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Crypto Crime Spree: Over $600 Million Stolen from Crypto Projects in H1 2023

Cybercriminals have been relentless in their pursuit of ill-gotten gains, causing significant financial losses and raising concerns about the security of digital assets.

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Cyber Security - Investors King

Cybercriminals stole over $600 million from various cryptocurrency projects in the first half (H1) of 2023, the latest data from the Atlas team has revealed.

Cybercriminals have been relentless in their pursuit of ill-gotten gains, causing significant financial losses and raising concerns about the security of digital assets.

According to a detailed analysis conducted by Atlas, a staggering total of 125 cyberattacks targeted crypto projects and their clients during this period. Despite the alarming numbers, there is a glimmer of hope as the figures indicate a decline compared to the same period last year.

The Binance Smart Chain (BSC) ecosystem bore the brunt of the attacks, experiencing the highest number of incidents, reaching a total of 30 as these incidents resulted in losses amounting to $25,137,913.

The Ethereum (ETH) ecosystem, on the other hand, suffered the most substantial financial losses, with hackers plundering an astonishing $265,237,633 from multiple Ethereum-related projects in 29 separate incidents.

Another ecosystem that fell victim to cybercriminals was Polygon, which endured damages totaling $122,685,000 due to only four cyberattacks. Also, various crypto wallets suffered losses amounting to $109,200,000.

These incidents highlight the urgent need for enhanced security measures within these ecosystems to protect user funds and ensure the stability of the crypto market.

What is particularly concerning is that a significant portion of these cyber incidents, approximately 22%, were a result of malicious actors exploiting vulnerabilities in crypto project contracts.

This emphasizes the importance of regular security audits and proactive measures to identify and address vulnerabilities before they can be exploited by hackers.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Non-Fungible Token

NFT Sales Plummet 9.91% in Latest Weekly Report

The aggregate NFT sales figure of $72.76 million is nearly 10% lower than the preceding week’s numbers, raising concerns among enthusiasts and investors in the digital collectibles market.

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Non-Fungible Tokens (NFTs) have once again taken a nosedive, marking the sixth consecutive week of declining sales. According to the latest data, NFT sales dropped by a significant 9.91% over the past week, casting a shadow on the vibrant and ever-evolving crypto market, Investors King gathered.

The figures, spanning from September 24 to October 1, 2023, reveal that the total value of NFT sales during this period amounted to approximately $72,767,450. While this might seem like a substantial amount, it represents a notable downturn compared to the previous week’s figures.

Despite the broader crypto economy experiencing an upswing during the same period, NFT sales seem to be struggling to regain their previous momentum. The aggregate NFT sales figure of $72.76 million is nearly 10% lower than the preceding week’s numbers, raising concerns among enthusiasts and investors in the digital collectibles market.

Interestingly, the number of NFT buyers has surged by 17.77% during the past week, reaching a total of 569,407 buyers. Similarly, the number of NFT sellers also saw a notable increase of 15.82%, totaling 714,889 sellers.

Among the various blockchain networks, Ethereum emerged as the clear frontrunner with $37.27 million in NFT sales, representing 51.22% of the week’s total NFT commerce. However, even Ethereum’s dominance couldn’t escape the overall downtrend, as it experienced a modest 1.16% dip in NFT sales compared to the prior week.

Following closely, the Mythos NFT sales secured the second position with an impressive $7.83 million in sales, marking a 13.12% increase from the previous week. Polygon and Solana also made their presence known, securing the third and fourth spots in NFT sales with $7.12 million and $5.86 million, respectively. Immutable X claimed the fifth spot, amassing $5.47 million in sales.

As the NFT market faces headwinds in the face of a broader crypto resurgence, analysts and enthusiasts are closely watching for signs of a potential rebound or a continued decline in the weeks to come.

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Cryptocurrency

Mixin Network Halts Services After $200 Million Security Breach; Recovery Plan in Progress

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cybercrime - Investors King

Mixin Network, a prominent decentralized wallet service provider, has been rocked by a massive security breach resulting in a loss of $200 million.

The breach, attributed to vulnerabilities in its cloud service provider’s database, has raised questions about the platform’s dependence on centralized infrastructure.

Mixin Network, known for its support of 48 public blockchains and an impressive total network asset value exceeding $1 billion, halted deposit and withdrawal services following the breach.

This incident has prompted discussions within the crypto community regarding the risks associated with centralization in decentralized platforms.

In response to the breach, Mixin Network has taken swift action, enlisting the expertise of blockchain security specialists from SlowMist.

The company has pledged to resume services only after thoroughly addressing identified vulnerabilities, a decision reached through consensus among all network nodes.

The plan for asset recovery will be announced in due course, and Mixin founder Feng Xiaodong will provide a detailed explanation in a public livestream.

The Mixin incident follows closely on the heels of the JPEX cryptocurrency exchange scandal in Hong Kong, which has left countless individuals reeling from financial losses totaling $178 million.

Experts now speculate that these recent setbacks may lead the Hong Kong government to reconsider its enthusiastic promotion of Web3 technologies, as concerns over security and public sentiment cast a shadow on the region’s cryptocurrency ambitions.

Carlton Lai, head of blockchain and cryptocurrency research at Daiwa Capital Markets, said, “I think this scandal will have a pretty sizeable negative impact on retail sentiment, given its significant local presence and the various celebrities involved.”

As Hong Kong grapples with the fallout from these high-profile incidents, the future of cryptocurrency in the region remains uncertain, with questions of regulation and security taking center stage.

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Cryptocurrency

Dallas Mavericks Owner and Billionaire Tech Investor, Mark Cuban, Falls Victim to Phishing Attack, Losing $870,000 in Crypto Assets

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cybercrime - Investors King

Mark Cuban, owner of the Dallas Mavericks and a prominent billionaire technology investor, recently fell prey to a phishing attack, resulting in a loss of approximately $870,000 worth of tokens.

The incident occurred over the weekend after months of inactivity on Cuban’s crypto wallet.

Phishing attacks, a prevalent threat in the crypto industry, deceive users into revealing sensitive information, downloading malicious software, and exposing their private data.

These attacks exploit users’ trust, often causing them to overlook the authenticity of incoming requests on their crypto wallets or unwittingly download counterfeit applications designed solely to pilfer their assets.

Cuban’s crypto wallet was emptied of various assets, including U.S.-pegged stablecoins, staked ETH (stETH), SuperRare (RARE) tokens, and some Ethereum Name Service (ENS) domains, according to blockchain data.

The initial discovery of these suspicious transactions was made by the vigilant on-chain investigator @wazzcrypto.

Fortunately, Cuban was alerted to these transactions, and he managed to safeguard over $2.5 million worth of Polygon’s MATIC tokens.

He accomplished this by promptly logging into his wallet and transferring the tokens to a secure Coinbase exchange address.

Cuban revealed that the phishing attack was apparently initiated through a fraudulent MetaMask wallet application that he had unwittingly downloaded.

This incident marks the second high-profile phishing attack in as many weeks, following Ethereum co-founder Vitalik Buterin’s experience in early September. Buterin’s X account was compromised in a phishing attack, although he did not appear to lose any of his own funds.

Nevertheless, unsuspecting users collectively suffered losses of up to $700,000 by sending tokens to a malicious link that falsely appeared to have Buterin’s endorsement.

As the crypto industry continues to thrive, it is crucial for users to exercise caution and remain vigilant to safeguard their digital assets from the ever-present threat of phishing attacks.

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