South Korean authorities are reportedly planning to release updated guidelines for virtual asset trading. These guidelines will prohibit the listing or relisting of coins that have previously been hacked. Additionally, the guidelines will require issuers of “foreign” virtual assets to release a whitepaper or a technical manual specifically for the Korean market. Guidelines for ‘Foreign’ […]
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On Thursday night, Algorand CEO Staci Warden’s X Account (formerly known as Twitter) was compromised. Since then, the crypto community and the hacker have been having a back-and-forth conversation.
Algorand Foundation’s X account was the first to inform about the hack and advised users to be careful when interacting with the compromised account or any link promoted by it. The hacker then took Staci Warden’s compromised account to start a series of controversial posts and replies.
The hacker called Algorand’s community “poor” in the initial post, later suggesting it would be better for the community if they “sold ALGO and instead bought Ether.” Both posts have amassed a combined total of 150,000 views and, as it’s worth noting, contain racial slurs.
Additionally, the hacker offered a fake airdrop giveaway, claiming they would send “1 $ETH for every % $ALGO drops this week.” While following some users’ petitions, the hacker shared music and changed the account’s bio, claiming that Warden had exited Algorand Foundation and had become a “semi-professional pole dancer.”
Staci Warden's X Account biography was changed by the hacker. Source: X
Most notably, a fake story was shared in the account narrating a call with Tron founder Justin Sun, referred to as “his excellency” by the hacker. In the fake story, Sun promised to take Algorand to “new heights” under the condition that Algorand’s CEO gave total control over the network and allowed Sun to mint any token to back TRUE USD (TUSD).
A sarcastic comment insinuating that Sun’s projects will be the reason behind “the next major financial collapse in crypto” closed the story.
Just when I thought it was all over for Algorand — my phone rang — it was his excellency. Justin told me that he would boost Algorand to new heights by launching TUSD (TRUE USD) and VRUSD (VERY REAL USD) on Algorand, and all I had to do was agree to give him total control over… pic.twitter.com/Rr9K28uGwh
— staci.algo (@StaciW_DC) January 26, 2024
The original announcement about the hack and the different posts shared on the compromised account ignited comments from the crypto community. Most users took the incident with humor, while others have taken the opportunity to express their discontent with the CEO.
One user claimed that Algorand CEO “qualifies to be an intern” at the Securities and Exchange Commission (SEC), clearly referencing the recent hack to the SEC’s X account suffered and resulted in a false report about the approval of spot Bitcoin ETFs.
Similarly, known crypto sleuth ZachXBT shared his thoughts about the hack, “Unpopular opinion: Staci hacker would make a better CEO for Algorand Foundation.” To which the hacker jokingly replied, “Hey bro, I just send you $10,000. Keep up the good work for this industry, buy your mom some flowers, and take your father out for a nice dinner,” referencing a previous X post informing the crypto detective of a donation made about a week ago.
No further posts have been shared in the last hours, but the account appears to still be under the hacker’s control, as none of the posts have been taken down, and there’s no official statement about the account’s recovery.
As reported by NewsBTC, ALGO outperformed the general crypto market growth in Q4 2023, experiencing an increase in market capitalization, transaction volume, revenue, and user adoption. ALGO’s prince trades at $0.1652, a 3.18% surge in the last 24 hours.
ALGO is trading at $0.1652 in the hourly chart. Source: ALGOUSDT on TradingView.com
Featured image from Unsplash.com. Chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
The HTX and the HECO Chain have been hacked again with reports suggesting between $85 million and $100 million in losses.
The crypto exchange HTX (previously known as Huobi) and the HECO chain have been hacked. On-chain security alerts platform Cyvers Alerts reported the news, stating that a suspicious address received about $85 million in multiple suspicious transactions from the HECO chain bridge, noting that the first transaction was 10,145 ETH. Cyvers Alerts founder and CTO Meir Dolev added that the total value of the transactions is $100 million.
We are detecting multiple suspicious transactions on @HTX_Global hot wallets and on @HECO_Chain bridge that were probably executed by the same entity, total value of $100M.
— Meir Dolev (@Meir_Dv) November 22, 2023
HTX advisor Justin Sun took to X to confirm the attack. In the post, Sun confirmed the attack, promising that all HTX funds are secure and adding that the “community can rest assured.” Sun added that all deposits and withdrawals on the platform are temporarily suspended until investigation is complete.
Blockchain security platform PeckShield initially posted a “suspicious huge withdrawal of 10,145 ETH, about $19 million. In a subsequent post, the platform noted that the total amount stolen was $86.6 million in ETH, LINK, TUSD, USDC, SUNI, SHIB, HBTC, and USDT. The largest was 42 million USDT.
The recent HECO Chain hack is the second hack this year. In September, HTX lost nearly $8 million to hackers who successfully stole 5,000 ETH from the company. At the time, Sun also quickly assured in an X post that HTX has covered the losses and resolved all related issues. At the time, Sun said it was a small amount in comparison to the $3 billion held by users of the HTX platform. He added that the amount is equivalent to only two weeks of revenue.
Sun also noted that HTX was willing to offer 5% of the amount ($400,000) to the hacker as a white hat reward if they returned the funds within seven days. Adding that HTX will hire the person as a white hat advisor. Days later, Sun announced that the hacker “fully returned all funds.” He also added that HTX paid the hacker “a white hat bonus of 250 ETH,” equivalent to $506,000 at current rates.
Unfortunately, Justin Sun’s crypto exchange Poloniex was also recently hacked. On November 10, Poloniex lost more than $126 million in a hack, as confirmed by transactions on the Ethereum blockchain explorer Etherscan. Peckershield revealed Etherscan transactions showing transfers from the “Poloniex 4” wallet to a wallet controlled by the hacker. Coins lost include ETH, TRON, USDT, TUSD, PEPE, SHIB, and FLOKI. In addition, blockchain data from crypto intelligence platform Arkham Intelligence shows that the hackers also made away with 865 Bitcoins and more than 288 million TRX. Poloniex suspended withdrawals when it happened.
Sun offered the hacker a 5% white hat bounty on the day, allowing 7 days to return the funds.
According to an official statement from the company, a few days after a few days, deposits and withdrawal services are restored. Nonetheless, Sun has raised the reward for the hack to $10 million, and threatened to involve law enforcement authorities if the hacker does not return the funds by November 25.
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The trustee of the hacked crypto exchange Mt. Gox has extended the repayment deadline by a year to Oct. 31, 2024.
A Sept. 21 letter published by the Rehabilitation Trustee stated that the extension was necessary to complete all the repayment processes before the previous deadline of Oct. 31, 2023.
The trustees revealed that they received approval from the Tokyo District Court to revise the repayment timeline. As a result, the new deadline for early lump sum, base, and intermediate repayments has been pushed to October of next year.
Creditors who have already submitted their information may receive payments as early as the end of this year, although this schedule remains subject to potential adjustments, pending the final determination of repayment timing.
Meanwhile, this is not the first time the trustees are shifting the repayment period. Earlier in the year, the repayment deadline was shifted from Sept. 30 to Oct. 31 because the trustees extended the registration deadline for its BTC repayment process from March 10 to April 6.
This development is welcome news to those concerned about its potential impact on Bitcoin’s (BTC) price. Mt. Gox, one of the crypto industry’s pioneer exchanges since its inception in 2010, suffered a catastrophic hack in 2014 that led to the loss of 850,000 BTC.
The forthcoming repayment will partially compensate over 10,000 creditors, reflecting the funds the exchange managed to recover. While the precise amount remains undisclosed, many anticipate its potential influence on the price of BTC.
The post Mt. Gox trustee extends hacked exchange’s Bitcoin repayment deadline to October 2024 appeared first on CryptoSlate.
Vitalik Buterin, Ethereum’s co-founder, allegedly had his X (formerly Twitter) account compromised. According to prominent blockchain investigator ZachXBT, the incident has led to victims collectively losing over $691,000 after clicking on a malicious link.
In a Sept. 9 post on X, Dmitry Buterin, the father of Vitalik, announced that his son’s account had been compromised:
“Disregard this post, apparently Vitalik has been hacked. He is working on restoring access.”
The post he was referring to has since been deleted. It was published on Buterin’s account, claiming to celebrate the arrival of “Proto-Danksharding coming to Ethereum.“
The hacker shared a malicious link to an alleged free commemorative nonfungible token (NFT) available, enticing victims to connect their wallets before ultimately stealing all their funds.
Consequently, this incident has led Ethereum developer Bok Khoo, better known as Bokky Poobah on X, to claim he has suffered losses in his CryptoPunk NFT collection.
WARNING! I JUST LOST A FEW PUNKS!
DON’T INTERACT! pic.twitter.com/lS4VvlHdVa
— luckytimes.eth beautifuldaytobealive.eth (@BokkyPooBah) September 9, 2023
At the time of publication, the prevailing floor price for a CryptoPunk NFT stands at 46.99 Ether (ETH), which is approximately equivalent to $76,837.
Related: Blockchain Capital’s X account hacked to promote token claim scam
ZachXBT has been actively informing his 438,200 followers about the hacker’s activities. He recently shared that the most valuable NFT pilfered so far is CryptoPunk #3983, worth 153.62 ETH, equivalent to approximately $250,543.
Update: $691k drained (another 33% in drainer fee address) pic.twitter.com/AVIShqDlMU
— ZachXBT (@zachxbt) September 9, 2023
A user with the alias Satoshi 767 suggested that Buterin might not have implemented sufficient security measures for his X account, noting that SIM-swap attacks are a “common mistake” for many crypto project founders.
However, ZachXBT challenged these allegations, asserting that Buterin’s high profile makes him susceptible to various forms of hacking attempts:
“You do not know yet whether it was a SIM swap. Vitalik is a big enough target to where an insider could have been paid off or panel was used,” ZachXBT stated.
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Binance CEO Changpeng “CZ” Zhao is the latest figure in the cryptocurrency industry to warn against the increasing number of phishing attacks.
CZ took to Twitter on July 21 to warn his readers about phishing and other social engineering scams. He also recommended cryptocurrency exchange users rely on hardware devices for two-factor authentication instead of using mobile carrier-based 2FA, for example.
“Best to enable 2FA with a hardware device (Yubikey) on all crypto exchanges,” the Binance CEO wrote.
Zhao’s warning came shortly after Uniswap founder Hayden Adams had his Twitter account compromised on July 20. After taking over Adams’ account, the attacker attempted to scam his followers through a malicious link posted on his page. Members of Crypto Twitter quickly identified and warned others against the scam.
Adams subsequently restored access to his account in a matter of hours. He also promised to follow up with updates when ready.
The number of social engineering attacks in the cryptocurrency industry has been rising.
In early July, LayerZero CEO Bryan Pellegrino became a victim of a SIM swap attack, which allowed hackers to briefly take over his Twitter. The executive suggested that the attackers used his speaker badge at the Collision conference, which he happened to put in the trash.
Blockchain security experts say the trend of social engineering hacks like SIM swap attacks could continue gaining stream in the near future.
Related: $794K SIM swap hacker PlugwalkJoe sentenced to 5 years in prison
According to SlowMist chief information security officer “23pds,” SIM swapping also doesn’t require high-level technical skills. After Uniswap’s Adams reported he was back on Twitter, 23pds also referred to Cointelegraph’s recent coverage of SIM swap hacks.
“I was just doing an interview last week about the current state of sim swap hijacking, and I didn’t realize there were several attacks so soon,” he wrote. In the article, 23pds and other cybersecurity experts offered some methods to prevent social engineering hacks like phishing as well.
oh .. @haydenzadams @Uniswap
I was just doing an interview last week about the current state of sim swap hijacking, and I didn’t realise there were several attacks so soon.https://t.co/HSjMqdOora— 23pds (@IM_23pds) July 21, 2023
One core protection measure recommended to take against a SIM swap hack is restricting the usage of SIM card-based methods for 2FA verification. Instead, using apps like Google Authenticator or Authy is more secure.
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Conic Finance, a liquidity pool balancing platform for the decentralized finance (DeFi) protocol Curve, has suffered an exploit on the Ethereum omnipool.
Conic Finance was exploited for $3.26 million in Ether (ETH), the Web3 risk-alert source Beosin Alert reported on July 21. Nearly the entire amount of stolen cryptocurrency was sent to a new Ethereum address in just one transaction, according to data provided by Beosin.
Conic Finance was quick to confirm the news on Twitter, stating that the platform is currently investigating the exploit and will share updates as soon as they are available.
According to initial analysis provided by blockchain security firm Peckshield, the root cause came from the new CurveLPOracleV2 contract.
“Our audit identifies a similar read-only reentrancy issue. However, the same issue is introduced in the newly introduced CurveLPOracleV2 contract, which was not part of the audit scope,” Peckshield wrote.
About an hour after the initial report on the attack, Conic Finance also said it disabled ETH Omnipool deposits on the Conic front end.
Related: DeFi protocol Arcadia Finance hacked on Ethereum and Optimism for $455K
“Followed with Conic on this one. Issue was identified, only ETH omnipool is affected there,” Curve Finance subsequently wrote.
DeFi hacks are not new to the industry. According to a report by Web3 portfolio app De.Fi, DeFi hacks and scams allowed hackers to steal more than $204 million in the second quarter of 2023 alone. The losses from DeFi hacks and scams were actually smaller in Q2 than in Q1, though, with CertiK reporting that over $320 million was lost from January to March.
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