Ransomware revenue for hackers falls 40% as victims think twice

Security

Ransomware attacks may be coming less effective, as revenue from ransomware fell by 40% to $456 million (£368m) in 2022.

Blockchain analytics firm Chainlaysis shared the data as part of its upcoming 2023 Crypto Crime Report, emphasising that the reduced revenue doesn’t necessarily mean the number of ransomware attacks has fallen.

What has changed is that companies have been upping their cybersecurity measures and ransom victims are becoming less willing to pay up to...

Uniswap awards DeFi auditor £33k for finding smart contract exploit

Coding Exploit

Uniswap may have saved itself being exploited for millions of pounds thanks to an auditor that identified a smart contract vulnerability on the decentralised exchange.

Dedaub, a smart contract security and auditing firm, revealed Uniswap has paid it $40,000 (£33,500) for flagging a potential weakness in the exchange’s Universal Router smart contract. The weakness could have enabled hackers to drain users funds in the middle of a transaction.

Uniswap launched its bug...

Sam Bankman-Fried deepfake aims to scam FTX collapse victims

A deepfake of former FTX CEO Sam Bankman-Fried aims to scam victims of the exchange’s collapse.

FTX was the third-largest cryptocurrency exchange and Bankman-Fried was seen as the face of crypto in Washington. The exchange enjoyed many celebrity endorsements and secured a 19-year, $135 million sponsorship agreement with Miami-Dade county that included the local stadium being renamed the FTX Arena.

All of that success went up in smoke when concerns around the...

Blockchain analytics firm TRM Labs nets £60m in expanded Series B

Analytics

Blockchain analytics firm TRM Labs has expanded its Series B funding round with a £60 million injection led by Thoma Bravo.

The intelligence company uses blockchain data and advanced analytics to detect and tackle financial crime.

The expanded round was led by global private equity firm Thoma Bravo, with Goldman Sachs and previous TRM investors Amex Ventures, Citi Ventures, and PayPal Ventures all participating.

TRM’s initial Series B kicked off in December...

Half of all DeFi exploits come from cross-chain bridge attacks

Crypto Hacker

A half of all DeFi exploits occur on cross-chain bridges and a staggering £2.2 billion has been stolen from them by hackers in the past two years.

The latest figures come from a new report by crypto data aggregator Token Terminal and stand out as enormous in comparison to other DeFi security breaches.

In the same period, hackers netted only £635 million from DeFi lending hacks and a comparatively meagre £320 million from decentralised exchange...

Nomad raises £18.4m for secure cross-chain DeFi protocol

Bridge

DeFi cross-chain interoperability protocol Nomad has secured a $22.4 million (£18.4m) seed round from leading investors in the crypto industry.

Crypto investment firm Polychain led the round, with Coinbase Ventures, Crypto.com Capital, OpenSea, Wintermute, Gnosis, Algaé and Polygon all participating too.

This financing round will be used to expand Nomad to other blockchains, helping it create a more secure cross-chain bridge encryption ecosystem, where different...

Massive data breach leaves OpenSea users’ email addresses vulnerable

OpenSea, the leading non-fungible token (NFT) marketplace, has warned its users after discovering an employee of email management platform Customer.io has leaked OpenSea customer’s emails to a third party.

Any user who has their email address registered with OpenSea, whether it’s for the platform or its newsletter, has been affected by the breach.

OpenSea has since warned all of its users to watch out for potential phishing attempts and has reported the incident to...

OpenSea adds new security features amidst NFT market downturn

OpenSea, the most popular NFT marketplace, has announced a new security feature to protect its users from the growing number of scams in the NFT space.

It comes at a time when the company is under increasing fire for the proliferation of stolen and plagiarised NFTs passing through its site.

The feature will automatically hide suspicious NFT transfers from being viewed on the OpenSea marketplace. The company hopes this will help to protect users from falling for scam...

Axie Infinity network loses £468m in largest ever DeFi hack

$30 million Ether theft

Axie Infinity, one of the biggest success stories in the world of blockchain-based gaming, has become the victim of the largest decentralised finance (DeFi) hack in history.

The Pokémon-style NFT battler saw $615 million (£468m) stolen from its Ronin Network – the Ethereum sidechain created to run the game’s transactions – on March 23.

It took a user being unable to withdraw 5,000 ether (£12m) on March 29 for Ronin to realise that 173,600 ether (£448m) and 25.5...

Crypto-based crime outpaced by total market’s growth in 2021

Crypto-based Crime

Crypto-based crime hit an all-time high in 2021, but the growth of the digital assets market as a whole far surpassed the rise in illicit activity.

A record $14 billion (£10.4bn) flooded into crypto wallets with criminal associations in 2021, more than doubling from the previous year, according to blockchain analytics firm Chainalysis.

Whilst this 79% increase may seem substantial, total market transaction volume grew by 567% from 2020’s totals. This leaves...