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Hacking
CoinDesk Crypto ISAC cryptocurrency Cyber Security Hacking

Crypto’s New Cybersecurity Initiative Led by Justine Bone

 



The cryptocurrency sector is on the brink of a paradigm shift in cybersecurity as it gears up to launch Crypto ISAC (Information Sharing and Analysis Center), under the adept leadership of cybersecurity expert Justine Bone. Bone, acclaimed for her crucial role in instigating recalls of vulnerable medical devices, brings over two decades of expertise to the forefront, promising a formidable defence against cyber threats within the existing institution of digital assets.  

Set to make its debut at CoinDesk's prestigious Consensus 2024 event in Austin, Texas, Crypto ISAC is backed by a consortium of founding members, including major exchanges, stablecoin issuers, and custody firms. This collaborative effort marks an essential moment in the industry's journey towards fortifying security measures in light of persistent hacking incidents and unlawful activities.

The inception of Crypto ISAC stems from a collective acknowledgment within the cybersecurity community of the urgent need for a centralised platform to facilitate seamless information sharing and in-depth analysis. Bone, in an exclusive interview with CoinDesk, stressed upon the turning role of ISACs as trusted intermediaries in establishing collaboration and rapid responses to emerging security threats.

Drawing inspiration from the community-driven principles of neighbourhood watch programs, ISACs serve as vital means bridging the gap between public and private sector entities. By aligning itself with established sectors such as healthcare and finance, Crypto ISAC aims to elevate the credibility of the crypto industry while shoring up defences in order to combat cyber threats. 

With a diverse membership comprising crypto-native companies, investors, and cybersecurity solution providers, Crypto ISAC endeavours to engineer a robust ecosystem for active threat mitigation. They are leveraging a rigorously vetted information-sharing protocol, the platform ensures the timely dissemination of threat intelligence to empower members to preemptively address evolving cyber threats.

Bone's illustrious career trajectory, spanning notable roles at Dow Jones and Bloomberg, accentuates her leadership prowess in steering Crypto ISAC towards effective cybersecurity governance. The organisation's pursuit of FedRAMP readiness further underscores its commitment to delivering top-tier services.

As the launch date for Consensus approaches, members eagerly anticipate gaining access to a comprehensive collection of information on potential threats. With a focus on working together, being transparent, and staying strong, Crypto ISAC promises to bring a new level of security and trust to the cryptocurrency world.


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UAE
BitLicense CoinDesk CoinMENA crypto regulation cryptocurrency Cyber Security Licensing Licensing regulations UAE

Dubai's Crypto Industry Introduces New Licensing Regulations


The crypto industry in Dubai is witnessing a huge breakthrough since the jurisdiction has recently come up with its new crypto regulatory framework, apparently providing individuals with a concrete licensing regime for their digital asset issues and service vendors. 

The framework was developed in response to the collapse of the cryptocurrency markets in 2022, which caused authorities worldwide to step up their efforts to establish or enforce protections and left businesses and investors worried about the future of cryptocurrencies. 

These new regulations involve the authorities seeking necessary permits and licenses in order to provide users with one or more crypto-related services in Dubai. The framework is accompanied by seven activity-based rulebooks that specify standards based on the type of service supplied and four mandatory rulebooks for service providers, which Talal Tabbaa, founder of the regional cryptocurrency exchange CoinMENA, hailed as being "elegantly designed."  

Dubai is one among the seven emirates of the United Arab Emirates with a goal to emerge as a global hub for crypto and blockchain activities, and in order to accomplish this it was courting companies to systemize the jurisdiction even before publishing its strategized rules for the sector. 

In the wake of the new rules being published, the institutional crypto custody provider Hex Trust became one of the first to receive an operational green light from the emirate's watchdog, the Virtual Asset Regulation Authority. Stating the time before VARA, which was established in 2022, Mohamed Reda El Sheikh, head of compliance at Hex Trust for the Middle East and North Africa (MENA) says "We were waiting for a licensing framework. We were waiting for somebody with interest to take the responsibility." 

However, these new regulations set up by Dubai are still a work in progress, because of their comprehensive nature, which allows for potential development. The emerging hub's new regulatory structure also reveals the expense of compliance in the area, which may make it more difficult for start-up businesses to locate there. 

While Tabbaa called the licencing costs "peanuts" when compared to other operating costs like hiring staff or maintaining offices locally, and compliance fees are not something crypto companies focus on when looking to enter a market, even he acknowledges that some of Dubai's fees can be viewed as being on the expensive side. 

A company seeking to provide exchange services is required to pay an application cost of 100,000 UAE dirham (US$27,200) and an annual supervision fee that is double that amount, says the document. The application fee does not guarantee acceptance, and if the business wishes to provide additional services such as custody, lending, or payments, it must submit additional licensing applications (at a 50% reduction off the application charge) and pay additional monitoring fees. 

For comparison, the application fee in Abu Dhabi, another emirate of the UAE, is $20,000, while the yearly monitoring fee is $15,000. However, the Abu Dhabi Global Market (ADGM) stated in an email to CoinDesk that goes up if businesses seek to provide additional kinds of assets. 

“Apart from any tokenized securities, under ADGM’s regulations, any crypto exchange that operates a spot or derivative market in relation to virtual assets (which include cryptocurrencies such as bitcoin and ether) will have to apply for a Multilateral Trading Facility license,” the ADGM said. Companies that are likely to operate MTFs must pay an application fee of $125,000 and an annual supervision fee of $60,000. 

In Singapore, crypto exchanges that are not involved in fiat currencies usually apply for a Major Payments Institution license (for digital payment token service), which comes with a 10,000 Singapore dollar ($7,500) annual fee. Wherein, New York's BitLicense comes with a $5,000 application fee, although companies have reported bearing a cost of around $100,000 for time allocation, and legal and compliance fees. 

Dubai’s fees, on the other hand, are much more reasonable for larger companies. Although, it may not be very sustainable for startups, says Irina Heaver, a crypto lawyer based in the UAE. 

“However, I fully agree that Dubai needed to step up and to regulate the space, with so many bottom feeding scammers trying to establish here, enough is enough. Hopefully, these regulations will be used to really target those bad players,” Heaver said.  

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NFT
Blockchain Security CoinDesk Crypto Cyber Attacks Discord Ethereum Meta NFT

NFTs Worth 200 Ether Were Stolen From the Bored Ape Yacht Club 

 

Yuga Lab's Bored Ape Yacht Club or Otherside Metaverse Discord services were hacked to publish a phishing scheme, hackers allegedly took approximately $257,000 in Ethereum and 32 NFTs. A Yuga Labs community manager's Discord account was allegedly hacked on June 4 and used to spread a phishing scam on the firm's Discord servers. 

According to Coindesk, the attacker hacked Boris Vagner's Discord account, put many phishing links on the account, its related metaverse account 'Otherside,' and the NFT fantasy football team Spoiled Banana Society's (SPS) Discord account. As of 8.50 a.m., the worldwide crypto market capitalization had increased by 3.43 percent to $1.27 trillion. According to Coinmarketcap data, worldwide crypto volume increased by 18.04 percent to $51.24 billion. 

The phishing communications, which claimed to be from Vagner, advertised an exclusive prize and stated that only BAYC, Mutant Ape Yacht Club, and Otherside NFTS holders were eligible. The owners were then directed to a phishing site, where they were requested to input the login information. The attackers then took all Ethereum and NFTS contained in the account's associated wallet after receiving the login credentials. Yuga Labs finally regained login to the Discord server, but not before significant harm had been done. 

The seized NFTS were worth roughly 200 ETH ($361,000) according to BAYC's official Twitter account. The perpetrators made off with 145 Ethereum and 32 NFTS, valued at a total of $250,000.

Approximately 32 NFTs were taken, according to blockchain cybersecurity firm PeckShield, including the Bored Ape Yacht Club, Otherdeed, Bored App Kennel Club, and Mutant Ape Yacht Club projects. 

As per the reports, it is unknown how the forum manager's account was hacked or whether two-factor authentication was turned on, which generally protects against such assaults.
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database
Bitcoin bitcoin exchange Bitcoin investment CoinDesk cryptocurrency database

Bitcoin surges past $ 11,000

Bitcoin soared 9% on Monday, performing like a safe haven asset as it edged past $11,000 for the first time since around mid-July.

The price of the world’s largest cryptocurrency climbed as high as $11,860, according to CoinDesk data, hitting a more than 3-week high. Bitcoin’s value now accounts for nearly 70% of the global crypto market, according to CoinMarketCap.

Global stock markets on the other hand have been sliding lower on the back of renewed trade uncertainty, after President Donald Trump said last week that Washington would impose 10% tariffs on another $300 billion worth of Chinese goods.

The pan-European Stoxx 600 index slipped 1.6% on Monday while the MSCI’s broadest index of Asia-Pacific shares outside Japan plummeted 2.5%. Dow futures meanwhile were off by about 100 points.

Analysts have previously argued the case that bitcoin could be a safe haven asset, with investors having flocked to the digital asset in the past on the back of an escalation in U.S.-Sino tensions.

“Bitcoin has many use cases and one of the most important is as a form of digital gold,” Charles Hayter, CEO of digital currency comparison platform CryptoCompare, told CNBC by email on Monday. “We have seen bitcoin jump before on macro uncertainty as it becomes a conduit and flight-to-safety asset.”

Yuan depreciation

Bitcoin’s jump in value also comes as China allowed the yuan to break the seven-per-dollar level for the first time in 11 years, triggering fears of a potential currency war.

The yuan fell after China’s central bank, the People’s Bank of China, set the currency’s daily midpoint at 6.9225 per dollar, its weakest level since December last year.

Simon Peters, an analyst at trading platform eToro, said Chinese investors could be seeking to diversify as the yuan depreciates.

“Given that Chinese investors make up a large proportion of crypto investors, there’s a strong possibility some are backing bitcoin’s chances against the yuan,” Peters said in a note on Monday.
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