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Binance And Huobi Team Up To Recover Stolen Funds From Harmony One Exploit

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Hacking in the crypto industry has been a prominent part of the space. One of the recent significant ones, the Harmony bridge exploit, has been under investigation since it occurred. The latest update indicates that the largest cryptocurrency exchanges, Binance and Huobi, have teamed up to recover some of the stolen funds. 

The information was disclosed by Binance CEO Changpeng Zhao (CZ) in a tweet posted on Jan. 16. CZ tweeted, “We detected Harmony One hacker fund movement. They previously tried to launder through Binance, and we froze his accounts. This time he used Huobi. We assisted Huobi’s team in freezing his accounts. Together, 124 BTC have been recovered. CeFi helping to keep DeFi SAFU.”

Binance And Huobi Team Up To Recover Stolen Funds

Alongside a collaboration with security teams at crypto exchanges, Binance and Huobi were able to freeze and recover a large amount of BTC out of the stolen funds from the Harmony bridge exploit. 

According to CZ, the hackers tried laundering the exploited funds through the Huobi exchange. After Binance discovered this, they reached out and assisted Huobi in freezing and recovering the digital assets deposited by the hackers.

Zhao added that they were able to recover approximately 124 BTC, which is worth over $2 million, at the time of writing. Prior to CZ disclosure, Crypto Sleuth, ZachXBT, reported that the hacker behind the Harmony Bridge exploit was moving around funds of 41,000 Ethereum (ETH), worth around $64 million in the last weekend.

The hacker also consolidated the funds after moving them around and then deposited them into three distinct cryptocurrency exchanges which ZachXBT did not disclose.

Summary On The Harmony Bridge Exploit 

In June 2022, Harmony disclosed that its Horizon Bridge to the Harmony layer-1 blockchain had been hacked. According to the team’s explanation via Twitter, the theft resulted in a total of $100 million siphoned off the network in Ethereum.

Following the exploit, Harmony notified various exchanges to shut down the Horizon bridge so that users will not be able to carry out transactions on the bridge and the attacker will not be able to continue the exploit. 

The protocol assured the public then that the team was working with authorities to identify those behind the theft, which included working with the FBI and various cybersecurity firms. 

Overall, reports have it that an infamous North Korean hacking organization called ‘Lazarus Group’ is suspected to be behind the Harmony bridge hack as Blockchain analysis firm Elliptic once noted that how the hack was conducted was similar to other Lazarus Group attacks.

ONE price chart on TradingView
ONE price is moving sideways on the 4-hour chart. Source: ONE on TradingView.com

Meanwhile, the global cryptocurrency market is currently in a bull run as the market capitalization exceeded $1 trillion after months of hovering below the said amount. Harmony’s token ONE has also followed suit in the bullish trend up by 4.3% in the last 24 hours with a trading volume of $51.8 million.

Featured image from DoughRoller.net, chart from TradingView.com

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Shiba Inu: Celebration for the Burning of 176 Million SHIB in a Historic Transaction

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In an exciting development for the Shiba Inu community, September 20 marked a significant milestone as Shiba Inu’s official burn tracker announced that over 176 million SHIB tokens had been burned in a single transaction. But that’s not all; in the last 24 hours, a total of 135,933,606 SHIB tokens were burned, adding up to an impressive total of 521,814,163 tokens burned in just 7 days.

Impact on SHIB Price

As expected, this exceptional event has captured the attention of the cryptocurrency community and Shiba Inu investors worldwide. In the latest hourly update provided by Shibburn, the current price of the meme coin stands at $0.0000073, with a slight 0.15% decrease in the last hour. Although there has been a 1.34% decrease in the price in the last 24 hours, Shiba Inu’s market capitalization remains strong, valued at $4,297,527,749.

Lucie: The Voice of the Shiba Inu Community

On September 18, a key member of the Shiba Inu team, known as Lucie, addressed the community to answer burning questions about the highly anticipated SHIB token burn in Shibarium. Lucie emphasized that token burns are scheduled per transaction, meaning they occur based on the level of community participation. In a passionate plea, she urged SHIB holders to support this effort, stressing that SHIB burns are the result of close collaboration between developers and the community.

Lucie also pointed out that while it’s exciting to see enthusiasm for token burns, it’s crucial for the community to understand that SHIB burns are a community-driven initiative and not a call for developers to take immediate action.

Shibarium’s Focus: Strengthening BONE ShibaSwap

Amidst this backdrop of token burns, the Shibarium team has shifted its focus to strengthen the Bone ShibaSwap token, also known as BONE. Lucie emphasized that the implementation of BONE aims primarily to safeguard the interests of investors. To achieve this goal, the team has implemented a temporary locking contract along with a decentralized multi-signature wallet, ensuring maximum protection for Shiba Inu investors.

Shibarium’s Success with NOWNodes

Recently, Shibarium achieved an impressive feat by processing over 7 million RPC requests for the network in just one week. This achievement sets a new record for the platform and underscores the growing importance of Shibarium in the cryptocurrency ecosystem. NOWNodes, a node service provider supporting more than 80 blockchain networks, reported on this noteworthy accomplishment, highlighting Shibarium’s increasing relevance in the world of cryptocurrencies.

The Shiba Inu community is excited about these recent developments and the massive SHIB token burn, further bolstering their confidence in the project. With Shibarium gaining momentum and active community engagement, the future of Shiba Inu appears bright in the world of cryptocurrencies.

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Crypto Enforcement Funds Under Scrutiny: Congressman Emmer Calls For Restrictions On SEC

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In a recent statement, Congressman Tom Emmer, a prominent figure in the GOP and a staunch advocate for crypto, expressed his concerns regarding the actions of Securities and Exchange Commission (SEC) Chair Gary Gensler. 

Emmer accused Gensler of abusing his authority, leading to the expansion of the Administrative State while “disregarding the interests of the American people”. 

To address these concerns, Emmer plans to sponsor an appropriations amendment aimed at restricting the SEC’s use of funds for crypto enforcement until clear rules and regulations are established.

Emmer Advocates For Clear Rules In The Crypto Industry

Emmer’s criticism of Chair Gensler centers on what he perceives as the weaponization of taxpayer dollars. Emmer argues that Gensler has utilized his position to further centralize regulatory control without ensuring a transparent and regulatory-friendly environment for the crypto industry. 

By proposing to restrict the SEC’s funds for digital asset enforcement, Emmer seeks to emphasize the need for clear guidelines that protect both investors and innovators in the crypto space.

Addressing Senator Elizabeth Warren’s stance on cryptocurrencies, Emmer refers to her as a “control-freak senator” with an inclination towards centralized control. 

He suggests that Warren favors a government-owned banking system and desires to retain the centralized power that comes with central banking. Emmer acknowledges the importance of central banking’s role but emphasizes the need for its evolution to adapt to the 21st century.

Emmer further asserts that attempts to suppress digital assets and cryptocurrencies are futile. He cites China’s unsuccessful ban on mining activities as evidence that even authoritarian regimes struggle to control decentralized technologies. 

Emmer believes that a country like the United States, which “cherishes freedom”, cannot impede the progress of digital assets and cryptocurrencies.

The congressman’s remarks shed light on his perspective as an advocate for the crypto industry and his concerns regarding regulatory overreach. Emmer emphasizes the necessity of clear and balanced regulations that foster innovation while protecting investors. 

By sponsoring an appropriations amendment, he aims to use the legislative process to ensure that the SEC’s enforcement actions align with well-defined rules and regulations.

As Emmer’s proposed amendment gains attention, it reflects the ongoing debate surrounding crypto regulations in the United States. The crypto industry seeks regulatory clarity to foster growth and innovation, while regulatory bodies like the SEC aim to protect investors and maintain market integrity. 

Finding the right balance between oversight and innovation remains a key challenge, and Emmer’s efforts contribute to shaping the future of crypto regulation in the United States.

It remains to be seen how Emmer’s appropriations amendment will progress through the legislative process and how it will be received by his colleagues. 

As the nascent industry continues to evolve, the role of Congress and regulatory agencies in establishing a clear and balanced regulatory framework will be crucial for its long-term success and widespread adoption.

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The total crypto market cap slides below the $1 trillion mark on the daily chart. Source: TOTAL on TradingView.com

Featured image from iStock, chart from TradingView.com

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US Forces Young Hacker To Forfeit $5.2 Million In Bitcoin

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Last month, Ahmad Wagaafe Hared, a young hacker based in the United States, was ordered to forfeit approximately $5.2 million worth of Bitcoin (BTC), Stellar (XLM), and a BMW sports car to the government. According to a report, this order was made last week due to Hared’s involvement in a SIM-swapping scheme that targeted crypto executives in North California and the Bay Area.

The Bitcoin SIM-Swapping Hack

The SIM-swapping scheme, orchestrated by Hared–who went by the alias “winblo” — began in 2016 and was stopped by local authorities in 2019.

Hared and his accomplices obtained their victims’ contact information before entering a plea agreement with law enforcement agencies. They would then contact cellphone service providers, manipulating company representatives into believing they were the legitimate owners of the targeted phone numbers. 

After that, they swapped cards, illegally taking control of their victims’ phone numbers. With this scheme, the hacker gained unauthorized access to their victims’ email and other crypto accounts before transferring coins. 

The success of this scheme is evident in the significant amount of assets ordered for forfeiture. Hared must surrender 119.8 BTC, valued at $5.2 million, and 93,420 XLM, worth $11,770. A 2017 BMW sports car, believed to be proceeds of crime, must also be surrendered to the state. 

Bitcoin price on September 11| Source: BTCUSDT on Binance, TradingView
Bitcoin price on September 11 on the 4-hour chart | Source: BTCUSDT on Binance, TradingView

The young hacker has been under arrest for over three years now. As mentioned, in 2019, Hared entered a plea agreement, though many case documents remain sealed, and the deal has not been disclosed to the public. Hared will be sentenced in January 2024 after pleading guilty to conspiracy to commit wire fraud.

According to details, this case is tied to another SIM-swapping scheme, which saw the indictment of Anthony Francis Faulk, also known as “shade,” who pleaded guilty to conspiracy to commit wire fraud in 2019. 

Hackers Have Stolen Over $200 Million In 2023 Alone

In a recent report, blockchain intelligence firm Chainalysis claimed that hackers linked to North Korea have stolen over $200 million worth of cryptocurrencies to finance their nuclear weapons program.

In August, Lazarus Group said to be sponsored by the North Korean regime, was linked to the $34 million CoinsPaid hack. They were also reportedly behind the Stake.com hack, the FBI claims. The hit on the crypto casino saw over $40 million of coins robbed.

As part of their activities, hackers employ several tactics to steal Bitcoin and coins, including SIM-swapping, phishing, supply chain attacks, and infrastructure hacks.

Feature image from Canva, chart from TradingView

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