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.

In 2022, North Korean hackers swiped crypto worth ten times more than the country earned from exports in 2021, according to US cybersecurity firm Recorded Futur...
North Korean hackers have pilfered $3B of crypto over past six years: Report
Ciaran Lyons
The grant is designed to ease the financial burden on affected individuals and will equal the USD equivalent of the assets lost in the security breach.
KyberSwap announces treasury grants for hack victims
Amaka Nwaokocha
Law firm Cadena Legal said that the guidance released by the Australian Taxation Office is “non-binding” and must be treated as “toilet paper.”
KyberSwap hacker wants control, law firm says Aussie DeFi tax rules ‘non-binding’: Finance Redefined
Ezra Reguerra
The Poloniex and HTX/Heco Bridge exploits as well as the KyberSwap flash loan attack were the three largest incidents in November, according to blockchain secur...
Crypto thieves steal $363M in Nov, the most ‘damaging’ month this year
Brayden Lindrea
The hacker demanded the surrender of all Kyber company assets, both on-chain and off-chain, including shares, equity and tokens.
KyberSwap hacker demands complete control over Kyber company
Ezra Reguerra
This Web3 security protocol halted on-chain transactions to recover $800,000 in Vulcan Forged user funds after a Web3 gaming platform suffered a security breach...
This Web3 security protocol recovered $800K in user funds after Vulcan Forged exploit
Serkan Keskin
Poloniex says it will start resuming deposits on Nov. 30 with TRX, the cryptocurrency of Justin Sun’s Tron blockchain.
Poloniex prepares to resume withdrawals after $100M hack
Helen Partz
CertiK co-founder Ronghui Gu told Cointelegraph that it’s “inexcusable” the industry faces continued SIM-swap and multisig failures, as previous incidents alrea...
Security audits ‘not enough’ as losses reach $1.5B in 2023, security professional says
Ezra Reguerra

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