According to the crypto portfolio tracking app, Coinstats, suspected North Korea-linked hackers are believed to be behind the security breach on June 22, which impacted 1,590 user wallets, The Coinstats team has advised users with affected wallet addresses to immediately transfer their funds using their exported private keys. Coinstats App Shut Down Coinstats, the crypto […]
Bitcoin News
Crypto Exchange Lykke Confirms Platform Breach; Reports Theft of Assets Valued at $22 Million
The cryptocurrency exchange Lykke confirmed on June 10 that it fell victim to a breach, resulting in a hacker stealing digital assets valued at million. Lykke stated that it had shut down the affected systems to contain the damage and assured users that their funds remained secure. Lykke Faces Accusations of Delayed Breach Confirmation […]
Bitcoin News
European Central Bank Cuts Rates by 0.25%, Confirms Data-Driven Approach for Path Ahead
The European Central Bank announced cuts of 0.25% (or 25 basis points) on three of its main interest rates: the main refinancing operations, the marginal lending facility, and the deposit facility. President Christine Lagarde emphasized that future decisions regarding additional cuts will depend on market reactions and evolving data. European Central Bank Cuts Interest Rates […]
Bitcoin News
Binance Confirms Mastercard and Visa Support for Crypto Purchases but No Binance Credit Card Issued
Cryptocurrency exchange Binance posted on social media platform X Thursday that users can purchase cryptocurrency using Mastercard, Visa, or SEPA for bank transfers. The announcement led to confusion among some users regarding the reintroduction of Binance-branded credit cards. Binance Customer Support clarified that the current facilities allow the use of existing payment methods to buy […]
Bitcoin News
Decentralized Exchange Velocore Confirms Breach, Reports $6.8 Million in Financial Losses
The decentralized exchange Velocore confirmed a breach on its platform on June 2, during which attackers stole ethereum tokens worth an estimated .8 to million. The Velocore team is actively pursuing the hackers and is open to negotiating a settlement. Hackers Exploited Vulnerabilities Within the CPMM Pool Contract The decentralized exchange Velocore on Zksync […]
Bitcoin News
Nigerian Fintech Firm Flutterwave Confirms Hacking Attempt, Says Users’ Funds Safe
The Nigerian fintech firm Flutterwave claimed on May 16 that it had foiled an attempt to breach its payments platform. Flutterwave asserted that the “unauthorized activities inconsistent with usual customer behavior” did not compromise users’ funds or data confidentiality. According to one report, over million was siphoned from Flutterwave following a cyberattack in April. […]
Bitcoin News
El Salvador Launches Treasury Holdings Site, Confirms Daily Bitcoin Purchases
The Bitcoin Office of El Salvador (ONBTC) has launched a site that allows anyone to confirm the treasury holdings of the country, offering a large degree of transparency in its finances. The site, composed as a custom instance of mempool space, a popular block explorer, confirms that the country has been purchasing one bitcoin per […]
Bitcoin News
Treasury Official Confirms Crypto Isn’t a Popular Tool for Terrorists — Says They ‘Prefer Traditional Products’
U.S. Department of the Treasury’s Under Secretary Brian E. Nelson has confirmed that terrorists’ use of crypto remains a small fraction of more established mechanisms to move money. He also admitted that “digital assets were not even a popular tool for Hamas or the Palestinian Islamic Jihad” and “Hamas is using crypto in relatively small […]
Bitcoin News
Tether Confirms Extensive Collaboration With DOJ, FBI and Secret Service
Tether, the stablecoin company, has confirmed it has collaborated extensively with a series of U.S government agencies, including the Department of Justice (DOJ), the Federal Bureau of Investigation (FBI), and the Secret Service. These team-ups are focused on making the stablecoin ecosystem safer for all participants and aiding law enforcement actions against bad actors.
Tether Reveals FBI, DOJ, and Secret Service Ties In Unveiled Letters
Tether, the company behind the issuance of USDT, has revealed its links with several U.S. government agencies. In a series of letters directed to Senator Cynthia Lummis, Tether highlights the collaboration relationship that the company has established with the U.S. Department of Justice (DOJ), the Federal Bureau of Investigation (FBI), and the Secret Service, aiming to “combat illegal activities and aid in fund recovery.”
In a letter sent to Lummis on December 15, Tether CEO Paolo Ardoino states that the company had taken a proactive security stance, freezing the funds held in wallets included in the Office of Foreign Asset Control (OFAC) Specially Designated Nationals (SDN) list. Ardoino declared this measure is a “definitive move designed to protect our users and the integrity of the stablecoin ecosystem.”
Ardoino specifies Tether’s processes to allow these agencies to work in tandem with the company. He stated:
Tether recently onboarded the United States Secret Service into our platform and is in the process of doing the same with the Federal Bureau of Investigation (FBI).
The partnerships have yielded significant results, as Tether informed that approximately 326 wallets totaling 5 Million have been frozen in direct collaboration with these three agencies.
The letters are a direct answer to a letter Lummis sent to U.S. Attorney General Merrick Garland in October, calling the DOJ to evaluate the extent to which Tether and Binance have been provided “material support and resources to support terrorism through violations of applicable sanctions laws and the Bank Secrecy Act (BSA).”
Binance recently settled with the DOJ, pleading guilty to BSA violations and agreeing to pay over bn to resolve the investigation.
What do you think about Tether’s collaboration with U.S. government agencies? Tell us in the comments section below.
Okx Dex Falls Victim to $2.7M Cyber Heist, Arkham Confirms
Numerous reports reveal that a security breach at Okx’s decentralized exchange (dex) platform resulted in financial damages estimated at .7 million, as confirmed by the onchain intelligence firm Arkham.
Crypto Platform Okx Dex Hit by .7 Million Hack, Bounty Offered for Hacker’s Capture
The breach of the Okx Dex platform occurred on December 13, with .7 million being extracted from its decentralized finance (defi) protocol. This incident was brought to light by various onchain analysis experts. Arkham has since announced the establishment of a bounty to track down the responsible party.
Arkham communicated via the social media channel X (formerly Twitter). “We’ve created and funded a bounty to help identify the person or organization behind the recent Okx Dex exploit,” Arkham wrote. “Okx Dex was exploited by a hacker who upgraded a deprecated contract with token approvals, resulting in losses of over .7M on Dec 13, 2023. The hacker is tied to a number of hacks, including Lunafi, Uno Re, RVLT, and more.”
The Okx Dex and Web3 Wallet X account also acknowledged the breach. They announced, “We regret to inform you that a deprecated smart contract on Okx Dex has been compromised. We have taken immediate action to secure all user funds and revoke the contract permissions. We are working with relevant agencies to locate the stolen funds and will reimburse affected users with 0k. A thorough review is underway to prevent similar incidents. Our apologies for any inconvenience caused.”
“My money lost 0 on your web,” one affected user replied to the account.
This hacking incident at Okx Dex follows a series of defi hacks and centralized exchange breaches. Recently, platforms like HTX and Poloniex have also suffered financial losses due to cyber-attacks. The months of September and November particularly witnessed a surge in attacks on cryptocurrency platforms, leading to monthly losses of hundreds of millions.
What do you think about the Okx Dex hack? Share your thoughts and opinions about this subject in the comments section below.