Tag Archive for: Crypto

3 Best Practices For Crypto Security

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The idea of bitcoinBTC
 self-custody has become extremely popular due to an overall drop in trust surrounding crypto exchanges. With self-custody, individuals maintain total control over the private keys used to access their crypto, rather than allowing a custodian third party (e.g., exchange platforms or online digital wallet services). With $3.8B lost to crypto hacks in 2022, users want to feel more secure than ever.

However, moving cryptocurrency from trading platforms and out of connected wallets does not automatically mean your assets are safe and secure. Bitcoin custody is more complicated than the seemingly binary “online or offline” storage.

“Crypto security is a three-step dance”, told me Aly Madhavji from Blockchain Founders Fund First. “First, educate yourself on digital assets and blockchain. Second, encrypt; treat your recovery keys like a secret treasure, noted offline and stored securely. Evaluate wallet providers meticulously, considering their track record, user feedback, transparency, and security protocols. Use cold wallets for bulk storage, hot wallets for everyday transactions. Finally, be vigilant; employ multi-factor authentication. Your assets’ security is as strong as your weakest protection.”

Before you commit to one option or another, here are three tips that can help you make the most secure choices for your cryptocurrency holdings.

Choose The Right Wallet For Your Level Of Expertise

In general, you can choose custodial or non-custodial wallets for your bitcoin or other digital assets and cryptocurrencies. Custodial means your wallet management is in the hands of a trusted third party; non-custodial means you’re solely responsible for your wallet’s security. Both have pros and cons, but it’s crucial to be honest with yourself when deciding how to handle your crypto.

If you are new to crypto, you want to seek assistance from a verified company or a simpler, hands-off way to manage your digital currency. Your money is not necessarily inherently less safe this way, despite the lower levels…

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Crypto crime declines, but ransomware is on the rise

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The report claims that almost every crypto-related crime is down this year, but ransomware is growing thanks to more successful attacks and a rise in ‘big-game hunting’.

Cryptocurrency-related crime appears to be down significantly compared to last year, according to a new report by Chainalysis.

The blockchain analysis company’s report suggests that illicit activities related to crypto is down by 65pc compared to the same period last year, while deposits made to “risky” entities are down by 42pc.

Chainalysis noted that transaction volumes are down “across the board” but this decline is less severe for legitimate services at 28pc.

“In other words, there’s been a market pullback, but illicit crypto transaction volume is falling much more than legitimate crypto transaction volume,” the company said.

This follows a particularly crime-riddled year for the sector, as a report in January suggested that the level of crypto-based illegal activity in 2022 was the highest on record, with $20.1bn in illegal transactions reported. That report did not include the transaction volumes of several large firms that collapsed last year, including FTX, Celsius and Three Arrows Capital.

Scams take a major hit

In the latest report, Chainalysis said nearly every category of crypto crime is down so far in 2023, but added that scams have dropped the most.

So far this year, crypto scammers took nearly $3.3bn less in 2023 than they did in 2022, a decline of 77pc. The report claims the total amount crypto scams have earned so far in 2023 is just over $1bn.

Chainalyisis claims that scams are “nearly always” the highest-revenue form of crypto-based crime and believes the drop is linked to the disappearance of “two large-scale scams”. The report claims these scams were VidiLook and Chia Tai Tianqing Pharmaceutical Financial Management.

Ransomware on the rise

The only crypto-related crime that looks set to grow this year is ransomware, according to the report.

Chainalysis claims ransomware attackers have extorted $175.8m more this year than they did by the same time in 2022. This also suggests a reversal of the “positive downward ransomware…

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Amazon Security Engineer Arrested and Accused of Hacking Crypto Exchange

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Looks like trouble is brewing for a top-notch cybersecurity whiz at Amazon. Shakeeb Ahmed, a former security engineer, finds himself in hot water as federal prosecutors allege that he skillfully used his hacking expertise for malicious purposes. The accusation? Mr. Ahmed allegedly orchestrated a scheme to pilfer a staggering $9 million in assets from a cryptocurrency exchange last summer and then tried to conceal his ill-gotten gains through a web of online trickery.

Authorities apprehended the 34-year-old tech aficionado in Manhattan on Tuesday, charging him with wire fraud and money laundering. Although officials refrained from disclosing the name of Ahmed’s former employer, they did describe him as a “former security engineer” for an undisclosed “international technology company.” According to the allegations, Ahmed exploited a vulnerability in the smart contract of an unnamed Solana-based crypto exchange, enabling him to generate a massive $9 million in fraudulent fees. These fees were meant to be rightfully disbursed to platform customers who contributed substantial liquidity. However, Ahmed supposedly manipulated the software by injecting false price data, essentially conjuring money out of thin air. Additionally, he stands accused of attempting to squeeze more funds out of the exchange using “flash loan” attacks—a type of crypto exploit.

Initially, the company where Ahmed previously worked remained shrouded in mystery, as officials declined to reveal any details. However, cybersecurity blogger Jackie Singh shed some light on the matter on Tuesday evening. Singh claimed that Ahmed had been an employee at Amazon, citing various online profiles seemingly connected to the security expert.

Curious to learn more, Gizmodo reached out to Amazon for clarification regarding Ahmed’s employment. A spokesperson confirmed that Ahmed was no longer working for the company, although they couldn’t provide further insights into his role at the tech giant.

According to a LinkedIn profile matching Ahmed’s description, he held the position of “Senior Security Engineer” at Amazon and had been with the company since November 2020. The profile…

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Gaming firm Razer hit by potential breach, hacker offering stolen data for $135k in crypto

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SINGAPORE – Gaming hardware company Razer has allegedly suffered a data breach, after a seller on a hackers’ forum offered stolen data for US$100,000 (S$134,898) in cryptocurrency on Saturday.

The firm said in a Twitter post on Monday that it is aware of a potential breach and is investigating.

Checks by The Straits Times found that the data being sold included the source code and back-end access logins for Razer’s website and its products.

This included folders labelled zVault – referring to Razer’s digital wallet that was launched in March 2017 and later gave way to Razer Gold in December 2018 – as well as those allegedly containing encryption keys and files pertaining to its reward system.

A sample seen by ST also showed the alleged e-mail addresses of customers with virtual credit in Razer Gold accounts. The seller claimed to have 404,000 accounts, but this could not be verified.

On the hackers’ forum, the seller said he would sell the data to only one customer for an asking price of US$100,000 in the Monero cryptocurrency. However, he added that he would be open to offers lower than the stipulated amount.

Unlike other cryptocurrencies such as Bitcoin or Ethereum, in which information on transactions is public as they take place on the blockchain, transactions on Monero are private, according to the cryptocurrency’s website.

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