Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. DeFi will be in focus during the inaugural Commodity Futures Trading Commission (CFTC) tech advisory meeting, where a panel will “explore issues in decentralized finance.” Polygon, a layer-2 scaling protocol for Ethereum, has launched a zero-knowledge decentralized identity solution to the public nearly a year after announcing its development. The cryptocurrency phishing scammer behind some of the most high-profile and high-value Web3 thefts claims to have packed up shop, saying it was “time to …

According to an official Telegram statement on March 1, Singaporean cross-chain crypto wallet developer BitKeep says it has reimbursed 50% of user assets lost during a security breach stemming from Dec. 26, 2022. On the date of the incident, an estimated $8 million was stolen by hackers after BitKeep's APK 7.2.9 (Android Package Kit) installation package was hijacked and swapped. Users who downloaded the malware subsequently saw their private keys compromised, leading to the theft of assets. As told by BitKeep, a total of 6,731 verified addresses were breached during the incident. The firm has since completed reimbursing 50% of …

The cryptocurrency phishing scammer behind some of the most high-profile and high-value Web3 thefts is claiming to have packed up shop and is “moving on to something better.” The scammer by the pseudonym Monkey Drainer posted to their Telegram channel on Mar. 1 that they “will be shutting down immediately” and all “files, servers and devices” related to the drainer “will be destroyed immediately” and it “will not return.” The scammer even gave advice to budding “young cyber criminals” saying they shouldn’t “lose themselves in the pursuit of easy money” and only those “with the highest level of dedication” should …

Decentralized finance (DeFi) protocol Platypus Finance has created a portal that enables users to view how much the platform owes them following the recent $9.1 million exploit that the platform suffered. On Feb. 16, the DeFi protocol suffered a flash loan attack, pushing the Platypus USD stablecoin to break its peg with the U.S. dollar. At the time, Platypus confirmed a loss of around $8.5 million from its main pool. The firm also said that they have contacted the hacker to negotiate a bounty. A post-mortem report from Platypus auditor Omniscia said that the attack was possible because of code …

A wallet provider for the Algorand (ALGO) network, MyAlgo, has warned its users to withdraw funds from any wallets created with a seed phrase amid an ongoing exploit that has seen an estimated $9.2 million worth of funds stolen. MyAlgo tweeted the advice on Feb. 27 adding it still doesn’t know the cause of the recent wallet hacks and encouraged “everyone to take precautionary measures to protect their assets.” IMPORTANT: ⚠️We strongly advise all users to withdraw any funds from Mnemonic wallets that were stored in MyAlgo. As we still don't know the root cause of recent hacks, we encourage …

$700,000 worth of funds has been drained from BNB Chain DeFi protocol LaunchZone, with the project alleging that an attacker has carried out an exploit. Details remain scarce after more than 80% of funds in the LaunchZone liquidity pool were drained on Feb. 27. A message on the project’s official Telegram group warned users not to buy tokens until more information has been gathered: “$LZ is being hacked from DND exploiter. The team is handling the situation, please don't buy the token at this stage. Please keep calm. We will update timely (sic).” The value of LaunchZone’s native token $LZ …

The suspected actors behind the $6 million exploit of decentralized finance (DeFi) lending protocol Lendhub have just sent more than half of their ill-gotten gains from January into sanctioned crypto mixer Tornado Cash. Blockchain security firms PeckShield and Beosin alerted their respective followers to the movement of funds on Feb. 27, noting that around 2,415 Ether (ETH) worth around $3.85 million was sent to Tornado Cash from a wallet connected to the Jan. 12 exploit. #PeckShieldAlert ~2,415.4 $ETH (~3.85M) into Tornado Cash from @LendHubDefi exploiters LendHub was exploited, and $6M worth of cryptos was stolen from its protocol on Jan. …

In today’s digital age, cybersecurity has become a critical aspect of almost every business. Cyber threats are increasing daily, and businesses must take proactive measures to protect their networks and data. As a result, the demand for cybersecurity professionals has skyrocketed. Little Friday humour #meme #cybersecurity @hackurityio pic.twitter.com/MArEpCh03k — Harold De Vries (@devries_harold) February 17, 2023 In this article, we will discuss the top seven cybersecurity jobs that are in high demand. Cybersecurity analyst A cybersecurity analyst is responsible for identifying and mitigating cyber threats to an organization’s network and data. They examine system logs and network traffic to find …

Over $2.5 billion was stolen in cross-chain crypto bridge hacks from 2021 to 2022, according to a report by Token Terminal. But, despite several attempts by developers to improve bridge security, a debate from December 2022 to January 2023 on the Uniswap DAO forums has laid bare security weaknesses that continue to exist in blockchain bridges. In the past, bridges like Ronin and Horizon used multisig wallets to ensure that only bridge validators could authorize withdrawals. For example, Ronin required five out of nine signatures to withdraw, whereas Horizon required two out of five. But attackers figured out how to …

Two suspects have been arrested by the French police in connection with Platypus' $9.1 million exploit, and 210,000 euros worth of cryptocurrency has been seized, according to the local authorities. Investigations leading to the arrests were supported by on-chain sleuth ZachXBT and crypto exchange Binance, said Platypus. The decentralized protocol was compromised in three separate flash loan attacks carried out by the same exploiter on Feb. 16. [#Cybercriminalité]La #PoliceNationale met fin à une escroquerie d'ampleur pour un préjudice de 9,5 millionssur une société américaine d’échange de cryptomonnaies. Interpellation et convocation en justice de 2 individus saisie de 210 000 € …

Web3 infrastructure firm Jump Crypto and decentralized finance (DeFi) platform Oasis.app have conducted a “counter exploit” on the Wormhole protocol hacker, with the duo managing to claw back $225 million worth of digital assets and transfer them to a safe wallet. The Wormhole attack occurred in February 2022 and saw roughly $321 million worth of Wrapped ETH (wETH) siphoned via a vulnerability in the protocol’s token bridge. The hacker has since shifted around the stolen funds through various Ethereum-based decentralized applications (dApps), and via Oasis, they recently opened up a Wrapped Staked ETH (wstETH) vault on Jan. 23, and a …

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The backlash from the Terra implosion still haunts the crypto world, with the now-shuttered stablecoin yield platform Stablegains being sued for customer losses. The plaintiffs allege that the platform funnelled customer funds into Anchor Protocol without users’ knowledge or consent. Platypus, the DeFi protocol that was exploited for over $8 million, is working on a compensation plan to recover some of the funds. Florida’s Cogent Bank is proposing a $100 million participation in loans …