The Security Alliance said it’s helped to recover $50 million since it formed, and now it has launched a tool to assist in fighting crypto hacks in real time.
Hacks News
Hacks have become prevalent in the digital age, encompassing various sectors and technologies. In the realm of decentralized finance (DeFi), where financial services operate on blockchain networks without traditional intermediaries, the risks of hacks are particularly notable. DeFi platforms, built on smart contracts, are susceptible to vulnerabilities, leading to significant financial losses.
DeFi hacks frequently take advantage of smart contract flaws, allowing hackers to change code and steal money. These incidents show that to strengthen DeFi protocols, thorough security audits and ongoing testing are required. A frequent type of DeFi hack is a flash loan attack, which entails borrowing a sizable amount in a single transaction, tampering with market prices and making money off of the ensuing price imbalances.
Conventional hacks, on the other hand, focus on databases, wallets or centralized exchanges. Phishing attempts deceive people into disclosing private information, which allows unwanted access. Hackers also frequently use ransomware, malware and distributed denial-of-service attacks to compromise digital assets and interfere with services.
Preventing hacks requires a combination of robust cybersecurity practices, regular audits and user education. As the digital landscape evolves, vigilance and proactive measures are essential to mitigate the risks associated with hacking incidents, ensuring the security of online assets and financial transactions.
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Privacy protocol Railgun, which security analysts have labeled a “prime alternative” to Tornado Cash, denied U.S.-sanctioned entities are using it.
7282The firm’s CEO, Eowyn Chen, shared a screenshot of the supposed “high-risk” exploit being sold on the dark web for a whopping $2 million.
38732“Please remove your LP asap, we are very sorry for what happen,” wrote a Grand Base admin.
3392Blockchain investigator ZachXBT identified scammers providing liquidity funds to several fake projects across multiple blockchains, including Base, Solana, Scroll, Optimism, Arbitrum, Ethereum and Avalanche.
2035The group has been linked to several rug pulls, among them Magnate, Kokomo, Solfire and Lendora.
3271Shakeeb Ahmed was a technical lead for Amazon when he hacked smart contracts on at least two DEXes.
14270Chainlink aims to make cross-chain bridges, which account for nearly 50% of all value lost to DeFi exploits, more secure.
1227The potential Telegram vulnerability can be avoided by disabling the automatic downloading of media files on Telegram Desktop, but Telegram rates the threat as likely to be a hoax.
8664The ParaSwap AugustusV6 contract, which momentarily went live on March 18, contained a critical vulnerability that allowed hackers to drain funds from users who approved the upgrade.
2863As phishing attacks rise, crypto exchanges tell users to keep their funds safe by using YubiKey devices and Passkeys, along with hardware wallets.
1008The hacker who once stole over $320 million from the Wormhole bridge appears to have been initially eligible to claim a Wormhole airdrop that would have netted them $50,000.
2422NFT game Munchables is reworking its multisig and restructuring its team after a hacking incident costing millions of dollars.
1163CertiK co-founder Ronghui Gu urged the community to “proactively prepare” for cyberattacks as the crypto market grows.
1204The team cited insufficient funds, evolving market trends and a recent security breach for its closure.
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