Hacks | Crypto Profit Bot

DeFi hacks on Binance Smart Chain rise as TVL and volumes increase

May 10, 2021

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Binance Smart Chain, or BSC, was launched in September 2020 as a parallel blockchain to Binance Chain. It enabled the creation of smart contracts and a staking mechanism for the native token of both blockchains, Binance Coin (BNB). In its brief nine-month existence, there have been a lot of decentralized finance, or DeFi, projects built […]

Smart contract exploits are more ethical than hacking… or not?

April 18, 2021

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There has been a lot of talk about the recent “hacks” in the decentralized finance realm, particularly in the cases of Harvest FInance and Pickle Finance. That talk is more than necessary, considering hackers stole more than $100 million from DeFi projects in 2020, accounting for 50% of all hacks this year, according to a […]

Default auditing for DeFi projects is a must for growing the industry

March 21, 2021

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The radical opportunity presented by decentralized finance has garnered significant attention from investors and speculators alike. The total value locked in DeFi protocols grew over 2,500% in 2020, from around $700 million in January 2020 to over $20 billion in December 2020. TVL is a more useful metric than market capitalization when it comes to […]

Step by step: How crypto fraud and security breaches are investigated

March 3, 2021

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It’s every exchange’s worst nightmare: Falling victim to a security breach. An incident can disrupt a trading platform’s operations for weeks, affect customer confidence and damage a carefully cultivated reputation — even causing crypto markets to fall in some cases. Crypto companies have been ramping up their security measures in recent years, determined to ensure […]

Creditors of Mt. Gox Bitcoin exchange to vote on draft refund plan

February 25, 2021

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Mt. Gox creditors will vote on a proposed draft compensation plan in October. 2995 Total views 15 Total shares The trustee of hacked, now-defunct cryptocurrency exchange Mt. Gox has posted another update on the long-running process of refunding the exchange clients. Nobuaki Kobayashi, a Tokyo attorney appointed to act as civil rehabilitation trustee to manage […]

10 Arrested Over SIM-Swap Hacks That Stole $100M in Crypto From Celebrities: Europol

February 10, 2021

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The alleged international criminal network targeted online influencers, sports stars, musicians and their families in the U.S. Feb 10, 2021 at 12:35 p.m. UTC 10 Arrested Over SIM-Swap Hacks That Stole $100M in Crypto From Celebrities: Europol Crime-fighting agency Europol says 10 people have been arrested for SIM-swap attacks that stole over $100 million in […]

UN Says North Korea Funded Nuclear Weapons With Crypto Hacks in 2020: Report

February 9, 2021

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U.N. experts estimate that over $316 million in crypto was stolen by North Korea-linked hackers last year. Feb 9, 2021 at 3:19 p.m. UTCUpdated Feb 9, 2021 at 3:33 p.m. UTC UN Says North Korea Funded Nuclear Weapons With Crypto Hacks in 2020: Report Cryptocurrency hacks worth hundreds of millions of dollars were used to […]

Yearn.Finance puts expanded treasury to use by repaying victims of $11M hack

February 9, 2021

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DeFi protocol Yearn.Finance repaid victims of its $11M hack by opening a Maker vault with YFI tokens from its newly expanded treasury. 4618 Total views 16 Total shares Major decentralized finance protocol Yearn.Finance (YFI) has restored its yDAI vault in the aftermath of a $11 million exploit by hackers. Yearn announced Tuesday that they opened […]

Crypto Exchange 2gether Says It Can’t Fully Reimburse 9% of Users After 2020 Hack

January 27, 2021

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After a successful fundraising effort, the company said it can now reimburse most, but not all users. Ramon Ferraz, CEO of 2gether(2gether) Jan 27, 2021 at 1:43 p.m. UTCUpdated Jan 27, 2021 at 3:05 p.m. UTC Crypto Exchange 2gether Says It Can’t Fully Reimburse 9% of Users After 2020 Hack Crypto exchange 2gether said it […]

The impact of Bitcoin hacking incidents in the crypto market

January 24, 2021

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In the 2013–2017 period, 29 hacks occurred in the Bitcoin market where a total of 1.1 million Bitcoin were stolen. Noting that the average price for Bitcoin (BTC) in December 2020 exceeded $20,000, the corresponding monetary equivalent of losses is more than $22 billion, which strongly highlights the societal impact of this criminal activity. What […]

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Category: Hacks