cryptocrime
The Cardano (ADA) network encountered a distributed denial of service (DDoS) attack late on Tuesday. The perpetrators intended to steal assets staked on the blockchain. The attackers wanted to disrupt services by overwhelming the ADA network with massive spam transactions. Details show the incident began at block 10,487,530, where each transaction executed 194 smart contracts. The hacker spent 0.9 ADA for each transfer and filed blocks with immense transactions to overwhelm the blockchain. Nevertheless, the network faced no damage as developers successfully mitigated the incident. The Cardano ...
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The Federal Bureau of Investigation (FBI) has warned of a new cryptocurrency scam under the guise of legal recovery services. Cybercriminals are reportedly posing as law firms in this latest scheme. According to a recent alert, fraudsters are duping victims in the name of offering cryptocurrency recovery services to victims of investment scams. Such scams have reportedly led to losses worth over $9 million between February 2023 and February 2024 alone. Scammers claim to help victims of fraudPer the warning, the bad actors approach victims of scams, posing as lawyers. They employ various social...
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Alex Labs, a layer-2 developer for Bitcoin, was exploited for $4 million in May 2024. The team now believes the attack was orchestrated by the infamous North Korean Lazarus Group. According to details shared in a June 25 post, Alex Labs disclosed three wallet addresses used in the May 16 exploit. Lazarus group linked to exploitThe team revealed that it has collaborated with on-chain investigator ZachXBT. The investigation has unearthed evidence that links the attack to the Lazarus group. An address identified by ‘0x418e…0c4e’ was directly linked to the exploit. Funds from this address were sen...
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Jump Crypto CEO Kanav Kariya has resigned after holding the position for six years. Meanwhile, Kariya plans to focus on portfolio companies and reconnect with his relationships and interests. “As for what’s next, I plan to stay engaged with the portfolio companies I’ve been most involved with and hopefully take some time to process the unbelievably eventful few years we’ve had. It’s also a greatly welcome opportunity for me to catch up on relationships and reading that I had set on the back burner.” While not highlighted in his latest statement, Kariya resigned after the US CFTC clamped down o...
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The Open Network (TON) ecosystem has seen an alarming rise in phishing attacks. SlowMist founder Yu Xian says the Telegram-linked blockchain is “too free.” In a June 24 X post, Xian warned that scammers have increasingly targeted TON users. Telegram groups promote phishing linksAccording to Xian, the vulnerabilities are linked to scammers easily accessing message groups. As a result, it becomes easier for them to spread phishing links and scam bots. The scammers usually employ deceptive tactics like bogus airdrops to trick unsuspecting victims. Once a victim clicks these links or interacts wit...
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A local source revealed that Japan’s leading crypto exchange, bitFlyer, is negotiating to buy all shares of FTX’s Japanese subsidiary. Japan’s NHK news confirmed that the FTX firm is making adjustments as it prepare for business expansion and new acquisition. The deal, worth millions of dollars or billions of yen, will see bitFlyer management taking over FTX Japan. Nevertheless, the legal tangles and the mistrust among customers and investors likely challenge the deal. US regulators are closely watching the deal as it comes amidst FTX’s insolvency proceedings. bitFlyer will likely introduce ma...
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A Nigerian court in Abuja has dismissed the human rights suit filed against the Nigerian authorities by Nadeem Anjarwalla, a Binance executive. Anjarwalla, the regional Africa head for Binance, and Tigran Gambaryan, head of Binance’s Financial Crime Compliance, were detained on February 28 after meeting with Nigerian officials to settle regulatory disputes. Background of the caseThe crackdown on cryptocurrency exchanges by Nigerian authorities has intensified in recent years. The Central Bank of Nigeria has particularly focused on Binance, accusing the exchange of currency manipulation and ill...
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India’s Financial Intelligence Unit (FIU) has imposed a penalty of Rs 18.82 crore ($2.25 million) on Binance, the world’s largest cryptocurrency exchange, for violating local anti-money laundering (AML) regulations. Violations and penalties detailedThe FIU found Binance guilty of failing to comply with various sections of the Prevention of Money Laundering Act of 2002 (PMLA) and the PMLA Maintenance of Record Rules of 2005. These regulations aim to prevent money laundering activities and combat the financing of terrorism. Binance has been directed to ensure diligent compliance with these statu...
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Cryptocurrency exchange Kraken recently revealed that a security vulnerability led to the loss of $3 million worth of digital assets. This incident involved a self-proclaimed security researcher who identified a critical bug, subsequently exploited by related accounts to siphon funds. The event has raised serious questions about ethical hacking and the increasing challenges of securing digital assets in the evolving cryptocurrency landscape. Discovery and exploitation of the bugOn June 9, an anonymous individual claiming to be a security researcher alerted Kraken to a significant security flaw...
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South Korean prosecutors have unearthed new evidence suggesting that Terraform Labs co-founder Do Kwon and former Chai CEO Shin Hyun-Sung conspired to deceive investors through fake transactions. This discovery adds another layer to the already complex case surrounding the collapse of the Terra and Luna tokens, implicating high-profile figures in the cryptocurrency space. The fraudulent chatAccording to a report by Yonhap News Agency, the Seoul Southern District Prosecutors’ Office presented new evidence to the court, revealing a chat from May 2019 between Do Kwon and Shin Hyun-Sung. This conv...
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