Ethereum News Daily TheBitTimes.com

Crypto projects experienced a significant increase in financial losses during Q3 2023, amounting to $685.5 million, driven largely by major exploits on key cross-chain protocols. The third quarter of 2023 saw a significant financial setback for the crypto industry, with reported losses amounting to $685.5 million. According to a study released today from web3 bug bounty platform Immunefi, these Q3 losses have surged by 59.9% compared to the $428.7 million recorded in Q2. Year-over-year, incidents rose by a staggering 153%. Of the Q3 setbacks, notable exploits on cross-chain protocols – Mixin Network and Multichain – constituted almost half the total losses . These two incidents led to a loss of $326 million, with Mixin Network’s unfortunate $200 million exploit in September and Multichain’s loss of $126 million in July. Mitchell Amador, Immunefi’s CEO, highlighted that this quarter marked the highest loss for the year, accentuating the influence of state-back...

A Coinbase user recently shared a Coinbase-related scam story indicating that the exchange’s servers might be compromised . Jacob Canfield, a YouTube host and bitcoin enthusiast, claimed he received a text message about a changed two-factor authentication (2FA) setting on their Coinbase account. Shortly after, he got three phone calls from an individual claiming to be a Coinbase customer support representative. The calls originated from a San Francisco number, adding to the illusion of legitimacy. Holy shit. I just got attacked with one of the most complex scams in #crypto that I have seen to date. Please read if you use @coinbase. This just happened 15 minutes ago. THIS IS A WARNING FOR ALL COINBASE USERS! There has been some sort of a data breach. First, I… pic.twitter.com/aOVWLpAtY4 — Jacob Canfield (@JacobCanfield) June 13, 2023 During the calls, the impersonator asked whether Canfield was traveling outside the US and whether he had requested changes to the email ...

Hackers have reportedly exploited a weakness in popular crypto wallet tool Libbitcoin Explorer that has allowed them to steal funds from multiple blockchains. According to software security expert Distrust, which led the investigation, the ‘Milk Sad’ issue (so named because those were the first two words in the seed phrase of the broken key generation process), suffers from a “flawed seed subcommand for the generation of new wallet private key entropy.” As a result, it produces insecure output. “Think of this as securing your online bank account with a password manager that creates a long random password, but it often creates the same passwords for every user. Malicious people have figured this out and drained funds on any account they can find,” investigators say. Distrust warns that the effective security is reduced to a point where a powerful gaming PC can brute-force the seeds in less than one day . Researchers didn’t confirm exactly which wallet s had been affected by the Lib...

The crypto industry has witnessed its fair share of scams, prompting various networks to enhance their security measures. However, scammers continue to evolve and find new ways to exploit vulnerabilities. Recently, an individual managed to acquire more than 160 Ethereum [ETH] worth $315,000. This was done through a crafty scheme involving the creation and subsequent abandonment of meme coins. On Twitter, Lookonchain issued a warning to the community regarding the Scam mer’s activities. The network specifically identified four meme coins, TOMMY, KSI, ZUCK, and BILL, and flagged them for their involvement in the fraudulent scheme. The entire Scam was carried out in a particular method. The Scam mer would create a meme coin using a small quantity of ETH. Following, they offered liquidity to gain the trust of investors. Once a significant amount of investment was obtained, the Scam mer would remove the liquidity, essentially pocketing the invested funds for their own benefit. ...