Following a massive $600-million exploit of cross-chain protocol Poly Network, the Poly Network hacker has claimed his willingness to return the stolen cryptocurrency funds. At about 4:00 am UTC on Wednesday, the hacker sent an Ethereum transaction to themselves, stating that they were “ready to return the fund” in an embedded transaction message. In a subsequent message, the hacker asked for a multisig wallet address to return the funds to Poly Network. “Failed to contact the poly. I need a secured multisig wallet from you,” the hacker noted. Poly Network’s Twitter account posted an update on Wednesday, providing three separate …

In what may be the largest attack in decentralized finance, or DeFi, unknown hackers used an exploit on cross-chain protocol Poly Network to remove at least $600 million from three chains. According to a Tuesday update on Twitter, Poly Network said the attacks had removed assets from Binance Chain, Ethereum and the Polygon network. Blockchain data from the respective networks shows the hackers stole roughly $273 million from Ethereum, $85 million in USD Coin (USDC) from the Polygon network, and $253 million from the Binance Smart Chain. Poly also reported renBTC, wrapped Bitcoin (WBTC), and wrapped Ether (WETH) were involved …

A fintech platform is taking on the decentralized finance craze with a focus on security, stability and accountability that DeFi platforms, by their very nature, cannot match. “Crypto has a reputation problem and we hope to fix that,” crypto exchange and lender YouHodler CEO Ilya Volkov said. “We want to be as safe and reputable as your local TradFi bank but with an innovative twist that lets users harness the power of blockchain-based financial services.” Call it TradFi with a fintech twist, as YouHodler offers crypto-collateral loans on 30 cryptocurrencies, an exchange with a fiat off-ramp, high-interest savings, and a …

IT software provider, Kaseya, has announced it is providing its clients with a decryption tool to recover customer data that was locked in a ransomware attack earlier this month. In a July 26 notice on its website, the global technology firm stated it has been assisting its customers with the restoration of their encrypted data in partnership with cybersecurity company Emsisoft. It has been issuing a mysterious “decryptor” tool enabling customers to access data that had been locked by the malware disseminated in the July 2 attack. “The decryption tool has proven 100% effective at decrypting files that were fully …

The launch of a cryptocurrency developed by Donald Trump supporters last week has been marred by a website data breach. According to The Guardian, user information including IP addresses, email addresses and passwords were accessed via a poor security configuration on the project’s website. The crypto is dubbed MAGACOIN after former President Trump’s “Make America Great Again” slogan. The project’s website claims that MAGACOIN was “created by America First Conservatives out of frustration with “Losing the Election” (the site has it in quotes) and “a desire to fight back by supporting MAGA candidates in 2022 and beyond” with profits from …

Immunefi, a security service outfit that specialized in decentralized finance (DeFi) projects, has inked a collaboration with the Binance Smart Chain. According to a release issued on Friday, Immunefi will work in collaboration with BSC to improve the security of projects on the Binance chain. As part of the partnership, ethical hackers who take part in a campaign to discover vulnerabilities in BSC-based projects will earn rewards. As a security outfit, Immunefi has reportedly paid more than $3 million in bug bounties to ethical hackers. Major BSC protocols such as PancakeSwap, DODO, and Zapper among others are already deploying the …

Decentralized finance (DeFi) is here to stay with over $100 billion in total value locked (TVL), highlighting the evidence of faith in these new financial tools. This investment will continue to increase, but it appears that with each new record in TVL, there is another network attack being reported with astronomical losses. Crypto crime dropped 57% in 2020, but DeFi hacks surged, costing companies and investors billions of U.S. dollars. In March alone, there were several attacks within just a five-day period, with Paid Network losing $180 million. Later in May, PancakeBunny lost more than $200 million in a flash …

On June 7, the United States government task force seized more than $2 million in Bitcoin (BTC) to pay a ransom following an attack on the Colonial Pipeline system. A warrant filed with the U.S. District Court for the Northern District of California shows that authorities recovered 63.7 BTC. As news of the recovery spread through mainstream media, some outlets suggested that the U.S. government somehow hacked the Bitcoin address in order to extract the funds. For example, University of Michigan professor and New York Times contributor Justin Wolfers tweeted: News that the government has figured out how to snatch …

Impossible Finance, a Defi protocol built on Binance Smart Chain, has completed a $7 million seed funding round backed by over 125 institutional and angel investors — with the funds going towards the development of a multi chain DeFi incubator. The seed round was led by venture capital firm True Ventures, and quantitative investment firm Alameda Research, blockchain development firm Hashed and investment firm CMS Holdings. Impossible Finance was launched on BSC on April 9, and the protocol currently offers DeFi investors token swaps, liquidity pools, and staking rewards through the Impossible Finance (IF) token The new funding will go …

Recently, gas has been a hot topic in the news. In the crypto media, it’s been about Ethereum miner’s fees. In the mainstream media, it’s been about good old-fashioned gasoline, including a short-term lack thereof along the East Coast, thanks to an alleged DarkSide ransomware attack on the Colonial Pipeline system, which provides 45% of the East Coast’s supply of diesel, gasoline and jet fuel. In cases of ransomware, we generally see a typical cycle repeat: Initially, the focus is on the attack, the root cause, the fallout and steps organizations can take to avoid attacks in the future. Then, …

Popular TikTok viral “meme coin” SafeMoon could be vulnerable to malicious exploits by hackers on account of purported security vulnerabilities in its smart contract code. According to a smart contract audit by blockchain security firm HashEx, SafeMoon currently has 12 of such vulnerabilities with five being classified as ranging between being of a “critical” and “high-severity” nature. As part of its findings, the HashEx audit alleges that SafeMoon is vulnerable to a “Temporary ownership renounce” attack and a subsequent rug pull to the tune of $20 million. According to HashEx, the SafeMoon contract owner is an externally owned account, or …

After a $11 million attack earlier today, Rari Capital is the latest decentralized finance (DeFi) protocol to fall victim to a high-priced exploit The platform, which builds optimized yield vaults and boutique lending pools, confirmed the attack in a Tweet and said that a full postmortem is forthcoming: There has been an exploit in the Rari Capital ETH Pool related to our @AlphaFinanceLab integration. The rebalancer has removed all funds from Alpha in response. We are currently investigating the situation and a full report will be shared once everything is assessed. — Rari Capital (@RariCapital) May 8, 2021 Per whitehat …