Last month we covered the $625m theft from Ronin, using a web3/smart contract, exploit against the decentralised finance service (DeFi). Now the company (and it’s clients) have been bailed out by cash investment by cryptocurrency giant Binance. Ronin Network bailed out by crypto giant Binance after hack – BBC News
The blockchain is not the end of the security process – UPDATED
This post was originally made on 30 March 2022 web3 (with a lowercase “w” of course) and its use of blockchain for better cybersecurity seems like a good idea. However here is another “profitable” cyber-attack on the technology – exploiting the processes to get into the secure systems. Ethereum sidechain …
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A real world attack on decentralized finance (DeFI) – $15m stolen
The attack was on the code Inverse Finance was using for its smart contracts. More than $15 million stolen after hackers exploit DeFi platform Inverse Finance – The Record by Recorded Future Now we have “ice phishing” on the shiny new web3 – Smart Thinking Solutions
Now we have “ice phishing” on the shiny new web3
What is ice phishing? Here is what Microsoft has to say about it: ” ‘ice phishing’… …doesn’t involve stealing one’s private keys. Rather, it entails tricking a user into signing a transaction that delegates approval of the user’s tokens to the attacker. This is a common type of transaction that enables …
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Web3 so new the paint has not yet dried but exploited already
It is widely accepted that the cyber security business is an arms race, with the good guys (us) nearly always playing catch up! We get something new and shiny that offers better security and before we know it it needs patching and fixing because the bad guys have found an …
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