Mixin Network is a major player in the crypto Exchange space, and it is known for its endorsement by the prominent Chinese influencer Li Xiaolai. It boasts a combined network asset value of over $1 billion and supports 48 public blockchain networks. According to its monthly report from August, Mixin Network has approximately 1 million users.

Mixin Network’s cloud service provider’s database was attacked on Saturday, September 23. SlowMist, a blockchain security firm, was one of the first to break the news. It announced on X that its team is currently assisting in the investigation into the attack and asked everyone to wait for updates from Mixin.

The Mixin Network Response

Mixin released an official announcement on X just over 20 minutes later. They announced that they had contacted Google, who would join SlowMist in the investigation.

The announcement read, “After initial verification, the funds involved are approximately US$200 million. Deposit and withdrawal services on Mixin Network have been temporarily suspended.”

The team stated that they had discussed and reached a consensus on all Nodes to reopen deposits and withdrawals after all vulnerabilities have been found and fixed. However, transfers will not be affected during this period.

The Mixin team has assured its users that they will announce a solution addressing the lost assets soon. The announcement read, “Mixin founder Feng Xiaodong will explain this incident in a public Mandarin livestream at 13:00 HKT on September 25, 2023. Please help spread the word.” Mixin also promised to summarize the content of the livestream in English afterward and do their best to minimize losses from this incident.

Following the news of the attack, Mixin Network’s native cryptocurrency, XIN, faced significant selling pressure. Right now, XIN is trading at $192.77, down 8.55% in the last 24 hours.

According to data from CoinMarketCap, the drop began around the time SlowMist put out their statement. XIN’s fall slowed down around 4:25 AM but continued the downward spiral from around 6:15 AM.

Despite security measures, the cryptocurrency market continues to witness a surge in fraud and attacks. A top Terra Classic project was hacked in April with 15.1 billion LUNC stolen. The Exactly Protocol also experienced a security breach in August, resulting in the theft of $7.2 million in ETH.

The Mixin Network hack is another sign that crypto exchanges and Networks need to stay on their toes and increase their security.

Follow us on Twitter, Facebook, Telegram, and Google News

The post Mixin Network Suspends Deposits and Withdrawals After $200 Million Hack appeared first on Times Tabloid.

De.Fi, a web3 protocol’s security department, confirmed the incident and stated that the stolen amount consisted of 4,323.6 ETH. The hacker utilized Across Protocol to bridge around 1,490 ETH and sent 2,832.92 ETH to Ethereum blockchain via the Optimism Bridge.

In response to the hack, Exactly temporarily paused its protocol to investigate the issue. Users, however, can still withdraw their funds. Exactly assured investors that their team is actively working on the situation and will provide further details soon.

Blockchain security firm Beosin shed light on the exploit, explaining that the attacker manipulated the market address in the DebtManager contract. By passing a malicious market contract address and evading the permit check, the hacker executed a malicious deposit function to steal the USDC deposited by users. The attacker ultimately liquidated users’ assets for personal profit.

Root cause of the @ExactlyProtocol exploit:
The market address in DebtManager contract could be manipulated.

The attacker passed in a malicious market contract address, bypassing the permit check, and executed a malicious deposit function to steal the $USDC deposited by users.… https://t.co/NvFRyIAzeJ pic.twitter.com/XcmnUhibf1

— Beosin Alert (@BeosinAlert) August 18, 2023

The news of the hack had a significant impact on the price of EXA. Within the last 24 hours, the altcoin’s value plummeted by 32%, trading at $4.2 at the time of writing.

Legal Implications of the Exactly Protocol Hack

The Exactly Protocol hack has raised a number of legal implications, including:

The liability of the Exactly team for the hack. The Exactly team may be liable to users for the losses they suffered as a result of the hack. This could be based on a number of theories, including negligence, breach of contract, or fraud.

The possibility of a class-action lawsuit against the Exactly team. If a large number of users are affected by the hack, they may be able to file a class-action lawsuit against the Exactly team. This would allow them to pool their resources and pursue a legal remedy together.

The regulation of DeFi protocols. The Exactly Protocol hack has highlighted the need for more regulation of DeFi protocols. Governments and regulators around the world are still grappling with how to regulate these new and innovative financial products. 

The impact of the hack on the DeFi ecosystem. The Exactly Protocol hack has shaken confidence in the DeFi ecosystem. It is possible that this will lead to a decrease in investment in DeFi projects and a decline in the use of DeFi protocols.

The legal implications of the Exactly Protocol hack are still unfolding. It is important to stay up-to-date on the latest developments and to seek legal advice if you have been affected by the hack.

Follow us on Twitter, Facebook, Telegram, and Google News

The post Optimism-based Decentralized Credit Market Protocol Hacked, $7.2 Million in Ethereum (ETH) Stolen appeared first on Times Tabloid.

A Terra Classic community member known as reXx, who frequently engages in the community, recently posted the shocking news on Twitter. He highlighted concerns about the Terraport team’s ability to resolve difficulties and gave light on the disappearance of the additional 590 million LUNC tokens from the stolen funds during the Terraport exploit.

Btw, the Terraport rugger made off with another 590M LUNC 4 days ago while I was on vacation.

Unsure if anyone took care of that. pic.twitter.com/GL9ZJYfHnc

— reXx (@CosmoSreXx) July 5, 2023

Read Also: Top Exchange Set to Return Terra Classic (LUNC) Tokens Stolen on Terraport

These funds were withdrawn four days ago while reXx was on vacation, raising questions about whether sufficient action was taken to remedy the matter.

In a subsequent tweet, the LUNC influencer indicated that he would no longer be monitoring the addresses associated with the attack. He shared the six addresses with another community member named Danny Demi, who will now be in charge of keeping an eye on them.

reXx expressed concerns about the team’s capacity to trace the stolen assets, implying that the funds could have been frozen as soon as they arrived at exchanges if they had been continuously tracked.

reXx encouraged current LUNC investors to question the Terraport team’s behavior rather than taking their comments at face value. He emphasized the month-long delay in finishing the Certik audit, which has remained at 85% completion. According to CosmoSreXx, such audit delays are extremely rare.

Furthermore, he expressed reservations about the expertise of a renowned TerraCVita figure, Rexyz. According to the Terra Classic influencer, Rexyz lacks technical experience in IT, blockchain, or coding.

reXx further claimed that Rexyz made misleading claims about payment for endpoints and Terra Station support, stating that only one payment for endpoints was made and that Allnodes covered the majority of expenditures.

Read Also: Terra Classic Development Team Proposes to Lock $2M Worth of LUNC Stolen from Terraport. Here’s the Major Benefit

Key Points:

• The Terraport Rugger attacker has stolen an additional 590 million LUNC tokens.
• reXx shared concerns about the Terraport team’s ability to address the issues effectively and the disappearance of the funds.
• reXx handed over the monitoring task to Danny Demi after disclosing the addresses connected to the hack.
• Over 800 million LUNC tokens worth $88k were irretrievable, according to reXx.
• reXx urged LUNC investors to question the actions of the Terraport team and highlighted the delayed Certik audit.
• Concerns were raised about the expertise of Rexyz, a member of TerraCVita, who lacks a technical background.
• Rexyz’s claims regarding payment for endpoints and Terra Station support were alleged to be false.
  

  ---

Follow us on Twitter, Facebook, Telegram, and Google News

The post Terraport Rugger Steals Additional 590 Million LUNC Tokens: Details appeared first on Times Tabloid.

As part of his plea, Gary Harmon also agreed to forfeit cryptocurrencies and other properties derived from the fraudulently taken proceeds, including more than 647.41 Bitcoin (BTC), 2.14 Ethereum (ETH), and 17,404,400.64 Dogecoin (DOGE). Due to the increase in market prices, the total value of these forfeitable properties exceeds $12 million.

These crypto assets were initially seized by the law enforcement agency and subject to forfeiture in a pending criminal case about his brother, Larry Harmon, the now-convicted money launderer. 

Larry Harmon, the operator of the darknet-based cryptocurrency mixer Helix, was arrested in February 2020 for aiding customers of the platform to launder over 350,000 units of BTC worth over $300 million at the time of the transactions. 

Whereas the law enforcement seized various assets, including a cryptocurrency storage device containing Larry Harmon’s illegal proceeds gotten from Helix, they were initially unable to recover the bitcoin assets stored on the hardware device due to the enabled security features.

The press release further revealed that the defendant Gary Harmon utilized his brother’s credentials to recreate the bitcoin wallets contained in Larry’s seized device. Then, he moved out over 712 bitcoin, valued at roughly $4.8 million at the time, to his wallets. “Gary Harmon further laundered the proceeds through two online bitcoin mixer services before using the laundered bitcoins to finance large purchases and other expenditures,” part of the announcement read. 

In consequence, the 31-year-old man from Cleveland, Ohio pleaded guilty to two punishable crimes including wire fraud and obstruction of justice on Friday. Accordingly, U.S. District Court Chief Judge Howell has scheduled a sentencing hearing for March 17, 2023. 

While the wire fraud charge carries a statutory maximum sentence of up to 20 years in prison, it is said that the obstruction of justice charge carries a statutory maximum sentence of 20 years in prison.

Follow us on Twitter, Facebook, Telegram, and Google News

The post Ohio Man Steals Over 712 BTC From IRS, Faces 40 Years in Prison appeared first on Times Tabloid.

Among the many popular decentralized cross-chains adopted by cyber robbers when seeking to launder proceeds of crypto heists is RenBridge. 

Other similar bridging service providers and protocols that facilitate anonymous asset movements include Tornado Cash, Portal, cBridge, and Synapse. 

According to a Wednesday report by Elliptic Connect, an entity that provides blockchain analytics for crypto asset compliance, crypto criminals have carted away at least $540 million through Renbridge so far.  

The analysis also shows that the cross-chain platform was used to launder over $2.4 million out of the $156 million stolen in the recent Nomad bridge heist. 

Related: Nomad Offers $19 Million Bounty and Promises to Tag $190 Million Bridge Hackers as White Hats

Per the report, RenBridge facilitated the laundering of ransomware proceeds and crypto assets amounting to more than $153 million linked to North Korea. 

As revealed in the report, the RenBridge protocol also fostered the movement of over $153 million in ransom payments sent to Russia-linked ransomware gangs.

Other cross-chain crimes enabled by RenBridge include the $53 million plus stolen by the Conti cybercrime group and the $92 million-plus ransomware attacks perpetrated by Ryuk. 

Part of the report said;

“Crypto assets stolen from exchanges and decentralized finance (DeFi) services worth at least $267.2 million have been laundered through RenBridge over the past two years.

This includes $33.8 million stolen from the Japanese crypto exchange Liquid in August 2021. In total, $97 million was stolen from Liquid, in an attack that has been linked to North Korea.”

Read Also: US Treasury Sanctions Tornado Cash For Supporting Cyber Crimes

Crypto Mixing Services Posing Threats

Crypto protocols that technologically support and facilitate cyber crimes, by providing financial privacy and anonymous transactions pose serious challenges to regulators. However, these platforms have also been used for good reasons, like anonymous philanthropic donations. 

Tom Robinson, Elliptic’s Chief Scientist said, “Cross-chain bridges are a loophole in the regulatory regime that has been painstakingly established by governments around the world, to combat crypto laundering.”

The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash, a crypto mixer, on Monday and barred U.S. citizens from using the platform.

The post Over $540 Million Laundered by Crypto Hackers Via RenBridge Cross-Chain Protocol: Report appeared first on Times Tabloid.