Crypto

Cybersecurity Firm Halborn Warns of Zero-Day Vulnerabilities in Over 280 Blockchain Networks

Published

2 weeks ago

March 14, 2023

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A cybersecurity firm, Halborn, has recently warned of a vulnerability that could put over 280 blockchain networks at risk of zero-day exploits, potentially exposing at least $25 billion worth of crypto. The vulnerability, which Halborn has dubbed “Rab13s,” could have significant consequences for the affected networks, and Halborn has already worked with some networks, such as Dogecoin, Litecoin, and Zcash, to institute a fix.

The warning comes after Halborn was contracted in March 2022 to conduct a security review of Dogecoin’s codebase and found “several critical and exploitable vulnerabilities.” Halborn later discovered that these same vulnerabilities “affected over 280 other networks,” which risked billions of dollars worth of cryptocurrencies.

Halborn outlined three vulnerabilities, with the most critical one allowing an attacker to “send crafted malicious consensus messages to individual nodes, causing each to shut down.” These messages over time could expose the blockchain to a 51% attack, where an attacker controls the majority of the network’s mining hash rate or staked tokens to make a new version of the blockchain or take it offline.

Halborn found other zero-day vulnerabilities that would allow potential attackers to crash blockchain nodes by sending Remote Procedure Call (RPC) requests – a protocol allowing a program to communicate and request services from another. However, Halborn added that the likelihood of RPC-related exploits was lower, as it required valid credentials to undertake the attack.

Halborn warned that due to codebase differences between networks, not all the vulnerabilities were exploitable on all the networks, but at least one of them may be exploitable on each network. The cybersecurity firm said it was not releasing further technical details of the exploits due to their severity and added that it made a “good faith effort” to contact all affected parties to disclose the potential exploits and provide remediation for the vulnerabilities.

While Dogecoin, Zcash, and Litecoin have already implemented patches for the discovered vulnerabilities, Halborn warned that hundreds of other networks could still be exposed. The potential for these zero-day exploits to impact billions of dollars worth of cryptocurrencies underscores the importance of strong cybersecurity measures and regular security audits for blockchain networks. As the adoption of blockchain continues to grow, it is likely that hackers will continue to target vulnerabilities in these networks, making the need for robust security measures all the more critical.

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Crypto

Arbitrum Discord Server Hacked for Phishing Attack

Published

11 mins ago

March 27, 2023

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Arbitrum, a blockchain platform that aims to provide fast and low-cost transactions, recently experienced a security breach on its official Discord server. On March 25, security firm CetriK warned the crypto community about a possible phishing attack being circulated through the server. According to reports, a hacked Discord account belonging to one of Arbitrum’s developers was used to share a fake announcement with a phishing link.

The phishing message on Discord offered users “the opportunity to re-claim an additional stake in Arbitrum DAO Governance,” citing issues during the initial token claim drive. However, the URL supporting the announcement contained a misspelling of Arbitrum as “Arbtirum,” which is a common tactic used by hackers in phishing attacks. Clicking on the link typically leads unsuspecting users to a fake website that prompts them to enter sensitive information, such as their wallet’s private key.

As of now, Arbitrum has not released an official statement regarding the incident. Investors are advised to avoid interacting with the announcement until further clarification is provided. It is essential to remain vigilant against unrealistic claims and deceptions as hackers continue to exploit the hype surrounding cryptocurrency.

Meanwhile, two airdrop hunters were able to take advantage of the situation and collect approximately $3.3 million worth of ARB tokens. Airdrops are promotional events where crypto projects distribute free tokens to users who complete certain tasks, such as sharing a post on social media or joining a Telegram group. However, it is crucial to exercise caution when participating in airdrops, as scammers often impersonate legitimate projects to steal users’ personal information or funds.

In recent years, the crypto community has seen an increase in phishing attacks and other types of cybercrime. As the value of cryptocurrencies continues to rise, so does the incentive for hackers to target investors and platforms. It is crucial to follow best security practices, such as using strong passwords, enabling two-factor authentication, and avoiding suspicious links and emails. By remaining vigilant and informed, users can protect themselves from potential threats and enjoy the benefits of the crypto revolution.

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Crypto

Sony Files Patent for NFT Transfer Framework

Published

3 hours ago

March 27, 2023

ironity

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Through the years, Sony Interactive Entertainment, the company that owns the PlayStation brand, has shown that it is interested in virtual currencies such as bitcoin and ethereum by entering into a number of agreements and registering trademarks in connection with these cryptocurrencies. These actions demonstrate that Sony Interactive Entertainment is interested in virtual currencies. Bitcoin and ethereum are two examples of virtual currencies. The signing of agreements and the application for registration of trademarks are examples of this kind of action. The industry behemoth that focuses on video games has taken a number of steps recently, the most recent of which was to submit a patent application for a non-fungible token (NFT) architecture. This activity was the most recent phase that the firm completed in its process. By using this framework, the transfer and exploitation of digital assets across a broad range of gaming platforms would be simplified. This would be a beneficial outcome. In the application for a patent, the invention that is being suggested is referred to as a “NFT framework for transferring and using digital assets between game platforms.” Its name originates from the in-depth technical explanation provided for the innovation. If the infrastructure that is outlined in the application for the patent were to be put into place, users would be able to move and use their digital assets in a manner that is not only streamlined but also secure. This would be possible if the infrastructure were to be put into place. The patent application includes a comprehensive description of the system’s architecture. The creation and maintenance of NFTs would become achievable on a variety of different gaming platforms if this architecture were to be used. In light of the proliferation of non-fungible tokens (NFTs) in the gaming industry, Sony’s efforts to create a framework for the transfer of NFTs might put the corporation in a position where it can become a market leader in this particular sector. This is due to the fact that the gaming industry has seen an increase in the number of non-fungible tokens (NFTs). This would be a response to the fact that non-traditional bets are getting more and more popularity in the gaming industry. In other words, this would be a reaction.

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Crypto

CryptoPunk NFT Accidentally Sent to Burn Address

Published

5 hours ago

March 27, 2023

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NFTs, or non-fungible tokens, have taken the world by storm in recent years. These unique digital assets, which are stored on the blockchain, have opened up new possibilities for artists, collectors, and investors alike. NFTs can represent anything from artwork to music, and their ownership is recorded on the blockchain, making them easy to buy, sell, and trade.

One of the most popular types of NFTs are CryptoPunks, which are a collection of 10,000 unique 8-bit characters that were released in 2017. Each CryptoPunk has its own distinct attributes, and some are more rare and valuable than others. CryptoPunks have become highly sought-after by collectors and investors, with some selling for millions of dollars.

Brandon Riley, an NFT collector and investor, recently acquired CryptoPunk #685 for 77 ETH (approximately $135,000 USD) with the intention of holding onto it for the long term. However, as an experienced investor, Riley also recognized the importance of procuring new NFTs before the crypto market takes off into a new bull market. He wanted to use his CryptoPunk as collateral to borrow money and invest in new NFTs.

To do this, Riley attempted to wrap his CryptoPunk using a technique known as tokenization. Tokenization involves locking an NFT in a smart contract and creating a new token that represents the value of the NFT. This token can then be used as collateral for loans or other financial transactions.

However, in the process of tokenizing his CryptoPunk, Riley made a fatal mistake. Instead of sending the NFT to the smart contract, he accidentally sent it to a burn address, which is a wallet that permanently deletes any assets sent to it. The CryptoPunk was gone, forever erased from circulation.

Riley was devastated by his mistake. He had not intended to sell or trade the CryptoPunk, and he had lost a valuable asset in the process. However, he also recognized the importance of using the incident as a learning opportunity for others in the NFT community. In an interview with CoinDesk, Riley stated, “I want people to learn from my mistake, to be more careful when dealing with NFTs, and to think twice before taking any action.”

The accidental destruction of CryptoPunk #685 serves as a cautionary tale for anyone involved in the NFT market. While these digital assets can be lucrative and exciting to collect and invest in, they also come with significant risks. Managing NFTs requires attention to detail, technical knowledge, and an understanding of the potential consequences of any action taken. As the NFT market continues to grow and evolve, it is crucial for collectors and investors to approach it with caution and care.

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