CryptoQuant CEO Ki Young Ju has raised concerns about a growing Bitcoin quantum threat. He warned that advances in quantum computing could expose millions of coins. While not immediate, he said the scale of potential risk requires early discussion. How Legacy Addresses Increase the Bitcoin Quantum Threat In an X post, CryptoQuant founder highlighted that
The post Bitcoin Quantum Threat: CryptoQuant’s CEO Flags Risk of Losing Satoshi’s 1M BTC Stash to Hackers appeared first on CoinGape.
]]>150,000,000,000 Shiba Inu (SHIB) Swapped by Hackers: What Happened? U.Today
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The hackers behind last month’s cyber breach at Seattle-Tacoma International Airport are now demanding a ransom of 100 Bitcoins, close to $6 million, for the compromised data.
However, what exactly was accessed and the nature thereof have not been determined.
Hackers Rhysida Ransomware Group Identified
Lance Lyttle, the airport’s aviation managing director, testified to a hearing with the US Senate’s Commerce, Science, and Transportation Committee on Wednesday morning that the investigation into the cyberattack is ongoing. He confirmed Rhysida was identified as the ransomware group responsible for the attack.
In addition, the airport had identified Rhysida as the ransomware group responsible for the attack and the FBI was leading a criminal investigation, said Lance Lyttle, managing director of aviation for the port, where he spoke in front of a committee in the US Senate.
Lyttle stated that the attack seemed to have been contained by the airport, but the hackers were able to encrypt part of the data.
Oakland Airport Defies Hackers’ Ransomware, Refuses Bitcoin Payment
That same day, hackers published eight files they stole from Port systems on their dark web site, threatening to sell the data unless it was paid 100 Bitcoin for the information, said Lance Lyttle.
Lyttle did not detail what’s in the files, but said that the airport would reach out to anyone whose personal data may have been breached.
Port officials have said paying the ransom would be a bad use of taxpayer money. The airport has struggled to get back to normal since the cyberattack started on August 24. Also in August, the US government moved a total of 10,000 Bitcoins worth $600 million to crypto exchange Coinbase Prime and many suggested that this might be for deposit purposes. However, attorney Scott Jhonsson has uncovered the truth stating that the US Marshal Service (USMS) is certainly selling the BTC as per the previous agreement with crypto exchange Coinbase.
While there was no significant disruption in terms of flights, ticketing, check-in kiosks and baggage handling were affected, even though the disruption took place just a week before the Labor Day holiday. Passengers on smaller airlines were required to use paper boarding passes.
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Federal Bureau of Investigation (FBI) has flagged potential attempts by North Korean hackers to compromise the spot Bitcoin ETF issuers. The agency highlighted recent attempts and possible iterations of the scams targeted at crypto firms. Meanwhile, crypto users continue to lament the growing threats in the space as it dampens confidence.
FBI Warns of North Korean Hackers
The FBI has warned employees of decentralized finance (DeFi) firms over possible hacking attacks from bad actors in North Korea. In a recent publication, the agency highlighted schemes, methods, and precautions for stakeholders in the cryptocurrency sector. This adds to the recent scam scares faced in the market. According to the FBI, bad actors are targeting employees to deploy malware and steal crypto assets.
“North Korean social engineering schemes are complex and elaborate, often compromising victims with sophisticated technical acumen. Given the scale and persistence of this malicious activity, even those well versed in cybersecurity practices can be vulnerable to North Korea’s determination to compromise networks connected to cryptocurrency assets.”
In the past months, the alleged scammers profiled targets linked to spot Bitcoin ETF to steal assets. Hackers can deploy extensive pre-operational research attempting to socially engineer staffers to gain access to the network. Bad actors also create fake scenarios usually personal details to target a particular victim. This can include personal information, relationships, and connections. Per the report, possible indicators include requests to execute a code, conduct employment tests, invest in certain companies, etc.
What’s Next For Bitcoin ETF Issuers?
Bitcoin ETF issuers have seen billions flow into their projects since the approval in January by the United States Securities and Exchange Commission (SEC). This led to a frenzy in the wider market with the price of the market leader hitting $73,000. Little wonder why companies linked to these funds become targets for hackers in the space.
However initial reactions to the release were mixed with users lamenting the growing rate of phishing scams in the space. However, most advised stakeholders to be more vigilant to prevent possible setbacks in the crypto industry. Last week, the SEC reiterated warnings on crypto scams sparking wider concerns.
David Pokima
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Grand Palais in Paris, a prominent venue for the 2024 Summer Olympics, has become the latest victim of a high-profile cyberattack. Hackers infiltrated the venue’s digital infrastructure, demanding a significant ransom in cryptocurrency. This incident not only underscores the persistent cybersecurity threats but also highlights the increasing use of cryptocurrencies in cybercrime.
The cyberattack occurred at the beginning of August 2024, targeting the Grand Palais, which hosted several high-profile Olympic events. According to reports, the attackers gained access to sensitive financial data and threatened to release this information unless their demands for a cryptocurrency ransom were met.
Cybersecurity Challenges & The Role of Crypto
This attack on the Olympic venue brings to light the ongoing cybersecurity challenges faced by major international events. With the world watching, the stakes are incredibly high. The attackers were essentially playing a high-stakes game, akin to a digital blackjack, where they bet on the swift response and compliance of their targets to secure the cryptocurrency ransom.
Cryptocurrencies have become a preferred medium for ransom payments due to their pseudonymous nature. The ability to transfer large sums of money quickly and with relative anonymity makes cryptocurrencies an attractive option for cybercriminals. This incident is a stark reminder of the dual-edged sword that cryptocurrencies represent – while they offer numerous benefits for legitimate users, they also provide tools for malicious actors.
Response and Mitigation
In response to the attack, the organizing committee of the Paris 2024 Olympics worked closely with cybersecurity experts and law enforcement agencies to contain the breach and mitigate further damage. The compromised systems were secured and measures were put in place to protect other vulnerable infrastructure from similar attacks.
Furthermore, this incident is expected to prompt a reevaluation of cybersecurity measures at large-scale events. It emphasizes the need for robust, proactive security protocols and the importance of staying ahead of evolving cyber threats.
Broader Implications
The cyberattack on the Grand Palais is not an isolated incident but part of a broader trend of increasing cyber threats targeting high-profile events and institutions. It serves as a wake-up call for organizers of major events worldwide to prioritize cybersecurity and to prepare for potential threats that could disrupt operations and compromise sensitive information.
Demanding cryptocurrency ransom is a stark reminder of the vulnerabilities that exist in today’s digital landscape. As cryptocurrencies continue to gain prominence, they also attract the attention of cybercriminals looking to exploit their unique properties. This incident underscores the urgent need for enhanced cybersecurity measures to protect against such high-stakes digital threats, ensuring the safety and integrity of global events like the Olympics.
In a recent development, North Korean hackers associated with the notorious Lazarus Group have exploited the coin-mixing service Tornado Cash to launder approximately $12 million worth of stolen Ethereum (ETH) within the past 24 hours.
The incident follows the theft of $100 million in cryptocurrency from the HTX crypto exchange and its HECO Bridge in November 2023, attributed to the Lazarus Group by blockchain analytics firm Elliptic and other experts.
$100M Crypto Heist And Ethereum Laundering Uncovered
The Lazarus Group, a well-known cybercrime organization believed to be backed by the North Korean regime, has a long history of conducting high-profile hacking campaigns.
According to Elliptic’s latest crypto crime report, in November 2023, the notorious Lazarus Group allegedly orchestrated a major heist targeting the HTX crypto exchange and its cross-chain bridge, resulting in the theft of $100 million in various cryptocurrencies, including Ethereum.
Evidence gathered by Elliptic and other experts pointed to the involvement of the Lazarus Group based on the modus operandi and subsequent movement of the stolen funds.
The investigation further notes that, following their “usual pattern” of crypto-laundering, the hackers quickly converted the stolen tokens into Ethereum through decentralized exchanges (DEXs).
These illicitly acquired Ethereum funds remained dormant until recently, on March 13, when the hackers began funneling them through Tornado Cash. Tornado Cash is a decentralized, smart contract-based mixer previously sanctioned by the US Treasury in August 2022 for its association with laundering $455 million from the Lazarus Group crypto hacks.
However, the decentralized nature of Tornado Cash’s operations has prevented it from being shut down like centralized mixers like Sinbad.io.
The Last Resort For Lazarus Group
According to the blockchain analytics firm, in response to the sanctions imposed on Tornado Cash, the Lazarus Group shifted its focus to using cross-chain bridges and the Bitcoin-based mixer Sinbad.io as an alternative.
However, in November 2023, Sinbad.io itself was seized by US authorities, eliminating another commingling option for the hackers. As a result, the group appears to have returned to Tornado Cash, using its decentralized architecture and resistance to raids to launder funds at scale and obscure its transaction trail.
Ultimately, Elliptic suggests that the resurgence of the Lazarus Group’s reliance on Tornado Cash can be attributed to the “diminishing availability” of large-scale mixers due to law enforcement operations targeting services like Sinbad.io and Blender.io.
With fewer viable alternatives, the group has capitalized on Tornado Cash’s continued operation despite sanctions, exploiting smart contracts’ security and decentralized nature on blockchain networks.
As of the time of writing, Ethereum is currently trading at $3,870. Earlier this week, it reached a two-year high of $4,084; however, it failed to sustain consolidation above this level. Consequently, over the past 24 hours, ETH has experienced a 2.5% decline in price.
Featured image from Shutterstock, chart from TradingView.com
Hackers Drain Over 346 Billion Shiba Inu Tokens in Heco Bridge … The Crypto Basic
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Shiba Inu resists selling pressure from sale of 94 billion SHIB tokens by Poly Network hackers FXStreet
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Crypto Market News: John Deaton, the attorney representing the more than 76,000 XRP token holders in the Ripple Vs U.S. Securities and Exchange Commission (SEC) lawsuit, received a late birthday gift on Saturday. Deaton’s Twitter account was hacked and tweets coming out from the hackers promoted a cryptocurrency named $LAW token, which has almost non-existent market cap currently. An influential figure in the crypto market community, the attorney is known for his fighting spirit against regulatory enforcement from the United States agencies.
Also Read: Ethereum Advocate Predicts “Layer-2 Summer” Next Year; Which Tokens To Rally?
XRP Attorney John Deaton Targeted
On Saturday, Deaton celebrated his birthday amid wishes from all corners of the crypto asset community. Another Twitter handle, CryptoLaw, which is founded by the attorney, clarified that the tweets were not coming from Deaton but from hackers. Immediate steps to remedy the situation, it clarified.
“John Deaton’s phone has been hacked today after a relentless cyberattack over several days. This is NOT a legitimate tweet. His account has been taken over. He has taken immediate steps to remedy the situation.”
Misinformation and misleading financial information can be dangerous for the crypto market, as traders tend to follow hints from key figures in the industry. But, acts like these could become yet another reason for regulators to look the industry from a lens of caution.
Also Read: This Amendment In US Crypto Bill Can Lead SEC To Reimburse On Losing
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North Korean hackers stole $234.33 million from Gate.io in 2018. Earlier this week, the hackers moved 1944.72 Ethereum (ETH) of the stolen funds, worth around $3.2 million at current prices, on-chain sleuth ZachXBT pointed out. The funds had been lying dormant for over 4.5 years, he noted.
The hackers transferred Ethereum worth $3.1 million to a single address 0x27Cf…0FbdCe. The attackers conducted eight other transactions of 1.74 ETH each.
According to ZachXBT, the hackers moved a small amount of the stolen funds to MEXC exchange.
In November, ZachXBT called out Gate.io for trying to keep the April 2018 hack under wraps. In the attack, the exchange lost $10,777.94 Bitcoin (BTC), $218,790 ETH, $Z3,783 Zcash, $99,999,000 Dogecoin (DOGE), $3,043,268 XRP (XRP), $11,000 Litecoin (LTC), and $175,866 Ethereum Classic (ETC).
The majority of the stolen assets were already laundered, ZachXBT said, while the remaining funds were moved this week. The recent transfers virtually emptied the tracked hacker wallet, that now has only $0.03 worth of ETH left, according to Etherscan data.
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