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Coinbase’s Institutional research team notes many bridge hacks occurred due to the complexities around source chain commit and cross-chain relay. Cyber incidents related to cross-chain bridges are likely to decrease in the foreseeable future as many protocols continue adopting rollup solutions alongside increased scrutiny on secure designs. According to Coinbase Institutional’s recent research report, most of the largest bridge hacks over the past few years happened due to the complexities around the signing and validation of messages by the relayers. These third-party services facilitate the transaction of data between different blockchains. Value lost due to cross-chain bridge s related to other incidents in the crypto industry | Source: Coinbase David Han, Institutional Research analyst at Coinbase, referred to the notorious Ronin bridge hack when a hacker using a social phishing scheme got five out of nine private keys needed to forge data payloads to signify ...

South Korea’s largest exchange , Upbit, suffered 159,061 attacks during the first half of 2023. According to the local media Yonhap, it is nearly 2.17 times more than in 2022. To fight back against the increasing trends of hacking attacks, the company increased the portion of funds it held in cold wallets by 70%. It also grew the security levels for its hot wallet funds. Upbit is currently one of the leading cryptocurrency exchange s in South Korea. The company has a trading volume of nearly $1.2 billion. Due to Binance regulatory issues, the company increased its market share by 5.5%. Upbit is gaining traction and attracting users in the competitive cryptocurrency exchange landscape. You might also like: Upbit falls victim to fraudulent deposit incident In 2019, the exchange experienced a significant hack, losing $51 million worth of Ethereum (ETH). Despite this setback, Upbit resumed its normal operations after a two-month hiatus, demonstrating its resilience an...

The hackers behind the $41 million heist at the crypto casino Stake have reportedly transfer red $328,000 in Polygon (MATIC) and Binance coin (BNB) tokens. According to blockchain security firm CertiK, the latest transaction saw the transfer of 300 BNB tokens, valued at approximately $61,500, to an external address identified as “0x695…”, which were subsequently bridged to the Avalanche blockchain on Sept. 11 at 4:09 pm UTC. #CertiKSkynetAlert The @Stake exploit er has transfer red 300 BNB to EOA 0x695 Funds have been bridged to AVAX https://t.co/CcfRV7EGps — CertiK Alert (@CertiKAlert) September 11, 2023 Earlier the same day, an additional 520,000 MATIC tokens, with a market value exceeding $266,000 were relocated to the Avalanche network. This recent transfer of assets, amounting to $328,000, adds to the previously moved $4.5 million, which was transfer red to the Bitcoin blockchain as BTC on Sept. 7, as noted by blockchain security firm Arkham. You mig...

On-chain threat monitoring system AegisWeb3 has issued a warning on X, alerting the community against phishing attacks imitating Friend.tech. According to AegisWeb3, a phony X account called @friendtech_web3 recently announced an airdrop for the Friend token and directed users to a fraudulent website. ️ Beware of phishing websites impersonating @friendtech️ A FAKE Twitter account @friendtech_web3 recently posted a tweet promoting an airdrop for $FRIEND and directing users to a phishing website. This tweet has garnered significant attention, with 674.2K views so far.… pic.twitter.com/9w7lWHKKxR — AegisWeb3 (@AegisWeb3) August 21, 2023 The bogus tweet has received much attention, with over 674,000 views thus far. You might also like: What is Friend.tech, social platform earning over $1m in fees Aegis’ warning comes on the heels of another scam update from Certik, a platform known for sending real-time tips about crypto scams and hacks. #CertiKSkynetAlert We have...