Hack

The Political Affairs Committee of South Korea’s National Assembly has informed the Financial Services Commission (FSC) on numerous attempts of hackers to break into the country’s financial institutions. Cryptocurrency exchanges became the main target.

Hackers use Binance cryptocurrency exchange to launder stolen money. As per the report by the federal Bureau of Investigation (FBI), a principal federal law enforcement agency, ransomware dubbed Ryuk has been used since its creation in 2018 to steal cryptocurrency worth $61 million.

Japanese police are going to confiscate cryptocurrency funds stolen during the Coincheck hack. If successful, this will be the first digital currency confiscation of the kind in the country.

Australia passes the first sentence related to cryptocurrency theft, proving that law enforcement is gearing up to govern the digital currency and blockchain industry.

On July 31, the architect of the infamous Twitter hack was arrested by the US police. It is a 17-year-old teenager from Florida with a good track record of other scams.

The ongoing wave of hacks and attacks affects the operation of many companies in the cryptocurrency field. One of the biggest hardware wallet manufacturers Ledger has recently suffered a hack that led to losing about a million emails as well as other customer information.

Beginners in the cryptocurrency industry are often afraid of the risks associated with it. Besides price volatility, the users often face the danger of their wallets being hacked, causing irreparable losses.

Twitter attackers have been laundering stolen funds via gambling websites and peer-to-peer marketplaces, leaving a handle that links them to one of North Korea’s hacker groups.

After the notorious Twitter hack that took place on July 15, 2020, some cryptocurrency exchanges blocked suspicious wallet addresses thus saving their users' funds from thieves.