Orbit Bridge: a cross-chain protocol breach | Andrei Lifincev posted on the topic | LinkedIn (2024)

🚨 Crypto Alert! HECO Chain Bridge Hacked: $86.6M at Risk! 🚨 PeckShield detected a breach, suspending transactions for investigation. #ETH, #SHIB, #LINK, and more involved. Justin Sun promises full compensation as concerns rise. This marks the second security hit tied to Sun, following the $100M Poloniex hack. 🌐 Stay tuned for updates on the investigation and ways to secure your assets. #CryptoNews #HECOChain #SecurityBreach 💻🔒https://lnkd.in/e-t6PiK8

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In the final blog of our series on dark web developments in 2023, our threat intelligence team looks at noteworthy cyberattacks against decentralized financial institutions and cryptocurrency exchanges - a key trend that we observed last year that led to millions of stolen funds: https://lnkd.in/dtyAB5mk#cryptocurrency #DeFi #cybercrime #threatintelligence #crypto

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🚨KyberSwap hacker bridges $2.5M in stolen funds to Ethereum!!!The hacker behind the attack on the decentralized exchange (DEX) KyberSwap has been seen moving millions in digital assets from one blockchain to another.The dissemination of such news and the occurrence of these events serve as crucial alerts for communities. It is imperative that we derive lessons from these mistakes, or even better, preemptively avoid errors by learning from the experiences of others. Security stands as a paramount factor in the development of any #Web3 ecosystem project. Therefore, it is pivotal to underscore the significance of fortifying our projects against any vulnerabilities. These news items are certain to place Web3 communities on heightened vigilance!Source: https://lnkd.in/d2k5UK8e

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A series of critical BitForge vulnerabilities, collectively known as 'BitForge,' has been uncovered in widely used cryptographic protocols including GG-18, GG-20, and Lindell 17. These vulnerabilities have a significant impact on popular cryptocurrency wallet providers such as Coinbase, ZenGo, and Binance.#BitForgeVulnerabilities #CryptoSecurity #CryptocurrencyWallets #DigitalAssets #TechNews

Crypto Hacks and Exploits: $300M Lost in Q2 2023 A recent report by CertiK, a leading blockchain security company, reveals concerning findings about crypto hacks and exploits in the second quarter of 2023. Here are the key highlights:🔐 A total of 212 security incidents occurred, resulting in the loss of $313,566,528 from Web3 protocols. However, there was a 58% decline compared to the same period in 2022 when $745 million was lost.💰 Exit scams witnessed a significant increase, with losses reaching approximately $70 million in Q2 2023. This is almost double the losses recorded in Q1, which amounted to $31 million.⬇️ On the positive side, flash loans and oracle manipulation exploits saw a drastic decline in Q2 compared to Q1. There were only 54 attacks, leading to losses of around $23 million, an 89% decrease from the previous quarter.🔗 Among the analyzed blockchains, BNB Chain experienced the highest number of incidents, with 119 cases resulting in losses of $70,711,385. Ethereum followed closely behind, with 55 incidents leading to hackers gaining $65,999,953.🎨 Additionally, a report from PeckShield revealed that half of stolen nonfungible tokens (NFTs) are being sold within three hours of theft. This highlights the urgency with which hackers are attempting to monetize their ill-gotten gains.While there has been a decline in year-over-year losses, it is crucial for the crypto industry to remain vigilant and proactive in implementing robust security measures to protect digital assets. Let's continue to collaborate and drive innovation while prioritizing the safety and security of our investments.#CryptoSecurity #Blockchain #DigitalAssets #Cybersecurity #Hacks #Exploits #IndustryInsights

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Bitfinex and US Homeland Security Recover an Additional $500,000 from 2016 HackBitfinex, a prominent cryptocurrency exchange, in collaboration with the United States Department of Homeland Security (DHS), has successfully recovered an additional $500,000 from a hack that occurred in 2016. This article explores the efforts made by Bitfinex and the DHS to retrieve the stolen funds, highlighting the significance of such recoveries in enhancing security and trust within the crypto industry.#zentanewsdesk #web3news #web3business #news

The Munchables Hack, revealed vulnerabilities in the crypto world, prompting reflection on the potential effectiveness of the Cryptocurrency Security Standard (CCSS) in preventing such breaches. Allegedly orchestrated by an insider linked to North Korea, the incident underscores the importance of stringent hiring processes and background checks to mitigate insider threats. CCSS audits, offered by Provenance deliver a comprehensive framework assessment of the security around development practices and incident response planning, which could prevent or minimize the impact of similar attacks, advocating for its adoption to bolster digital asset security.#CCSSAudits #Cryptosecurity #Hacksprevention

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Multiple zero days found affecting crypto platforms. Here's what you need to know:1. Cryptocurrency platforms like Coinbase and Binance were found to have multiple 'BitForge' vulnerabilities. These flaws in cryptographic multi-party computation (MPC) protocols could allow hackers to drain funds from wallets swiftly without knowledge of users or vendors.2. The issues were discovered by Fireblocks, who emphasized the need for teams to maintain and update core infrastructure technologies to prevent thefts and attacks. Relevant vulnerabilities affected popular MPC protocols, including GG-18, GG-20, and Lindell 17.3. Fireblocks flagged that many other providers beyond the major players noted were affected. While Coinbase and Zengo confirmed they had addressed the security issues, Binance did not comment.Learn more by visiting The Record from Recorded Future News: https://lnkd.in/eNZz5XYu

An interesting research paper has been written looking at the feasibility of a 51% attack on Bitcoin and a 34% attack on Ethereum.The short answer is, it's not really feasible. A bad actor couldn't control enough hash power.Cryptography at its finest.#cryptography #bitcoin #ethereum #cybersecurity