In the latest "Proof of Concept," Grant Schneider, senior director of cybersecurity services at the law firm Venable, and Ari Redbord, head of legal and government affairs at TRM Labs, join editors at Information Security Media Group to discuss trending cybersecurity issues.
Cryptocurrency exchange Coinbase briefly halted its services Feb. 11 after a security researcher uncovered a critical vulnerability affecting its Retail Advanced Trading platform, allowing malicious users to sell BTC without owning any. The researcher who found the flaw got a $250,000 bug bounty.
The use of digital currency as legal tender continues to be prohibited in Russia, according to the Russian Ministry of Finance's draft of digital currency law, even as Russia imposes heavy regulations on crypto exchanges. Also, the Bank of Russia is testing the platform for the country's CBDC.
The latest edition of the ISMG Security Report features an analysis of takedowns of multiple Russian-language cybercrime markets and communities by Russian authorities. It also describes the role of cryptocurrencies in the banking sector and how the identity market will evolve in 2022.
Unknown hackers have stolen about $1.9 million from South Korean cryptocurrency platform KLAYswap using a Border Gateway Protocol hack in the server infrastructure of one of its suppliers even though service implementers have known about BGP hijack attacks for decades and mitigations for them exist.
The SEC announced that BlockFi, a crypto lending platform based in Jersey City, N.J., has been charged with failing to register its lending product and violating registration provisions. To settle, it will pay $50 million, stop unregistered offers and sales, and comply within 60 days.
In case anyone doubts that Russia is the epicenter of ransomware operations, follow the money, as Chainalysis finds that "roughly 74% of ransomware revenue in 2021 - over $400 million worth of cryptocurrency - went to strains we can say are highly likely to be affiliated with Russia in some way."
Nellie Liang, under secretary for domestic finance at the U.S. Department of the Treasury, was the only witness at a virtual hearing on the President's Working Group report on stablecoins - virtual currencies pegged to fiat currency. Lawmakers weighed in on the benefits and dangers of stablecoins.
This edition of the ISMG Security Report analyzes what prosecutors say is the biggest cryptocurrency seizure in U.S. history as well as the biggest financial seizure. It also details how a school district CISO resigned over the district's handling of a severe data breach and busts Zero Trust myths.
Meter, a blockchain infrastructure company that provides multi-chain bridging and allows users to trade multiple cryptocurrencies across Ethereum and other public chains, has been exploited for around $4.4 million, the company acknowledged via Twitter. The hack also affected the Moonriver network.
Some of the biggest cybercrime-focused darknet markets selling stolen payment card data, passwords, malware and more have retired in the past year, with administrators oftentimes boasting it's because they've gotten rich. As they exit, other players remain ready to grab their market share, experts say.
India’s Union Budget 2022 resolves some of the uncertainty around the legitimacy of crypto assets. While crypto assets will not be considered as currency, Finance Minister Nirmala Sitharaman announced that the Reserve Bank of India will be launching a blockchain-based digital rupee this year.
A variety of underground markets exist to help malware-wielding criminals monetize their attacks, including via log marketplaces such as Genesis, Russian Market and 2easy, which offer for sale batches of data that can be used to emulate a victim, whether it's a consumer, an enterprise IT administrator or anyone in...
The Wormhole network, a token bridge that allows users to trade multiple cryptocurrencies without a centralized exchange, has been exploited for 120,000 wETH tokens ($321 million). The company says it has issued a fix for the flaw and is working to "get the network back up as soon as possible."
Democratic lawmakers outlined several provisions of the proposed America COMPETES Act, a measure to counter anti-competitive actions taken by China. Crypto advocates were quick to criticize one measure they say could have caused privacy and due process concerns. The language has now been amended.