Opinion
Platforms are capping bug bounty rewards to cut costs, creating dangerous incentives that could lead to billion-dollar crypto hacks instead of disclosures.
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Hackers News
The term “computer hacker” refers to an individual or group of individuals skilled in manipulating computer systems, often breaking through layers of security to achieve their goals. These goals can range from exploring systems out of curiosity, stealing sensitive data and defacing websites to illegally profiting from system manipulation.
In the context of cryptocurrencies, hackers target exchanges, wallets and users to steal funds. The latest news on hackers shows that no one is protected from their schemes, with several cases of exchange hacks.
In 2014, Mt. Gox, once the world’s largest Bitcoin exchanges, declared bankruptcy after losing 850,000 Bitcoin (BTC). In March 2022, hackers targeted the Axie Infinity gaming platform’s network, Ronin, stealing approximately $625 million in Ether (ETH) and USD Coin (USDC), marking the largest cryptocurrency hack to date.
Other notable hacks include the Poly Network heist, where over $600 million was stolen. FTX also faced a massive breach, losing $600 million in crypto assets. Binance, a major exchange, fell victim to a $570 million hack, and Coincheck suffered a $523 million attack in 2018.
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Ever-evolving cybersecurity efforts are forcing hackers to seek out weak links among human vulnerabilities to fuel an “endless war,” CertiK co-founder said.
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Coinbase is reinforcing security after North Korean hackers exploited its remote work policy, with CEO Brian Armstrong outlining stricter hiring measures.
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Apple patched a zero-click vulnerability that allowed sophisticated attackers to compromise devices and could have led to cryptocurrency theft; it urged immediate updates.
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A Bitcoiner fell victim to a social engineering attack after being approached by impostors posing as hardware wallet support, losing 783 BTC worth $91 million.
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Real-world asset protocols present an “evolving” threat landscape that offers a larger attack surface for hackers, according to CertiK.
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A US judge ruled EminiFX and its founder, Eddy Alexandre, must repay $228 million after running a Ponzi scheme that defrauded thousands of investors.
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WazirX has been trying to get a restructuring plan through the Singapore High Court to start returning funds to users impacted by the $234 million hack in 2024.
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A cybersecurity expert warns that quantum computing could silently break Bitcoin, stockpiling encrypted data today to crack it in the future.
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BtcTurk halted deposits and withdrawals, citing a “technical issue” with hot wallets, while trading and local currency withdrawals and deposits remained active.
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Vietnam’s police said they arrested 20 people in the country’s largest crypto scam, a multibillion-dollar Ponzi scheme built around Paynet Coin.
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The hacker behind the Radiant Capital $58 million October 2024 exploit now holds $103 million in Ether since the asset’s price almost doubled.
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Coinbase lost $300,000 in token fees after mistakenly approving assets to a 0x swapper contract, enabling an MEV bot to drain its corporate wallet.
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Ethereum core dev Zak Cole lost funds after a malicious Cursor extension stole his private key, highlighting increasing wallet drainer attacks on builders.
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Tron, Tether, and TRM Labs expand their crime-fighting unit with Binance as the first T3+ partner, as industry data shows crypto hacks are getting faster and harder to stop.
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