WazirX Security Breach, Biden’s Dropout Likelihood, BlockFi Set to Distribute Crypto and More
WazirX Security Breach– Indian crypto exchange WazirX experienced a hack on Thursday, resulting in the unauthorized transfer of over $230 million in crypto assets. The hack targeted WazirX’s multisig wallet on the Ethereum network, likely due to a private key compromise, and drained the funds. According to security firm Blocksec, the attacker needed to upgrade the implementation of a Safe Wallet to a malicious contract to carry out the exploit. WazirX acknowledged the incident, stating that they are still investigating the outflows and have paused all withdrawals. The stolen funds include:
- Over $100 million in SHIB
- $52 million in ETH
- $11 million in MATIC
- $7.5 million in PEPE
- $5.7 million in USDT
Blockchain analytics firm Elliptic indicated that on-chain data suggests the hack was likely conducted by hackers affiliated with North Korea.The compromised funds were moved to an address that began selling the stolen assets into ether and laundering them using decentralized services and Tornado Cash, consistent with previous behavior by North Korean hackers.The price of WazirX’s token dropped 16% following the incident.
Polygon to transition MATIC to POL token on September 4
- Polygon is set to upgrade its mainnet on September 4, 2024, transitioning its native token from MATIC to POL following community approval.
- A testnet migration was launched on July 17 to identify and address potential issues before the mainnet transition.
- After the upgrade, POL will replace MATIC as the primary token for gas fees and staking on the Polygon network.
- POL will maintain MATIC’s existing tokenomics, distribution, and total supply.
- Current MATIC holders on the Polygon PoS network will have their tokens automatically converted to POL without requiring user intervention.
- MATIC holders on Ethereum, Polygon zkEVM, or various centralized exchanges must follow specific migration procedures.
Mt. Gox creditors report brute-force attacks on their accounts
- Multiple Mt. Gox creditors reported unauthorized login attempts on their accounts over the past 24 hours, suggesting possible brute-force attacks.
- Users claimed two-factor authentication likely prevented unauthorized access.Some speculated that the incidents could simply be system glitches.
- The Mt. Gox claims website is currently down for maintenance, with the closure appearing to follow the reports of login attempts, according to comments on a subreddit.
- Mt. Gox is in the process of distributing around $9 billion in bitcoin to its creditors.
- Recently, Mt. Gox moved funds to crypto exchanges Bitbank, Kraken, and SBI VC Trade to manage the payouts.
BlockFi to Begin Crypto Distributions via Coinbase in July
- BlockFi, a defunct centralized crypto lender, confirmed it will start initial crypto distributions via Coinbase in July.Non-U.S. clients remain ineligible for these distributions due to regulatory requirements.
- Distributions will occur in batches over the coming months.Notifications will be sent to eligible clients’ registered email addresses.
- The commencement of distributions follows a May announcement that eligible BlockFi clients could still access crypto withdrawals via Coinbase after BlockFi shut down its web platform.
- BlockFi’s bankruptcy plan administrator will continue using Coinbase for future distributions.
- This includes potential recoveries from the FTX and Alameda Research estates, from which BlockFi reached an $875 million in-principle settlement.
For the latest in crypto updates, keep tabs on Crypto Data Space.
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