• Hack & Scam

    VC Firm A16z Argues Zk Proof Can Protect Privacy & Beat Malicious Actors

    A report by the esteemed VC firm a16z  states that zero-knowledge proofs (ZK-proofs) and other cryptographic techniques can be used to protect individual privacy while also helping law enforcement combat bad actors in the crypto space The report was authored by a16z partners Aiden Slaven and regulatory counsel David Sverdlov and published just weeks after Roman Storm was found guilty of conspiracy to operate an unlicensed money transmitting business. How ZK-Proofs Work to Balance Privacy and Law Enforcement? Law enforcement and prosecutors argued in the Tornado Cash case that mixing services, which obscure the origin and destination of funds, facilitate criminal activity by allowing bad actors…

  • Hack & Scam

    HashFlare Duo Receive Time Served in $577 Million Crypto Scam

    In a developing story, HashFlare duo Sergei Potapenko and Ivan Turõgin are sentenced to time served for one of the largest cryptocurrency fraud cases in U.S. history.  The HashFlare duo previously pleaded guilty to their crime of the massive $577 million Ponzi scheme.  However, Federal Judge Robert Lasnik handed down the ruling, allowing the Estonian nationals to avoid additional prison time. They had served 16 months in custody by this time. For context, the HashFlare duo, Sergei and Turõgin were arrested in Estonia in November 2022 and extradited to the United States in May 2024.  The duo pleaded guilty to…

  • Hack & Scam

    Qubic Stuns Crypto World with 51% Monero Hashrate Takeover Claim

    In the ever-evolving landscape of cryptocurrency, few events have stirred the community quite like the recent power play targeting Monero, a privacy-focused, decentralized cryptocurrency designed to be untraceable and anonymous. Over the past month, the network has been at the center of an unprecedented challenge — not from a sudden attack, but from a declared and deliberate campaign against it. Back in July, Qubic, an AI-focused blockchain protocol, announced its intention to seize majority control of Monero’s hash rate. It openly stated its ambition — to dominate 51% of the mining power behind one of the leading privacy coins, a…

  • Hack & Scam

    FTX Case Takes New Turn, Law Firm Accused of Playing Key Role 

    Victims of the FTX fraud case are updating their lawsuit. New evidence shows Fenwick and West – a law firm – have equally orchestrated the fraud.  According to testimonies given by FTX Insiders, Fenwick and West were not merely legal representatives but they also created and approved the structures that led to mismanagement of customer funds.  The customers have accused the firm for misrepresenting FTX and its sister firm Almaeda Research and its subsidiary North Dimension.   This lawsuit is a component of a larger multi-district class-action lawsuit initiated by FTX users following the exchange’s collapse in late 2022.  The broader…

  • Hack & Scam

    Aave Users Hit by Phishing Scam After $60B Milestone

    Just a day after decentralized finance protocol Aave announced it had surpassed $60 billion in net deposits, a phishing campaign surfaced, targeting its users through Google Ads, according to security researchers. Data from Token Terminal shows a sharp rise from August 2024, when deposits stood at approximately $18 billion. The next day, blockchain security firm PeckShield alerted the crypto community to an active phishing scam targeting Aave investors. Fraudulent ads mimicking official Aave investment platforms were reportedly being promoted through Google Ads, directing users to malicious websites. Aave Community Targeted in Widespread Scam Users who unknowingly connect their wallets to…

  • Hack & Scam

    Scammers Are Using Old YouTube Accounts To Scam People 

    Scammers have really gotten their creative juices flowing as many have now taken legacy old YouTube crypto channels to promote the use of a scammy bot. As sketchy as this sounds, they are using channels that were once legit. They are posting videos of these bots that use MEV to help users get paid in ETH gas fees.  What On Earth Is An MEV? Lets understand MEV with a simple example. Let’s say you are at a barista and there are multiple people behind you who want to order a coffee. Some may want to wait but lets say you…

  • Hack & Scam

    MyConstant Founder Pays $10.5M to Settle SEC Charges

    Huynh Tran Quang Duy, also known as Duy Huynh, the founder of the failed crypto lending platform MyConstant, has agreed to pay more than $10.5 million to settle charges brought by the U.S. Securities and Exchange Commission (SEC). The SEC accused him of misusing investor funds to purchase TerraUSD, the now-defunct stablecoin. Instead, the SEC said Huynh spent $11.9 million of investor money to purchase TerraUSD (UST), a stablecoin tied to the Terra blockchain that crashed in mid-2022, wiping out billions in market value. The platform has been under regulatory scrutiny since late 2022, when California’s financial regulator accused it…

  • Hack & Scam

    CoinDCX Employee Was Offered A Job Before the $44 M Exploit

    Bengaluru police uncovered that a software engineer, a CoinDCX employee, has been offered a part-time job by the hackers, who then installed malware to the system before carrying out the  $44 Million exploit of the Indian cryptocurrency exchange CoinDCX.  In a developing story and unfolding investigation, Police have found a deceptive job scam that exploited an unsuspecting employee that led to the theft of approximately $44 million in digital assets. CoinDCX reported a major security breach a couple weeks ago, with authorities revealing that the incident stemmed from a social engineering scheme in which cybercriminals posed as legitimate recruiters to gain…

  • Hack & Scam

    Malware Campaign: Cybersecurity Experts Say 10M Targeted

    Cybersecurity experts are warning crypto users of a sophisticated malware campaign that has potentially targeted more than 10 million users worldwide through online advertisements promoting fake cryptocurrency trading apps. Cybersecurity firm Check Point issued a report on their website   detailing an ongoing operation they’ve dubbed “JSCEAL”. The team says the campaign exploits the growing popularity of digital assets by impersonating nearly 50 well-known crypto platforms, including Binance, MetaMask, and Kraken, to distribute malware designed to steal sensitive user data and digital assets, has been around since at least March last year.  How does the Malware Campaign take place?  According…

  • Hack & Scam

    Crypto ATM Scammers Find Their Match in Kitboga

    Youtube streamer Kitboga has taught a group of Crypto ATM Scammers a bitter lesson by trapping them in an infinite maze for over 164 days pretending it to be a way to redeem Bitcoin from their victims. Using nothing but Photoshop, a fake crypto exchange, and a hotline, Kitboga and his merry band of scambaiters have successfully wasted 3,953 hours of scammer time through a fake Bitcoin ATM redemption process that leads to absolutely nowhere. A Scam Within the Scam for Crypto ATM Scammers Scammers typically convince victims to send money through Bitcoin ATMs, real machines where you insert cash…