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Showing posts with label Crypto Funds. Show all posts
data security
Bounty CERT-In Crypto Funds cryptocurrency cryptocurrency theft Customer Information Cyber Attacks data security

WazirX Responds to Major Cyberattack with Trading Halt and Bounty Program

 

In the wake of a significant cyberattack, WazirX, one of India’s foremost cryptocurrency exchanges, has taken drastic measures to mitigate the damage. The exchange announced a halt in trading and introduced a bounty program aimed at recovering stolen assets. This attack has severely impacted their ability to maintain 1:1 collateral with assets, necessitating immediate action. 

In a series of posts on X, WazirX detailed their response to the breach. They have filed a police complaint and reported the incident to the Financial Intelligence Unit (FIU) and CERT-In. Co-founder Nischal Shetty emphasized the urgency of the situation, stating that the exchange is reaching out to over 500 other exchanges to block the identified addresses associated with the stolen funds. This broad collaboration is essential as the stolen assets move through various platforms. 

To further their recovery efforts, WazirX is launching a bounty program to incentivize individuals and entities to help freeze or recover the stolen assets. This initiative is part of a broader strategy to trace the stolen funds and enhance the security measures of the exchange. The team is also consulting with several expert groups specializing in cryptocurrency transaction tracking to provide continuous monitoring and support during the recovery process. The exchange expressed gratitude for the support from the broader Web3 ecosystem, underscoring the need for a collective effort to resolve the issue and maintain the integrity of the Web3 community. 

Shetty mentioned that the team is conducting a thorough analysis to understand the extent of the damage caused by the attack. This analysis is crucial for developing an effective recovery plan and ensuring that all possible measures are taken to protect customer funds. In addition to their internal efforts, WazirX is working closely with forensic experts and law enforcement agencies to identify and apprehend the perpetrators. This collaboration aims to ensure that those responsible are brought to justice and that as many stolen assets as possible are recovered. 

The cyberattack has resulted in a substantial loss of approximately $235 million, making it one of the largest hacks of a centralized exchange in recent history. Crypto investigator ZachXBT revealed that the main attacker’s wallet still holds over $104 million in funds, which have yet to be offloaded. 

This highlights the ongoing challenges and complexities of securing digital assets in the ever-evolving cryptocurrency landscape. WazirX’s proactive measures and the support from the broader community will be crucial in navigating this crisis and reinforcing the security frameworks essential for the future of cryptocurrency exchanges.
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Vulnerabilities and Exploits.
Crypto Exchange Crypto Funds Malicious actor Private Keys Security Audit Two Factor Authentication Vulnerabilities and Exploits.

Sushiswap Smart Contract Exploited in $3.3 Million Hack

Sushiswap, a popular decentralized cryptocurrency exchange, recently fell victim to a smart contract hack that resulted in a loss of $3.3 million. The hack highlights the need for stronger cybersecurity measures in the cryptocurrency industry and the importance of taking proactive steps to protect one's funds.

According to reports by Yahoo Finance, the hack involved an exploit in the smart contract of the exchange's lending platform, called Kashi. The attacker was able to use the exploit to transfer funds from the platform's vault to their own account, resulting in the loss of $3.3 million worth of cryptocurrency.

While the hack itself is concerning, what's more, concerning is the fact that the vulnerability in the smart contract was known to the Sushiswap team. A security audit had identified the vulnerability, but the team had not yet implemented the necessary fixes at the time of the attack.

In the aftermath of the hack, Sushiswap has urged its users to take steps to secure their accounts, such as changing their passwords and enabling two-factor authentication. Additionally, the exchange has promised to compensate users affected by the hack.

However, as a user of any cryptocurrency exchange, it's essential to take proactive steps to protect one's funds. This includes using a hardware wallet to store funds securely and never sharing private keys or passwords with anyone.

Moreover, it's crucial to conduct research and choose exchanges with strong cybersecurity measures in place, such as multi-signature authentication and cold storage of funds. It's also important to keep an eye out for any suspicious activity and report it to the exchange immediately.

The Sushiswap hack serves as a reminder that cybersecurity risks are prevalent in the cryptocurrency industry. It is essential to take proactive steps to protect your funds, such as using a hardware wallet and choosing exchanges with strong security measures. By staying informed and vigilant, users can reduce the risk of falling victim to cyber-attacks and safeguard their cryptocurrency investments.

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Technology
Crypto Firms Crypto Funds G20 Recovery Funds Regulations Technology

Binance Head Plans to Design Recovery Funds for Struggling Crypto Businesses

 

Changpeng Zhao, the founder of Binance, the world's largest cryptocurrency exchange, has called for more regulation of the cryptocurrency industry. 

Zhao was speaking at a conference in Bali, Indonesia, attended by leaders of the G20 group of nations. His comments came as the tension rose from the collapse of rival firm FTX, founded by Sam Bankman-Fried. The crypto exchange filed for bankruptcy last week after customers rushed to withdraw $6 billion in crypto tokens in just 72 hours. 

According to Zhao, there are some bad players in the industry who are specifically targeting struggling crypto enterprises that do not have enough cash or assets to cover their immediate requirements. To ensure a smooth pathway, he announced plans for a recovery that would reduce the threat of "cascading negative effects" following FTX's collapse. 

“So, but the regulators do have a role. We do need slightly more, we do need to increase the clarity of regulations, and the sophistication of regulations in the crypto space,” Zhang stated. “So, over the last week, there’s so much turmoil in our industry. But I want everybody to understand that that’s not reflective of everything in the industry. The industry goes through ups and downs. We have one, or maybe worse players in the industry, but the is still growing, so we’re still building.” 

Irreparable Damage 

The FTX's sudden collapse has also eroded confidence in the digital asset market as a whole. Even the most established digital currency, Bitcoin, hit a two-year low following trouble at FTX. The crypto token was trading at around $16,000 on Monday, having witnessed a fall of nearly 22% last week. 

In a statement earlier this week, the Royal Bahamas Police said they were looking into whether any "criminal misconduct occurred" at FTX. That's after Reuters reported that at least $1 billion of user funds had vanished from the crypto platform. 

According to Reuters sources, Sam Bankman-Fried had transferred $10 billion of customer funds to his trading firm, Alameda Research. 

FTX shifted its headquarters last year in September from Hong Kong to the crypto-friendly Bahamas. Bankman-Fried stated at the time that the Caribbean tax haven had more regulator leverage than the Asian city and was a perfect spot to run business.
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