Web3 lost $2 billion to frauds and hacks this year
In a year that was expected to usher in a new era of decentralized finance, 2023 brought a stark reality check to the Web3 community. A recent report from blockchain security platform Immunefi has revealed that a staggering $1.8 billion was lost to hackers and scammers in the Web3 space. In this article, we delve […]
UK National Crime Agency to set up a unit to combat crypto fraud
The United Kingdom’s National Crime Agency (NCA) is advancing its fight against cryptocurrency scams by creating a dedicated team to investigate these crimes. With the rising tide of fraud in the virtual asset space, the NCA has called for forming a group of six experts to delve into crypto-related offenses. This team, poised to join […]
Hong Kong police issue warning of Binance impersonators, new hotbed for crypto scams?
Hong Kong residents have received a warning from the police regarding fraudulent individuals posing as representatives from Binance and sending deceptive texts. Within the last fortnight, authorities have documented 11 incidents, resulting in reported losses totalling HK$3.5 million. According to a local news report, law enforcement officials have highlighted a post on the “Net Keeper” […]
Immunefi unveils new on-chain bug bounty system to combat hacks
Immunefi, a blockchain security platform, has introduced an innovative on-chain system for bug bounties. The system, known as “Vaults,” offers a secure way for Web3 developers to hold funds in an on-chain address and utilize them to reward white hat hackers who discover vulnerabilities. In the world of software development, bug bounties are rewards offered […]
Nansen under attack, 7% user data compromised – Here’s all you need to know
Nansen, the blockchain analytics platform widely trusted for its insights and data-driven solutions, has experienced a cybersecurity attack. The breach report sent shockwaves through the company’s user base. The well-known crypto and blockchain analytics firm announced on the social networking platform X that one of its third-party vendors had a security compromise that affected 6.8% […]
SlowMist’s report: blockchain hacks swipe over $30 billion from crypto sector
A staggering $30 billion has vanished from blockchains, according to the latest statistics from the SlowMist research. Hence, these figures indicate a pressing need to address security concerns in the rapidly growing blockchain and cryptocurrency sector. The report contains a detailed account of 1,101 hacking incidents. Significantly, it pinpoints the industry’s inherent weaknesses that need […]
Sturdy Finance puts $100,000 on the line: will the hacker take the bounty?
Sturdy Finance, a decentralized finance (DeFi) platform, has taken an unconventional approach to recovering stolen funds. After suffering a loss of approximately $800,000 due to a recent exploit, the platform has offered a remarkable $100,000 bounty to the hacker responsible for the attack. This move, which aims to incentivize the return of the remaining funds, […]
Hundred Finance hacked on Optimism and lost $7.4 million
Hundred Finance, a popular decentralized finance (DeFi) platform, has fallen victim to a cyberattack on the Optimism network, resulting in a loss of $7.4 million. The incident has sent shockwaves through the crypto community, raising concerns about the security of DeFi protocols. According to sources, the hack occurred on April 15, 2023, when attackers exploited […]
South Korean exchange GDAC hacked for nearly $14M
In a major blow to the cryptocurrency community, GDAC, a popular South Korean exchange, has fallen victim to a hack that resulted in a loss of nearly $13 million. The incident has sent shockwaves through the industry and raised concerns about the security of digital assets. GDAC, which is one of the leading cryptocurrency exchanges […]
