Financial Scams and Security 19

New SEC Cybersecurity Disclosure Rules Impact Public Crypto Companies

The Securities and Exchange Commission (SEC) is implementing new disclosure requirements for public companies regarding material cybersecurity incidents. These requirements aim to provide investors with timely and consistent information about risks that can cause significant losses. The rules have two components: companies must disclose material cybersecurity incidents within four business days of determining their materiality, […]

SafeMoon Files for Bankruptcy Amid SEC Fraud Charges and Executive Arrests

The Solana Mobile team has announced that its crypto phone Saga is officially sold out in the US, with only a few of these suddenly indemand devices left for the European market. The Android phone was launched in May.On December 13, the price of BONK, a meme coin on Solana, skyrocketed to a new all-time […]

SafeMoon Faces Bankruptcy and Fraud Allegations

SafeMoon, a once-thriving cryptocurrency protocol, has filed for Chapter 7 bankruptcy amidst allegations of fraud and mismanagement. The founders of SafeMoon, Kyle Nagy, Thomas Smith, and Braden Karony, are facing a $200 million SEC lawsuit for securities fraud.The bankruptcy filing, officially submitted on December 14th, is a form of liquidation bankruptcy. SafeMoon’s Chief Restructuring Officer […]

Exploit in Ledger Library Raises Concerns in Crypto Industry

A recent exploit in the Ledger Library, which is integrated into many cryptocurrency projects, has caused widespread concern and market instability. This event highlights the pervasive risks in the digital asset landscape, particularly in the emerging field of decentralized finance (DeFi).The core of the crisis lies in a critical vulnerability in the “LedgerHQ” library, a […]

Ledger’s Connector Library Breached, Posing Significant Risk to Wallet Users

In a major security breach, hackers have targeted Ledger’s connector library, compromising numerous decentralized applications (dApps) that rely on Ledger’s technology. This breach has put Ledger wallet users at risk of theft and has exposed severe vulnerabilities in Ledger’s systems.The attack involved hackers replacing Ledger’s connector library with a corrupted version, allowing them to hijack […]

Supply Chain Attack on LedgerConnect Kit Results in Theft of Over $480,000 in Assets

In a recent security breach, unknown attackers targeted Ledger, a popular hardware wallet provider, with the aim of exploiting their LedgerConnect kit. The attack involved injecting a “wallet-draining payload” into the NPM package, which allowed the attackers to hijack the front end of multiple apps and steal hundreds of thousands of dollars worth of assets. […]

SafeMoon Token Plunges 31% as Company Files for Bankruptcy

The token of decentralized finance protocol SafeMoon (SFM) experienced a significant drop of 31% in just five hours following the company’s bankruptcy filing. SafeMoon filed for Chapter 7 bankruptcy protection, with the voluntary petition being submitted to the United States Bankruptcy Court in the District of Utah. The firm’s chief restructuring officer allegedly wrote a […]

Hacker Pleads Guilty to $12M Solana DeFi Hacks in Landmark Smart Contract Fraud Case

A security engineer named Shakeeb Ahmed has pleaded guilty to carrying out two DeFi hacks on the Solana blockchain, resulting in the theft of over $12 million. The first attack occurred in July 2022, when Ahmed targeted an unnamed decentralized exchange and generated $9 million through inflated fees. He agreed to return all but $1.5 […]

Financial Regulators Call for Legislation to Address Cryptographic Risks

The Financial Regulators Reiterate Their Call for Legislation to Combat Cryptographic RisksThe Financial Stability Oversight Council met on Thursday and released a report detailing all of its concerns from the past year.This News Article was automatically generated by Bob the Bot (AI) Information Details Geography Europe Countries Sentiment neutral Relevance Score 1 People None Companies […]

Security Update: Ledger Connect Kit Addresses Cyber Attack with Swift Containment Measures

A recent security issue in the Ledger Connect Kit library has put users of Ledger, a prominent hardware wallet company in the cryptocurrency industry, at risk. The malicious version of the software allowed attackers to redirect users’ funds to their own wallet through a modified interface. This means that users could unknowingly send their cryptocurrency […]