Ramesh has seven years of experience writing and editing stories on finance, enterprise and consumer technology, and diversity and inclusion. She has previously worked at formerly News Corp-owned TechCircle, business daily The Economic Times and The New Indian Express.
This week: A U.S. federal court issued a summons to Binance CEO Changpeng Zhao, Lazarus may be behind the $35 million Atomic Wallet heist, and Manhattan prosecutors seized a scam crypto recovery website. Also, the Blockchain Association weighs in on Tornado Cash, and crypto security attacks decline.
U.S. federal prosecutors unsealed indictments Wednesday against six Houston-area men for an alleged six-month spree of business email compromise thefts adding up to nearly $6 million. Business email compromise is a mainstay of social engineering fraud.
The Biden administration stepped up regulatory enforcement against cryptocurrency trading platforms in consecutive lawsuits targeting Binance and Coinbase for alleged violations of securities laws. "We already have digital currency. It's called the U.S. dollar," said U.S. SEC Chairman Gary Gensler.
Enterprise cybersecurity is no longer just about a siloed team of professionals securing the firm's systems and servers. Security has evolved into a key business consideration with people at its core, according to Suraj Jayaraman, Microsoft's director of cloud security architecture.
In the days between May 26 and June 1, Tornado Cash validators regained control, Tron patched a bug that could be exploited for $500 million, Binance said it will delist privacy coins in four European countries, Coinbase settled insider trading charges and Hong Kong police joined the metaverse.
Supply chain is critical for application security because most firms rely on third-party software components. The ease of injecting vulnerabilities into open-source components makes software bill of materials a critical need, said Minatee Mishra, director of product security at Philips.
Between May 19 and 25, a hacker took control of Tornado Cash and stole $1 million, plaintiffs in a Coinbase-bankrolled lawsuit pressed for summary judgment, attackers used crypto phishing as a service to steal $6 million, Trezor hot wallet was found to possibly be buggy and Celer patched a bug.
Law enforcement and regulatory action over the past year in the United States most likely dissuaded hackers from stealing cryptocurrency, making the amount stolen in the first quarter of the year the lowest compared to each of the four quarters in 2022, TRM Labs said.
The mastermind behind a criminal website that sold tools for scammers who defrauded victims globally of more than 115 million euros received a 13-year, four-month prison sentence in the United Kingdom just months after law enforcement seized the site.
MiCA's consumer protection provisions extend to cybersecurity, with its anti-money laundering, cyberattack liability and travel rule clauses. ISMG contributors Ari Redbord of TRM Labs and Troy Leach of Cloud Security Alliance discuss its impact on cybercrime, compliance challenges and the way ahead.
In the days between May 11 and May 18, the Uranium Finance hacker laundered more stolen funds, LayerZero launched a $15 million bug bounty program, the European Union adopted comprehensive cryptocurrency legislation, and Ledger faced backlash on its seed phrase recovery solution.
U.S. federal prosecutors announced a slew of indictments and arrests in cases involving attempts by foreign nationals to illegally export technology into Russia, China and Iran. The arrests are part of a recently announced Disruptive Technology Strike Force.
An Illinois man pleaded guilty Monday to eight criminal counts stemming from the three years he spent leading a conspiracy to sell stolen financial information on darknet markets. The man, Michael D. Mihalo, 40, founded a darknet carding site known as Skynet Market.
A hacker made $34 million from MEV bot attacks, NYDFS penalized Bitflyer for lax cybersecurity, Ishan Wahi was sentenced in the Coinbase insider trading case, the IRS is training Ukraine in blockchain forensics and the New York AG proposed a crypto cybersecurity bill.
Ransomware hackers' favorite currency is cryptocurrency. Digital assets transfer millions of dollars each year from victims to cybercriminals. But that dependency is also an opportunity for law enforcement to hit ransomware hackers in their most vulnerable spot.