Značka: Hacks

LCX loses $6.8M in a hot wallet compromise over Ethereum blockchain

Liechtenstein-based crypto exchange LCX has confirmed the compromise of one of its hot wallets after temporarily suspending all deposits and withdrawals on the platform. The hack was first identified by PeckShield, a blockchain security company, based on the suspicious transfer of ERC-20 tokens from LXC to an unknown Ethereum (ETH) wallet.hot wallet compromised? @lcx https://t.co/uL5a7oCFfM— PeckShield Inc. (@peckshield) January 9, 2022The probable hot wallet compromise was soon confirmed by the exchange as it announced the loss of numerous tokens including ETH, USD Coin (USDC) and other tokens including its in-house LCX token.Ethereum blockchain based assets such as ETH, USDC, EURe, LCX and other assets have been moved to theHacker ETH Wallet: 0x165402279F2C081C54B00f0E08812F3fd4560A052/3— LCX (@lcx) January 9, 2022

Based on PeckShield’s investigation, LCX lost a cumulative of $6.8 million after the hacker successfully transferred eight types of tokens that included Sandbox (SAND), Quant (QNT), Chainlink (LINK), Enjin Coin (ENJ) and Maker (MKR).Details of the stolen funds on LCX. Source: PeckShield.At the time of writing, LCX has not shared any plans to help return the stolen funds. However, the company has confirmed to take security measures to protect other wallets and assets:“During this difficult period, we greatly appreciate the support from our customers, other exchanges, security experts, and the broader crypto community.”LCX has not yet responded to Cointelegraph’s request for comment. Related: ImmuneFi report $10B in DeFi hacks and losses across 2021A recent report from security platform ImmuneFi found that crypto companies incurred losses of over $10.2 billion in 2021 due to hacks, scams and other malicious activities. As Cointelegraph reported, ImmuneFi identified 120 instances of crypto exploits and rug-pulls, the highest-valued hack being Poly Network at $613 million, followed by Venus and BitMart with $200 million and $150 million, respectively.

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Metaswap Gas incommunicado as experts link MGAS price drop to rug pull

Blockchain security company PeckShield has alerted investors of a possible rug pull event after identifying a massive 46.99% price drop on MetaSwap’s MGAS token. The MetaSwap protocol allows nonfungible token (NFT) swaps over the Ethereum, Binance and Polygon blockchains.Following the unexpected price drop, all official accounts linked with Metaswap Gas — including Twitter, Instagram and Medium — were removed, supporting PeckShield’s claim of a rug pull.#RugPull PeckShield has detected that @MetaSwapMGAS soft-rugged, the stolen funds (1,100 BNB) are transfered to @TornadoCash (#BSC). DO NOT STAKE in this contract and if you’ve approved it, REVOKE https://t.co/b7sSsMz3ZE— PeckShield Inc. (@peckshield) December 27, 2021According to PeckShield, 1,100 BNB tokens worth almost $602,000 were transferred to an account on Tornado Cash, an Ethereum-based non-custodial solution that is used to break the on-chain link between the sender and the receiver. This process adds to the difficulty in tracking the stolen funds.Details of the MetaSwap transfer. Source: PeckShield.PeckShield advises investors to stop staking on Metaswap Gas and revoke existing contracts to avoid further monetary losses. Related: Bent Finance confirms pool exploit, advises investors to withdraw fundsIn December alone, numerous crypto entities became victims to a series of exploits, resulting in a cumulative loss of over $600 million. On Dec. 21, Bent Finance proactively asked investors to withdraw their funds after confirming a pool exploit.1/ There was an exploit from the bent deployer address, it added balance of cvxcrv and mim to an address on an unvierifed update 20 days ago. We just discovered this today. There are multiple members on this team and we will make this right.— Bent Finance (@BENT_Finance) December 21, 2021

Similar to other victims of the crypto community including Grim Finance, BitMart and AscendEX, Bent Finance promised its investors to return all the stolen funds. However, the team is yet to announce a plan for the same:“We recommend you withdraw from the protocol until further notice. We are not going anywhere and will recover from this one way or another.”

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Hong Kong NFT project Monkey Kingdom loses $1.3M in phishing hack, launches compensation fund

On Tuesday, Solana nonfungible token (NFT) project Monkey Kingdom, which has received notable backing from American DJ Steve Aoki, announced via Twitter that hackers made off with $1.3 million of the community’s crypto funds through a security breach on Discord. According to its developers, the hack first occurred with the breach of Grape, a popular solution for verifying users on Solana. Hackers then used the exploit to take over an administrative account, which posted a phishing link in the Monkey Kingdom Discord’s announcement channel. Users who followed the link connected their wallets expecting they would receive an NFT but instead were drained of their SOL tokens by the scammer.Announcement on the discord hack pic.twitter.com/1r7svjlZcB— Monkey Kingdom (@MonkeyKingdom_) December 21, 2021Tragically, the hack took place when users were lining up for the project’s second drop. The Monkey Kingdom consists of 2,222 algorithmically generated NFTs centered around Sun Wukong, otherwise known as “The Monkey King” in Chinese folklore. All proceeds from the initial sale of the NFTs were to go to a charity of choice, with the intent of supporting Asian communities worldwide. It was one of the most successful NFT projects to have originated in Asia. Guys I got drained 650 $SOL.It is one my biggest mistake.I am always recommending people using burner but I was nervous and fomo the Monkey Kingdom Mint. Never thought it was not a legit mint link in official discord.It is important money to my family: my wife, my son. pic.twitter.com/rtWbCu81Ga— commenstar (@commenstar) December 21, 2021

Related: Beeple’s Discord compromised, timed to coincide with Christie’s auctionOne Twitter user, who goes by the name of “commenstar,” claims to have lost 650 SOL, worth roughly $120,400, due to the scam. But all was not lost. The staff at Monkey Kingdom has set aside a compensation fund for victims and is on track to fully reimburse those affected. The timeline and process for distributing the funds has not yet been disclosed.Phishing attacks are nothing new for the crypto industry. Over the past year, scammers have been repeatedly targeting Discord users and exploiting the platform itself to orchestrate such NFT hacks. Monkey Kingdom community, we have your back! We have begun processing compensation requests and will be contacting individuals starting today. Thank you for your patience! Once you receive your compensation, please kindly share the news with the community. For the Kingdom!! pic.twitter.com/TVbuSqdKtq— Monkey Kingdom (@MonkeyKingdom_) December 22, 2021

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Bent Finance confirms pool exploit, advises investors to withdraw funds

Staking and farming platform Bent Finance joins the list to become the sixth crypto establishment to get hacked in December. The acknowledgment of the attack was followed by requesting investors to withdraw their pool funds and disabling the reward claims on the compromised platform. Bent Finance first realized the exploit on Monday at roughly 8:55 PM EST, a timeline when the company reported no loss of funds. However, the community suspected a rug-pull event when blockchain investigator PeckShield allegedly located the source of the hack transactions.We have located the hack tx, which interestingly is sent from the Bent Finance: Deployer @BENT_Finance !!! What is going on?! https://t.co/3L4F1gcNYJ— PeckShield Inc. (@peckshield) December 21, 2021“Yes, we see the same and are working through it right now,” said Bent Finance as the team appointed two independent white hat developers to get a better understanding of the unfolding situation. The company confirmed soon after:1/ There was an exploit from the bent deployer address, it added balance of cvxcrv and mim to an address on an unvierifed update 20 days ago. We just discovered this today. There are multiple members on this team and we will make this right.— Bent Finance (@BENT_Finance) December 21, 2021

Bent Finance continues to advise its pool investors to withdraw the funds until the exploit is addressed with every update. However, the company has confirmed to recover all stolen funds from the Bent curve pool:“We recommend you withdraw from the protocol until further notice. We are not going anywhere and will recover from this one way or another.”According to crypto fraud investigator and former member of the US Secret Service Joe McGill of TRM Labs, the attackers managed to steal approximately 440 Ethereum (ETH), worth more than $1.6 million at the time of writing. McGill’s investigations hinted that the attack has been ongoing since Dec. 12, which contradicts Bent Finance’s finding that suspects the attacker’s presence over the network since Dec. 1. In December alone, five crypto companies — including Grim Finance, BitMart and AscendEX — cumulatively lost over $600 million as a direct result of a successful hack. However, further investigations are underway to identify the losses from the Bent Finance exploit.Bent Finance has not yet responded to Cointelegraph’s request for comment. Related: Indian prime minister Modi’s hacked Twitter account attempts BTC scamRunning parallel to the ongoing exploits on crypto businesses, December was also a witness to a momentary compromise of Modi’s Twitter account, which was used to spread misinformation about Bitcoin’s (BTC) mainstream adoption in India. As Cointelegraph reported, hackers from unknown origins took control of the prime minister’s account on Dec. 12 with over 73.4 million followers to declare BTC as a legal tender in addition to announcing a 500 BTC giveaway for the Indian citizens.

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DeFi protocol Grim Finance lost $30M in 5x reentrancy hack

The decentralized finance (DeFi) protocol Grim Finance reported $30 million in losses due to a reentrancy exploit of the platform’s deposits.Grim Finance officially announced on Dec. 18 that an “external attacker” had exploited the DeFi platform, stealing “over $30 million” worth of cryptocurrencies.According to Grim Finance, the hack was an “advanced attack,” with the attacker exploiting the protocol’s vault contract through five reentrancy loops, which allowed them to fake five additional deposits into a vault while the platform is processing the first deposit.Grim paused all vaults after the attack to minimize the risk for future funds: “We have paused all of the vaults to prevent any future funds from being placed at risk, please withdraw all of your funds immediately.”Grim noted that they also notified entities involved in operating major cryptocurrencies like Circle (USDC), DAI, and the cross-chain protocol AnySwap regarding the attacker address to freeze further fund transfers.Grim Finance positions itself as a “compounding yield optimizer” built on DeFi-focused blockchain protocol, Fantom, allowing users to stake liquidity provider tokens by employing complex vault strategies.According to the Fantom (FTM) Blockchain Explorer data, Grim Finance Exploiter continued transacting on Dec. 19. One of the addresses associated with the exploit holds $1.2 million in Bitcoin (BTC), $1.7 million in SpookyToken (BOO) alongside $13,700 in FTM tokens.Some in the crypto community suggested that Grim Finance should hold responsibility for the exploit due to failing to adopt proper reentrancy protection tools. DeFi security platform Rugdoc.io also argued that the protocol gave the user “more privilege than is necessary.” 5) So what was the big mistake of grim finance?1. No reentrancy guard on a pattern that absolutely needs it (@0xPaladinSec always points this out)2. Giving the user more privilege than is necessary: There is absolutely no need for the user to be able to choose the deposit token— Rugdoc.io (@RugDocIO) December 18, 2021Related: Finance Redefined: Two DeFi hacks top $120M, and $500M Algo Fund launches, Nov. 26–Dec. 3The rising popularity of DeFi has triggered a number of new challenges for the cryptocurrency industry as hackers were rushing to exploit the flaws of the emerging industry. In early December, DeFi protocol BadgerDAO was reportedly exploited to the tune of $120 million.

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AscendEX loses $80M following ERC-20, BSC, Polygon hot wallet compromise

Crypto trading platform AscendEX suffered a loss of $77.7 million in a hot wallet compromise that allowed hackers to access and transfer tokens hosted over the Ethereum (ETH), Binance Smart Chain (BSC) and Polygon (POLY) blockchains.Soon after realization, AscendEX proactively warned its users about the stolen funds, confirming that the hackers were not able to access the company’s cold wallet reserves.22:00 UTC 12/11, We have detected a number of ERC-20, BSC, and Polygon tokens transferred from our hot wallet. Cold Wallet is NOT affected. Investigation underway. If any user’s funds are affected by the incident, they will be covered completely by AscendEX.— AscendEX (@AscendEX_Global) December 12, 2021According to PeckShield, a blockchain security and data analytics company, around $60 million worth of tokens were transferred over the Ethereum blockchain. Tokens stolen from the Binance Smart Chain and Polygon are worth $9.2 million and $8.5 million respectively, as evidenced by EtherScan data.Estimated loss @AscendEX_Global: $77.7M in total ($60M on @ethereum $9.2M @BinanceChain $8.5M @0xPolygon). Here is the list of the transferred-out assets and their amounts on @ethereum pic.twitter.com/VC4DKOwu4f— PeckShield Inc. (@peckshield) December 12, 2021

Some of the popular tokens stolen in this hack include USD Coin (USDC), Tether (USDT), and Shiba Inu (SHIB). However, AscendEX is yet to officially confirm the exact worth of the tokens taken away by the hackers. The company also announced to help the affected users by covering up their losses due to this attack. Related: Bitmart hacked for $200M following Ethereum, Binance Smart Chain exploitJust last week on Dec. 05, a similar attack on crypto exchange BitMart resulted in a loss of nearly $200 million due to a hot wallet compromise hosted over the Ethereum and Binance Smart Chain blockchains. As reported by Cointelegraph, the hack was a straightforward case of transfer-out, swap, and wash:Transfer of stolen tokens on Bitmart. Source: PeckShieldWhile BitMart CEO Sheldon Xia confirmed the losses over Twitter, he announced a temporary stop on all withdrawals and deposits while further investigations were underway.The deposit and withdrawal function of all tokens will be resumed step by step, along with the recovery progress of security testing and public chain development. No worries, we are marching forward, security will be always the first priority.— Sheldon Xia (@sheldonbitmart) December 8, 2021

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Indian prime minister Modi's hacked Twitter account attempts BTC scam

The official Twitter account of Indian Prime Minister Narendra Modi got compromised earlier today, which was then used to share misleading information about the mainstream adoption of Bitcoin (BTC) and redistribution of 500 BTC among the Indian citizens. On Dec. 10, Modi said in a virtual event virtual summit hosted by US President Joe Biden that technologies such as cryptocurrencies should be used to empower democracy and not undermine it:“By working together, democracies can meet the aspirations of our citizens and celebrate the democratic spirit of humanity.”While the long-awaited Lok Sabha Winter Session, a parliamentary meetup intended to discuss the legality of cryptocurrencies in the region, did not conclude the government’s stance on crypto, hackers from unknown origins managed to take control of the prime minister’s account with over 73.4 million followers to declare Bitcoin as a legal tender.Bitcoin scammers declare the cryptocurrency as India’s legal tender. pic.twitter.com/uTe1R7XUWZ— Priya (@supesuonna) December 11, 2021While the hack happened at midnight in India (around 4:00 pm ET), Twitter user Priya was among the many crypto enthusiasts that took notice of the untimely tweet that read:“India has officially adopted Bitcoin as legal tender. The government has officially bought 500 BTC and is distributing them to all residents of the country. The future has come today!”The post also included a link that urged unwary investors to sign up and claim their share of BTC. However, this was the second time Modi’s Twitter account got hacked and was used for crypto scams.Soon after the hack, the unauthorized tweet was deleted and the hack was confirmed by the Prime Minister’s official account.The Twitter handle of PM @narendramodi was very briefly compromised. The matter was escalated to Twitter and the account has been immediately secured.In the brief period that the account was compromised, any Tweet shared must be ignored.— PMO India (@PMOIndia) December 11, 2021

As Cointelegraph reported, hackers were able to breach Modi’s Twitter account back in Sept. 2020. Under the pseudo name ‘John Wick,’ the hackers shared several tweets asking the prime minister’s followers to “donate generously to PM National Relief Fund for Covid-19.”Related: India misinterpreted private crypto ban, says crypto bill creatorThe launch of India’s crypto bill sparked new concerns around the ban of private cryptocurrencies. While the meaning of ‘private’ was yet to be interpreted in the parliamentary meeting, the lack of information sparked panic among investors. Clearing out the speculations around the crypto bill discussions, former Finance Secretary Subhash Garg, who was also the creator of the bill, dismissed the notion of banning “private cryptocurrencies” as a misinterpretation. In an interview with News 18, Garg said:“[The description of the crypto bill] was perhaps a mistake. It is misleading to say that private cryptocurrencies will be banned and to intimate the government about the same.”

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What is an eclipse attack?

When an attacker targets a network’s user, there is usually a deeper motive for doing so. Typically, eclipse attacks can serve as gateways for more complex attacks and disruptions. 0-confirmation double spends A user is at risk of a double-spend if they accept a transaction with no confirmations. By principle, although the transaction has already been broadcast, the sender can still create a new transaction and spend the funds somewhere else. Double spends can occur until a transaction has been included in a block and committed to the blockchain.  New transactions that have a higher fee can also be included before original transactions to invalidate earlier transactions. What’s risky about this is that some individuals and businesses are in the practice of accepting 0-confirmation transactions. N-confirmation double spends N-confirmation double spends are similar to 0-confirmation transactions. However, they require more complex preparation. Because a lot of businesses prefer to hold off on marking a payment as valid pending a certain number of confirmations, they can be vulnerable to attacks.  In this scenario, attackers eclipse both miners and merchants. They pull it off by setting up an order with the merchant and broadcasting the transaction to eclipsed miners. This leads the transaction to be confirmed and included in the blockchain. However, this specific chain is not the right one as the miner has been cut off from the network earlier.  The attacker then relays this blockchain version to the merchant, who then releases goods and/or services believing that the transaction has already been confirmed. Weakening competing miners Eclipsed nodes continue to operate as the target user is often unaware that they have been isolated from the legitimate network. As a result, miners will continue to mine blocks as usual. Blocks that are added will then be discarded upon syncing with their honest peers.  Large-scale eclipse attacks executed on major miners are usually used to carry out a 51% attack. However, due to the incredibly high cost to take over Bitcoin’s hashing power majority, chances for this are still quite slim. At ~80TH/s, an attacker would theoretically need more than 40TH/s to succeed in such an attempt.

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Huobi and Shiba Inu community to help BitMart overcome $200M hack

Following a near $200 million hack on the BitMart exchange, the Shiba Inu (SHIB) community and crypto exchange Huobi Global aim to help the exchange strengthen security and track inflows of stolen assets.On Dec. 5, crypto exchange BitMart became victim to a hot wallet compromise hosted over the Ethereum (ETH) and Binance Smart Chain (BSC) blockchains. As a result, the hackers were able to steal over $196 million, roughly $100 million over the Ethernet network and around $96 million over the BSC blockchain.1/3 We have identified a large-scale security breach related to one of our ETH hot wallets and one of our BSC hot wallets. At this moment we are still concluding the possible methods used. The hackers were able to withdraw assets of the value of approximately USD 150 millions.— Sheldon Xia (@sheldonbitmart) December 5, 2021Soon after BitMart CEO Sheldon Xia confirmed the hack, Huobi announced it would help BitMart track the inflow of assets on its exchange and report matches to the stolen funds.Huobi will do our best to assist #BitMart in handling this issue. If there are any inflows of related assets, we will report and assist in a timely manner.— Huobi (@HuobiGlobal) December 5, 2021

Following suit, the Shiba Inu community also confirmed it would help the hacked crypto exchange, citing their already existing efforts in reviewing potential security threats for ShibaSwap, a community-built decentralized exchange.Dear #ShibArmy,Even though the core of our project is decentralization, we want to show our support and give some love to our friends at @BitMartExchange, who are already working hard to fix the security incident that happened yesterday. pic.twitter.com/CJZjQHaP59— Shib (@Shibtoken) December 5, 2021

Xia also said the exchange would compensate affected investors with its own funds. “We are also talking to multiple project teams to confirm the most reasonable solutions such as token swaps. No user assets will be harmed,” he added.The hack forced the exchange to temporarily stop all withdrawals and deposits. However, Xia is confident BitMart will resume services by Dec. 7.Related: Synapse Bridge prevents $8M hackCross-chain protocol Synapse Bridge recently averted a multi-million dollar exploit on the Avalanche Neutral Dollar (nUSD) Metapool. As Cointelegraph reported, Synapse Bridge prevented a hacker from stealing approximately $8 million worth of cryptocurrencies:“Over the past 16 hours, we encountered and discovered a contract bug in the way that the AMM Metapool contracts handle virtual price calculations against the base pool’s virtual price.”While the threat was averted, Synapse Bridge soon deployed new nUSD pools as a means to further strengthen its security against similar attacks.

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BadgerDAO reportedly suffers security breach and loses $10M

The BadgerDAO decentralized finance protocol appears to have suffered from a cyber attack leading to the loss of a reported $10 million at the time of writing. The attack, which was made public at about 2 a.m. UTC on Dec. 2, targeted the protocol on the Ethereum network at contract address 0x1fcdb04d0c5364fbd92c73ca8af9baa72c269107. FYI, nasty frontend attack on Badger, looks like ~10m taken out of people’s wallets using rug approval. If you’ve interacted with anything badger related in last few weeks, check and revoke asap https://t.co/vJPMmBZ3af— Spreek (@spreekaway) December 2, 2021Users that have interacted with this contract are urged to revoke permission from their wallet. To revoke permissions of a contract, visit etherscan.com and login with a wallet you believe may be exposed. Although the attack only happened recently, permission for the contract may have been established weeks ago.The total unconfirmed losses come to about $10.6 million.The BadgerDAO team has not confirmed the exploit, but it issued a tweet at 4:30 a.m. UTC acknowledging that there have been reports of problems. All smart contracts on BadgerDAO have been paused in an effort to prevent any more potentially malicious withdrawals.Badger has received reports of unauthorized withdrawals of user funds.As Badger engineers investigate this, all smart contracts have been paused to prevent further withdrawals.Our investigation is ongoing and we will release further information as soon as possible.— ₿adgerDAO (@BadgerDAO) December 2, 2021

Early reports claim that some users received unusual spend requests from the smart contracts on the protocol. It is suspected that these requests were the attack in action through the front-end of the protocol.Some have revised the value of suspected losses to upward of $100 million, with one user reportedly losing $90 million.Related: Hackers can use compromised Google Cloud accounts to install mining software in under 30 seconds: ReportOn Badger’s official Discord server, core contributor Tritium wrote “It looks like a bunch of users had approvals set for the exploit address allowing it to operate on their vault funds and that was exploited.” BADGER is down 15% to $22.71 at the time of writing on Coingecko.

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