Blockchain Cyber Security News | Cyber Security in Blockchain

Circle hopes new cross-chain USDC protocol will reduce exploits

Circle, creators of the stablecoin USD Coin (USDC), has launched a mainnet protocol enabling users to transfer USDC between the Ethereum and Avalanche blockchains. The cross-chain bridge is different from other bridges in that, instead of locking tokens sent to its contract, it completely burns coins on the sending chain and then mints new ones on the receiving chain. In the past, Avalanche users with USDC on Ethereum would need to deposit the tokens with a Circle-approved partner or use...

27 April 2023 | Blockchain Applications

BNB Chain flags 191 crypto projects as high-risk in ‘red alarm’ list

BNB Chain, the blockchain network of crypto exchange Binance, has updated its red alarm list with 191 new projects and decentralised applications (DApps) it considers to be high-risk.

The red alarm list is updated every Friday, warning users of projects and DApps on the blockchain that the developers consider to be risky investments.

Judgements are made based on an assessment of each project or DApps’ smart contract.

BNB Chain said that the 191 new projects...

17 April 2023 | Blockchain Applications

Chainalysis: Crypto scammers adapt to match market conditions

Crypto scammers are finding ways to adapt to the bear market despite revenue from scams halving last year, according to research from blockchain analysis firm Chainalysis.

A crypto crime webinar hosted by the company explained how scammers tend to shift their tactics as market conditions change.

Such tactics have allowed some scammers to continue to thrive, even though overall revenue from crypto scams fell by 46% in 2022.

Eric Jardine, cybercrime research lead...

24 March 2023 | Blockchain Applications

Security firm Halborn warns 280 blockchains of ‘zero-day’ exploits

Web3 security firm Halborn has found that more than 280 blockchain networks are vulnerable to “zero-day” exploits that could put upwards of £20 billion worth of crypto at risk.

A zero-day vulnerability is one which is discovered by attackers but remains unknown to the network and its developers. Halborn said that blockchains like Dogecoin, Litecoin, and Zcash were all found to be at risk.

https://twitter.com/HalbornSecurity/status/1635262272837746688

The most...

15 March 2023 | Cryptocurrency

Chain Reaction to build cryptographic chips with fresh $70m

Chain Reaction, an Israeli startup designing semiconductors for blockchain and privacy hardware, has emerged from stealth following a $70 million (£58m) Series C funding round.

The Tel Aviv-based firm’s specialty chips and related architecture are designed to support cryptographic processes, most notably in the breakthrough field of homomorphic encryption, an approach to privacy that encrypts data as it is used.

Morgan Creek Digital led this third round, taking the...

23 February 2023 | Blockchain Applications

Jump Crypto finds infinite token vulnerability on Binance BNB Chain

Web3 infrastructure firm Jump Crypto has alerted Binance to a vulnerability in the BNB Beacon Chain that would have allowed for an infinite mint of tokens.

The issue was reported privately to the BNB team on 8 February and patched within 24 hours, according to a blog post from 10 February. The post said that, if exploited, the vulnerability could have led to a “large loss of funds”.

The vulnerability would have allowed for an attacker to make a malicious transfer,...

13 February 2023 | Altcoins

Coincover raises $30m to bolster digital asset security

London-based digital asset protection firm Coincover has secured $30 million (£25m) in a funding round led by Foundation Capital with additional investment from CMT Digital.

The company plans to use the funds to scale its operations, increase recruitment, and develop new products that strengthen the security of the cryptocurrency space.

Coincover launched in 2019 with the goal of improving trust within the digital asset sector. It already works with more than 300...

11 February 2023 | Blockchain Applications

Ransomware revenue for hackers falls 40% as victims think twice

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...

21 January 2023 | Blockchain Applications

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

5 January 2023 | Blockchain Applications

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...