Maaz Jabbar Shah’s Post

Decentralized finance protocol Convergence confirmed a hack on Aug. 1, where an attacker exploited a vulnerability in the CvxRewardDistributor contract. The hacker minted 58 million CVG tokens, valued at $210,000, and stole $2,000 in unclaimed staking rewards. The exploit stemmed from an accidental code removal during a gas-optimization update, leading to a malfunction in token distribution. The CVG token’s value plummeted to $0.0004, with a market cap of just $57,000. Convergence has advised users to withdraw their assets and is working to fix the broken rewards contract. The total value locked on the platform fell from $5.79 million to $3.69 million. . . . . #defi #convergence #security #glitch #cryptostan #thecryptocountry #blockchain

Excited to share the comprehensive audit report of the INRTX token conducted by Beosin ! 😍 Transparency and security are our top priorities. Check out the PDF from given link for all the details.👇 https://lnkd.in/gK4pbK3J #INRTX #Crypto #Cryptomarket #Audit #Stablecoin

Our latest article looks at the evolution of auditing cryptocurrency holdings. 📚 Why Does It Matter? >As cryptocurrencies become more integrated into global financial systems, robust auditing practices are essential to meet evolving regulatory standards. >Audits help safeguard against cyber threats and fraud, protecting investors and maintaining the integrity of digital transactions. >Thorough and transparent audits build trust among investors and institutions, fostering broader adoption and stability in the cryptocurrency market. 🧠 By staying informed, accountants can navigate the complexities of digital assets and contribute to a more secure and compliant ecosystem. Your thoughts and feedback are always welcome! #CryptoAuditing #Blockchain #Cryptocurrency #Audit #Finance #Regulation #Technology #Education #Innovation #BlockWise

Indodax Exchange hit by $15.7 Million Exploit Indonesian cryptocurrency exchange Indodax lost $15.7 million in a hacker attack. PeckShield analysts detected large crypto outflows: 5,204 ETH to an Ethereum address, 6.8 million POL to Polygon, and 380 ETH to Optimism. Cyvers Alerts also flagged suspicious Indodax wallet transactions across networks, with one address holding $14.4 million in assets. The exchange confirmed the breach, took its platform offline for maintenance, and reassured customers that their funds are secure. Further details will be provided following an investigation. More breaking news from the world and the Darkweb here 👉 https://deepweb.net/

Following the depletion of cash from its decentralized finance (DeFi) network due to a smart contract exploit, BaseBros FI has suffered a major setback. Investors suffered significant losses as a result of the hack, which took advantage of smart contract flaws. The event emphasizes the dangers of DeFi initiatives and the necessity of thorough security checks and protections. There are concerns expressed over the platform's security protocols and the wider ramifications for DeFi investments as the community struggles with the repercussions. . . . . #rugpull #blockchain #defi #investment #security #protocols #cryptostan #thecryptocountry

Crypto Exchange BingX Hacked, Onchain Data Shows Over $43M Drained 🧐 BingX, a major crypto exchange, has suffered a hack resulting in the theft of approximately $43 million. The stolen assets include: 🔺 $13.25 million in Ether ($ETH) 🔺 $2.3 million in Binance Coin ($BNB) 🔺 $4.4 million in $USDT 🔺 and $23 million in other altcoins being drained. ⏩ The hack occurred in two phases: the first resulted in a loss of $26 million, and a second followed shortly after with an additional $16.5 million drained. ⭐️ Key details: 🔺 Hackers swapped the stolen assets for $ETH and $BNB via decentralized exchanges (DEXs) like #Uniswap and #Kyberswap. 🔺 Over 360 altcoins were taken. 🔺 BingX CEO Vivien Lien assured users that the losses are "minimal and manageable" with trading services continuing as usual. 🔺 Withdrawals and deposits are temporarily delayed but expected to be restored within 24 hours. ⭐️ Remaining funds: As of the last update, the hacker's wallet holds over 1,000 $ETH and tokens valued at $5 million. 🔗 Source (https://lnkd.in/gmQZ3U_5) #CryptoHacks #BingX #CryptoSecurity #Blockchain #CyberSecurity

📈Cryptocurrency has brought a new dimension to the way businesses operate today. But the collapse of Mt. Gox, one of the earliest cryptocurrency exchange platforms, back in 2014, highlights a critical aspect we often overlook: robust security measures. Hack incidents such as Mt. Gox's aren't just a setback, they can result in a massive blow to reputation and years of complex legal, technical, and financial mending. Took almost a decade for those affected by the Mt. Gox crisis to see a chance to reclaim their lost funds! How resilient are your digital asset security measures? Have you evaluated how a similar misuse can affect your business and just how long it could take to resolve? It's not too late to review and strengthen your security systems, prevention strategies, and mitigation plans. Remember, there's no such thing as 'too safe' when handling digital assets. Feel the need for expert guidance on this? Reach out, I'd be happy to help you navigate these complex waters. ⛵#cryptosecurity #digitalassets #businesssecurity

🚨 #DataBreach 🚨 On September 20, 2024, at approximately 04:00 (UTC+8), Singaporean crypto platform BingX detected abnormal network activity indicative of a potential hack targeting their hot wallet. The company swiftly implemented emergency measures to safeguard assets, including transferring funds to a cold wallet and temporarily suspending withdrawals. Initial assessments indicated a loss exceeding $44 million worth of cryptocurrency. BingX's investigative efforts, in collaboration with blockchain security firm SlowMist, later determined the total stolen amount at over $47 million. Despite the breach, BingX assured users that their operations remained undisrupted and that the losses had been covered by the company's reserves. Law enforcement and the broader cybersecurity community have heightened their vigilance towards cryptocurrency-related crimes, especially as thefts have surged with rising crypto prices. BingX continues to work on strengthening its security protocols and has promised to process withdrawals within 24 hours following the incident.

The U.S. Securities and Exchange Commission moves in on DeFi Space with a Wells Notice for Uniswap. Read Salus GRC Takeaway: https://lnkd.in/dbYWdsHk Let’s Talk! Please contact Salus GRC at Inquiry@SalusGRC.com with your questions and concerns related to the SEC’s focus on cryptocurrencies, an active or potential SEC exam or the current governance, risk and compliance landscape for investment advisers.  #SEC #Cryptocurrency #Compliance #Cybersecurity #SalusGRC