As nonfungible tokens (NFTs) attract more users, they also capture the eyes of scammers. Bad actors in Web3 have set their sights on digital collectibles, with millions being lost through scams and various attacks. However, according to professionals working in the Web3 space, there are multiple ways and tools to prevent being a victim of NFT theft. In addition, users can also take various actions after losing their digital collectibles to hacks. Ronghui Gu, the co-founder and CEO of blockchain security firm CertiK, told Cointelegraph that the first and most important step is always due diligence. “Avoid clicking on suspicious …

The Philippines Securities and Exchange Commission (SEC) is seeking to bring cryptocurrencies under its scope and beef up its authority over the local cryptocurrency industry under new draft rules. According to a Jan. 25 report in local media outlet, the Manila Bulletin, the securities regulator put forward for public comment draft rules relating to financial products and services which also cover cryptocurrencies and digital financial products. The SEC said in a statement the draft rules will operationalize a newly signed law and give it “rule-making, surveillance, inspection, market monitoring, and more enforcement powers.” The guidelines expand the definition of a …

Blockchain security firm CertiK believes to have found the real identity of at least one scammer allegedly linked tothe “Monkey Drainer” phishing scam. Monkey Drainer is the pseudonym for a phishing scammer(s) that uses smart contracts to steal NFTs through a process known as "ice phishing." The individual or persons behind the phishing scam have stolen millions worth of Ether (ETH) via malicious copycat nonfungible token (NFT) minting websites to date. In a Jan. 27 blog, CertiK said it found on-chain messages between two scammers involved in a recent $4.3 million Porsche NFT phishing scam and was able to link …

The Web3 Foundation, which supports the Polkadot protocol, has again presented its argument that its native DOT (DOT) token is not a security. In a Twitter thread, the foundation emphasized its efforts to comply with U.S. securities laws, as well as Securities and Exchange Commission guidance on digital assets, and declared that DOT had successfully “morphed” and is software, not a security. The Web3 Foundation reposted an excerpt from a December Twitter Space where Angela Dalton, identified as an adviser to the foundation, described how representatives accepted the SEC’s invitation to “come in and talk to us.” Subsequently, the foundation …

A group calling itself “Victims of Ankr Exploit” have claimed that its members lost over 13,000 BNB liquid staking coins (over $4 million worth at the time of writing) as a result of the Dec. 2 Ankr exploit, but have not been adequately reimbursed by the Ankr company. According to a Jan. 19 statement from the group received by Cointelegraph, affected members alleged that they have only received half of the amount they lost. The group has called on Binance’s Chanpeng Zhao (also known as “CZ”) to put pressure on Ankr to get the funds released. 1/4 We, the victims …

Are HD wallets safe? HD wallets are as secure as the medium (physical or digital) on which they are stored. BIP-32 enables an HD wallet to produce a tree-like hierarchical structure of private keys from the seed. As a result, if a device is lost or destroyed, the seed backup can be used to restore the wallet along with all of the tree’s private keys. Hierarchical deterministic wallets offer enhanced security and privacy compared to non-deterministic wallets. They are secure because a new address is issued for every new transaction. Therefore, hacking them is a challenging and intricate process. Additionally, …

In the wake of an eventful 2022 for the crypto space, many investors are now wondering what the future holds. Early this year, the crash course the Terra ecosystem went on sent the space into a downward spiral, sinking millions in investor funds in mere days. Most recently, one of the biggest centralized exchanges, FTX, filed for bankruptcy, also dragging down millions in customer assets. Such disastrous events have led a lot of crypto investors to start seeking protection and security, in the form of regulation. The crypto space is notoriously unregulated, but investors are suffering the consequences with losses …

Crypto security is one of the hottest topics right now, as users wish for a much less turbulent 2023. Against the backdrop of a somewhat troublesome 2022, crypto enthusiasts are now more aware than ever that their assets need to be protected. To aid in users' efforts to keep their investments safe, one browser-based extension is revolutionizing the space. Web3 Antivirus is a simple and easy-to-use plugin that allows users to analyze and monitor smart contracts before interacting with them. To get a complete overview of what Web3 Antivirus brings to the table, tune into an AMA session with the …

The United States Securities and Exchange Commission, or SEC, has reportedly leaked the names and email addresses of many crypto miners connected to blockchain firm Green. According to a Jan. 17 report from the Washington Examiner, the SEC unintentionally included 650 names and email addresses in an email communication with Green as part of an investigation, leaving the blockchain’s nodes vulnerable to hacks. The financial regulator had reportedly been reaching out to Green users regarding their purchase of the firm’s products. “The Privacy Act of 1974 [...] prohibits the disclosure without consent of information about individuals that the federal government …

App-specific blockchains, or appchains, are specifically designed to support the creation and deployment of decentralized applications (DApps). In an appchain, each app runs on its separate blockchain, linked to the main chain. This allows for greater scalability and flexibility, as each app can be customized and optimized for its specific use case. Appchains are also an alternative solution for scalability to modular blockchains or layer-2 protocols. Appchains present similar characteristics to modular blockchains, as it is a type of blockchain architecture that separates the data, transaction processing and consensus processing elements into distinct modules that can be combined in various …

Input Output Global (IOG) — the team behind the Cardano ecosystem — will release a software toolkit in late Jan. 2023 that will enable developers to deploy custom-built sidechains on Cardano aimed at improving the ecosystem. The news was announced by IOHK — a blockchain engineering company founded by Charles Hoskinson and now known as IOG — on Jan.12, which also attached the official technical documentation for the sidechain toolkit. ⛓️ The #Cardano sidechain toolkit was previewed at #IOScotFest, and we’re happy to share the first iteration is out now. Here’s the lowdown on this exciting new project! https://t.co/Ny9tQuJh5K — …

This year saw the crypto market rocked by numerous crises while the bearish climate was a constant presence. Considering this, many traders have lost confidence in traditional CEX trading and are looking to diversify their strategies. Turning to alternative trading patterns and products is a way to minimize risk and reduce losses. Cointelegraph’s interview with Eightcap contains more about derivatives trading in the crypto space. Q: FTX has become one of the biggest crypto disasters lately. What could have been done to avoid that? The collapse of FTX has taught investors and crypto providers major lessons about security, transparency and …