Crypto Wallets

Bittensor AI Project Faces $8 Million Loss Due to Wallet Hacks

Saturday. July 6 at 1:00 AM

1 min. read

Bittensor, an AI-focused project, recently halted its network operations after suffering wallet hacks resulting in an $8 million loss of TAO, its native token. This incident follows a previous breach that cost $11 million. The team released a detailed report revealing that the attack was traced back to a malicious package in the PyPi Package Manager. Immediate steps were taken to remove the package and enhance security measures. Collaborating with exchanges, the team aims to recover funds and resume normal blockchain operations. Users are advised to create new wallets, upgrade to the latest version, and take precautions once transactions resume. Plans are in place to prevent future incidents by implementing stricter access processes and security audits. Despite the setback, TAO is still showing significant gains year-to-date, trading at $224.

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Phantom Wallet Downtime Amid GRASS Airdrop Demand

Tuesday. October 29 at 1:00 PM

Phantom wallet faced nearly 3 hours of downtime due to high demand for GRASS airdrop. Users encountered missing balances and transaction issues. The incident, caused by a backend problem, lasted from 1:36 P.M. to 4:20 P.M. UTC. This is the second downtime for Phantom this month. The wallet provider assured users of active monitoring to prevent future problems. Despite this, Phantom has reported multiple backend incidents in 2024. The GRASS token, native to the Solana-based DePIN network, saw price fluctuations after its launch. Solana network remained unaffected during Phantom's downtime. The AI-related memecoin trading boosted Solana's daily trading volumes. Cardi B's partnership with $WAP on Solana aims to build a strong crypto community. Disclaimer: The opinions expressed in this article are personal and not investment advice. Readers are advised to conduct their own research before engaging in cryptocurrency activities.

Crypto Wallets

Hacker Drains US Government-Controlled Wallet in $20M Attack

Friday. October 25 at 10:30 AM

A hacker breached a wallet believed to be under US government control on Oct. 24, siphoning $20 million from funds seized in the 2016 Bitfinex hack. The attacker transferred the funds to a wallet starting with '0x348,' containing USD Coin (USDC), Tether (USDT), aUSDC, and Ether (ETH). Onchain analytics firm Arkham Intelligence reported the hacker's conversion of stablecoins to ETH and money laundering through potentially illicit addresses. The compromised funds were part of the Bitfinex hack involving Ilya Lichtenstein and Heather Morgan, facing sentencing soon. Lichtenstein, who confessed to the 2016 Bitfinex hack stealing 120,000 BTC, cooperated with authorities, leading to a reduced sentence recommendation of five years. Morgan, considered a minor participant, may receive an 18-month sentence for aiding law enforcement. The incident sheds light on the ongoing challenges in prosecuting cybercrime and money laundering in the crypto space.

Crypto Wallets

The Importance of Self-Custody in the Crypto Space

Wednesday. October 23 at 10:30 PM

Despite recent advancements like spot Bitcoin ETFs, Ledger CEO Pascal Gauthier emphasizes the significance of self-custody in cryptocurrencies. Speaking at the Blockchain Life event in Dubai, Gauthier stressed that while exchanges and ETFs have their roles, self-custody remains the core of cryptocurrencies. He pointed out that Bitcoin's white paper positioned it as a peer-to-peer payment system to eliminate intermediaries. Gauthier also discussed the evolution of hardware wallets to adapt to industry changes, with Ledger expanding its security services beyond cryptocurrencies. The release of Ledger Flex with secure touchscreens underscores their commitment to enhanced security. Recent incidents, like a crypto whale losing $55 million in a DeFi protocol hack, underscore the need for improved security practices. Gauthier advocates for clear signing and discourages blind transactions, promoting education on secure practices in the industry.

Crypto Wallets

Partnership Between Yoroi Wallet and Bring for Cardano Cashback Rewards

Wednesday. October 23 at 7:00 PM

Yoroi Wallet, a prominent light wallet for Cardano, has teamed up with Bring, a white-label crypto cashback platform, to connect the Cardano community with global retail. This collaboration allows users to earn ADA as cashback rewards when shopping at over 775 international retailers. Users of Yoroi Wallet can receive up to 10% cashback in ADA when making purchases from well-known brands like Vaio, JBL, StockX, Samsonite, and Nubul. The process is user-friendly, with a simple click enabling the cashback feature during checkout. Vineeth Bhuvanagiri, Managing Director at EMURGO, expressed excitement about the seamless experience this integration offers. Bring's CEO, Meir (Iri) Zohar, highlighted the strategic significance of the partnership in expanding the reach of their platform. This collaboration aims to accelerate Cardano adoption in the retail sector by integrating blockchain technology into everyday shopping experiences. The integration is supported by the Cardano Catalyst program, facilitating Bring's expansion into the Cardano ecosystem. The live integration between Yoroi Wallet and Bring later this year will provide ADA holders with new opportunities to utilize their assets in real-world transactions.

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