The Digital Chamber (TDC) has urged the U.S. Securities and Exchange Commission (SEC) to end its attacks on the crypto industry following its enforcement action against Consensys. The chamber argues the SEC’s actions are overreaching and detrimental to financial innovation and inclusion. Digital Chamber Criticizes SEC’s Action The Digital Chamber (TDC) has called on the […]
Bitcoin News
Casa Co-Founder Jameson Lopp: Attacks on Cryptocurrency Whales Are “Vastly Underreported”
Jameson Lopp, the co-founder of Casa, a Bitcoin services company, referred to increasing attacks targeting cryptocurrency whales. On social media, Lopp stated that “while still relatively rare,” the number of targeted attacks against crypto whales was “vastly underreported.” Lopp explained that many victims of these thefts and hacks hesitated to consult law enforcement out of […]
Bitcoin News
Trump Attacks Biden’s Crypto Awareness, Says ‘Biden Doesn’t Even Know What It Is’ at NFT Gala
Former U.S. President Donald Trump convened with enthusiasts of his non-fungible tokens (NFT) collection on Wednesday and announced to the audience his decision to accept cryptocurrency for campaign contributions. Trump also shared with the group that President Joe Biden “doesn’t even know” what crypto is. Trump Champions Cryptocurrency at NFT Collection Gala At former U.S. […]
Bitcoin News
US Government Could Target Bitcoin, Warns ‘Wolf of All Streets’ Amid Crypto Attacks
Scott Melker, also known as the “Wolf of All Streets,” has cautioned that the same attacks on cryptocurrencies by the U.S. government “would eventually come for bitcoin, regardless of it being a commodity.” His warning followed recent regulatory actions by various government agencies, including the Department of Justice (DOJ), the Federal Bureau of Investigation (FBI), […]
Bitcoin News
Lighthouse Protocol Aims to End Wallet Draining Attacks on Solana
Lighthouse Protocol, an initiative that simulates transactions, aims to end the security problems derived from using unknown smart contracts in Solana. The project, which is currently in its testing stages and is projected to be included in more wallets this year, would avoid the execution of any movement that unexpectedly changes the outcome of a […]
Bitcoin News
Telefonica Partners Chainlink to Mitigate SIM Swap Attacks in Web3
Telefonica, one of the world’s largest telecom companies, has partnered with Chainlink, a decentralized oracle provider, to improve security in Web3 environments. Through the use of Chainlink functions and Telefonica’s SIM Swap API implementation, Polygon apps would be able to check if the SIM of a mobile phone has changed in a given period. Telefonica […]
Bitcoin News
Solana Users Face Mounting Threat As Drainer Attacks Surge, SOL Price Plummets 13%
As the price of Solana (SOL) has skyrocketed by an astounding 722% year-to-date, the network’s rapid growth has attracted both attention and challenges.
Not only has the native token gained significant value, but the use of Solana-based meme coins such as Bonk Inu (BONK), which has grown over 854% year-to-date, and decentralized applications (dApps) have skyrocketed. Unfortunately, this increased popularity has led to increased attacks against the so-called “Ethereum Killer.”
Malicious Solana dApps Exploited
Web3 security firm Blockaid has recently observed a concerning trend of users falling victim to attacks by Solana-based drainers.
One notable example is the website lessfeesndgas[.]org, which succeeded in stealing tokens from the Solana Program Library (SPL), which is designed to support the creation and management of tokens on Solana and SOL worth hundreds of thousands of dollars.
Interestingly, according to the company’s post on X (formerly Twitter), Blockaid’s secure wallets remained immune to these attacks from the moment the site went live, preventing any connections from being made.
The sophistication of these drainers is noteworthy, according to the firm, as they can fool the simulations used by Solana wallets, causing users to sign malicious transactions unknowingly. Web3 security firm Blockaid further stated:
As Solana continues to gain popularity, drainer groups are increasingly moving towards it, as indicated by the growing number of malicious Solana dApps detected by Blockaid.
Solana’s rapid ascent as a high-performance blockchain platform has drawn admiration and scrutiny. Its ability to process transactions quickly and at a lower cost than Ethereum has positioned it as a strong competitor.
However, the network’s success has also made it an attractive target for malicious actors seeking to exploit vulnerabilities and capitalize on its growing user base.
Still, this is not the only bad news for Solana in the past few hours, as its native token has been experiencing a continuous sharp drop in price, leading to the belief that its uptrend and bull run may be over despite the possibility of a rebound in the overall crypto market.
Stablecoin Surge And NFT Sales Fail To Prevent SOL’s Price Drop
In just five hours, the price of SOL experienced a significant 13% drop, hitting a low of on Wednesday. This decline occurred despite notable growth in stablecoin transfers, which saw a rise of over 45% this week.
Additionally, on Tuesday, SOL surpassed Ethereum in monthly trading volume for non-fungible token (NFT) sales, marking a milestone for the network.
SOL is the fifth-largest cryptocurrency, boasting a market capitalization of .6 billion. It holds a billion lead over XRP and trails just behind Binance Coin (BNB) by a mere billion.
The trajectory of SOL’s price remains uncertain as investors await signs of a potential bullish momentum resurgence.
Building a more secure framework for decentralized applications (dApps) could be pivotal in restoring investor confidence and attracting additional capital to the ecosystem, potentially propelling SOL to reclaim its one-year high of 6, previously achieved on December 25.
Featured image from Shutterstock, chart from TradingView.com
Over 100 Physical Attacks on Bitcoin Owners Documented Since 2014, Research Reveals
In light of recent physical assaults targeting bitcoin owners, Jameson Lopp, co-founder of Casa, revealed a substantial list of such attacks on crypto holders, tracing back to 2014. Lopp’s research points out that the list, documenting over a hundred physical assaults, likely represents just a fraction of the actual incidents, as many go unreported and unnoticed by the public.
A Startling Report of Over 100 Physical Assaults on Crypto Owners
Recently, at the beginning of November, a report emerged about the abduction of executives from a Binance client, who were coerced into draining their cryptocurrency wallets. Days prior to this incident, a Swedish couple endured a violent ordeal where they were bound, assaulted, and ultimately compelled to relinquish their cryptocurrency assets.
Casa’s CTO, Jameson Lopp, who has been tracking physical assaults on bitcoin users, noted that there have been 16 such attacks in 2023. Lopp disseminated the list on the social media outlet X, remarking, “Did you know that over 100 physical attacks have been perpetrated against Bitcoiners? You can learn more at this historical archive I maintain.”
The list is extensive, yet Lopp emphasizes its limitations, noting that it “is not comprehensive” and pointing out that “many attacks are not publicly reported.” Additionally, the list encompasses “crypto asset owning entities,” which includes physical attacks on cryptocurrency automated teller machines (ATMs).
Lopp’s compilation clearly demonstrates a correlation between the rising value of bitcoin (BTC) and the surge in robberies and physical assaults. For instance, there was a solitary physical attack in 2014, involving the SWATting of computer scientist and early bitcoin advocate Hal Finney.
The attacks escalated in the following year, totaling five, and in 2016, four incidents were documented. The number soared during the 2017 bull run, with 12 attacks recorded within the year. Notably, 2018 saw a dramatic increase to 25 incidents, with eight occurring in January alone.
In 2019 and 2020, the frequency of physical attacks diminished, yet with the 2021 bull run, they surged to 35 incidents. The subsequent year, 2022, saw 26 such attacks documented in Lopp’s record.
These assaults encompass a range of tactics including home invasions, SWATting, abductions, mishandled in-person bitcoin trades, and raids on cryptocurrency mining facilities. Alongside the list, Lopp provides an educational resource titled “The Hodlguard- a primer on physical security in Bitcoin,” as well as slides for those seeking to enhance their security techniques.
What do you think about the list of physical attacks against crypto holders since 2014? Share your thoughts and opinions about this subject in the comments section below.
Shielding Your Digital Realm: How to Protect Yourself and Crypto From SIM Swap Attacks
In 2023, several SIM swap attacks have targeted cryptocurrency advocates and high-profile industry members, including Ethereum co-founder Vitalik Buterin. Below is a comprehensive guide aimed at educating our readers on mitigating SIM swap attacks and safeguarding against hacks.
Understanding the Threat: Unmasking SIM Swap Attacks
Recently, Bitcoin.com News reported that Ethereum co-founder Vitalik Buterin fell victim to a SIM swap attack. Moreover, this week, an Ethereum (ETH) investor suffered a SIM swap attack, losing 22 ETH on the friend.tech blockchain social media platform, which operates on the Base network. Unfortunately, a significant number of SIM swap attacks are targeting crypto investors. The subsequent walkthrough will guide our readers on how to avert a SIM swap attack.
So, what is a SIM swap attack? A SIM swap attack is a type of fraud in which a malicious actor deceives a mobile carrier into transferring the victim’s phone number to a new SIM card controlled by the attacker. Once the phone number is transferred, the attacker can receive the victim’s calls and text messages, including sensitive authentication codes sent via SMS for two-factor authentication (2FA).
This breach enables the attacker to bypass security measures and gain unauthorized access to the victim’s online accounts, such as email, crypto exchange accounts, and social media profiles, leading to potential financial loss and identity theft. While mitigation efforts are never 100% effective, there are several strategies individuals can employ to combat SIM swap breaches.
First Line of Defense: Online Vigilance; Password and Authentication Strategies
The first step is essentially online vigilance by being cautious of phishing emails and other tactics used by attackers to gain access to your personal information. Further enhanced vigilance includes avoiding responses to suspicious communications such as unknown texts, emails, and phone calls. The second measure is to leverage strong and unique passwords that protect each online account. Third, the use of two-factor authentication (2FA) is recommended, and veering away from an SMS text message or email-based 2FA is also advisable. It’s wise to use stronger multi-factor authentication (MFA) methods such as standalone authentication applications, biometrics, or physical security keys.
Engaging Your Mobile Carrier: Security Enhancements; Guarding Social Media, Online Platforms
Another protective method, and one of the most important, is to engage in security measures by contacting your telephone carrier. With specific carriers, you can request additional security measures on your account. Users can also establish a unique PIN or passcode with their carrier, which adds an extra layer of security. Some telephone line carriers offer SIM protection features that add extra security to prevent SIM swap fraud. If you don’t contact your telephone carrier, you may miss out on some of the security measures that could prevent a SIM swap attack.
Another measure is to avoid using your telephone number for social media applications like X (formerly Twitter) and other online platforms and applications. Alongside your phone number, be cautious about sharing personal information online as every piece of evidence a hacker can gather is useful to crack online accounts. For services that require a phone number for verification or communication, consider using a secondary number or a virtual phone number service like Google Voice.
By following these steps, you can avoid a SIM swap attack and protect your finances and personal information. SIM-swapping attacks have been increasing in frequency in recent years, and the U.S. Federal Bureau of Investigation (FBI) issued a warning in March 2023 about the rise of SIM-swapping attacks, which have resulted in millions of dollars in losses.
Have you taken steps to protect yourself from SIM swap attacks? Let us know your strategies in the comments section below.
Digital Assets Worth Billions Still Secure Despite Rise in Cyber Attacks — Former Microsoft Security Lead
A former Microsoft Security Lead has insisted that a great proportion of digital assets worth billions of dollars are secure and are being “safely managed by hundreds of protocols.” The security expert suggested that protocols also need to have a platform that allows users to rate or assess the robustness of security systems.
A Comprehensive Security Strategy
While decentralized finance and Web3 platforms have seen a steady rise in hacks and phishing attack incidents, according to Christian Seifert, a former Microsoft Security Lead, there are still “billions of dollars worth of digital assets that are safely managed by hundreds of protocols.” So while cybercriminals may have siphoned digital assets worth millions of dollars, the value of stolen assets remains just a fraction of secured assets, the security expert added.
Seifert, who is also the Researcher in Residence at Forta Network, nevertheless suggested that protocols managing users’ assets need to have what he called a “comprehensive security strategy.” He told Bitcoin.com News that protocols further need to have a platform that allows users to rate or assess the robustness of security systems.
“And what needs to happen is to make it easier for users to assess whether protocols are responsibly securing users’ funds and investing in security. I applaud projects like DeFi Safety that perform this service for the industry. Their information must be accessible to users easily, so they can understand security risks and make their decisions on whether it is acceptable,” Seifert suggested.
Educating Users Key to Defeating Scammers
As has been reported by Bitcoin.com News, there has been an surge in the number of hacks, phishing attacks and giveaway scams since the start of 2023. In some of the most recent attacks, victims were high-profile individuals like the Ethereum blockchain founder Vitalik Buterin and billionaire Mark Cuban. Some Web3 and decentralized finance enthusiasts believe such high-profile attacks will be used by opponents to undermine adoption efforts.
However, according to Seifert, these incidents alone should not turn away users. He insisted that there is a “plethora” of products and services that help users secure their assets and avoid becoming victims like Buterin and Cuban. Still, he conceded that it would require some education for users to become better at protecting their assets.
What are your thoughts on this story? Let us know what you think in the comments section below.