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Cryptocurrency
Bitcoin Exchange DMM Closes After $320M Hack, Transfers Assets to SBI VC Trade
DMM Bitcoin Ceases Operations After Major Cyberattack In a shocking turn of events, one of Japan’s most renowned Bitcoin exchanges, DMM Bitcoin, halted its operations in October 2024 following a devastating hack in May of the same year. The cyberattack resulted in the theft of $320 million in digital currency, with the loss attributed to a private key theft. This breach led to the disappearance of 4,500 Bitcoin from the…
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Cryptocurrency
How Scams and Deceptions Influenced This Week in Crypto
The cryptocurrency market continues to face significant challenges due to hacks, fraud, and substantial financial losses. Recent reports have highlighted vulnerabilities across various platforms, raising important questions about the industry’s security protocols and regulatory measures. In this article, we delve into some of the recent incidents that have shaken the crypto world, offering insights into their implications and the urgent need for improved safety standards. Dexx Hack Affects Over 8,620…
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Cryptocurrency
How Scams and Deception Influenced This Week in Crypto
The cryptocurrency landscape continues to grapple with significant security threats, including hacks, frauds, and substantial financial losses. Recent reports have highlighted various vulnerabilities within many platforms, raising urgent questions about the industry’s security measures and regulatory frameworks. Dexx Hack Affects More Than 8,620 Solana Wallets On November 16th, the DEXX trading platform, primarily focused on meme coin trading, suffered a significant security breach. This attack was orchestrated through a private…
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Cryptocurrency
Mr. Beast Faces Allegations of Crypto Manipulation: $23M Profit Examined
Introduction to the Controversy Jimmy Donaldson, better known as MrBeast, has become a household name through his engaging YouTube content and philanthropic efforts. However, he now faces significant scrutiny for allegedly leveraging his vast audience to profit from the cryptocurrency market. With a following that exceeds 31.2 million people, MrBeast is under fire for supposed insider trading, misleading promotions, and pump-and-dump schemes that have reportedly netted him over $23 million…
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Cryptocurrency
Mr. Beast Faces Allegations of Crypto Manipulation: $23M Profit Examined
Jimmy Donaldson, globally recognized as Mr. Beast, is a prominent YouTuber and entrepreneur whose endeavors in the cryptocurrency industry have sparked significant controversy. With a massive following of over 31.2 million people, Mr. Beast is under scrutiny for allegedly leveraging his substantial audience to gain financial advantages through questionable means. Accusations against him include insider trading, deceptive promotions, and engaging in pump-and-dump schemes, which purportedly earned him over $23 million…
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Cryptocurrency
A 79% Reduction in Losses from the Previous Year
The cryptocurrency industry faced significant security challenges in November 2024, recording 26 hacking and rug pull incidents. According to a comprehensive report by ImmuneFi, these events culminated in total losses amounting to $71,021,500. This figure marks the second lowest monthly loss for the year and represents a substantial 79% decrease compared to the staggering $343 million lost in November 2023. Overall, the net losses for the calendar year stood at…
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Cryptocurrency
A 79% Reduction in Losses from Last Year
The cryptocurrency industry experienced a significant decline in security breaches in November 2024, as revealed by a comprehensive report from ImmuneFi. The sector recorded a total of 26 hacking and rug pull incidents, resulting in losses amounting to $71,021,500. This figure stands as the second-lowest monthly loss of the year, marking a dramatic 79% reduction from the staggering $343 million lost in November 2023. Throughout the calendar year, net losses…
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Cryptocurrency
$1.7 Million Taken, Yet User Funds Stay Safe
In a recent development on November 28, 2024, XT Exchange, a Seychelles-based cryptocurrency trading platform, faced a significant security breach resulting in the theft of assets worth approximately $1.7 million. This incident has raised concerns within the cryptocurrency community, highlighting the importance of robust security measures in digital trading platforms. Details of the Breach The unauthorized withdrawal of funds originated from the platform’s own wallet. The stolen assets, spanning twelve…
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Cryptocurrency
$1.7 Million Taken, Yet User Funds Stay Safe
On November 28, 2024, a significant security breach was reported at XT Exchange, a cryptocurrency trading platform based in Seychelles. This cyber incident resulted in the theft of assets valued at approximately $1.7 million, affecting the traders using the platform. Details of the Breach The unauthorized withdrawal of funds originated from XT Exchange’s own wallet, involving tokens from twelve distinct categories. These stolen assets are estimated to be worth around…
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Cryptocurrency
Former Fortnite Star Serpent Involved in $3.5M Rug Pull Fraud
In the world of gaming and cryptocurrency, few stories are as captivating and cautionary as that of the threat actor known as ‘Serpent’. Once a professional Fortnite player from Australia, Serpent’s journey took a dark turn as he became embroiled in a series of crypto scams that reportedly amassed $3.5 million. His association with a prominent esports organization marked the early phase of his career until he was dismissed in…
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