Attack

South Korean karaoke platform Somesing recently faced a cyberattack, losing over $11.5 million worth of its native token, SSX. The attack occurred on January 27th, sending shockwaves through the cryptocurrency community.
The attack is believed to be the work of highly skilled hackers specializing in virtual asset theft. Notably, there is no evidence of involvement from Somesing's team members, as stated in the platform's official response. Somesing reported the incident promptly to the National Police Agency. The platform plans to collaborate with Interpol to investigate the cyber breach thoroughly.
Somesing is working alongside the Klaytn Foundation and the cybersecurity firm Uppsala Security, an Interpol partner, to track down the attackers. The platform's main objective is to identify the responsible party quickly. It aims to take appropriate actions, including freezing the stolen assets and pursuing legal measures against those behind the cyberattack.
Suspension of Services by Major Exchanges
Following the security breach, major South Korean cryptocurrency exchanges temporarily suspended deposit and withdrawal services for SSX, including Upbit, Bithumb, and Coinone. These exchanges also warned their users about the potential for increased price volatility. However, other exchanges, such as HTX and Gate.io, which also list SSX, did not take similar precautionary measures.
Somesing operates on the Klaytn blockchain, employing a unique model encouraging users to upload their karaoke recordings. In return for their contributions, users are rewarded with SSX tokens. These rewards are funded by fellow users who donate tokens to support their preferred karaoke performers. The distribution model allocates 60% of donated tokens to singers and 20% to Somesing, with the remaining portion divided for copyright fees and community maintenance.
Cybersecurity Concerns in the Cryptocurrency Sector
Despite this incident, concerns surrounding cybersecurity in the cryptocurrency sector persist. The Somesing cyberattack is just one in a series of recent security breaches. Notably, the attack on Somesing follows an $81.5 million hack on the Klaytn-linked protocol Orbit Bridge earlier in the same month. However, reports suggest that the total volume of cryptocurrency hacks in 2023 witnessed a significant reduction, dropping by over 50% compared to the previous year.
The Somesing cyberattack underscores the ongoing challenges of ensuring the security of blockchain-based platforms. The platform's proactive response and collaboration with relevant entities demonstrate a determined effort to address the breach and protect users after this incident.
#hacking #Korean #attack

⚙️ Casa co-founder and prominent community researcher Jameson Lopp disrupted the Bitcoin test network.

He conducted a spam attack (stress test) by sending spam transactions, increasing the workload and disrupting normal operations. Within a week, Lopp created 165,000 blocks, a process that would typically take at least 3 years under normal conditions. The cost of all operations amounted to $1 - for electricity.

The significant block flow interrupted the synchronization of test nodes, leading to a negative reaction from developers. Lopp stated that his goal was to highlight vulnerabilities and prevent attempts to monetize test tokens. He called on developers to fix the "weak spots."

#BTC #Bitcoin #network #attack

As the world of cryptocurrencies grows rapidly with innovation, the increasing security threats in this area cannot be ignored. A new type of attack, known as "address poisoning," has emerged, posing a serious threat to crypto users. In this article, we will explore what address poisoning is, how it works, and how you can protect yourself from such attacks.What is Address Poisoning?Address poisoning is a method of attack that involves tricking users by imitating cryptocurrency wallet addresses. The basic principle of the attack is for hackers to analyze the transactions of targeted wallets and create addresses very similar to those the wallets normally send money to, then send small amounts of money to these addresses. Victims, mistaking these addresses for familiar ones, may mistakenly make large transfers of money.Recent Cases and LossesIn the past four months, 21 Safe Wallet users have lost 5 million dollars due to such attacks. These cases highlight the serious consequences that address poisoning can have. A critical role in these attacks is played by the Create2 function in Solidity. Security firm Slowmist reported another group of hackers using the Create2 function to steal 3 million dollars from 11 victims.The Role of the Create2 FunctionCreate2 is a function in Solidity, the programming language of Ethereum. This function allows for the pre-computation of contract addresses. However, this feature can be exploited by malicious individuals. Hackers can use this function to create addresses similar to existing ones and convince users to send money to these addresses.Ways to Protect YourselfAs a crypto user, here are ways to protect yourself from such attacks:- Careful Address Verification: Always check the sending address carefully before each transaction.- Use Secure Wallets: Choose reliable wallet providers.- Stay Alert to Suspicious Transactions: Be cautious of unexpected small transfers.With the rapid growth of the crypto sector, security threats are also increasing. New types of attacks like address poisoning require users to be careful and informed. Always be vigilant and conduct your transactions safely.#attack #BinanceTournament #Web3Wallet

FOR AIRDROP HUNTERS...

When you farm an airdrop you must follow simple rules such as:
DYOR the projecttest the platform/game/dappjoin socialsbe active and make transactionsdo NOT do exact same things on the same time on the same project via different wallets - this will turn you into a "SYBIL mode" which is..

In the context of cryptocurrency, a Sybil attack is a malicious attempt to gain undue influence or control over a decentralized network by creating numerous fake identities. This can be achieved by using low-cost or free internet services or by exploiting vulnerabilities in the network's identity verification process.

How Sybil Attacks Work
A Sybil attacker can use fake identities to perform various actions, such as:
Manipulating consensus mechanisms: By creating a large number of fake identities, attackers can outvote honest nodes and alter the consensus rules of the network. This could allow them to double-spend coins, prevent legitimate transactions from being processed, or even halt the network altogether.Influencing governance: In some decentralized networks, certain decisions are made through community voting or governance polls. Sybil attackers can flood the network with fake votes to sway the outcome of these polls and gain control over the network's governance.Dominating airdrops: Airdrops are a common marketing strategy in the crypto space, where tokens are distributed to users based on specific criteria. Sybil attackers can create numerous fake identities to maximize their airdrop rewards, effectively stealing from other participants.

Examples of Sybil Attacks in Crypto
Monero's RingCT Upgrade: In 2018, an attacker attempted to manipulate the voting process for Monero's RingCT upgrade by creating over 40,000 fake identities. However, the Monero community was able to detect and invalidate these fake votes, preventing the attacker from influencing the outcome.Stealing Uniswap V1 Liquidity: In 2019, an attacker exploited a vulnerability in Uniswap V1's liquidity pool system to create millions of fake identities. This allowed them to siphon off a significant portion of the liquidity pool, causing significant losses for other users.
Preventing Sybil Attacks
Several strategies can be employed to mitigate the risk of Sybil attacks in decentralized networks:
Reputation systems: Networks can implement reputation systems that reward honest behavior and penalize malicious activity. This can make it more difficult for Sybil attackers to gain traction.Collaborative identity verification: Networks can collaborate to verify the identities of their users. This can help to identify and eliminate fake accounts before they can cause harm.Utilizing multiple verification factors: Networks can require multiple verification factors, such as KYC (Know Your Customer) procedures, to ensure the authenticity of user identities.Implementing Sybil-resistant consensus mechanisms: Some consensus mechanisms are inherently more resistant to Sybil attacks, such as Proof of Stake (PoS) systems that require network participants to stake a significant amount of cryptocurrency to participate in the consensus process.

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