NewsBriefs - Immunefi reports crypto losses surpass $1.2 billion in 2024 despite August drop
08/29/2024 20:01
Crypto losses from hacks and scams exceeded $1.2 billion in 2024, up 15.5% year-over-year, despite a 95% drop in August. Ethereum and BNB Ch...
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Immunefi reports crypto losses surpass $1.2 billion in 2024 despite August drop
Crypto losses from hacks and scams exceeded $1.2 billion in 2024, up 15.5% year-over-year, despite a 95% drop in August. Ethereum and BNB Chain were the most targeted networks. DeFi protocol Nexera lost $1.5 million, while Ronin Network experienced a $12 million outflow due to an upgrade bug. Hacks remain the primary cause of losses, with no CeFi incidents recorded in August. Immunefi, a web3 security platform, has paid out over $100 million to ethical hackers and researchers.
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Immunefi reports crypto losses surpass $1.2 billion in 2024 despite August drop
Crypto losses from hacks and scams exceeded $1.2 billion in 2024, up 15.5% year-over-year, despite a 95% drop in August. Ethereum and BNB Chain were the most targeted networks. DeFi protocol Nexera lost $1.5 million, while Ronin Network experienced a $12 million outflow due to an upgrade bug. Hacks remain the primary cause of losses, with no CeFi incidents recorded in August. Immunefi, a web3 security platform, has paid out over $100 million to ethical hackers and researchers.
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Telegram CEO Pavel Durov indicted in France on multiple charges
Telegram CEO Pavel Durov was indicted in France on charges including organizing illicit transactions, complicity in drug sales, and distributing child pornography. Durov, arrested last week, is under judicial supervision and unable to leave France. The indictment led to a 20% drop in Toncoin, a Telegram-linked crypto. The TON network also experienced outages, with the latest disruption attributed to heavy load from DOGS token minting. French authorities are reportedly seeking an arrest warrant for Durov's brother, Nikolai.
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Aave periphery contract hacked for $56k in multi-network attack
A periphery contract of DeFi platform Aave was hacked for $56,000 across Ethereum, Arbitrum, Polygon, Optimism, and Avalanche networks. The affected ParaSwapRepayAdapter contract, not part of Aave's core protocol, held leftover tokens from swap slippage. Aave confirmed no user funds were at risk, likening the incident to raiding a "tip jar." The hack sparked renewed tensions between Aave and Euler Finance, with founders exchanging criticisms over past security incidents and protocol management.
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KOR Protocol launches decentralized music platform with Animoca Brands backing
KOR Protocol, backed by Animoca Brands, has unveiled KOR Player, a new decentralized music streaming service. The platform allows users to play and remix music using a sound library and AI-powered authentication for royalty payments in crypto. With 550,000 user signups and support from KDDI, KOR aims to address music copyright issues in gaming and live-streaming while offering artists new monetization channels. Notable DJs like deadmau5 have joined as early backers.
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Trump releases fourth collection of NFT trading cards
Former President Trump launched his fourth NFT collection, offering buyers a piece of his suit from the debate with President Biden. The $24,750 package includes Trump-themed items and a Mar-a-Lago dinner. Trump has embraced crypto in his campaign, attracting industry support and donations. His previous NFT ventures have generated over a million dollars in personal income. This release furthers Trump's involvement in the crypto space amid his presidential bid.
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Bitcoin miner Rhodium files for chapter 11 bankruptcy with up to $100 million in liabilities
Bitcoin mining firm Rhodium Enterprises filed for Chapter 11 bankruptcy in Texas, citing liabilities up to $100 million. The filing includes six subsidiaries and follows loan defaults totaling $54 million in July. This move allows Rhodium to reorganize debts while continuing operations. The bankruptcy reflects broader challenges in the crypto mining sector, including declining profits post-halving and increased energy costs.
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Bitcoin liquidity sinks to $62.5K as BTC price struggles at US open
Bitcoin's price struggled at the US market open, with bid liquidity on Binance moving down to $62.5K, potentially drawing price downward. Traders warn of a possible "Bart Simpson" maneuver, where price could gap lower to last week's position. Bulls face a battle to make August a "green" monthly candle, having erased most of the crash to six-month lows. Despite positive US macro developments, Bitcoin's price upside remains limited, with the market well-positioned for the move and taking quick profits.
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TRON founder Justin Sun pledges $1m to DAO supporting Telegram's Pavel Durov
Justin Sun, TRON's founder, pledged $1 million to a DAO advocating for Telegram founder Pavel Durov's release. Durov was arrested in France on Aug. 23, facing accusations of content moderation failures on Telegram. Prominent crypto figures, including Elon Musk and Vitalik Buterin, support Durov's release using #FreePavel. The arrest raises concerns about software and communications freedom in Europe. Sun's pledge aims to demonstrate crypto industry unity in supporting Durov.
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Polygon regains control of Discord channel after phishing attack
Polygon, an Ethereum Layer-2 network, recovered its Discord channel following a hack. Attackers exploited interest in Polygon's MATIC to POL token migration, using phishing links for fake POL airdrops. The breach likely occurred through a compromised bot or integration. Some users reported losses, with one claiming to have lost 120,000 MATIC and 30 ETH. Polygon's Chief Information Security Officer, Mudit Gupta, stated that the security team was working to reverse changes made by the hacker. The planned MATIC to POL migration is set to begin on September 4.
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AMOS malware targets Mac users by cloning wallet apps to steal crypto
AMOS, a malware program targeting Mac users, has evolved to clone wallet apps and steal crypto. Advertised through Google Adsense, it masquerades as popular MacOS programs. AMOS can now clone Ledger Live software, potentially tricking users into sending crypto to attackers. The malware targets over 50 crypto wallets, including MetaMask and Coinbase. Users are advised to be cautious when downloading software from ads. AMOS is reportedly developed by a group called "Crazy Evil" and sold as a subscription service on Telegram.
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Chinese entities use Amazon cloud to access advanced US chips and AI
Chinese entities are increasingly turning to services like Amazon Web Services (AWS) to bypass US restrictions on advanced AI chips. At least 11 Chinese entities sought access to restricted US tech through cloud services, with four explicitly naming AWS. This strategy allows Chinese organizations to bypass US export restrictions on advanced AI chips like Nvidia's A100 and H100. The US government is now working to close this loophole through new regulations and legislation. AWS maintains compliance with US trade laws regarding cloud service provision in China.
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Tether opts out of launching its own blockchain
Tether Holdings has decided not to launch its own blockchain. Paolo Ardoino, CEO of Tether, cited an oversaturated market as the primary reason for this decision. "We are very good in technology, but I think blockchains will become almost a commodity in the future," Ardoino explained in a recent interview. He added, "Launching a blockchain ourselves might not be the right move. There are very good blockchains already." Ardoino's stance is that for Tether, blockchains serve merely as transport layers, emphasizing the importance of security and sustainability over having their proprietary technology.
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Binance founder CZ moves to halfway house but remains in custody
Former Binance CEO Changpeng Zhao (CZ) has been transferred from FCI Lompoc II prison to RRM Long Beach halfway house in California. Despite social media claims, CZ is not free yet and still has 38 days left on his sentence, with a release date of September 29. The move to a halfway house is part of the standard process for inmates nearing release. Additionally, CZ faces a new lawsuit from crypto traders alleging lax AML and KYC practices at Binance led to their fund losses.
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Fed chair Powell expected to signal September rate cut at Jackson Hole
Fed Chair Jerome Powell is anticipated to indicate a 25 basis point rate cut for September at the Jackson Hole Economic Symposium. Markets have already priced in this move, with the FOMC minutes suggesting broad support. Powell is likely to advocate for a cautious approach to further cuts. While traditional markets rally, Bitcoin remains below its all-time high despite positive catalysts like growing institutional interest and potential crypto-friendly political developments.
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FTX reorganization plan gains strong creditor support as former exec files lawsuit
FTX's reorganization plan has received over 95% creditor support, representing 99% of claims by value. The plan aims to return 100% of bankruptcy claim amounts plus interest for non-governmental creditors. Critics argue the plan disadvantages creditors by using November 2022 asset values. Former FTX exec Ryan Salame filed a lawsuit against the US government, alleging breach of his plea deal. Salame is set to serve a 7.5-year prison sentence starting October 13.
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