Author: Cointelegraph by Vince Quill
United States Source: Cointelegraph.com News
Sep 04, 2024 12:00

Penpie protocol exploited, suffers $27M loss

Cryptocurrency hacks have stolen $1.21 billion in funds so far in 2024, a 15.5% increase from 2023. 

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Author: Cointelegraph by Christopher Roark
United States Source: Cointelegraph.com News
Sep 30, 2024 12:00

Polymarket users complain of mysterious Google login wallet attacks

The attacker used a proxy function to swipe victims USDC balances, but only a small number of Google login users have been affected.

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Author: Cointelegraph by Vince Quill
United States Source: Cointelegraph.com News
Sep 29, 2024 12:00

User loses $32 million spWETH in a sophisticated phishing attack

According to crypto security firm Scam Sniffer, 9,145 users were victims of phishing attacks during August 2024, losing funds as a result.

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Author: Cointelegraph by Derek Andersen
United States Source: Cointelegraph.com News
Sep 27, 2024 12:00

US sanctions Russian crypto platforms for money laundering ties

Two crypto exchanges and two individuals have been sanctioned for ties to underground finance.

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Hong Kong Source: Blockchain News
Sep 27, 2024 02:15

German Authorities Disrupt 47 Russia-Centric No KYC Crypto Exchanges


The German Federal Criminal Police (BKA) has seized 47 Russian-language no-KYC crypto exchanges, highlighting their role in cybercrime and sanctions evasion. (Read More)

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Author: Cointelegraph by Christopher Roark
United States Source: Cointelegraph.com News
Sep 26, 2024 12:00

Been scammed? Crypto crimestoppers claim to help get crypto back

Private investigation firm Lionsgate claims it can help recover stolen crypto when going straight to the police fails.

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Author: Cointelegraph by Vince Quill
United States Source: Cointelegraph.com News
Sep 21, 2024 12:00

BingX confirms the resumption of withdrawal services following hack

Monetary losses from the BingX hack were initially reported as totaling $26 million, but the figure has since swelled to $52 million.

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Author: Cointelegraph by Josh O'Sullivan
United States Source: Cointelegraph.com News
Sep 21, 2024 12:00

Bull cycles spark some seemingly rational reason to compromise security: Ledger exec

Ian Rogers of Ledger stresses the importance of self-custody and warns against complacency during crypto market booms.

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Author: Cointelegraph by Vince Quill
United States Source: Cointelegraph.com News
Sep 20, 2024 12:00

US prosecutors oppose Mango Market exploiter's motion for acquittal

Following the exploit, Eisenberg claimed he negotiated a settlement with Mango Markets' insurance fund to ensure users retained their money.

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Author: Cointelegraph by Shiraz Jagati
United States Source: Cointelegraph.com News
Sep 20, 2024 12:00

Indian crypto exchange WazirX struggles to recover funds 60 days after hack

WazirXs $235 million hack recovery efforts face hurdles as internal findings yield little to no significant breakthroughs. 

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Author: Will Izuchukwu
United States Source: NullTX
Sep 14, 2024 03:05

Lykke Corp Faces Cyber Attack, Over $22 Million In Crypto Stolen

On June 4, Lykke UK and Lykke Corp AG (Lykke) experienced a significant cyber attack that compromised their infrastructure. In response, the affected systems were promptly shut down to mitigate further damage. An extensive review of the security breach was conducted, and all identified vulnerabilities have been addressed. Lykke UK […]

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Author: Will Izuchukwu
United States Source: NullTX
Aug 09, 2024 03:05

$NXRA Tokens Stolen In Suspected Proxy Contract Exploit

Cyver Alert System has detected a suspicious transaction involving the Nexera @Nexera_Official proxy contract. An address gained control of the proxy contract and executed an upgrade. Shortly after, the address used the “withdraw admin” function to transfer all $NXRA tokens. The malicious actor is currently selling the tokens for $ETH, […]

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Author: Cointelegraph by Vince Quill
United States Source: Cointelegraph.com News
Aug 17, 2024 12:00

Germanys Information Security Office champions hardware wallets

According to a recent Chainalysis report, thefts resulting from crypto hacks and exploits have totaled $1.58 billion in 2024.

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Author: Cointelegraph by Amaka Nwaokocha
United States Source: Cointelegraph.com News
Aug 16, 2024 12:00

Multiple arrests made in $14.4M Holograph hack investigation

While the suspects names remain undisclosed, the arrests mark a significant step toward justice for the victims of the Holograph hack.

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Author: Charles Thuo
United Kingdom Source: CoinJournal: Home
Jul 09, 2024 02:00

Notorious crypto wallets draining group Pink Drainer loses 10 ETH to address poisoning scam

Pink Drainer lost 10 ETH ($30,000) to an address poisoning scam, exploiting address similarities. Attackers mimicked Pink Drainer’s wallet address to deceive them into sending funds. The attack comes days after Pink Drainer announced ceasing operations. In a surprising turn of events, the infamous cryptocurrency wallet-draining group known as Pink Drainer has fallen victim to […]

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Author: Cointelegraph by Daniel Ramirez-Escudero
United States Source: Cointelegraph.com News
Jul 30, 2024 12:00

Bitfinex hacker Heather Morgan spotted at Bitcoin Conference 2024

Heather Morgan, aka Razzlekhan, has been spotted in several Bitcoin events, the latest being the Bitcoin Conference 2024.

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Author: Damian Chmiel
Israel Source: CryptoCurrency – Finance Magnates | Financial and
Jul 23, 2024 12:25

Why Europol Blames Bitcoin and Artificial Intelligence for Cybercrime Boom

The use ofcryptocurrencies in various criminal activities has become increasinglyprevalent, according to Europol's latest Internet Organised Crime ThreatAssessment (IOCTA) report released today (Monday). The European Union's lawenforcement agency highlights the growing role of digital assets and artificialintelligence in cybercrime, signaling potential challenges for investigatorsand regulators alike.

Cryptocurrencies FuelCybercrime Surge, Europol Warns in Latest Threat Assessment

In its 10thannual IOCTA report, Europol emphasizes that cryptocurrency adoption amongcybercriminals has expanded beyond traditional use cases, permeating a widerarray of illicit activities. This trend poses significant concerns for lawenforcement agencies struggling to keep pace with rapidly evolving criminaltactics.

In 2023,millions of victims across the EU were attacked and exploited online on a dailybasis. Small and medium businesses were increasingly popular targets forcyber-attacks, while e-merchants experienced the most digital skimming attacks,commented Catherine De Bolle, the Executive Director of Europol. Adults were victimizedthrough phishing, investment and romance frauds, and more and more minors weretargeted by child sexual exploitation offenders and online sexual extorters

The reportspecifically points to the potential abuse of emerging financial products tiedto cryptocurrencies. As it suggests, the introduction of Bitcoinexchange-traded funds (ETFs) has allowed a much larger group of investors tospeculate on cryptocurrencies without the need to physically possess them.

Scammerscould abuse the rise of ETFs related to cryptocurrencies as people who do nothave extensive experience in cryptocurrency will become increasingly exposed tothem, commented Europol. Companies issuing cryptocurrency ETFs will also haveto hold large reserves in cryptocurrency, which might make them valuabletargets for fraudsters.

Europol'sfindings come amid a backdrop of fragmentation in the cybercrime landscape.Recent law enforcement actions have forced ransomware groups to splinter andrebrand, while continuous takedowns of dark web forums have shortened thelifecycle of criminal online marketplaces. This instability has contributed toa multiplication of cyber threats, with millions of EU citizens falling victimto online attacks daily.

#Internet Organised Crime Threat Assessment (IOCTA) 2024 #Cyberattack #CyberSecurity #cybercrime https://t.co/eWOuB6YXJQ

Shadi Alkasim (@Shadi_Alkasim) July 22, 2024

Europol actively pursues crimes involving cryptocurrencies.A recent incident in May led to the arrest of six individuals and the recoveryof 750,000 from a cryptocurrency scam. Last year, the agency also warned aboutcrimes using DeFi and NFT technologies, though it supports the use of blockchain in enhancingcybersecurity. Three years ago, Europol dismantled a criminal group responsible for stealing $100 million in cryptocurrencies.

Artificial IntelligenceHelps Scammers

The reportalso sheds light on the evolving nature of cybercrime tactics. Multi-layeredextortion schemes have become more common, with stolen data at risk of beingpublished or auctioned, leading to potential re-victimization. Additionally,the assessment notes a concerning trend of underage offenders engaging incybercriminal activities, some of whom are already leveraging artificialintelligence (AI) tools.

Cybercriminalsare keen to leverage Artificial Intelligence, which is already becoming acommon component in their toolbox and is very likely to see even widerapplication. Law enforcement agencies are expected to build a robust capacityto counter the growing threats stemming from this, both in terms of humanresources and technical skills, added De Bolle.

Lookingahead, Europol anticipates that AI-assisted cybercrime will pose growingchallenges, particularly in the realm of child sexual abuse material (CSAM).The agency warns that AI-altered and completely artificial CSAM will complicateinvestigations, making it harder to identify victims and perpetrators.

A reportfrom Finance Magnates this April indicated that nearly 50% of companies aretargeted by AI-generated deepfakes. The payment, money transfer, and personalbanking sectors are particularly vulnerable to cybercrime in this regard. Asscammers increasingly utilize AI for malicious purposes, companies likeMastercard are employing this technology to shield consumers from fraud,especially significant as the annual cost of cybercrime is projected to reach$10.5 trillion next year.

What to Expect in the NearFuture

Based onthe information provided in the IOCTA 2024 report, there are 7 key developmentsto expect in the near future regarding cybercrime and digital threats:

  • IncreasedAI-assisted cybercrime: AI tools are becoming more prevalent in criminals' toolboxes, with aparticular concern for AI-assisted creation of child sexual abuse material(CSAM).
  • Rise inAI-altered and artificial CSAM: This trend will pose growing challenges for law enforcement inidentifying victims and offenders, as well as managing the increased volume ofCSAM in circulation.
  • Expandeduse of cryptocurrencies in various crime areas: Digital assets are expected to play a moresignificant role across a wider spectrum of criminal activities.
  • Potentialabuse of cryptocurrency-related financial products: The report warns that scammers could exploitthe rise of exchange-traded funds (ETFs) tied to cryptocurrencies.
  • Continuedfragmentation of cyber threats: Due to law enforcement actions and market instability, cybercriminalgroups are likely to continue splintering and rebranding, leading to amultiplication of threats.
  • Increaseduse of multi-layered extortion tactics: Criminals are expected to continue employingcomplex extortion schemes, including the threat of publishing or auctioningstolen data.
  • Growingchallenges related to end-to-end encryption (E2EE): The widespread use of E2EE communicationplatforms by offenders will create ongoing difficulties for law enforcement inaccessing criminal communications.

To addressthese mounting digital challenges, Europol emphasizes the need for lawenforcement agencies to stay ahead of the curve. The agency calls for enhancedknowledge, tools, and legislation to effectively combat evolving cyber threats.

The IOCTA2024 report serves as a reminder of the dynamic nature of cybercrime and thecritical role that cryptocurrencies now play in this landscape. As digitalassets continue to gain mainstream acceptance, the challenge for lawenforcement to balance innovation with security becomes increasingly complex.

This article was written by Damian Chmiel at www.financemagnates.com.

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Author: Cointelegraph by Amaka Nwaokocha
United States Source: Cointelegraph.com News
Jul 21, 2024 12:00

Nigerian crypto star out on bail following police detention

Industry watchers are closely monitoring the case for signs of how Nigerian authorities will handle similar cases, which could impact the countrys growing cryptocurrency sector.

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Author: Cointelegraph by Ezra Reguerra
United States Source: Cointelegraph.com News
Jun 29, 2024 12:00

Investor shares story of falling victim to $100K crypto hack

I thought that my heart would stop, said Matthias Mende, who told Cointelegraph how he felt when he realized he lost $100,000 in crypto assets to a hacker.

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Author: Cointelegraph by Josh O'Sullivan
United States Source: Cointelegraph.com News
Jun 21, 2024 12:00

Chainalysis: APAC resource challenges hamper investigation efforts

APACs increasing struggle with crypto crime is exacerbated by a shortage of legal resources and inadequate training for law enforcement.

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