Crypto Security News - 12/22/2024

Daily digest: crypto security, scams, fraud and heists

Author

Thodex
December 23, 2024

Today's crypto security newsletter highlights the pressing challenges and developments within the crypto world, from significant data breaches affecting credit unions to the alarming rise in cyber threats that cost the crypto industry over $2 billion this year. As the ecosystem grapples with fraud cases and the implications of emerging technologies like quantum computing, experts continue to stress the importance of robust security measures and self-custody practices to safeguard investments.

Today's Security Updates

240,000 Credit Union Customers Exposed As Hackers Access Trove of Sensitive Data: Report

SRP Federal Credit Union in South Carolina has reported a cyberattack that potentially exposed the data of 240,000 customers, including Social Security numbers and financial information. The attack, attributed to the Nitrogen ransomware group, occurred between September and November 2024, with hackers accessing the credit union's internal systems multiple times, but SRP claims its online banking and core processing systems were not impacted.

Crypto Industry Lost $2.3B to Cyber Threats in 2024: Cyvers Report

In 2024, the crypto industry suffered losses exceeding $2.361 billion due to cyber threats, marking a 40% increase from the previous year, with access control incidents being the most impactful. Ethereum was the most affected blockchain, and despite significant theft incidents, a notable recovery effort returned over $1.3 billion to victims, highlighting ongoing vulnerabilities and the potential for emerging cyber threats in the future.

California residents indicted in $22m crypto fraud case

Federal prosecutors have indicted California residents Gabriel Hay and Gavin Mayo for their involvement in a $22 million crypto fraud scheme, including multiple 'rugpull' schemes and fraudulent NFT projects. With Americans losing over $5.6 billion to crypto fraud in 2023, the indictment alleges the duo conspired to commit wire fraud, with serious charges that could lead to decades in prison, highlighting a concerning trend in cryptocurrency-related crime.

What Google’s quantum computing breakthrough Willow means for the future of bitcoin and other cryptos

Google has introduced Willow, a quantum chip that significantly improves the speed and accuracy of quantum computing, raising concerns about its potential to threaten cryptocurrency security. Although Willow can perform computations vastly faster than current supercomputers, experts agree that practical quantum attacks on modern cryptography are still years away, and the cryptocurrency industry is already developing 'quantum-safe' algorithms to mitigate future risks.

@BowTiedIguana on X: Somebody else in my DMs got hacked, lost all their crypto.

A user reported being hacked after storing their cryptocurrency seed phrase in a cloud-based password manager, likely Lastpass, resulting in a total loss of their crypto. With rising security threats, more guides on safeguarding crypto assets are expected in the new year.

@blockchain on X: 🔑 Reminder: not your keys, not your crypto.

The reminder 'not your keys, not your crypto' emphasizes the importance of self-custody in cryptocurrency security, highlighting that individuals must control their private keys to ensure the safety of their digital assets. The message resonates amid ongoing discussions on protecting crypto investments.

HEX slumps, Interpol puts founder on 'most wanted' list

Interpol has issued a Red Notice for Richard Schueler, founder of Hex, due to allegations of tax fraud and assault in Finland, which includes disturbing accusations involving a minor. This has led to a significant decline in the value of HEX cryptocurrency, dropping 25% following the announcement, while Schueler maintains an active social media presence, indirectly addressing the situation and asserting his contributions to society.

Week in review: MUT-1244 targets both security workers and threat actors, Kali Linux 2024.4 released - Help Net Security

A threat actor known as MUT-1244 has been targeting security professionals and academics to steal sensitive data, including AWS keys and WordPress credentials. Meanwhile, $2.2 billion in cryptocurrency was stolen from various platforms in 2024, highlighting ongoing security vulnerabilities in the crypto sector.

@WOWK13News on X: Equifax has started alerting people of more money waiting for them from a massi...

Equifax is notifying individuals about additional funds available from a settlement related to a significant data breach. The credit reporting agency has established a fund to compensate affected consumers.

Africa Crypto Week in Review: Nigeria's Crackdown on Scammers, Mining in Kenya, South Africa Firm Expects Growth in 2025 As Ethiopia Bans Crypto Transactions

This week saw significant developments in Africa's crypto landscape, with Nigeria arresting 792 individuals linked to a romance scam involving cryptocurrencies. Meanwhile, Kenyan entrepreneurs are leveraging Bitcoin mining to boost rural electrification, and South African crypto leaders express optimism for growth in 2025 following Bitcoin's rise. In Ethiopia, while supportive of crypto mining, regulators have prohibited its use for transactions.

@thecryptonic on X: Be careful of any weird $UFD tweets from Ron

His account may be hacked

Ron His Twitter account may have been compromised, raising concerns over unusual tweets related to $UFD. Users are advised to exercise caution when interacting with his account.

@Trezor on X: Ever heard of address poisoning?

Here's what you need to know to stay safe and pr...

The article discusses address poisoning, a tactic used by hackers to manipulate cryptocurrency transactions and potentially steal digital assets. It provides insights on how to recognize and protect against such threats to ensure the safety of one's investments.

AI predicts which crypto will rise next after Solana and Dogecoin

ChatGPT predicts Rollblock (RBLK) as the next crypto to potentially surge over 10,000%, leveraging its unique blend of utility and meme coin culture in the lucrative online gambling sector. With a current presale price of $0.043 and early investors seeing gains of over 300%, Rollblock is positioned to capitalize on the growing online gambling market and the success of established tokens like Solana and Dogecoin.

All of Canoo’s employees are reportedly on a ‘mandatory unpaid break’

EV startup Canoo has placed its remaining employees on a mandatory unpaid break until at least the end of the year after previously furloughing dozens. With only $700,000 left in the bank, the company has announced it will idle its Oklahoma factories and is undergoing a 1-for-20 reverse stock split to maintain its Nasdaq listing and attract more investors.

$73 Million Exodus: BlackRock Bitcoin ETF Suffers Record-Breaking Outflow

BlackRock's Bitcoin ETF (IBIT) experienced its largest outflow since launching, with $72.7 million pulled on December 20, signaling a concerning trend for the ETF market. Following suit, Fidelity's Bitcoin fund also recorded significant outflows, raising anxiety among investors about the future performance of these investment vehicles.

Treasury Cracks Down on North Korean Sanctions Evasion Through Crypto Laundering

The US Treasury's OFAC has sanctioned two individuals and a UAE-based front company involved in laundering millions for North Korea through cryptocurrency. The accused, Lu Huaying and Zhang Jian, facilitated these operations along with Sim Hyon Sop, supporting North Korea’s illicit financial activities aimed at funding weapons of mass destruction and destabilizing international security.

North Korean Hackers Steal $1.34 Billion in Crypto, Account for 61% of Global Theft in 2024

In 2024, North Korean hackers stole $1.34 billion in cryptocurrency across 47 incidents, making up 61% of global crypto theft. This marks a 102.88% increase from 2023’s $660.50 million. These funds are used to finance weapons programs, posing a global security threat.

Conclusion

As we navigate through a climate of increasing cybercrime and regulatory scrutiny, the key takeaways emphasize the urgent need for enhanced protective strategies and ongoing vigilance in the crypto space.

Staying informed and adopting proactive security measures will be critical for investors and institutions alike as we move into 2025.