cryptocurrency
WazirX hack sees $200m in crypto swapped for ETH to thwart blocking
Published
2 months agoon
By
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Funds stolen via the July 18 hack on Indian crypto exchange WazirX is being swapped for Ether (ETH).
Data from the on-chain tracker SpotOnChain indicates the attacker has converted over $200 million worth of the siphoned assets to ETH. At the time of publication, the blacklisted wallet held 59,097 ETH.
15,298 ETH was stolen directly from WazirX’s multisig wallet, alongside 200 different crypto assets, including $102 million worth of SHIB, $11.25 million worth of MATIC, $7.6 million worth of PEPE, $7.79 million worth of USDT, and $3.5 million worth of GALA.
Most of these assets have been swapped for ETH with the wallet currently holding just over $11 million worth of altcoins such as Chromia (CHR), Celer Network (CELR), Frontier (FRONT) and Ooki (OOKI) tokens.
Meanwhile, blockchain analytics firm Lookonchain highlighted that the hacker made a deposit of 7.7 million DENT tokens to a Binance address, adding that the wallet “has not been used before.”
Lakov Levin, co-founder Rivo, told crypto.news that the hacker likely swapped the ERC-20 tokens to Ether due its high liquidity. He also underlined that it is “not possible to block ETH like stablecoins.”
ERC-20 tokens have a contract function that allows contract owners to maintain a list of addresses that are prohibited from participating in token transactions. This is typically implemented using a mapping structure in the smart contract, which checks the blacklist before executing transfers, thus preventing any interaction with the blacklisted addresses.
In contrast, ETH lacks this feature since it operates on the core Ethereum protocol, which does not allow for the modification of address permissions.
Akhsay Nassa, co-founder of Chimp DEX, also had a similar opinion, explaining that the attacker wants to prevent the funds from being frozen by authorities.
“With a large, active market, ETH allows for quick and fair trades. Moreover, its numerous cross-chain bridges and exchanges enable easy movement between blockchains, further obscuring the trail,” he added.
The attack was the result of the exchange’s wallet management system being exploited. There were discrepencies in data displayed for Liminal, the digital asset custody and wallet infrastructure provider for the exchange.
“We suspect the payload was replaced to transfer wallet control to an attacker,” the WazirX team said in its post-mortem of the incident.
Meanwhile, crypto sleuth ZachXBT speculated that North Korea’s Lazarus group may have been involved. Blockchain analytics firm Elliptic also came to a similar conclusion.
WazirX halted withdrawals for both crypto and fiat and has vowed to recover the funds.
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cryptocurrency
FBI Warns of North Korean Hackers Targeting U.S. Bitcoin And Crypto ETFs
Published
1 day agoon
September 3, 2024By
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Today, the FBI issued an alert warning that North Korean hackers are targeting U.S. cryptocurrency exchange-traded funds (ETFs) in a bid to steal digital assets. The hackers are using advanced social engineering techniques to breach the security of companies associated with these financial products, the FBI stated.
According to the FBI, the Democratic People’s Republic of Korea (DPRK) has been conducting highly targeted social engineering attacks on employees within the decentralized finance (DeFi) and cryptocurrency industries. These attacks involve detailed pre-operational research and customized scenarios designed to exploit the victim’s specific interests and connections.
“North Korean malicious cyber actors conducted research on a variety of targets connected to cryptocurrency exchange-traded funds (s) over the last several months,” the FBI said. “This research included pre-operational preparations suggesting North Korean actors may attempt malicious cyber activities against companies associated with cryptocurrency ETFs or other cryptocurrency-related financial products.”
The FBI emphasized that North Korean cyber actors are a persistent threat to organizations managing large quantities of cryptocurrency. Their tactics include impersonating trusted contacts, creating fake scenarios involving job offers or investments, and deploying malware through prolonged and convincing interactions with their targets.
The agency urged businesses in the cryptocurrency sector to adopt stringent security measures, including multi-factor authentication, limiting access to sensitive information, and verifying the identities of contacts through multiple channels. The FBI also recommended that companies with access to significant cryptocurrency holdings take extra precautions to safeguard their assets against these sophisticated cyber threats.
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Blockchain
Avalanche announces largest network upgrade since mainnet
Published
2 days agoon
September 3, 2024By
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Avalanche has announced a major network upgrade as the high-performance blockchain platform eyes further growth within the crypto ecosystem.
The Avalanche (AVAX) team revealed the upcoming launch of Avalanche9000, which they describe as the “largest network upgrade” since the blockchain platform’s mainnet debut in September 2020. According to a blog post, Avalanche9000 will soon be available in testnet.
Avalanche9000 testnet coming soon
Avalanche provides a highly scalable and flexible blockchain that allows developers to build and deploy decentralized applications on a fast and low-cost network.
Avalanche9000 🔺
The catalyst that unlocks an expansive world of purpose-built blockchains that all feel like one, giving builders a suite of out-of-the-box tools with complete customization controls.
Build with no compromises.
Let’s dig in 👇 pic.twitter.com/g7P05y9R7P
— Avalanche 🔺 (@avax) September 3, 2024
The platform aims to create a multi-chain network that benefits from connected layer 1 chains, or subnets, to facilitate the scaling of the entire network.
Avalanche9000 is set to accelerate the deployment of Avalanche subnets by making it economically feasible for developers to launch these L1s. The upgrade will also introduce customizable chains, which will speed up projects’ time-to-market.
In addition to the Avalanche9000 testnet, Avalanche plans to release the necessary tools and documentation for users to launch their own L1s on the network. The upgrade will also include key network changes as outlined in various proposals, as well as developer incentives and partner launches.
What is an Avalanche subnet?
An Avalanche subnet is a chain or network with its own rules on membership, tokenomics, and execution layer. The subset of validators on the network work together to achieve consensus on one or more purpose-built chains. This structure allows Avalanche to offer a unified experience for users.
Some of the major Avalanche L1 launches include those by Deloitte, DeFi Kingdoms, Gunzilla Games, MapleStory, Shrapnel, and SK Planet.
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cryptocurrency
WIF leads meme coin rally with 12% surge
Published
2 days agoon
September 3, 2024By
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Solana-based meme coin dogwifhat has jumped 12% and has ranked as the top gainer in the market today.
At the time of writing, dogwifhat (WIF) was still up 11.5%, trading at $1.58 per price data from crypto.news. The crypto asset’s daily trading volume was hovering around $598 million while its market cap had risen to $1.58 billion. Following the latest price increase, the dog-themed meme coin has taken 55th place among the cryptocurrencies by market cap.
![WIF leads meme coin rally with 12% surge - 1](https://crypto.news/app/uploads/2024/09/WIFUSDT_2024-09-03_11-32-24.png)
WIF’s recent surge is fueled by the recent whale accumulation of Dogwifhat tokens, with one whale acquiring over 9.57 million WIF tokens, worth $13.59 million, within just four days. Another whale used 1.4 million USDC to purchase 643,832 WIF tokens, making them the largest holder with 28.66 million tokens. Thie trend indicates growing investor confidence in WIF’s potential rebound, even after a 67% drop in value over the past year.
WIF remains the fourth-largest memecoin by market capitalization and the top Solana-based memecoin.
Data from Coinglass reveals that WIF’s total open interest jumped by 12.7% in the last day, increasing from $187.97 million to $211.8 million, reflecting growing trader engagement and anticipation of potential price movements.
Data from the market intelligence platform also shows that WIF’s aggregated funding rates are currently at -0.0015%, signalling a bearish sentiment among traders regarding WIF’s price outlook.
WIF’s current price positions it near the middle Bollinger Band, around $1.58, which often acts as a dynamic support or resistance level. Meanwhile, the MACD line has recently crossed above the signal line, suggesting a possible bullish momentum shift.
![WIF leads meme coin rally with 12% surge - 2](https://crypto.news/app/uploads/2024/09/WIFUSDT_2024-09-03_11-37-01-1.png)
If the price is sustained above the middle band, it could attempt to move towards the upper Bollinger Band at around $1.90. However, if the price fails to hold above this middle band, it may face further consolidation or a pullback toward the lower band around $1.25.
Meanwhile, a descending triangle emerged between late July and August, characterized by steadily declining highs and a firm support level. This formation typically hints at a potential bearish breakout, especially if the price breaches the established support line.
WIF’s recent price surge aligns with a broader uptick in the meme coin market, which has increased by 5.7%, reaching a total valuation of $ 40.6 billion over the past 24 hours. Alongside WIF, other notable meme coins like Pepe (PEPE), Bonk (BONK), and Brett (BRETT) have also seen gains, rising by 5.7%, 6.6%, and 4.3%, respectively.
Meanwhile, the global crypto market has also experienced a 1% surge, bringing it to a total valuation of $2.16 trillion. Bitcoin (BTC) is also in the green, up 2.1%, and it is exchanging hands at $58,895.
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