There are signs of unusual transactions on ZKSpace with damages up to 4 million USD, of which 1.3 million USD has been converted and sent to Tornado Cash.
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Detection of a series of unusual transactions on ZKSpace with total losses of about 4 million USD.
About 1.3 million USD, including USDT and USDC, has been converted to ETH and sent to Tornado Cash.
The incident gained attention due to the freezing of Cyvers Alerts' official account.
What is ZKSpace and why are unusual transactions on this platform of interest?
With experience in the blockchain field, ZKSpace is known as a Layer 2 platform focused on scaling and accelerating transactions on Ethereum, ensuring security and efficiency. Unusual transactions on ZKSpace can greatly impact user trust and the DeFi ecosystem as a whole.
Market analysts say that ZKSpace is attracting attention from many investors and developers due to its fast transaction processing and low gas fees. Consequently, signs of fraud or security attacks will be quickly detected and responded to by the community.
How does the process of detecting suspicious transactions on ZKSpace take place?
Cyvers Alerts, an expert in on-chain monitoring, announced information after detecting several unusual transactions early in the morning on 07/10. According to reports, these transactions had large amplitudes and did not follow normal patterns.
"The freezing of our official account at the moment unusual signs were detected shows the urgent and complex situation."
Cyvers Alerts, blockchain monitoring expert, 07/10/2024
What is the current state of cash flow and withdrawal mechanisms in Tornado Cash?
According to in-depth analysis, about 1.3 million USD of the total affected amount was converted from USDT and USDC to ETH and then sent to Tornado Cash - a privacy service that obscures the source of transactions on the Ethereum Blockchain.
This transition increases the complexity of tracking cash flow and complicates the handling of related legal risks. Tornado Cash is widely known as one of the tools used to obscure transactions in the cryptocurrency industry.
What does the freezing of Cyvers Alerts' account say about cybersecurity and risk governance?
The freezing of Cyvers Alerts' official account is a strong warning sign about cybersecurity threats in the cryptocurrency ecosystem. According to blockchain security experts, this situation indicates that entities detecting unusual transactions may also become targets of attacks.
"Cybersecurity in the cryptocurrency space needs to be further developed to protect organizations and users from sophisticated attacks."
Mr. Nguyen Hung, blockchain and cybersecurity expert, 2024
Comparing damages and cybersecurity handling in recent cryptocurrency attacks
Incident Damage Form of Handling Time Unusual transactions on ZKSpace 4 million USD Account freeze, tracing cash flow 07/2024 Hot wallet attack in 2023 10 million USD Coordination with investigative agencies, prosecution 11/2023 Rug pull on DEX Layer 2 2.5 million USD Community warning, security update 03/2024
Preventive measures and effective detection of suspicious transactions
To mitigate risks, experts recommend applying on-chain monitoring software, using AI in transaction pattern analysis, and establishing early warning processes. This is a necessary step to enhance safety for the cryptocurrency ecosystem.
On-chain monitoring software and the role of AI
AI applications help quickly detect unusual transactions based on behavioral patterns, enhancing alerting and timely response capabilities. This technology has been highly regarded by many organizations in the industry for its accuracy and speed.
Governance policies and internal risk control
Implementing strict regulations on security and access control of accounts, while coordinating with government agencies to handle promptly when fraud signs are detected, is also an important step in risk governance.
Frequently Asked Questions
How do unusual transactions on ZKSpace affect users? This can undermine trust and cause direct financial damage, while also affecting the liquidity and reputation of the ecosystem. Why is Tornado Cash used to conceal transactions? Tornado Cash provides a security solution by obscuring the source of transactions on the blockchain, making it difficult to trace cash flow. What is the most effective way to detect suspicious transactions? Combining on-chain monitoring and AI technology helps track transaction patterns to alert early for anomalies. What does the freezing of Cyvers Alerts' account signify? This indicates the severity and scale of the attack, as well as warning of cybersecurity risks in the industry. What should users do when they detect unusual transactions? They should stay updated, be cautious in transactions, and contact specialized agencies or organizations for support.
Source: https://tintucbitcoin.com/zkspace-nghi-mat-cap-4-trieu-usd/
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