Hack

The former Cryptopia employee, whose identity was not revealed for security reasons, was charged for the theft of customer data and stealing about $250,000 worth of cryptocurrencies when he appeared in Christchurch District Court on July 5. The man was later released on bail until the final trial on October 20, 2021.

It is becoming a norm in Africa for founders of cryptocurrency exchanges to lure investors to store and multiply their fortune in bitcoin and other forms of digital currencies through their exchanges and then suddenly run away with all the money.

In the latest rounds of attack on DeFi (Decentralized Finance), FinNexus Options Protocol and DeFi platform lost close to $8 million. DeFi experts say the attack was either executed via stolen admin keys or a rug pull. In the attack, FinNexus lost more than 383 million FNX tokens pushing the price of the token to plummet by at least 90%.

Despite the series of obvious advantages, the DeFi platforms seem to face cyber attacks over and over again. The latest hack cost an exchange $3.8M. The road in the DeFi and cryptocurrency sector seems not to be smooth.

Hackers broke into hundreds of security-cameras belonging to carmaker Tesla Inc., to gain access to the data collected by Verkada Inc., to prove the pervasiveness of video surveillance, and also expose the vulnerability existing in the walls of cybersecurity of these systems.

With New Zealand Exchange Cryptopia in the midst of a liquidation process, hackers seem to consider it an easy victim. Despite it being under the supervision of Grant Thornton liquidators, criminals have stolen over $40,000.