Vermont issued the investor alert after a 74-year-old man lost his life savings of over $340,000 in a crypto fraud orchestrated over Instagram and Telegram. The Vermont Department of Financial Regulation (DFR), a United States state agency, warned citizens against rising crypto investment frauds perpetrated over popular social media sites. On June 25, 74-year-old Naum…
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As SIM swap attacks are often seen as non-demanding in terms of technical skills, users must pay due diligence to their identity security. Despite the rise of cybersecurity infrastructure, the online identity still faces many risks, including those related to the hacks of one’s phone numbers. In early July, LayerZero CEO Bryan Pellegrino became one…
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Fantom’s TVL dropped from over $364 million in early May to about $70 million on July 14. At its peak in 2022, Fantom’s TVL topped $7.5 billion. Fantom’s co-founder Andre Cronje classified Multichain’s debacle as a “big blow” to the smart contract platform, which saw a sharp decline in activity in the past weeks as…
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Crypto wallet drainers, or sweepers, are malicious smart contracts that can quickly empty a crypto wallet of its funds and are a standard tool for phishing scammers. Four major crypto drainers have emerged to fill the vacuum left by the notorious wallet sweeper Monkey Drainer, with thousands of victims targeted and millions in crypto stolen…
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A loophole in the code allowed the hacker to drain funds worth roughly $455,000 from Arcadia’s Ethereum and Optimism vaults. A hacker drained approximately $455,000 from noncustodial decentralized finance (DeFi) protocol Arcadia Finance by exploiting a code vulnerability. Blockchain investigator PeckShield alerted about the hack on Arcadia Finance, highlighting the cause as “the lack of…
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A phishing link was included in the tweet and shared with the affected users of the hack, leading them to believe it was associated with the Fantom Foundation. Hackers continue their relentless attacks, displaying no signs of slowing down. Shortly after the Multichain hack, scammers started spreading a phishing link on Twitter. The fraudulent distribution…
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Multichain has suspended its operations after an unexplained transfer of crypto assets worth millions of dollars took place on July 6. Stablecoin issuers Circle and Tether have frozen over $65 million in assets tied to the suspected exploit of cross-chain router protocol Multichain. The move follows unexplained large outflows from the Multichain MPC bridge on…
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The stolen amount represents nearly 3% of the current market cap of listed cryptocurrencies. From 2012 to the present, over $30 billion in crypto has been hacked in 1,101 documented incidents, a July 7 report from SlowMist has revealed. According to the blockchain security firm, the top five most common hacks are smart contract vulnerabilities,…
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The top 100 DeFi tokens had a mixed week. Most tokens traded in the same range as the previous week, with a minor bearish correction. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. Amid the…
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Approximately $215 million of stolen assets have since been recovered. According to a June 30 report by Web3 security firm Beosin, the total value of cryptocurrencies lost in scams, hacks and rug pulls amounted to $656 million during the first half of 2023. This includes the loss of $471.43 million in 108 protocol attacks, $108…
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