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The CEO of <keyword id="11118047" type="General" weightage="20" keywordseo="crypto-com" source="Orion">crypto.com</keyword>, a <a href="https://www.businessinsider.in/cryptocurrency/news/cardano-loses-ground-and-terra-gains-as-crypto-market-takes-a-breather/slidelist/88987641.cms" data-type="tilCustomLink">cryptocurrency</a> platform endorsed by famous Hollywood actor Matt Damon, has confirmed that hundreds of user accounts were hacked and their funds stolen. CEO Kris Marszalek told the media that nearly 400 customer accounts had been compromised. During the hack, Crypto.com paused its users' ability to withdraw funds. "We have a small number of users reporting suspicious activity on their accounts. We will be pausing withdrawals shortly, as our team is investigating. All funds are safe," the company said in a tweet. Marszalek also reiterated in a tweet that "no customer funds were lost." Blockchain security and analytics company Peckshield, however, tweeted that Crypto.com lost about $15 million (around 4,600 ethereum). "The @cryptocom loss is about $15M with at least 4.6K ETHs and half of them are currently being washed via @TornadoCash," Peckshield tweeted. Tornado Cash is a platform that obscures cryptocurrency transactions so that these are harder to be tracked. Marszalek claimed that Crypto.com's 200 security professionals had created a "very robust" infrastructure and stated it had defence-in-depth. Damon recently faced backlash for a Crypto.com commercial where he compares investing in crypto to great accomplishments achieved by mankind such as scaling Mount Everest or space exploration. Earlier this month, reports surfaced that victims of a $200 million hack of popular cryptocurrency exchange BitMart were still waiting for their money even after over a month since the exchange was hacked. According to reports, BitMart had promised a full reimbursement to the victims of the platform-wide $200 million hack. Hackers stole various crypto tokens on December 4, after using a stolen privacy key to gain access to one of BitMart's hot wallets.

Matt Damon-endorsed Crypto.com confirms 400 accounts hacked and funds stolen

<ul class="summary-list"><li><keyword id="11834434" type="UNKNOWN" weightage="60" keywordseo="poly-network">Poly Network</keyword> on Tuesday offered a hacker who stole from the firm a chance to be its chief security advisor.</li><li>The invitation came days after the <keyword id="11879851" type="UNKNOWN" weightage="60" keywordseo="defi-platform">DeFi platform</keyword> offered the same hacker a $500,000 "bug bounty."</li><li>The hacker initially stole $610 million from Poly Network - and has since returned most of the funds back. </li></ul>Poly Network on Tuesday offered a cyber hacker responsible for a $600 million heist a chance to be its chief security advisor.The invitation came days after the DeFi platform offered the same hacker a $500,000 "<a href="https://markets.businessinsider.com/news/currencies/poly-network-hacker-reward-500000-bug-bounty-help-improve-defi-2021-8">bug bounty</a>" for stealing - and then returning - $610 million in what is considered one of the <a href="https://twitter.com/PolyNetwork2/status/1425123153009803267/photo/1" target="_blank" rel="noopener">biggest cryptocurrency heists</a> in history.Similar to the monetary incentive, the offered position seeks to leverage the expertise of the hacker, who the platform refers to as "Mr. White Hat." "To extend our thanks and encourage Mr. White Hat to continue contributing to security advancement in the blockchain world together with Poly Network, we cordially invite Mr. White Hat to be the Chief Security Advisor of Poly Network," the company said in a <a href="https://medium.com/poly-network/latest-updates-aug-17-241398d64a40">statement.</a>While the hacker did not accept the "bug bounty," according to Poly Network, he did consider offering it to the technical community who have made contributions to blockchain security, the company said."Whatever Mr. White Hat chooses to do with the bounty in the end, we have no objections," Poly Network said in a <a href="https://medium.com/poly-network/latest-updates-aug-17-241398d64a40">statement</a>.White Hat is industry lingo for someone who hacks for ethical reasons.Poly Network has repeatedly affirmed to the hacker that he will not face any legal responsibility for the hack. The platform made the hack <a href="https://twitter.com/PolyNetwork2/status/1425123153009803267/photo/1" target="_blank" rel="noopener">publicly known</a> on August 10 and, on the same day, <a href="https://twitter.com/PolyNetwork2/status/1425321860539949056" target="_blank" rel="noopener">requested</a> for the funds to be returned. The hacker, on August 11, <a href="https://twitter.com/PolyNetwork2/status/1425423585665974276" target="_blank" rel="noopener">started</a> siphoning the funds back.Thus far, the hacker has returned nearly all the remaining assets, except the $33 million in frozen tether coins, according to an August 12 <a href="https://twitter.com/PolyNetwork2/status/1425870262067548163/photo/1" target="_blank" rel="noopener">statement</a> released by Poly Network.More than $200 million of the funds though is currently locked in an account that requires a password. It is unclear why this is the case.Poly Network said it genuinely hopes "Mr. White Hat will transfer the private keys as soon as possible so that we can return full asset control back to the users at the earliest."The hacker said he or she stole the funds "for fun :)" because "cross-chain hacking is hot," according to a <a href="https://www.linkedin.com/feed/update/urn:li:activity:6831256334344736768/" target="_blank" rel="noopener">Q&amp;A session</a> that was embedded in ethereum transactions sent from the account holding the stolen assets.The hacker did say they took the funds after spotting a bug "to keep it safe," adding that they wanted to highlight the vulnerabilities of the Poly Network blockchain platform.The latest heist highlighted the ongoing risks of <keyword id="11094379" type="UNKNOWN" weightage="60" keywordseo="decentralized-finance">decentralized finance</keyword> platforms, which allow transactions without traditional safeguards from banks or exchanges.

A cryptocurrency firm that was the victim of a $600 million heist has asked the hacker responsible to be its chief security advisor

<ul class="summary-list"><li>Vee Finance said on Tuesday a total of 8,804.7 ether and 213.93 in bitcoin had been attacked on Monday.</li><li>The company said they located the address that collated $35 million worth of <keyword id="2721952" type="General" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> and suspended it.</li><li>This is the second major <keyword id="99084" type="General" weightage="60" keywordseo="hack" source="Orion">hack</keyword> on an avalanche-based platform in a week.</li></ul>Avalanche-based decentralized finance (DeFi) platform Vee Finance said <a href="https://veefi.medium.com/vee-finance-accident-announcement-5e75ff197da6">Tuesday </a>it had been hacked and a total of around $35 million worth of bitcoin and ether had been stolen by a single account. Vee Finance, a crypto payment company, <a href="https://veefi.medium.com/total-value-locked-on-vee-finance-surpasses-300-million-8bb4a2dfb6c9">announced</a> Sunday the total value locked on its platform was $300 million. Some 8,804.7 ether and 213.93 bitcoin fell prey to Monday's attack. The company updated its clients and advised them to not use its services on <a href="https://veefi.medium.com/progress-on-vee-finance-incident-887ba1a8d3df">Wednesday</a> . <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> This is the second attack on an avalanche-based platform in a week. The first hack was on Zabu Finance, a DeFi protocol that supports peer-to-peer activity without a central player like a bank or broker, which said it had lost $3.2 million to an attack on September 13. "According to address monitoring, the attacker has not yet transferred, or processed, the attacked assets any further. We are actively dealing with it and have proactively communicated to the attacker on the chain," Vee Finance said in a statement. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> "At the same time, we are working with contract auditors and exchanges in the industry to locate the attacker and assist in recovering the assets," Vee Finance added. The company, whose partners include the <keyword id="108152" type="General" weightage="60" keywordseo="avalanche" source="Orion">Avalanche</keyword> blockchain, and <keyword id="10952237" type="General" weightage="60" keywordseo="chainlink" source="Orion">Chainlink</keyword>, a platform that creates DeFi applications, said it had contacted the hacker and was trying to negotiate a solution. Vee Finance said they were able to locate the address, suspend it and had stopped the deposit-and-borrow function. All pending orders had been suspended and no new ones could be created, it said. However, it said existing users can still withdraw money and their stablecoin section was not affected.

Avalanche-based DeFi platform Vee Finance says it's lost $35 million in ether and bitcoin in a crypto hack

<ul class="summary-list"><li><keyword id="11834434" type="UNKNOWN" weightage="60" keywordseo="poly-network">Poly Network</keyword> offered its cyber hacker a $500,000 "bug bounty" days after it lost $610 million, Reuters first reported.</li><li>The DeFi platform said it is giving the sum for "helping us improve Poly Network's security." </li><li>The hacker has returned nearly all the remaining assets, except the $33 million in frozen tether coins.</li></ul>Poly Network offered its cyber hacker a $500,000 "bug bounty" days after the DeFi platform lost - and mostly recovered - $610 million in what is considered one of the <a href="https://twitter.com/PolyNetwork2/status/1425123153009803267/photo/1">biggest cryptocurrency heists</a> in history.Poly Network said the sum is for "helping us improve Poly Network's security," <a href="https://www.reuters.com/article/fintech-blockchain-polynetwork/crypto-platform-poly-network-rewards-hacker-with-500000-bug-bounty-idUSL4N2PK1T6">Reuters</a> first reported, citing a statement it reviewed. The platform also said it hopes the hacker, who it refers to as "Mr. White Hat," will contribute to the blockchain sector's development upon accepting the $500,000 reward, <a href="https://www.reuters.com/article/fintech-blockchain-polynetwork/crypto-platform-poly-network-rewards-hacker-with-500000-bug-bounty-idUSL4N2PK1T6">Reuters</a> reported.It is unclear what form the $500,000 bounty will be paid in and it is also unknown if the hacker will accept the offer, according to <a href="https://www.reuters.com/article/fintech-blockchain-polynetwork/crypto-platform-poly-network-rewards-hacker-with-500000-bug-bounty-idUSL4N2PK1T6">Reuters</a>."After communicating with Mr. White Hat, we have also come to a more complete understanding regarding how the situation unfolded as well as Mr. White Hat's original intention," Poly Network said in a statement viewed by <a href="https://www.reuters.com/article/fintech-blockchain-polynetwork/crypto-platform-poly-network-rewards-hacker-with-500000-bug-bounty-idUSL4N2PK1T6">Reuters</a>.White Hat is industry lingo for someone who hacks for ethical reasons. The hacker has returned nearly all the remaining assets, except the $33 million in frozen tether coins, according to an August 12 <a href="https://twitter.com/PolyNetwork2/status/1425870262067548163/photo/1">statement</a> released by Poly Network. Poly Network made the hack <a href="https://twitter.com/PolyNetwork2/status/1425123153009803267/photo/1">publicly known</a> on August 10 and <a href="https://twitter.com/PolyNetwork2/status/1425321860539949056">requested</a> for the funds to be returned. The hacker <a href="https://twitter.com/PolyNetwork2/status/1425423585665974276">started</a> siphoning the funds back on August 11. The hacker said he or she stole the funds "for fun :)" because "cross-chain hacking is hot," according to a <a href="https://www.linkedin.com/feed/update/urn:li:activity:6831256334344736768/" target="_blank" rel="noopener">Q&amp;A session</a> that was embedded in <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">ethereum</keyword> transactions sent from the account holding the stolen assets.The screenshots of the exchange were obtained by Tom Robinson, cofounder of Elliptic, a blockchain analytics and compliance company."The Poly network is a decent system," the hacker said. "It's one of the most challenging attacks that a hacker can enjoy."The hackers said he or she took the funds after spotting a bug "to keep it safe."The latest heist highlighted the ongoing risks of decentralized finance platforms, which allow transactions without traditional safeguards from banks or exchanges.Read more: <a href="https://www.businessinsider.com/crypto-investing-experts-infrastructure-bill-impact-how-to-reconcile-sides-2021-8" target="_blank" rel="noopener">2 crypto experts including Tether's cofounder discuss the misconceptions Congress has about their industry as new regulations loom - and explain how to reconcile both sides in the future</a>

Poly Network hacker rewarded with a $500,000 'bug bounty' for helping the DeFi platform improve security

<ul class="summary-list"><li>$3.7 billion was lost to crypto scams, hacks, and exploits in 2022, according to blockchain audit firm CertiK.</li><li>That marks the worst year ever for the industry, which lost $3.2 billion in 2021.</li></ul>Cryptocurrency markets lost $3.7 billion to scams, hacks and exploits in 2022 — the worst year for the industry and up from $3.2 billion in 2021, according to data from blockchain audit firm <a href="https://www.coindesk.com/business/2023/01/03/2022-crypto-attacks-were-least-in-december-with-62m-lost-in-heists-certik-says/" target="_blank" rel="noopener">CertiK.</a>While December was the least harmful month in 2022 with roughly $62 million worth of crypto-based exploits, more than $595 million worth of tokens was stolen in November, CertiK added. <a href="https://www.trmlabs.com/post/looking-back-at-2022-and-towards-2023-to-see-what-the-future-holds-for-digital-assets-policy" target="_blank" rel="noopener">A separate report</a> from blockchain analytics firm TRM Labs also put 2022's losses at $3.7 billion and estimated that about 80% of the stolen funds involved attacks against decentralized finance (DeFi) projects. "With almost three times as much value lost from Web3 protocols in 2022 compared to 2021, it's clear that there's still a lot of work to be done to secure the Web3 world," Ronghui Gu, the CEO and cofounder of CertiK, told Insider in a statement.Gu added: "Centralized crypto platforms and exchanges took center stage this year, but if Web3 is to offer a real alternative to centralization then we need to double down on the basics: functionality and security."Among the notable hacks last year, North Korea's Lazarus Group made off with $625 million after exploiting Axie Infinity's Ronin Network in April. That followed the nearly $325 million attack on cross-chain service Wormhole in February. Ari Redbord, head of legal and government affairs at TRM Labs, told <a href="https://markets.businessinsider.com/news/currencies/north-korea-hackers-lazarus-crypto-crime-venture-capital-firms-trm-2023-1">Insider</a> that North Korea alone was responsible for over $1 billion of stolen funds. "When you're talking about billions of dollars and North Korea, you're talking about a country with essentially no GDP, so they've essentially created an economy laundering cryptocurrency and we know those funds aren't going to fund a lifestyle," Redbord said.He added: "They'll be used for nuclear proliferation or ballistic missile systems. In 2022, these hacks moved from being a law enforcement issue to being a national security issue."Crypto markets had a rocky 2022, with nearly two-thirds of its market value being wiped out over the span of a year, according to data from <a href="https://messari.io/" target="_blank" rel="noopener">Messari.</a> The industry continues taking hits from the fallout of Sam Bankman-Fried's once-$32 billion crypto empire FTX, which caused widespread contagion in the last two months of the year.

$3.7 billion was lost to crypto scams and hacks in 2022 - the worst year in the market's history

<ul class="summary-list"><li><keyword id="11896045" type="UNKNOWN" weightage="60" keywordseo="binance" source="Orion">Binance</keyword> is building a $1 billion insurance war chest to counter a slew of recent <keyword id="11994582" type="UNKNOWN" weightage="60" keywordseo="crypto-hacks" source="Orion">crypto hacks</keyword>, Bloomberg reported.</li><li>The <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> exchange has been setting aside emergency funds since 2018, and this fund is just a consolidation of those resources. </li><li>Meanwhile, Binance on January 29 restricted 281 personal Nigerian accounts with some at the request of law enforcement. </li></ul>Binance Holdings is building a $1 billion insurance war chest to counter a slew of recent cryptocurrency hacks against its trading platform, <a href="https://www.bloomberg.com/news/articles/2022-01-31/binance-builds-up-1-billion-insurance-fund-amid-crypto-hacks?srnd=markets-vp">Bloomberg</a> first reported Monday, citing an internal memo.The world's largest crypto exchange by trading volume has been setting aside emergency funds since 2018, Bloomberg reported, and this recent fund is just a consolidation of those resources. "At Binance we always said 'funds are safe,' and today the Binance Secure Asset Fund size acts as an effective safeguard as well as protection for users against such unlikely issues," CEO Changpeng "CZ" Zhao said in the internal memo. Trading platforms have recently been targeted by hackers as digital asset investing enters the mainstream.Earlier this month, Singapore-based Crypto.com confirmed that about <a href="https://www.businessinsider.com/crypto-com-400-customer-accounts-hacked-fully-reimbursed?amp">500 of its customer accounts</a> were hacked. Unauthorized withdrawals totaled 4,836.26 in ether, 443.93 in bitcoin, and approximately $66,200 in other currencies, the exchange said in a blog post.The anonymous nature of crypto transactions has been a source of attraction and frustration for various stakeholders. Regulators have said this boosts <a href="https://www.businessinsider.com/legitimate-crypto-use-surpasses-crypto-related-criminal-activity-2022-1">crypto-related crimes</a>, including money laundering and terrorism financing. Meanwhile, Binance <a href="https://www.binance.com/en-NG/blog/all/a-letter-from-our-ceo-to-nigerians--our-commitment-to-user-protection-421499824684903365">announced</a> January 29 that it's restricting 281 personal accounts in Nigeria, with approximately 38% of these at the request of international law enforcement. Users in the African nation continue to use the platform to trade crypto despite the central bank <a href="https://www.bloomberg.com/news/articles/2021-02-05/nigerian-central-bank-orders-closure-of-cryptocurrency-accounts">prohibiting transactions on crypto exchanges</a> last year."Protection mechanisms such as know your customer, anti-money laundering measures, collaboration with law enforcement, and account restrictions are in place to ensure our community remains protected," Binance said in a statement. "This is a global approach applied in every country."

Binance is reportedly building a $1 billion insurance fund to counter crypto hacks

Leading cryptocurrency platform <a href="https://www.businessinsider.in/cryptocurrency/news/matt-damon-endorsed-crypto-com-confirms-400-accounts-hacked-and-funds-stolen/articleshow/89010819.cms" data-type="tilCustomLink">Crypto.com</a> has finally admitted that 483 users on its platform lost almost $34 million in various <keyword id="6195302" type="General" weightage="20" keywordseo="digital-coins" source="Orion">digital coins</keyword> owing to a compromise in two-factor (2FA) authentication. Overall, the unauthorised withdrawals had over $15 million worth of etherum, $19 million worth of Bitcoin and $66,200 in "other currencies". The platform said late on Thursday that on January 17, its risk monitoring systems "detected unauthorised activity on a small number of user accounts where transactions were being approved without the 2FA authentication control being inputted by the user". All withdrawals on the platform were then suspended for the duration of the investigation and any accounts found to be impacted were fully restored. Crypto.com said it revoked all customer 2FA tokens, and added additional security hardening measures, which required all customers to re-login and set up their 2FA token to ensure only authorised activity would occur. "No customers experienced a loss of funds. In the majority of cases we prevented the unauthorised withdrawal, and in all other cases customers were fully reimbursed," the company said. The company said that it introduced an additional layer of security on January 18 to add a mandatory 24-hour delay between registration of a new whitelisted withdrawal address, and first withdrawal. Crypto.com said that it is introducing the worldwide Account Protection Program (APP) that offers additional protection and security for user funds held in the Crypto.com App and the Crypto.com Exchange. Earlier Kris Marszalek, CEO of crypto.com which is endorsed by famous Hollywood actor Matt Damon, had confirmed that hundreds of user accounts were hacked and their funds stolen.

Crypto.com confirms 483 users lost $34 million in hack

<ul class="summary-list"><li><keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">Cryptocurrency</keyword> worth over $600 million was stolen from <keyword id="4164994" type="PERSON" weightage="60" keywordseo="defi">DeFi</keyword> platform Poly Network on Tuesday. </li><li>The hacker appears to be returning some of their loot to Poly Network.</li><li>This is the latest in a series of DeFi <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> hacks, which have skyrocketed this year. </li></ul>Cryptocurrency worth over $600 million were stolen from decentralized finance platform Poly Network, in one of the biggest crypto heists ever on Tuesday, with developers putting out a plea on Twitter to the hacker asking for the money back - which the thieves have appeared to respond to. Poly Network announced the hack on <a href="https://twitter.com/PolyNetwork2/status/1425073987164381196">Twitter</a>, noting the attack took place on across the binance, <keyword id="2462624" type="PERSON" weightage="60" keywordseo="polygon">polygon</keyword> and <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">ethereum</keyword> blockchains and involved various tokens, including shiba inu, wrapped <keyword id="6709758" type="UNKNOWN" weightage="60" keywordseo="Ether">ether</keyword>, wrapped <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>, uniswap and a series of stablecoins. The platform also published the hacker's wallet addresses and urged crypto exchanges and miners to halt tokens from these addresses. In response, around $33 million of stablecoin Tether that were part of the hack were frozen by its issuer, Paolo Ardoino, its chief technology officer said on <a href="https://twitter.com/paoloardoino/status/1425090760609832978">Twitter</a>. They also said they had found the vulnerability on the platform that the hacker used to seize the coins.Poly Network last said it had started receiving money back from the hacker, sharing on <a href="https://twitter.com/PolyNetwork2/status/1425395278341820420/photo/1">Twitter</a> that polygon tokens worth over $1 million had been returned. <a href="https://www.coindesk.com/poly-network-prepares-for-hacker-to-return-millions-in-stolen-crypto">Coindesk</a> had reported on Wednesday that the hacker said they would return the funds in a message embedded on an ethereum blockchain-based transaction. "Failed to contact the poly. I need a secured multisig wallet from you," the hacker added in a <a href="https://etherscan.io/tx/0x79245fb1d1ae48a214118e25d6ad2f9324f514ec6708135a19ba9d4cfa6344f6">separate transaction</a>. Poly Network then created the requested multi-signature wallets and reached out to the hacker via Twitter. "Law enforcement in any country will regard this as a major economic crime and you will be pursued. It is very unwise for you to do any further transactions. The money you stole are from tens of thousands of crypto community members, hence the people. You should talk to us to work out a solution," the network's developers wrote on <a href="https://twitter.com/PolyNetwork2/status/1425123153009803267/photo/1">Twitter</a>. This is the latest in a growing number of crypto hacks - and likely one of the biggest so far, with Poly Network saying it was the largest amount of money seized in the history of DeFi. Cryptocurrency intelligence firm Ciphertrace noted in a recent <a href="https://ciphertrace.com/cryptocurrency-crime-and-anti-money-laundering-report-august-2021/">report</a> that DeFi hacks made up over three quarters of crypto money seizures so far this year - at the end of July, around $361 million had been stolen in DeFi hacks compared to $111 million in other crypto crimes. Across the whole of 2020, DeFi hacks accounted for just $129 million, or 25%, of the total $516 million seized in crypto crimes according to Ciphertrace's report.

Over $600 million has been stolen from DeFi platform Poly Network in one of the biggest crypto heists of all time - but the hacker has returned some of the cash already

<ul class="summary-list"><li>Cybercriminals were paid a record $1.1 billion in crypto ransom in 2023, Chainalysis said. </li><li>Big targets included hospitals, schools, government agencies, and other critical infrastructure. </li></ul>Crypto ransom payments to cyber criminals hit an all-time high of $1.1 billion in 2023, marking a significant turnaround from the decline observed in 2022. Victims were mostly high-profile institutions and critical infrastructure, including hospitals, schools, and government agencies. The amount paid by victims marked a 76.4% increase from 2022, when criminals were paid $567 million in crypto, according to data from Chainalysis released Wednesday. "A major thing we're seeing is the astronomical growth in the number of threat actors carrying out ransomware attacks," Allan Liska, Threat Intelligence Analyst at cybersecurity firm Recorded Future said <a href="https://www.chainalysis.com/blog/ransomware-2024/" target="_blank" rel="noopener">in the note</a>. Chainalysis attributed the surge of new players to the potential for high profits and lower barriers to entry, emphasizing that their figures represent conservative estimates, and the amount of ransomware attacks is expected to rise as new targets are identified down the road. The record ransom payments in 2023 are a big increase from the prior year when crypto ransomware attacks declined due to factors including cybercriminals' shifting focus from financial gain to political motivations amid the Russia-Ukraine conflict. Additionally, the FBI's successful infiltration efforts played a role in thwarting some crimes, Chainalysis said. There were 538 ransomware variants reported in 2023, Recorded Futures said, which points to the rise of new groups. Some big players also carried out fewer attacks but garnered larger payments per attack, the report said. The rise of "ransomware as a service" has also led to an increase in attacks. Using the model, outsiders can use a ransomware program and then pay its creator a cut of the proceeds from the hack. These methods require much less technical know-how on the part of criminals in order to carry out, Chainalysis said. Chainalysis reported previously that <a href="https://markets.businessinsider.com/news/currencies/north-korean-crypto-hacker-defi-finance-security-cyber-crime-lazarus-2024-1?_gl=1*fxfjf2*_ga*ODAxNTgzMjcxLjE3MDU5NTE2MDY.*_ga_E21CV80ZCZ*MTcwNzMxNzEyOS44My4wLjE3MDczMTcxMzAuNTkuMC4w">North Korean-linked</a> hacks of cryptocurrency platforms reached a record high in 2023, though the year also saw a 41% decrease in the amount of crypto stolen by these groups.

Cyber gangs got away with a record $1.1 billion in crypto ransom payments in 2023

<ul class="summary-list"><li>Crypto exchange FTX is investigating abnormal transactions of customer funds after a potential hack. </li><li>Analysts said hundreds of millions were withdrawn from FTX, the Financial Times reported.</li></ul>Bankrupt crypto exchange platform <a href="https://www.businessinsider.com/ftx-sam-bankman-fried-sports-partnerships-tom-brady-miami-heat-2022-11?r=US&amp;IR=T">FTX</a> was examining abnormal transactions after analysts claimed funds worth hundreds of millions of dollars were withdrawn in a potential hack, the <a href="https://www.ft.com/content/dc08ed9f-0f3b-45fb-a5f6-b87157fdf944">Financial Times reported</a>. More than $260 million worth of crypto assets were withdrawn from the platform, analysts estimate, the newspaper reported. Ryne Miller, FTX general counsel, said in tweets retweeted by the company's Twitter account: "Investigating abnormalities with wallet movements related to consolidation of ftx balances across exchanges - unclear facts as other movements not clear. Will share more info as soon as we have it."Following the Chapter 11 bankruptcy filings, FTX US and FTX.com initiated precautionary steps to move all digital assets to [offline] storage. Process was expedited this [Friday] evening — to mitigate damage upon observing unauthorized transactions."Meanwhile, <a href="https://www.reuters.com/markets/currencies/exclusive-least-1-billion-client-funds-missing-failed-crypto-firm-ftx-sources-2022-11-12/">Reuters reported on Saturday</a> that at least $1 billion of customer funds totaling $10 billion moved by Sam Bankman-Fried, FTX founder and its CEO until he resigned on Friday, from the exchange platform to its sister company Alameda Research was now missing. The news agency cited two sources who worked at FTX until this week. Bankman-Fried shared documents with other FTX executives last week which showed the missing funds, the sources told Reuters, adding that it gave a breakdown of the financial situation. He told Reuters in text messages that he "disagreed with the characterization" of transferring $10 billion and said "we didn't secretly transfer." He added: "We had confusing internal labeling and misread it." He also responded to Reuters with "???" when he was asked about the missing funds. FTX, once valued at more than $30 billion, <a href="https://markets.businessinsider.com/news/currencies/ftx-bankruptcy-sam-bankman-fried-ceo-crypto-binance-alameda-markets-2022-11">filed for Chapter 11 bankruptcy</a> on Friday and Bankman-Fried resigned as CEO after the company failed to secure a rescue deal. Alameda Research, part of the FTX group along with 130 other companies, is included in the bankruptcy. Bankman-Fried <a href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-breaks-silence-ftx-collapse-binance-rescue-alameda-2022-11?utm_medium=ingest&amp;utm_source=markets">apologized on Thursday</a> via a Twitter thread and said he "f***** up twice." He <a href="https://twitter.com/SBF_FTX/status/1590709166515310593">tweeted</a>: "A poor internal labeling of bank-related accounts meant that I was substantially off on my sense of users' margin. I thought it was way lower."Last week Coindesk reported that Alameda had a significantly large amount of illiquid FTX Tokens (FTT) on its balance sheet, which led to the belief that it lacked sufficient liquidity. The trading platform was hit by about $5 billion of withdrawal requests last weekend, forcing it to suspend them. Bankman-Fried tried but failed in his efforts to be bailed out by the likes of Binance or Kraken. FTX did not immediately respond to a request for comment from Insider.

FTX is investigating 'abnormal transactions' of customer funds after the crypto platform filed for bankruptcy: report

<ul class="summary-list"><li>A Coinbase user is suing the exchange to recover 90% of his life savings that he says was stolen from him, lawsuit claims.</li><li>The user said Coinbase won't reimburse him and it sees the breach as his problem.</li></ul>A Coinbase customer said he lost $96,000 in a phone hack — and now he's suing the US's largest cryptocurrency exchange after being told the breach was his problem.In his lawsuit filed Monday, New York resident Jared Ferguson said 90% of his life savings were wiped out on the platform in a security breach via his phone.The hackers drained the crypto from Coinbase's platform within eight hours of tricking his mobile service provider into handing over control of his phone number, according to the filing.But the exchange has said it won't reimburse Ferguson and said in an email that customers are responsible for any activity that occurs when devices or passwords are compromised, according to the suit."Coinbase's email disclaimed any responsibility for the hacking of its customers' accounts," the filing read."Please note you are solely responsible for the security of your e-mail, your passwords, your 2FA codes, and your devices," the exchange said, according to the filing.Ferguson said his carrier told him in May it had received a SIM card change request, which he hadn't made. He discovered the Coinbase theft the next day when he restored service to his iPhone.Scammers using SIM swap fraud take advantage of 2-factor authentication (2FA), where banks and other service providers send a text message to their customer's phone to confirm activity on an account. They get a carrier to activate a SIM card on a new device for the customer's number, which lets them go through all the checks successfully.In his complaint, Ferguson said he immediately contacted the exchange to report the hacking, but alleges its procedures fall down by failing to be alert to obviously fraudulent and unauthorized transactions.The exchange ignored several red flags for fraud during the theft, he said, such as the use of a new device and password reset, and that it didn't use the facial recognition he had put in place."Coinbase's willful blindness to the many badges of fraud present here constituted bad faith acceptance of the unauthorized payment orders," the lawsuit said.It's not the first time Coinbase has seen complaints from customers who lost money on their accounts in a SIM swap scam. One Indiana man lost $7,200 from their account in 2021 but failed to get his money back, <a href="https://www.cbsnews.com/chicago/news/crytptocurrency-fraud-stolen-password-t-mobile-ethereum/" target="_blank" rel="nofollow noopener sponsored">CBS reported</a>, noting it had been reporting on <a href="https://www.cbsnews.com/chicago/news/joliet-man-loses-bitcoin-fraudster-hijacks-phone-hacks-accounts/" target="_blank" rel="nofollow noopener sponsored">similar Coinbase hacks</a> for months."Our world-class security team takes extensive security measures to ensure our customer accounts remain safe. Coinbase also encourages customers to take measures to secure their personal accounts and information outside of Coinbase," the company said in a statement to Insider. Ferguson is seeking a full refund plus interest, statutory and punitive damages, including triple damages. This story was updated at 11:27 a.m. ET on March 8 to include a comment from Coinbase.

You Searched For "crypto platform hack" and got 11 results

Matt Damon-endorsed Crypto.com confirms 400 accounts hacked and funds stolen

IANS

A cryptocurrency firm that was the victim of a $600 million heist has asked the hacker responsible to be its chief security advisor

Isabelle Lee

Avalanche-based DeFi platform Vee Finance says it's lost $35 million in ether and bitcoin in a crypto hack

Camomile Shumba

Poly Network hacker rewarded with a $500,000 'bug bounty' for helping the DeFi platform improve security

Isabelle Lee

$3.7 billion was lost to crypto scams and hacks in 2022 - the worst year in the market's history

Morgan Chittum

Binance is reportedly building a $1 billion insurance fund to counter crypto hacks

Isabelle Lee

Crypto.com confirms 483 users lost $34 million in hack

IANS

Over $600 million has been stolen from DeFi platform Poly Network in one of the biggest crypto heists of all time - but the hacker has returned some of the cash already

Sophie Kiderlin

Cyber gangs got away with a record $1.1 billion in crypto ransom payments in 2023

Yuheng Zhan

FTX is investigating 'abnormal transactions' of customer funds after the crypto platform filed for bankruptcy: report

Jyoti Mann

Coinbase customer who lost $96,000 in a crypto hack has sued the exchange after getting the brush-off

Zinya Salfiti

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