DeFi

Experts warn of sinister ‘information thieves’ as hackers steal $664 million in first half – DL News

Published

7 months ago

5 July, 2024

Experts warn of sinister 'information thieves' as hackers steal $664 million in first half – DL News

Hackers stole $664 million from cryptocurrency investors in the first half of the year.
That’s more than was stolen in the first half of 2023.
A more ominous threat to crypto looms on the horizon.

Cryptocurrency investors lost $664 million to hackers in the first half of the year, an increase of more than 50% in the figures recorded for the same period last year, according to DefiLlama data.

Most of these losses are due to phishing attacks and compromised private keys. This journalist even $45,000 Lost Due to Malware Attack in May.

Hackers are often skilled malicious actors who work for cybercrime syndicates such as The North Korean state-sponsored Lazarus Group who are suspected of having billions stolen in crypto.

Powerful hacking tools are usually not available to the army of amateur hackers on the Internet.

“The proliferation of open-source hacking tools lowers the barrier of entry for amateur hackers, increasing the volume and frequency of attacks,” said Omer Sadika, co-founder and CEO of blockchain security firm dWallet Labs. DL News.

Cybersecurity experts have begun to sound the alarm about the emergence of open source information thieves.

Information stealers are malicious programs that steal sensitive financial information from a victim’s computers, including crypto wallet passwords and private keys.

The biggest crypto hacks This year alone, the $305 million stolen from Bitcoin exchange DMM was due to compromised private keys.

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Last year, Security experts were already issuing warnings that crypto companies could lose more funds to hackers if they don’t address the problem of private key leaks – a problem that could be made worse by the emergence of open-source information thieves.

Wider threat area

Hacker forums exist in the dark web, where these information stealers are sold to the highest bidder. But today, that model is changing, and these dangerous programs are becoming open source and free, increasing the number of malicious actors who have access to them.

James Toledano, COO of self-service wallet provider Savl, said DL News It is worrying that amateur hackers have access to very powerful hacking tools, such as Infostealer malware.

“It’s a pure numbers game; it only takes one attempt in a thousand to succeed,” Toledano said.

By making information stealers open source, the threat landscape for malware attacks designed to steal cryptocurrencies is set to expand, putting more investors at risk.

In addition to widening the threat environment, Toledano said open-source information thieves would make it even harder for hackers to track down.

“Unlike attacks by discrete cybercriminal groups or malicious state actors, which can sometimes be tracked and countered, open source tools provide access to a much larger pool of potential attackers and that’s the problem,” Toledano said.

Web2 Vulnerabilities

Open source information thieves are also compounding the impact of Web2-based vulnerabilities on crypto security.

Sadika’s dWallet Labs said it recently discovered a chain of vulnerabilities related to blockchain validators that could lead to billions of dollars in cryptocurrency losses.

In his reportdWallet Labs has identified INfStones, an infrastructure provider used by validators on popular blockchain networks, which was prone to malicious attacks.

Validators stake cryptographic tokens on blockchain networks to give them the power to verify transactions.

The report states that attackers could successfully discover private keys or take control of the validators themselves.

As such, dWallet Labs recommended that InfStones change the validation keys of exposed users.

“The Web3 industry tends to overlook the security aspects of Web2, which are the main target of open source software thieves,” Sadika said.

“The problem is likely to grow in scale and complexity, requiring more robust and adaptive security measures from all stakeholders in the crypto ecosystem.”

Osato Avan-Nomayo is our DeFi correspondent based in Nigeria. He covers DeFi and technology. To share tips or information on articles, please contact him at osato@dlnews.com.

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DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

Discover the exciting opportunities of the Rollblock (RBLK) presale today!

Website: https://presale.rollblock.io/

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DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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