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Cryptocurrency Market Summary
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The founder of :
a security company warns that phishing attacks are becoming more
sophisticated despite reducing cases of assault.
A defective smart contract estimated
- at $24 million from the encumbered SOL was signed in Lido (stSOL).
- At the same time, US authorities transferred billions of
- dollars of bitcoin raised during the Silk Road period.
Phishing attacks in the cryptocurrency world have reached
"alarming levels," according to the founder of CertiK
Although the first quarter of 2024 seems
"relatively typical" in terms of hacks and exploits
Ronghui Jo :
- founder of blockchain technology safety company CertiK
- noted that the complexity of hacking private keys
Joe told Cointelegraph that among the incidents in the quarter, losses associated
with private keys increased significantly compared to the first quarter of 2023.
In its quarterly security report
"Hack3d"
CertiK highlighted that losses from
private key hacks amounted to $239 million despite only 26 incidents.
Compared to the same period in 2023 :
- where losses were only about $18.8 million
- this quarter recorded a 1.171%
- increase in losses resulting from hacking private keys.
"Broken"
contract leaves $24 million SOL betting in locked-in Lido
A smart broken contract inadvertently closes $24
million in stSOL on the liquid bet conversion platform Lido.
Lido users on Solana could have mortgaged Solana for a 5% annualized return
but the service was discontinued in October 2023
due to unsustainable financial problems and low fees.
Users could have stopped betting until
February through an easy-to-use front interface - but this also disappeared
leaving them only the option of manually cancelling
the bet through Solana's command line interface (CLI).
Members of Lido Discord have posted that CLI is too complex to use, leaving
31,588 holders of stSOL with a total of $24 million of code locked in.
User error :
may not be the problem after all
as Pavel Pavlov, product manager at P2P Validator - the team behind Lido on
Solana - revealed in a Discord message on March 30 that
there was a problem with the smart contract behind the withdrawal function.
Pavlov said that Lido DAO
- has to change the smart contract which is "quite a complex task in terms of
- difficulty and time," so he is looking at alternative solutions that
- do not require changes in the smart contract.
Bitcoin :
seized by the U.S. Department of Justice moved into a new portfolio
About $2 billion of bitcoin value confiscated by the U.S. Department of Justice
(DOJ) :
was transferred, in the context of the Free Road Market, to a new address.
Data on the blockchain on April
2 shows that a portfolio linked to the Ministry of Justice transferred bitcoin
worth 0.001 bitcoin to an address in Queenpeace Prime, which is believed to
have been a test before the transfer of the rest of the money.
Shortly thereafter, the same wallet transferred 30,174 bitcoins.
Analysts on
the blockchain linked this money to James Zhong
- who was convicted on charges related to "illegally collected bitcoin"
- from the free road market. The US authorities raided his property
- and confiscated stolen bitcoin in 2021.
Government authorities have approved the sale of
some 9,861 bitcoin confiscated from Zhong in March 2023.
- The Free Road Market has been closed for more than a decade, and its creator
- Ross Albright is currently serving two life sentences
- without the possibility of release.
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