Author: Max Bauer

The cryptocurrency industry suffered significant losses in August, exceeding $300 million due to vulnerabilities, hacker attacks, and fraudulent activities, according to CertiK Alert monitoring. While approximately $10.3 million has been recovered, this marks the second-highest single-month loss in 2024. Exit scams accounted for roughly $800,000 in losses, while flash loan attacks and contract vulnerabilities led to losses of $1.2 million and $308.8 million, respectively. The latest victim in a string of Discord hacks targeting crypto companies is Witness Chain, a blockchain-based DePIN validation project. Hackers reportedly used the platform’s Discord channel to share malicious links, prompting a warning from core…

Three years after revealing his Ethereum (ETH) holdings allegedly originated from a premine, Vitalik Buterin, the co-founder of Ethereum, continues mention about his ETH holdings. According to data from Arkham, Buterin currently holds approximately 240,000 ETH, valued at about $1.06 billion. This represents a decrease from his peak holdings, which he claims highlights his active involvement in supporting various projects and causes. Buterin has been vocal about his approach to ETH sales. In a recent Warpcast, he clarified, “If you see an article saying ‘Vitalik sends XXX ETH to [exchange]’, it’s not actually me selling, it’s almost always me donating…

Microsoft has uncovered a sophisticated cyber attack originating from North Korea, specifically targeting the cryptocurrency industry. The threat actor, identified as Citrine Sleet, exploited a zero-day vulnerability in the Chromium browser (CVE-2024-7971) to gain unauthorized access to systems. This vulnerability, a type confusion flaw in the V8 JavaScript engine, impacted older Chromium versions and enabled remote code execution. Google promptly addressed the issue with a patch released on August 21st. Microsoft urges users to update their Chromium browsers to the latest version to mitigate the risk. Citrine Sleet, a North Korean state-sponsored group, is known for its focus on financial…

Brazil’s Supreme Court has ordered an immediate nationwide ban on X (formerly known as Twitter). The ban stems from the company’s refusal to comply with the government’s demands to appoint a legal representative in the country and take responsibility for content moderation. Justice Alexandre de Moraes directed internet providers to block access to X, impacting the social media platform’s vast user base in Brazil. The move follows the closure of X’s Brazil office last week, prompted by Moraes’ threat of arrests for defying his orders to remove accounts deemed to be in violation of Brazilian laws. Musk has responded defiantly,…

The UK Financial Conduct Authority (FCA) faces criticism for lengthy processing times for cryptocurrency applications, potentially driving businesses away from the UK market. A freedom of information request (FOI) revealed that the average processing time for a crypto application is a staggering 459 days, equivalent to over 25 years of backlog. This has led to a significant decline in the number of crypto firms registering with the FCA. In the past three years, registrations have fallen by 51%, and 186 firms have withdrawn their applications. Experts warn that these delays could push crypto businesses to seek more welcoming regulatory environments…

Mastercard is taking a significant step towards enhancing online payment security by planning to eliminate traditional credit card numbers and expand the use of tokenization technology. This move aims to address the escalating issue of online fraud, projected to surpass $91 billion by 2028. Tokenization involves replacing sensitive data like credit card numbers with randomly generated digital sequences called tokens. These tokens are used during storage and transmission, significantly reducing the risk of data leakage. Mastercard CEO Michael Miebach highlighted the rapid adoption of tokenization, stating that while it initially took three years to process the first billion transactions using…

Despite recent hints from CEO Michael Dell about his interest in Bitcoin, Dell Technologies’ Q2 earnings report and call made no mention of the cryptocurrency. Speculation had arisen that the tech giant might follow companies like Tesla and Microstrategy in investing in Bitcoin after Dell’s social media posts in June signaled a bullish stance. However, the August 29th filing focused on strong earnings driven by AI demand, with no mention of Bitcoin. Michael Dell’s recent tweet about scarcity creating value ignited discussions about Bitcoin’s potential value. Previous social media activity, including sharing a video of BlackRock’s CEO endorsing BTC investments,…

Recent events surrounding Telegram founder Pavel Durov’s arrest have highlighted the complexities of content moderation on messaging platforms. However, a deeper look into Telegram’s financials reveals that its cryptocurrency operations contribute significantly more to its bottom line than messaging services. Leaked financial documents for 2023 indicate that cryptocurrency transactions play a crucial role in Telegram’s revenue model. The company, incorporated in the British Virgin Islands, reported $342.5 million in revenue last year, with a considerable portion stemming from crypto activities. Two line items in Telegram’s revenue breakdown, “integrated wallet” and “sale of collectibles,” account for over 40% of the company’s…

Australia is experiencing a rapid increase in the number of cryptocurrency ATMs, making it the fastest-growing market globally. According to Coin ATM Radar, the country has seen a surge from 73 to nearly 1,200 crypto ATMs in just two years, with over 200 more awaiting regulatory approval. These machines allow users to exchange cash for cryptocurrency or vice versa. While the US and Canada lead the market with 32,000 and 3,000 ATMs respectively, Australia’s recent growth is unprecedented. US-based Bitcoin Depot Inc. has over 200 kiosks ready for deployment in Australia once regulatory approval is granted. Proponents argue that crypto…

Feixiaohao, the largest simplified Chinese cryptocurrency market data website akin to Coingecko, is suspected to be under investigation by Chinese authorities, with its team potentially arrested. The reason behind the investigation, which has been ongoing for over half a year, remains unclear. Many of Feixiaohao’s exchange partners have reported being unable to contact them. This incident brings back memories of the 2018 ICO boom when platforms like MyToken issued their own platform coins (MT in MyToken’s case). Feixiaohao also had a coin associated with it, BQT, but the platform never officially recognized it as its own. With MyToken’s sale, only…