Yearn Finance Founder Blames Social Actors for Role in the EMN Token Hack

Yearn Finance founder Andre Cronje suggests he did not mishandle the Eminence (EMN) project’s economic exploit, which he insists functions well. He accuses certain social actors of creating a story around EMN that caused rational actors to jump onto the token. Cronje’s comments follow reports that a group of defi community members planning to sue the smart contract builder whom they say is culpable in the $15 million EMN token hack. Cronje Says He Is Not Infallible In a post on Medium, Cronje who has vowed not to use his…

Read More

New York polls crypto firms on security measures after Twitter hack

The New York Department of Financial Services, or NYDFS, has released a lengthy report analyzing the impact of July’s high-profile Twitter hack, which resulted in the theft of over $118,000 worth of Bitcoin (BTC).  Far beyond the immediate material impact, the NYDFS states that the incident exposed deep cybersecurity weaknesses of a publicly-traded social media company valued at $37 billion and counting over 330 million active monthly users. The discovery has serious consequences in light of the platform’s ever-expanding influence on both financial markets and the political sphere.  Two key sections of…

Read More

BitMEX charges, Bitcoin stays calm, KuCoin ‘identifies’ hack suspects

Coming every Sunday, Hodler’s Digest tracks every important crypto news story from the previous week. Essential reading for all Hodlers!   Top Stories This Week   CFTC charges BitMEX with illegally operating derivatives exchange The U.S. Commodity Futures Trading Commission has charged the derivatives exchange BitMEX with operating an unregistered trading platform and violating Anti-Money Laundering regulations. A civil enforcement action has been filed against five entities and three individuals who allegedly own and operate the exchange — including BitMEX CEO Arthur Hayes. The CFTC is accusing the exchange of…

Read More

Kucoin CEO Says Exchange Hack Suspects ‘Found,’ $204 Million Recovered

According to the Kucoin exchange CEO Johnny Lyu, the trading platform has recovered $204 million in crypto assets since October 1. The exchange executive says the hacking suspects have been “found” and the “police are officially involved” in order to take action. On September 25, 2020, the crypto community found out that the Kucoin exchange was hacked for a great number of assets. Estimates say 1,008 BTC was stolen, along with 14,713 BSV, 26,733 LTC, 9,588,383 XLM, Omni and EOS based tether (USDT) worth $14 million, $153 million of ether…

Read More

Kucoin Hack: $17M Laundered Via Decentralized Exchanges, Blockchain Analysis Firm Claims This Can Still be Traced

Elliptic says the Kucoin hacker has sold $17.1 million worth of tokens via decentralized exchanges (dex) platforms like Uniswap, Kyber Network, Tokenlon. The shift to dex applications comes after centralized projects came to the aid of the beleaguered exchange by blocking any cashing out of the hack related funds. For the past few days, the blockchain analysis firm says it has been seeing stolen tokens being swapped with censorship-resistant cryptocurrencies like bitcoin. Despite this change in tactics, Elliptic insists it has the technology that can still trace the movement of…

Read More

Why traders are not worried that the KuCoin hack will drop Ethereum price

Analysts say that the unknown hacker behind the KuCoin breach is selling the stolen ERC-20 tokens on Uniswap. Although selling tokens on the Ethereum-based decentralized exchange allows the hacker to obtain Ether (ETH), it doesn’t mean it’s laundered. All transactions made on the Ethereum blockchain network are traceable using blockchain explorers, meaning even if the tokens are converted to Ether, the stolen amounts would still leave traces. This means exchanges can (and probably will) suspend any exchange address that is associated with the tainted funds. The 1-day chart of Ether.…

Read More

Defi Protocol Bzx Loses $8.1 Million in Third Hack This Year

So called decentralized finance (defi) lending platform Bzx on Sunday lost $8.1 million in a new hacking attack, the third this year, caused by a flawed code in its smart contracts. The bug allowed the hacker to mint 219,200 LINK tokens (valued at $2.6 million); 4,503 ETH ($1.65 million); 1,756,351 USDT ($1.76 million); 1,412,048 USDC ($1.4 million) and 667,989 DAI (worth $681,000). Marc Thalen, lead engineer at Bitcoin.com, first discovered the vulnerability in the smart contracts and reported it to Bzx, warning $20 million was at risk. In a statement,…

Read More

Bitcoin’s plunge, Twitter hack revelation and Pornhub now accepts crypto

Coming every Sunday, Hodler’s Digest tracks every important crypto news story from the previous week. Essential reading for all Hodlers!   Top Stories This Week   Three reasons why Bitcoin suddenly dipped under $10K — and recovered It’s been a bad end to an already trying week for Bitcoin. At one point, prices fell below $10,000 across major exchanges.  Overall, the world’s biggest cryptocurrency has seen its value fall by 11.7% in recent days. Most of these losses came on Thursday when a sudden drop of 7% in less than…

Read More

Japanese Court Orders Seizure of Cryptocurrency Linked to Coincheck Hack of 2018

A court in Tokyo, Japan has ordered the seizure of crypto assets that have been traced back to the Coincheck hack of January 2018, The Japan Times reported Wednesday. More than $530 million worth of the NEM (XEM) cryptocurrency was stolen from the exchange two years ago in what turned out to be the crypto industry’s biggest heist. While the Times did not provide figures, another report in a different local publication reveals that about 4.8 million yen ($45,000) in bitcoin (BTC) and XEM is to be confiscated from Takayoshi…

Read More

Four-Year Anniversary of Bitfinex Hack, and $12M of Stolen BTC Moved

Someone with access to the 119,756 Bitcoin stolen from crypto exchange Bitfinex in 2016 moved $12 million to unknown wallets in the last six days. According to a series of tweets posted by Whale Alert on August 3, wallet addresses known to be associated with one of the largest breaches ever of a crypto exchange moved 620 Bitcoin (BTC) — worth roughly $7 million at the time of writing — over 4 transactions. On July 29, nearly $5 million — or 448 BTC — was moved in a single transaction.…

Read More