to delay their participation. But any country that implements a CBDC soon must make sure it is prepared to protect its digital assets, particularly its private keys. Central banks should totally reconsider everything they know about the requirements for IT security when it comes to blockchain. Then, and only then, will they be able to launch their digital currency stress-free?

North Korean threat actors impersonate Coinbase with fake job offers for crypto professionals

A powerful hacking group based in North Korea is posing as cryptocurrency giant Coinbase with fake job postings targeting online payment professionals. image from google Last weekend, North Korea’s notorious Lazarus cybercrime ring was discovered to be the source of several job advertisements, initially posted on the business networking site LinkedIn, that claimed to be soliciting positions to…