Crypto Cybercrime Thefts Total Over $1.1 Billion in First Six Months of 2018 875

According to recent research, the total amount of cryptocurrency that has been stolen through cybercrime this year alone is over $1.1 billion. Cybersecurity firm Carbon Black stated that the money was rather easy to steal too.

Ransomware and Exchange Hacks Are the Most Common Cybercrimes Involving Cryptocurrency

According to a report by security firm Carbon Black, many criminals are using the dark web to appropriate cryptocurrency from their victims. They estimate that there are over 12,000 marketplaces with almost three times that number of cryptotheft listings between them.

Rick McElroy, the security strategist at Carbon Black, spoke to CNBC about the trend and how easy it was for criminals to operate these days:

“It’s surprising just how easy it is without any tech skill to commit cybercrimes like ransomware… It’s not always these large nefarious groups, it’s in anybody’s hands.”

McElroy then said that certain pieces of malware even came with customer service to aid would-be cyber criminals. The malicious software costs an average of $224 but can be picked up as cheaply as $1.04.

The attacks against companies and exchanges sometimes originate from an organised group of criminals. However, they’re just as likely to be the product of a trained engineer who is out of work. McElroy continued:

“You have nations that are teaching coding, but there’s no jobs… It could just be two people in Romania needing to pay rent.”

The security expert went on to state that in the new cryptocurrency economy, the onus was on the individual to protect their funds. He claimed that some more naive investors were unaware that there were no banks or institutions that could provide security for people using cryptocurrency. Instead, it was the responsibility of the users.

The largest category of cybercrimes involving cryptocurrency so far this year have been exchange hacks. These have accounted for up to 27% of attacks in 2018.

One high-profile hacking made victims of the Japanese exchange Coincheck. Hackers were able to make off with $530 million worth of the NEM cryptocurrency.

The second largest group of victims of cybercrime were regular businesses. According to Carbon Black, they made up 21% of the total crimes involving cryptocurrency. The most common method seems to be to use ransomware. This involves using a piece of software to lock computer systems. The attacker then demands payment in cryptocurrency to return functionality to the affected machines.

What’s becoming apparent too is that Bitcoin is not the cryptocurrency favoured by cybercrime criminals. Both Monero and Ether were more commonly used than the most popular digital currency at present. With 44% of all attacks using it, privacy-focused currency Monero was the number one. This was followed by Ether, the native currency on the Ethereum network, with 11%. Bitcoin, meanwhile, only accounted for 10% of the attacks.

Previous ArticleNext Article

MetaComp Announces Strategic Partnership with Harvest Global Investments to Explore Bringing HK-Listed ETFs to Investors in Singapore and Beyond 1768

MetaComp Pte Ltd, a leading Monetary Authority of Singapore (MAS) licensed Singapore fintech company that specializes in blockchain technology and digital assets, and its affiliates (collectively referred as MetaComp), is proud to announce a strategic partnership with Harvest Global Investments Limited (HGI), a leading asset management company licensed with the Securities and Futures Commission of Hong Kong. HGI is among the pioneering Chinese asset management firms to establish subsidiaries abroad. The Memorandum of Understanding executed between MetaComp and HGI marks a significant step towards potentially broadening the accessibility of innovative financial products globally with special emphasis on the recently announced cryptocurrency spot ETFs which will be expected to start trading on the Hong Kong Stock Exchange from 30 April 2024 onwards. This follows the announcement by HGI that they have received authorization from Hong Kong’s Securities and Futures Commission to launch the highly anticipated cryptocurrency ETFs.

The core of the partnership revolves around MetaComp and its affiliates’ commitment to make HGI’s cryptocurrency spot ETFs available, through MetaComp’s proprietary Client Assets Management Platform, also known as CAMP by MetaComp, utilizing its technological and market expertise to introduce these products under the appropriate regulatory framework to Singapore investors and beyond. This initiative not only aims to expand the global footprint of HGI’s ETFs but also allows MetaComp and its affiliate to enrich its wealth solution portfolio with highly sought-after financial products.

In addition to the crypto-ETF distribution, the collaboration will also explore opportunities for the integration of HGI’s various asset management solutions into MetaComp’s service offerings. MetaComp will also provide HGI access to its Digital Payment Token suite of services. Through the strategic collaborative efforts by both companies, they are hoping to forge a symbiotic relationship that will allow both companies to leverage on their strengths.

The alignment with HGI allows MetaComp to tap into the scale and expertise of a leading global financial player, significantly enhancing its service capabilities and market reach. This partnership is designed to serve not just the existing clientele of both entities but also to capture new segments eager for advanced financial solutions across traditional finance and crypto finance.

Dr Bo Bai, Chairman and Co-Founder of MetaComp shared: “This strategic alliance with Harvest Global Investments Limited reaffirms MetaComp’s commitment to being the bridge that links traditional finance with crypto finance. We are confident that our partnership with Harvest Global Investments Limited will prove to be mutually beneficial. With Harvest’s expertise in asset management and MetaComp’s robust capabilities in providing a comprehensive suite of digital payment solutions, we are poised to deliver unparalleled value to our clients and the market.”

For more detailed information on this partnership and to stay updated on future developments, please visit www.mce.sg.

About MetaComp Pte Ltd (www.mce.sg)

MetaComp is a leading Singapore-based digital asset platform that is licensed and regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. Operating under a P2B2C (platform-to-business, partners-to-clients) model, MetaComp provides an integrated end-to-end suite of services to its clients, empowering them to confidently enter the digital asset market with the much-needed safety, security, and compliance. Together with its parent company, Metaverse Green Exchange Pte. Ltd. (a MAS-licensed CMS holder permitted to carry out, inter alia, brokerage and custody services), MetaComp introduces its suite of services through CAMP by MetaComp, a regulated Client Assets Management Platform, allowing businesses to develop and scale their digital asset offerings through OTC and exchange trading services, fiat payment, digital asset custody and prime brokerage.

Hinkal Closes Strategic Funding Round to Advance Discreet Trading and Position Liquidation 2803

Hinkal, a multi-chain privacy layer for confidential decentralized finance (DeFi) transactions, today announced a $1.4 million strategic funding round led by SALT Fund, with participation from Draper Associates, SNZ and Peer VC. Additionally, Tal Cohen, CEO of Kraken US, joined the company advisory board.

The raise follows the close of Hinkal’s $4.1M seed funding round in November of 2023. With surging demand from institutional clientele, this strategic funding will be used to bring liquid funds, VCs, family offices and founders of projects to Hinkal’s confidential infrastructure.

As institutional investors expand their presence in crypto markets they are increasingly looking to decentralized exchanges to take advantage of price discovery and asset control these platforms provide. However, DeFi does not provide privacy these traders are accustomed to in traditional financial markets. As crypto analytics platforms have become more complex, the pseudonymous nature of DeFi presents risks of copy trading and front running for liquid funds, VCs, and protocol founders willing to liquidate their token positions.

“The influx of institutional capital into crypto markets is a landmark event for the maturity of the industry,” said Georgi Koreli, CEO of Hinkal. “Hinkal is solving a critical need in the crypto space by providing institutional investors with the additional layer of anonymity they require to participate in DeFi markets. This strategic funding round will allow us to accelerate the development and adoption of our groundbreaking privacy solution.”

Hinkal is a zero knowledge (ZK)-protocol that addresses these issues by enabling end-to-end and secure confidentiality for DeFi transactions. Leveraging a combination of self-custodial private addresses and relayers, Hinkal transforms the way on-chain trading operates as the only transaction that can be seen on block explorers or analytics platforms is the execution of a relayer – no wallet addresses attached. This allows liquid funds, VCs and retail investors to make confidential transactions within the protocol without experiencing price slippage or market impacts.

Additionally, Hinkal provides a best-in-class solution for venture capital and founding teams looking to liquidate vested tokens in a private and secure environment. As the industry has grown and matured, these stakeholders have traditionally struggled with token vesting and liquidations, as this process often results in adverse price impacts that dilute net settlement and sends mixed messages to the community. With Hinkal, VCs and teams can receive any vested token directly into a private Hinkal address and liquidate privately without these impacts to the market.

AJ Scaramucci, Founder and Managing Partner of the SALT Fund, commented on the news, “The SALT Fund is dedicated to supporting projects that drive innovation for institutional investors. Hinkal is a breakthrough protocol addressing crucial pain points for institutional funds, founders, and VCs alike by enabling them to execute private DeFi trading strategies and liquidate vested tokens in a way that doesn’t disrupt the broader market. This is a game-changer for the industry and will unlock significant value for these stakeholders.”

Underpinning Hikal is a full suite of compliance and security solutions to further support institutional users of DeFi protocols. Hinkal requires KYC(B) (Know Your Customer/Business) verification for users to prevent illicit parties from using the protocol while simultaneously providing a frictionless experience via reusable attestations at exchanges like Coinbase and Binance. Audited by major firms including Quanstamp and Zokyo, Hinkal provides a secure trading experience and real-time threat mitigation with Hexagate.

About Hinkal

Founded by Stanford grad Giorgi Koreli and his Ph.D. brother, Nika Koreli, Hinkal enables privacy of transactions and assets across core DeFi apps and functions, including trading, farming, staking, and lending through the use of stealth addresses and with high degree of compliance.

Hinkal is a ZK-based solution that provides a private smart contract wallet experience, allowing users to participate in their favorite dApps directly from their private addresses without the need to withdraw assets for obfuscation.

SKALE and Virtualness global partnership reimagines fan engagement for sports, creators, and enterprises using the power of blockchain 3279

Fans of Liga 1 & other organizations will have access to a superior experience on Virtualness with SKALE’s zero gas fees and instant finality.

SKALE Network, a gas-less EVM-compatible blockchain designed for secure Ethereum scaling, and Virtualness, a pioneering mobile-first platform powered by generative AI and blockchain, today announced a strategic partnership aimed at redefining digital engagement and empowering global sports fans, enterprises and creators alike.

With international athletic partnerships that include Liga 1, Asia’s largest and most prestigious football league, sports fans will have access to exclusive NFT moments, player cards, rewards, loyalty programs, real-world experiences, and exciting gamification on the Virtualness platform, all powered by the SKALE network. Fans who interact with clubs, players, and fellow supporters will foster a deeper connection with their favorite teams while experiencing the world’s fastest blockchain.

“Through our partnership with SKALE, we’re revolutionizing the NFT landscape by eliminating barriers to entry and making Web3 accessible to Web2 users paving the way for mass adoption,” said Kirthiga Reddy and Saurabh Doshi, Co-founders of Virtualness. “We are thrilled to partner with SKALE to provide our community with unparalleled access to NFTs, immersive digital experiences, and exclusive rewards.”

As part of the partnership, Virtualness’ hundreds of thousands of users will leverage SKALE’s high-throughput, zero gas fee transactions, and instant finality capabilities to enhance its platform’s performance and scalability. Additionally with SKALE, sports fans, enterprises, organizations and all Virtualness users alike can now mint for free, further democratizing the access to digital asset ownership.

“We look forward to supporting this new era of accessibility and empowerment for creators and organizations,” said Jack O’Holleran, Co-Founder of SKALE. “This partnership signifies our commitment to making blockchain more accessible and easy to use, enabling Virtualness users to more seamlessly interact with NFTs, ultimately revolutionizing how we engage with digital assets.”

The Virtualness platform, built on generative AI and blockchain technology, provides sports, enterprises, and creators, with a user-friendly interface for creating, minting, and showcasing digital goods and interacting directly with their communities. With SKALE, Virtualness will soon offer more on-chain assets such as player cards in the form of NFTs, prizes via SKALE tokens, and the transparent storage and sharing of game data such as leadership board scores and prize information.

With SKALE’s advanced blockchain architecture, Virtualness users can expect improved performance, faster transactions, and enhanced security, enabling them to unleash their creativity and reach new heights in the digital world.

The partnership between SKALE Network and Virtualness represents an evolution in digital engagement, offering creators and brands innovative blockchain opportunities to thrive in the digital economy while democratizing access to blockchain and welcoming newcomers into Web3.

The experience for web2 users is user-friendly and easy, with no crypto or blockchain knowledge required or needed. Together, SKALE and Virtualness are poised to revolutionize the way people create, share, and interact with digital content, unleashing new channels for creativity.

For more information, please check out SKALE.space.

About SKALE

SKALE, a gas-less EVM-compatible blockchain designed for secure Ethereum scaling is designed for a World-Class experience for games, NFT platforms, and Web3 applications. As of 2024, SKALE serves over 10 million monthly active users and saves billions in monthly gas fees with its innovative AppChain model. SKALE AppChains feature high performance, zero gas fees, enhanced security, and instant finality, making them ideal for a wide range of decentralized applications. With a commitment to driving the mass adoption of Web3 technologies, SKALE empowers developers and businesses to build scalable, efficient, and user-centric blockchain applications. On the SKALE network, developers can deploy their own EVM-compatible blockchain by unlocking advanced features such as AI/ML smart contracts, on-chain file storage, interchain messaging, and zero-cost minting. Harmonizing speed, security, and decentralization, SKALE was founded in 2018 by Jack O’Holleran and Stan Kladko, PhD.

For more information, users can visit SKALE.space or follow on Twitter.com/SKALENetwork.

About Virtualness

Virtualness is a mobile-first platform, powered by generative AI and blockchain, for users to create, mint, gift, share, and sell digital goods all in one place. Founded in 2022 by industry leaders Kirthiga Reddy and Saurabh Doshi, Virtualness serves as a platform for authenticated sports, brands, and media organizations to design and showcase branded blockchain goods, fostering direct community engagement and unlocking new monetization avenues. Virtualness has exclusive wins like being the authentication partner for Guinness World Record Women in Cloud milestone, and the Asian Academy Creative Award while also delighting fans with exclusive access to icons such as Jim Louderback, Taylor Lorenz. Education, personalization, discovery, integration with Web2 and Web3 platforms, and a mobile-first experience are all core to the platform. Funding led by Blockchange Ventures with participation from VCs f7 Ventures, Micron Ventures, Better Ventures, FalconX, Shorooq Partners, Impact Venture Capital, Oceans Ventures and angels like Carolyn Everson, Randi Zuckerberg, Nuseir Yassin (Nas Daily), Marina Mogilko, Nikki Farb, Shayamal Vallabhjee, Stacy Brown-Philpot, and other thought-leaders.

For more information,users can visit about.virtualness.io

BLAZE Investment Round Complete With Aim To Become Web3 Market Leader 3639

StoryFire stands at the forefront of innovation, spearheading a revolutionary amalgamation of SocialFi, GameFi, and DeFi, culminating in an unprecedented all-encompassing experience. Recently, the company successfully concluded the BLAZE token investment round, securing backing from prominent entities including GDA Capital, Genesis Capital, Octavia Ventures, and TGE Ventures.

Expressing his enthusiasm, Sam Hilder, CEO of StoryFire, emphasized in a recent press release, “Closing a successful funding round amidst the prevailing macroeconomic conditions, with such esteemed partners, is indeed exhilarating. We are deeply grateful for the trust our investors have placed in us.” Hilder further elucidated on the company’s strategic vision, affirming their commitment to crafting the ultimate Web3 platform through the StoryFire offering, eagerly anticipating the unveiling of their latest developments.

Leading the investment consortium, Genesis Capital, a private equity powerhouse, orchestrated the funding round. The company delineated its intentions to leverage the capital infusion to propel both developmental initiatives and marketing endeavors leading up to the imminent BLAZE token launch.

In a strategic move underscoring StoryFire’s steadfast commitment to the Web3 landscape, the company announced its purchase of assets from Tokens.com in February 2024, with it being that it has successfully closed the sale of Metaverse Group and Hulk Labs to StoryFire. The purchase entailed a disposition comprising a 15.3% equity stake in StoryFire, appraised at US$3.5 million, alongside an allocation of US$500,000 in BLAZE tokens. This strategic maneuver underscores StoryFire’s enduring presence within the Web3 domain, as it endeavors to fortify and expand its footprint across the entire Web3 ecosystem.

About StoryFire

The StoryFire platform, powered by the BLAZE token, will revolutionising the metaverse paradigm by combining SocialFi, GameFi, and DeFi into one unified experience.

Metis’ Sequencer Mining Goes Live 3915

Last month’s launch of Phase 1 of the Metis Decentralized Sequencer upgrade established Metis as the first-ever rollup platform with a decentralized sequencer. Metis has now launched Phase 2, which introduces several enhancements aimed at improving network incentives and participation.

Among other positive changes, Phase 2 of the Decentralized Sequencer upgrade introduced the most awaited feature up to date for the Layer 2 network: Sequencer Mining.

Sequencer Mining will allow users to lock their tokens via LST providers, contributing to the network’s security. Essentially, these LST providers will interact with the Sequencer, and users will interact with the Liquid Staking providers, receiving a Liquid Staking Token that they can reuse in other DeFi dApps or just hold. Through Metis’ Community Ecosystem Governance (CEG), the community chose Artemis Finance and Enki Protocol as the two LST protocols for the Alpha Phase.

In the first year, sequencer nodes will benefit from a 20% Mining Rewards Rate (MRR), the same rate at which smart contracts compensate participants for producing blocks. Additionally, Metis Liquid Staking Blitz (LSB), supported by the Metis EDF, will provide grants to verified projects to accelerate growth. More than 220,000 METIS are committed in grants for 2024 alone to support MetisLSB and catalyze growth of LST products on Metis. Prior to the official launch of Sequencer Mining, there has been notable activity with LST-related products, including deployments by Shoebill Finance, Stablis Protocol, and participation pools on Hercules Finance.

Metis has secured important partnerships with recognized crypto institutions that will help the network achieve proper decentralization and high participation rates on the Decentralized Sequencer.

Users can deposit and start mining immediately through Artemis. ENKI will be fully launching on Mainnet soon, but users can already participate in their “Pre-Staking” program.

About Artemis

Artemis Finance is a liquid staking protocol designed exclusively for Metis’ Decentralized Sequencer. Users can stake METIS tokens on Artemis Finance and receive the liquid staking token artMETIS.

About Enki

Enki Protocol is a Metis-native liquid staking protocol leveraging dual-token architecture from protocols like Frax and Lido to implement the most battle-tested LST design to the Metis Decentralized Sequencer. Users can stake METIS via Enki and receive seMETIS, while the protocol utilizes ENKI for its governance.

About Metis

Metis is an EVM-Equivalent Ethereum Layer-2 protocol focused on bridging the gap between Web2 and Web3. Metis provides users with a decentralized and scalable easy-to-use network secured by Ethereum. Metis became the first Ethereum rollup to decentralize its sequencer with the launch of Decentralized Sequencer, which enhances network security and provides more potentially revenue-earning opportunities for users.

Qurax Exchange Unveils Multi-Chain Crypto Trading Platform with Integrated Financial Services and Revolutionary Crypto Card Program 4142

Qurax Exchange, a trailblazer in the cryptocurrency arena, today announced the official launch of its cryptocurrency exchange ecosystem that aims to redefine the digital asset landscape. The comprehensive Qurax ecosystem is designed to cater to both novice and experienced crypto users by offering a full suite of services including trading, staking, mining, and a groundbreaking Crypto Card Program, all within a single, seamless interface.

The Qurax platform’s multi-chain functionality supports seamless transactions across various blockchain networks, fostering unparalleled flexibility and accessibility in the crypto trading space. This strategic innovation addresses the critical demand for interoperability and enhanced liquidity, setting a new standard in the cryptocurrency exchange industry.

Key Highlights of the Qurax Exchange Ecosystem

Multi-Chain Accessibility: Users can effortlessly manage and trade assets across multiple blockchains, maximizing opportunities and convenience.

Full Stack Financial Services: From fiat onramps and offramps to advanced trading options, Qurax offers a comprehensive array of financial services, making it the go-to platform for all crypto-related activities.

Qurax Crypto Card: In a major stride towards cryptocurrency adoption, the Qurax Crypto Card will allow users to spend crypto assets directly from their exchange balance at millions of merchants globally. This card integrates smoothly with the platform, ensuring that users benefit from real-time conversion rates and enhanced security protocols. This will be launched in Q4 2024.

Qurax Staking and Mining Programs:

Adding to its robust feature set, Qurax will introduce competitive staking and mining programs that promise attractive returns and foster deeper community engagement. These programs are designed to provide users with additional avenues to grow their investments and participate actively in the network’s security and governance.

Security and Compliance:

Security remains a paramount concern for Qurax. The platform employs cutting-edge technology to ensure the highest security standards are met, including regular audits, advanced encryption, and real-time monitoring systems. In compliance with global regulations, Qurax adheres to KYC and AML guidelines, providing a safe and trustworthy environment for all users.

Vision for the Future:

The launch of Qurax exchange is not just the unveiling of another crypto exchange; it’s the beginning of a new era in the digital finance world,”, CEO of Qurax Exchange. “With our multi-chain platform and the integrated Qurax Crypto Card, we are breaking down barriers to mainstream crypto adoption and offering an unmatched level of convenience and utility to our users. We are excited to lead the charge towards a more inclusive and flexible financial ecosystem.”

About Qurax Exchange:

Qurax Exchange is a pioneering cryptocurrency exchange platform that offers a wide range of financial services across multiple blockchain networks. Designed to provide a holistic trading experience, Qurax empowers users to engage with the crypto economy in an efficient, secure, and compliant manner. For more information about Qurax Exchange and its services, visit qurax.io