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's crypto roundup includes DeFi hacks and scams in the second quarter of 2023, FTX and SBF, Justby in the CFTC's crosshairs, and JokerSpy in a Japanese exchange. Also, the IMF says a crypto ban won't curb risk, Binance won't delist privacy coins, and EU banks have new capital requirements.
Every week, ISMG rounds up cybersecurity incidents in the world of digital assets. This week: Sam Bankman-Fried is set to face two criminal trials instead of one, Binance is sinking deeper into regulatory quicksand, and the Mango Markets hacker is expected to be tried on Dec. 4.
Ransomware actors are using the thing that verifies crypto transactions - mining - to their advantage. More criminals are laundering their ill-gotten gains by re-minting the digital money through mining to sanitize funds and bypass controls imposed by more highly regulated financial institutions.
Every week, ISMG rounds up cybersecurity incidents in the world of digital assets. This week, Atomic Wallet, FPG, Sturdy Finance and Hashflow suffered hacks involving millions of dollars, hackers phished followers of popular Twitter accounts and an Australian bank wanted to limit crypto use.
Mihai Ionut Paunescu, who hosted "bulletproof" infrastructure for malware, received a prison sentence of 36 months. His sentencing concludes a 10-year effort by prosecutors against a trio of hackers who created and distributed the Gozi banking Trojan.
Hackers hit the e-commerce industry with 14 billion attacks in 15 months, pushing it to the top of the list of targets for web application and API exploits. A new Akamai report blames digitalization and the wide range of vulnerabilities hackers can exploit in web applications.
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.
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