Amid a surge in cryptocurrency investment - particularly across DeFi - blockchain experts warn that lax security was a main factor in $1.3 billion in cryptoassets being lost to hacks, exploits and scams in 2021. The losses, according to CertiK, rose from $500 million in 2020.
A new feature on antivirus product Norton 360 has left cybersecurity experts baffled, as the company has made a play in the cryptocurrency space with a tool that will mine Ethereum while users' computers are idle. Observers call it a puzzling move and that the feature may be difficult to uninstall.
In the latest update, four ISMG editors discuss key cybersecurity issues, including myth busting from the founder of Zero Trust, the reason behind the surge in high-profile cryptocurrency scams in India and how ransomware attackers routinely lie about their inclinations, motivations and tactics.
Arbix Finance, a yield-farming protocol that runs on Binance Smart Chain, has reportedly siphoned user funds in what blockchain security firm CertiK labeled a "rug pull." This follows a Library of Congress report indicating that the number of nations banning cryptocurrency has doubled since 2018.
To crack down on the criminal use of cryptocurrency, including for ransomware, authorities are increasingly targeting "cryptocurrency businesses that do not have the compliance controls in place necessary to mitigate the risks of illicit activity," says Ari Redbord of TRM Labs.
ISMG's global editorial team reflects on the top cybersecurity news and analysis from 2021 and looks ahead to the trends already shaping 2022. From ransomware to Log4j, here is a compilation of major news events, impacts and discussions with leading cybersecurity experts on what to expect in the new year.
A vulnerability in Polygon, a framework used to build Ethereum-compatible blockchain networks, has been fixed. The bug, discovered by white hat hackers at bug bounty platform Immunefi, would have put 9,276,584,332 MATIC, worth nearly $23 billion, at risk.
A Republican senator will soon introduce a bill that, for the first time, attempts to regulate the cryptocurrency space. The bill would reportedly add investor protections, rein in stablecoins and create a self-regulatory organization under the jurisdiction of the SEC and CFTC.
Threat actors have attempted to steal two-factor authentication codes from users of Australian cryptocurrency exchange CoinSpot, researchers say. The codes would help attackers perform "potentially unauthorized withdrawals from individual accounts," say analysts at Cofense Phishing Defense Center.
The Department of Justice says it's thwarted a Sony Group insider who allegedly embezzled $154 million, converted the proceeds to bitcoin, and demanded a ransom payment to return the money. Authorities say the former Sony employee has been criminally charged in Japan.
Six U.S. senators sent a letter to the Treasury Dept. regarding new cryptocurrency regulation stemming from the infrastructure bill. The lawmakers urge Treasury Secretary Janet Yellen to address concerns around the law, which requires a broad group of professionals to report information to the IRS.
A botnet operation called Glupteba has been disrupted by Google's Threat Analysis Group. The botnet targeted more than 1 million Microsoft Windows users in the U.S, India, Brazil and Southeast Asia. Also, Google has filed a lawsuit against two Russians alleged to be the botnet's operators.
Unidentified threat actors are using fake cryptocurrency-related websites to distribute the SpyAgent malware, which abuses legitimate remote access tools. They have targeted a legitimate Russian remote access tool called Safib Assistant, Trend Micro researchers note.
Three U.S. financial agencies have conducted a series of "policy sprints" around cryptocurrency assets and related regulatory gaps, and plan to amend existing guidance and regulations to address security and market risks, the Board of Governors for the Federal Reserve said this week.
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