CDS Crypto News 03 April Crypto News- What Happened Crypto Markets Today
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03 April Crypto News- What Happened Crypto Markets Today

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03 April Crypto News- What Happened Crypto Markets Today

Crypto News– The founder of a cybersecurity firm cautions that phishing attacks are evolving in sophistication, despite a decrease in the number of incidents.

03 April Crypto News- What Happened Crypto Markets Today

An erroneous smart contract has resulted in the locking of $24 million worth of Lido-staked SOL (stSOL). Concurrently, authorities in the United States have initiated the transfer of billions of dollars worth of Bitcoin from the Silk Road era.

CertiK co-founder warns of alarming levels of crypto phishing attacks

While the first quarter of 2024 appears to be relatively typical in terms of hacks and exploits, Ronghui Gu, the co-founder of blockchain security firm CertiK, expressed concerns about the increasing complexity of private key compromises and phishing attacks.

03 April Crypto News- What Happened Crypto Markets Today
03 April Crypto News- What Happened Crypto Markets Today 1

Gu informed Cointelegraph that, among the incidents in this quarter, losses stemming from compromised private keys saw a significant rise compared to the first quarter of 2023.

In its quarterly security report titled Hack3d, CertiK emphasized that losses due to private key hacks amounted to $239 million, despite there being only 26 incidents.

In comparison to the same period in 2023, when losses were approximately $18.8 million, this quarter witnessed a staggering 1,171% increase in losses attributed to compromised private keys.

Faulty contract traps 24 million Dollars worth of staked SOL in Lido

A defective smart contract has inadvertently trapped $24 million worth of stSOL tokens on Lido, a liquid-staking platform.

Lido on Solana allowed users to stake SOL tokens for a 5% annual yield, but it was discontinued in October 2023 due to financial sustainability concerns and low fees. Users were given until February to unstake their tokens through a user-friendly interface, but that option has also disappeared, leaving manual unstaking via Solana’s command line interface (CLI) as the only alternative.

Members of the Lido Discord community have reported that the CLI is too complex to use, leaving 31,588 stSOL holders unable to access their combined $24 million worth of tokens.

Contrary to initial assumptions, user error may not be the root cause of the problem. Pavel Pavlov, a product manager at P2P Validator — the team formerly associated with Lido on Solana — disclosed in a Discord message on March 30 that there was an issue with the smart contract responsible for the withdrawal function.

Bitcoin seized by the DOJ transferred to a new wallet

The U.S. Department of Justice (DOJ) has relocated approximately $2 billion worth of Bitcoin seized in connection with the Silk Road marketplace to a new wallet.

Blockchain data from April 2 reveals that a wallet linked to the DOJ initiated a 0.001 BTC transaction to a Coinbase Prime address, likely as a test before transferring the remaining funds. Subsequently, the same wallet transferred 30,174 BTC.

On-chain analysts have traced these funds to James Zhong, who was convicted of offenses related to Bitcoin unlawfully obtained from the Silk Road marketplace. In 2021, U.S. authorities raided Zhong’s property and confiscated the stolen Bitcoin.

Less than two years later, in March 2023, government authorities confirmed the sale of approximately 9,861 BTC seized from Zhong.

03 April Crypto News- What Happened Crypto Markets Today

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