DeFi Hacks Are Skyrocketing in October: Chainalysis

While the total value locked in decentralized finance has fallen massively this year, the hacks and thefts across the space are not slowing down.  According to Chainalysis, this October has already become the “biggest month in the biggest year” for crypto hacks. Overwhelming Hacks As the blockchain intelligence firm tweeted on Wednesday, four significant DeFi hacks occurred on Tuesday alone. Across the month, 11 hacks have occurred in total, resulting in $718 million dollars being stolen. Yet the month is…

How Your Crypto Could Be Stolen From You in Just Three Clicks

While crypto scams and hacking schemes continue growing more sophisticated, industry newcomers are increasingly put at risk. There is now a crypto stealer that can swiftly confiscate your crypto holdings within three clicks alone. Read below to learn about this efficient yet dangerous attack, and how best to avoid falling victim to it. The Three Click-Confiscator 1. The Hook The scheme begins with a “hook” – an alluring message that plays to its victims’ sense of urgency. Samczsun, the Head…

CipherTrace Report on the Bank and Crypto Exchanges Fraud by Two Chinese Hackers

Recently, CipherTrace released a detailed analysis of how two Chinese nationals laundered stolen crypto through various banks and crypto exchanges.  The two Chinese national hackers are Tian Yinyin and Li Jidong. The two hackers got charged with money laundering conspiracy and operating an unlicensed money transmitting business by the US Department of Justice. The Technique Used to Carry out the Fraud as per CipherTrace CipherTrace reported that the two Chinese hackers used a technique known as ‘peel chains’ to hide…

Crypto Exchanges Prone Security Measures Contributing to Major Hacks

Crypto investors highly depend on crypto exchanges due to their liquidity, convenience, and provision of trading pairs. Cryptocurrency exchanges convert digital coins and are custodians and lenders through the provision of funds for margin trading. Even though crypto exchanges offer convenience, security remains a concern. Traders entrust their funds to these platforms using hot and cold wallets. Nevertheless, hacking threats in crypto exchanges are extreme. A large number of cryptocurrencies are genuinely secure because they depend on distributed ledger technology…