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Technology
Argentina Blockchain Blockchain Security Crypto Crypto Keys Cyber Security Decentralized Identity Theft Sensitive Information Technology

Argentina's Blockchain-based IDs are Transforming Governance

Argentina's capital, Buenos Aires, is making waves in the realm of digital governance. The city has taken a bold step forward by implementing blockchain technology to issue government IDs. This move represents a significant leap towards secure, efficient, and transparent identification processes.

Traditionally, government-issued identification documents have been vulnerable to fraud, identity theft, and bureaucratic inefficiencies. However, by leveraging blockchain, Buenos Aires aims to address these challenges head-on. The technology offers a decentralized, tamper-proof ledger where sensitive information is stored securely.

One of the key advantages of using blockchain for IDs lies in its immutable nature. Once data is recorded on the blockchain, it cannot be altered or deleted, ensuring the integrity of the information. This level of security greatly diminishes the risk of identity fraud, a prevalent concern in today's digital age.

Moreover, the blockchain-based system provides citizens with greater control over their personal information. Through cryptographic keys, individuals can manage who has access to their data, enhancing privacy and data protection. This empowers citizens and fosters a sense of trust in the government's digital initiatives.

Additionally, the use of blockchain streamlines administrative processes. Verifying identities becomes quicker and more reliable, reducing the time and resources traditionally spent on manual checks. This efficiency not only benefits citizens but also optimizes government operations.

The adoption of blockchain for government IDs also sets a precedent for other jurisdictions. It showcases the potential of decentralized technology in enhancing public services and strengthening trust between citizens and their governments.

However, challenges remain. Ensuring the accessibility of this technology to all citizens, regardless of their technological literacy, is crucial. Additionally, robust cybersecurity measures must be in place to safeguard against potential threats.

Buenos Aires' blockchain-based government ID pilot program is a groundbreaking initiative that has the potential to revolutionize the way governments interact with their citizens. By integrating blockchain technology into government IDs, Buenos Aires is setting a new standard for digital governance and demonstrating the transformative potential of this technology in creating more secure, efficient, and citizen-centric public services.

This initiative is a beacon of progress in a world that is grappling with evolving technological landscapes. It is a model for governments worldwide that are looking to harness the power of blockchain technology to redefine the relationship between citizens and their governments.




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Worldcoin Vulnerability
Blockchain Security Certik User Privacy Vulnerabilites and Exploits Worldcoin Vulnerability

Worldcoin’s Verification Process Under Scrutiny After CertiK’s Discovery

Worldcoin Vulnerability

Blockchain security company CertiK recently revealed a severe flaw that put the Worldcoin system at serious risk. The system’s security and integrity might have been compromised if the vulnerability allowed Orb operators unrestricted access. Users’ iris information was collected as part of Worldcoin’s Orb activities, necessitating a robust verification process to guarantee that only reputable businesses are in charge of the operations.

The Vulnerability

CertiK, a blockchain security company, discovered the vulnerability that allowed Orb operators unrestricted access to the Worldcoin system, putting its security and integrity at serious risk. This flaw could have compromised the entire system, allowing malicious actors to access sensitive user information.

The Importance of Verification

Worldcoin’s Orb activities involve collecting users’ iris information. This sensitive data must be protected at all costs, and a robust verification process is necessary to ensure that only reputable businesses are in charge of the operations. If the verification process is not rigorous enough, unverified Orb operators could gain access to the system, putting users’ data at risk.

The Response from Worldcoin

Worldcoin has not yet released an official statement regarding the vulnerability exposed by CertiK. It is unclear what steps the company will take to address this issue and ensure the security of its users’ data. Worldcoin needs to take swift action to address this vulnerability and restore confidence in its system.

The vulnerability exposed by CertiK highlights the importance of solid verification processes in protecting sensitive user data. Companies like Worldcoin must take all necessary steps to ensure the security and integrity of their systems, and users must remain vigilant in protecting their personal information.

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Hacking
Blockchain Blockchain Security Crypto cryptocurrency Cyber Crime Hacking

The Sprouting Connection Between Cybercrime and Cryptocurrency


The wild journey of cryptocurrencies has not only been influencing people to mine or trade crypto. But, the enigmatic stages behind crypto have also become a significant link for cybercrime activities.

According to the latest report by Interisle Counseling Gathering, illegal activities pertaining to cryptocurrencies have grown by 257% over the past year, with wallets and trades being the most vulnerable to attacks. 

Cybercriminals are experiencing exceptional results in their operations, by engaging in techniques similar to methods used in other online monetary crimes on virtual monetary forms. 

How is Cryptocurrency the Most Suitable for Cybercrime? 

The autonomous, anonymous and permanent attributes of crypto transactions make cryptocurrency ideal for cybercrime activities. 

Crypto has emerged as a highly-priced vehicle for threat actors for the following reasons: 

1. No Oversight: Fundamental authorities such as banks, or government agencies, which generally play the role of a middleman in financial transactions, do not intervene in crypto transactions. 

2. Anonymity of threat actors: Crypto transactions do not transmit any detail that could possibly disclose the hacker in any way, such as names, email addresses, or other background information. There is only one wallet address, which is a collection of otherwise cryptic letters and numbers. Additionally, hackers frequently use numerous wallets to further "wash" transactions. 

3. Transactions are permanent: In crypto, money being exchanged cannot be reversed. The transaction is out of an individual's hands, just like using cash. Additionally, hackers can easily flee the scene of cybercrime, like ransomware, without being detected. 

With the constant decline in the value of cryptocurrency, cybercriminals who have considerable expertise in ransomware attacks are compelled to reconsider how they collect their payoffs and the amount they could demand. 

The crypto crash has as well resulted in the bankruptcy of many online crypto-trade commercial centers, where cybercriminals apparently deal with their cash or payoffs. For an instance, last year, at least 30 more modest dim web trade centers went bankrupt, and later closed down. Hackers still retain the mentality of a conventional financial backer: if the value of a resource starts to decline, they usually cash out rapidly to limit their losses. 

Blockchain Paving Way for Advanced Network Protection: 

Blockchain technology emerged as a significant founding for Bitcoin over 10 years ago, while it was also largely compared to the cryptocurrencies at that time. However, advanced blockchain application, like Ethereum has become more widely popular, for it has newer market segments such as non-fungible tokens (NFTs) and decentralized, distributed-computing led finance platforms. 

This decentralized and consensus-oriented characteristic of Blockchain allows higher resilience to cyberattacks. In the presence of Blockchain, the threat actor will need to acquire control of the majority of nodes to alter ledger transactions, which is extremely difficult and costly, in order to be able to carry out a hack successfully. 

Moreover, a domain name server (DNS) that maps IP addresses to a website name can also be moved to a blockchain platform, dispersing resources across various nodes and making it more difficult for the hacker to access the data. Thus, making blockchain systems a technology that could be a game changer in combating future cybercrimes. 

Crypto and Cyber Skills Rules the Day

The new generation of tech experts is currently in the forefront to combat cybercrime, with their advanced skillsets and tools that operate a step ahead of threat actors. From becoming a Blockchain Developer, where one can master architectural principles of blockchain and develop apps in a corporate environment, to becoming a Certified Ethical Hacker (CEH), where you are trained to investigate vulnerabilities in target systems and utilize the same techniques as malicious hackers, one can procure great opportunities to combat cybercrimes in crypto.  

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NFT
Blockchain Security CoinDesk Crypto Cyber Attacks Discord Ethereum Meta NFT

NFTs Worth 200 Ether Were Stolen From the Bored Ape Yacht Club 

 

Yuga Lab's Bored Ape Yacht Club or Otherside Metaverse Discord services were hacked to publish a phishing scheme, hackers allegedly took approximately $257,000 in Ethereum and 32 NFTs. A Yuga Labs community manager's Discord account was allegedly hacked on June 4 and used to spread a phishing scam on the firm's Discord servers. 

According to Coindesk, the attacker hacked Boris Vagner's Discord account, put many phishing links on the account, its related metaverse account 'Otherside,' and the NFT fantasy football team Spoiled Banana Society's (SPS) Discord account. As of 8.50 a.m., the worldwide crypto market capitalization had increased by 3.43 percent to $1.27 trillion. According to Coinmarketcap data, worldwide crypto volume increased by 18.04 percent to $51.24 billion. 

The phishing communications, which claimed to be from Vagner, advertised an exclusive prize and stated that only BAYC, Mutant Ape Yacht Club, and Otherside NFTS holders were eligible. The owners were then directed to a phishing site, where they were requested to input the login information. The attackers then took all Ethereum and NFTS contained in the account's associated wallet after receiving the login credentials. Yuga Labs finally regained login to the Discord server, but not before significant harm had been done. 

The seized NFTS were worth roughly 200 ETH ($361,000) according to BAYC's official Twitter account. The perpetrators made off with 145 Ethereum and 32 NFTS, valued at a total of $250,000.

Approximately 32 NFTs were taken, according to blockchain cybersecurity firm PeckShield, including the Bored Ape Yacht Club, Otherdeed, Bored App Kennel Club, and Mutant Ape Yacht Club projects. 

As per the reports, it is unknown how the forum manager's account was hacked or whether two-factor authentication was turned on, which generally protects against such assaults.
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Twitter
Blockchain Security Crypto heist Data Breach DeFi DNS Flaw Exchange Server Twitter

MM.Finance, a DeFi platform, Had More Than $2 Million Stolen

 

In a Domain Name System (DNS) attack, hackers decided to retrieve $2 million worth of digital assets, as per MM.Finance. It is a DeFi ecosystem with the largest decentralized exchange on the Cronos blockchain. 

Hackers target the reliability or integrity of a network's DNS service in these attacks. The attacker could "inject a malicious contract address into the frontend code," as per the team behind MM.Finance, which bills itself as the world's largest decentralized finance ecosystem on the Cronos blockchain. "Attacker changed the network contract address in our hosted files via a DNS vulnerability." In a Medium post-mortem, the business claimed, "We understand that some of you have suffered considerable sums and are filled with anxieties and despair." 

After completing swaps or adding and deleting liquidity on the MM.Finance site starting on May 4, users lost money. "The malicious router kicked in and the LPs were withdrawn to the attacker's address when victims navigated to mm. finance to remove liquidity," the company revealed. MM.Finance has offered the attacker 48 hours to refund 90% of the stolen funds, warning that if the deadline is not met, it will notify the FBI. 

The attacker made off with more than $2 million in cryptocurrencies before laundering it all through Tornado Cash, a service that allows users to hide the source of their payments. The company is forming a compensation fund for anyone affected, and the platform's creators have stated that they will forego its part of trading revenue to pay the losses. The reward pool will be open for 45 days, with a procedure in place to reimburse individuals that participate. 

The company said it linked the seized assets to the OKX exchange in follow-up postings on Twitter, threatening to contact the FBI if the funds were not restored. OKX's CEO stated that the company is looking into the matter. According to DeFi Llama data, liquidity is still strong, with $804 million in total worth locked up (TVL).
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Hackers
Blockchain Security Crypto Investors Cyber Security Hackers

Hackers Stole Around $135 Million from VulcanForge Users

 

According to the company, hackers took over $135 million from users of the blockchain gaming company VulcanForge in the latest hack targeting cryptocurrency investors. The hack was announced by VulcanForge on Twitter and in its official Discord channel. 

“Over 4m PYR has been stolen from users’ wallets. It was premature to say this is [wallet management service] Venly’s end: we simply don’t know the cause,” the company wrote on Discord, asking users to move funds to Metamask, a popular wallet. “All funds stolen will be replaced once we’ve understood what’s happened.” 

Venly's CTO said that its services were not compromised. “No words can do much right now, we know that,” the company wrote on Twitter. 

The hackers acquired the private keys to 96 wallets, siphoning off 4.5 million PYR, VulcanForge's token that can be used across its ecosystem, according to a series of tweets from the firm on Sunday and Monday. VulcanForge's major business is generating games like VulcanVerse, which it defines as a "MMORPG," and Berserk, a card game. Both titles, like nearly all blockchain games, appear to be primarily built as platforms for buying and selling in-game products tied to NFTs utilizing PYR. Compromise of someone's private key is a clear "game over" in crypto because it gives complete access over the funds stored by the corresponding address on a blockchain. 

This is the third large cryptocurrency theft in the last eleven days. The total amount of cryptocurrency stolen in these three attacks is around $404 million. BadgerDAO, blockchain-based decentralized finance (DeFi) platform, lost $119 million on December 2. The company is requesting that the hacker "do the right thing" and refund the money. Then, four days later, the cryptocurrency exchange BitMart was hacked, resulting in a loss of $150 million. 

PYR, like many new tokens, trades on decentralized exchanges, making the VulcanForge hack noteworthy. Decentralized exchanges are powered by smart contracts, and because there is no centralized order book, investors trade against "liquidity pools" comprised of funds given by users in exchange for a "staking" reward. It also implies that there is no centralized authority to blocklist a fraudulent account attempting to cash out stolen funds. 

VulcanForge has encouraged users to remove their liquidity since the hack in order to make it difficult or impossible for the attacker to cash out. According to reports, the hacker has so far been able to cash out the majority of the tokens by trading tiny quantities at a time, but not without putting the PYR price into a downward spiral owing to selling pressure.
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Technology
Blockchain Security cryptocurrency Security Risks Technology

5 Harsh Truths Regarding Blockchain Security

 

Cryptocurrencies are based on blockchain technology, which comprises multiple security features, such as cryptography, software-mediated contracts, and identity controls. However, the rise in popularity of cryptocurrencies has encouraged threat actors to employ new strategies to target the underlying blockchain. 

According to Atlas VPN, decentralized finance-related attacks constituted 76% of all major hacks in 2021, with over $1 billion lost in the third quarter alone. The third quarter of 2021 also had 20% more blockchain-based hacking incidents than in all of 2020, SlowMist reported. 

Here are five factors that have created issues for the blockchain security landscape.

1. 51% attacks 

51% of attacks involve the hacker being able to secure control of more than 50 percent of the hashing power. In 2018, three renowned cryptocurrency platforms experienced issues from 51% attacks. The three platforms were Ethereum Classic, Verge Currency, and ZenCash (now Horizen). 

2. Susceptibilities at Blockchain Endpoints 

Threat actors exploit every minor flaw, therefore it’s important to remember that most blockchain transactions have endpoints that are vulnerable. For example, the result of bitcoin trading or investment may be a large sum of bitcoin being deposited into a “hot wallet,” or virtual savings account. These wallet accounts may not be as hacker-proof as the actual blocks within the blockchain. 

To facilitate blockchain transactions, several third-party vendors may be enlisted. Some examples include payment processors, smart contracts, and blockchain payment platforms. These third-party blockchain vendors often have comparatively weak security on their own apps and websites, which can leave the door open to hacking. 

3. Regulation issues 

Many advocates of blockchain believe that regulation will result in innovation delays. However, it is quite opposite because regulations and standards can indeed benefit security and innovation. The current market is suffering from high fragmentation, where different firms have their own rules and protocols. This means developers can't learn from the mistakes and vulnerabilities of others -- never mind the risk of low integration. 

4. Lack of talented cybersecurity professionals 

The current blockchain security space is suffering from a major skills shortage of cybersecurity professionals who have blockchain expertise or a tight hold on novel security risks of the emerging Web3 decentralized economy.

5. Phishing Attacks 

Phishing is one of the most common methods employed by attackers. It is basically a scamming attempt to obtain the credentials of a user. Hackers send emails to wallet key owners by posing as an authentic, authoritative source. 

How to mitigate such attacks? 

The attacks can only be prevented by strengthening the security processes. And it comes at various levels. Here are a few tips recommended by experts to mitigate the risks in blockchain technology: -

  • Two-factor authentication
  • Ensuring proper wallet management 
  • Using different wallet addresses 
  • Keep off phishing links 
  • Regularly checking wallet approvals
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