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The Financial Stability Board has released a report highlighting the need for additional regulations in the crypto industry, particularly in the wake of the FTX collapse , to mitigate risks similar to those in traditional finance. The Financial Stability Board (FSB), a pivotal global financial watchdog, has recently spotlighted the need for heightened regulatory oversight in the cryptocurrency sector. This call for action, highlighted in their report released on Nov. 28, gains relevance in the aftermath of the FTX fiasco, a debacle that rattled the core of the crypto world. The FSB’s analysis pinpoints a vulnerability within multifunction crypto-asset intermediaries (MCIs). These platforms, which blend trading and related activities, mirror traditional financial vulnerabilities such as leverage risks, liquidity mismatches and operational failures. Multifunction crypto-asset intermediaries (MCIs) are a critical component of the #cryptoasset ecosystem as their business models ...

Validator service provider InfStones disagreed and told Cointelegraph that “nothing close to $1 billion in assets would be at risk,” even in the worst-case scenario. Blockchain security firm dWallet Labs recently disclosed a vulnerability that they claim could affect up to $1 billion worth of crypto, with assets such as Ether (ETH), Aptos (APT), BNB (BNB) and Sui (SUI) at risk. In a paper sent to Cointelegraph, dWallet Labs reported a potential vulnerability in validator s hosted by an infrastructure provider called InfStones. According to dWallet Labs, they started a research paper on attacking blockchain networks and collecting private keys with Web2 attacks. During this research, dWallet Labs said, they discovered vulnerabilities in InfStones validator s. They wrote: “A chain of vulnerabilities we discovered and exploited during our research allowed us to gain full control, run code and extract private keys of hundreds of validators on multiple major networks, potentially leading ...

Security platform CertiK has released a video demonstrating a critical vulnerability exploit on Solana’s flagship Saga phone.  Blockchain security platform CertiK claimed that the Solana Saga phone has a major vulnerability that could allow hackers to create a backdoor into its software and compromise the device. Certik posted a minute-long video on X (formally known as Twitter), demonstrating how a hacker could potentially override the device during startup and gain unauthorized root access.  Ever wondered about the security of your Web3 devices? Our newest exploration reveals a significant bootloader vulnerability in the Solana Phone, a challenge not just for this device but for the entire industry. Our commitment to enhancing security standards is unwavering. … pic.twitter.com/lHZ5W7hXzy — CertiK (@CertiK) November 15, 2023 CertiK claimed that because of this vulnerability , the software integrity of Solana’s Android OS cannot be guaranteed. Any data stored o...

The JPEX fraud saga began last week when the SFC revealed it had received 1,400 complaints against the exchange regarding fraud, withdrawal freeze and declining wallet balances. Hong Kong regulators are looking to tighten the noose around the crypto market after the arrest of six individuals following allegations of fraud around an unlicensed crypto exchange called JPEX. John Lee Ka-chiu, the chief executive of Hong Kong, told reporters on Sept. 19 that the government would increase its efforts to inform investors and remind them to only utilise platforms that have been granted SFC licences, reported AP News. The JPEX issue came to the fore last week when the country’s Securities and Futures Commission (SFC) notified the public that they had received over 1000 complaints related to the unregistered crypto exchange platforms with customers complaining about collectively losing over $128 million (1 billion Hong Kong won) due to the fraudulent exchange. The SFC in its warning noted ...

Former FTX CEO Sam Bankman-Fried wants his close friends to visit him at his parents’ home without undergoing security checks .  On July 13 Bankman-Fried’s lawyers submitted a letter to New York District Court Judge Lewis Kaplan, seeking an exemption for court-approved visitors from the security measures mandated in his bail conditions. The current bail conditions mandate the presence of a security guard at the residence to screen visitors for electronic devices and the requirement for visitors to sign an electronic visitor log. However, Bankman-Fried’s legal team argued that only his lawyers and employees of his contracted law firm are exempt from these checks. They urged the court to extend the same privileges to visitors approved by the court. The first page of Bankman-Fried’s attorneys’ letter to Kaplan | Source: CourtListener The submitted list, which prosecutors reviewed without objection, comprises “close friends and colleagues o...

The latest update of this Web3 security tool addresses new social engineering schemes and hacking attacks. Web3 and other blockchain-powered markets are still in their infancy, with most of the underlying technologies, economic models and coding architectures still being improved, tested and updated. While this is normal for an emerging market and technology, there are always loopholes that bad actors can exploit and target to attack their victims. In particular, with social engineering tactics, scammers manipulate users’ emotions and create a sense of trust and urgency. At the beginning of 2023, bug bounty platform Immunefi estimated that the Web3 ecosystem lost around $3.9 billion to scams and hacking attacks in 2022, with decentralized finance (DeFi) being the most targeted sector, suffering 80% of the calculated losses. Losses by quarter in 2022. Source: Immunefi Report ​​In the ever-evolving landscape of blockchain technology, two pivotal issues stand out that demand users’ atten...

If BTC price consolidates in the $25,000 range, ETH, XRP, LDO and RNDR could be the first altcoins to break out with recovery rallies. Altcoin price s crumbled after the United States Securities and Exchange Commission (SEC) announced lawsuits against Binance and Coinbase at the start of the week. Apart from the action against the two biggest crypto exchanges, investors seem to be nervous because the SEC labeled 23 cryptocurrencies as securities in the two lawsuits. That brings the total number of cryptocurrencies termed as securities by the SEC to 67. Among the mayhem, a minor positive is that Bitcoin (BTC) and Ether (ETH) have held out relatively well. This suggests that institutional investors are not panicking and dumping their positions. Due to their outperformance, Bitcoin’s dominance has risen to a year-to-date high of 47.6% and Ether’s to 20%. Crypto market data daily view. Source: Coin360 The uncertainty in the near term is likely to keep several investors on the sidelines. ...

This Web3 tool provides comprehensive protection against malicious smart contracts, phishing sites and other security threats. Web3 implies the transition of data from servers controlled by centralized entities to community-driven decentralized infrastructures. Every major transformation is a gradual process with many challenges and can be exploited by malicious actors. The same is true for Web3, which is plagued with social engineering attacks and security breaches as it advances toward a cohesive global infrastructure. As per Chainalysis’ latest crypto crime report, 2022 was a record year for crypto and Web3 hackers, with $3.8 billion stolen from various crypto projects — mostly decentralized finance protocols such as bridges. While scam revenue dropped by 46% compared to 2021, it’s still a matter of concern. Web3 needs security tools to accelerate adoption while keeping users protected against hackers and scammers. Thankfully, the industry already has some robust security tools tha...

A follow-up on Web3 Antivirus release, dwelling on how to avoid expensive errors while looking for opportunities. A follow-up on Web3 Antivirus release, dwelling on how to avoid expensive errors while looking for opportunities. It keeps happening all the time. You’re browsing through tech communities, Web3 platforms or services, as whoop — you stumble upon a requirement to connect your existing crypto wallet. Why entrust access to your funds right away, before you even know you want to deal with the service? What if it’s about to drain your account? Sure, this doesn’t inspire a relaxing user experience within Web3, not to speak of impeding the overall adoption progress. Besides, scams and fakes get increasingly inventive, meaning we can all be taken off guard — even DeFi giants experience vulnerability exploits. This got us thinking of a way out, so we heavily researched, coded, test-drived, and finally rolled out Web3 Antivirus. Phishers knocked on our door themselves Looks like we d...