Sen. Pat Toomey of the Senate Banking Committee is requesting input from the cryptocurrency and blockchain community to inform future legislation on its security and privacy. Several experts praise efforts to regulate the space, but cite its complexities.
In the latest weekly update, four editors at Information Security Media Group discuss timely cybersecurity issues, including cryptocurrency exchange hacks and the cyber implications of the U.S. withdrawal from Kabul.
Although a majority of financial services executives predict that cryptocurrency will replace or rival fiat currency within the next five to 10 years, they say cybersecurity, regulatory and privacy issues are among the biggest obstacles to its adoption, according to a survey by Deloitte.
Google has removed eight fake cryptomining apps from its Play Store, but researchers at security firm Trend Micro have flagged 120 other apps on users' phones purporting to also be cryptomining. Users paid for services the eight apps never delivered.
The London High Court has ordered the cryptocurrency exchange Binance to attempt to identify and freeze accounts belonging to the attackers who allegedly stole about $2.6 million from U.K.-based Fetch.ai.
Ukrainian police have shuttered several allegedly illegal cryptocurrency exchanges throughout the country that were processing about $1.1 million in virtual currencies each month. Officials say the exchange allegedly appeared to facilitate money laundering and had connections to Russia.
The hacker behind the $612 million breach of the blockchain-based Poly Network system has reportedly returned all stolen assets. Security experts have highlighted a critical vulnerability and a need for further DeFi security regulations.
Cybercriminals have developed a blockchain analytics tool on the darknet that could help a gang launder illegally obtained bitcoin, and they are actively marketing it, according to the cryptocurrency analytics firm Elliptic. The tool, however, is rated as not entirely effective.
A hacker breached the blockchain-based Poly Network platform to steal more than $600 million in cryptocurrency, the platform announced Tuesday. But Wednesday, it appeared the hacker had returned some of the stolen assets.
PayPal plans to hire more than 100 cryptocurrency experts, including those with expertise in compliance and anti-money laundering, as the online payments service expands its digital money transferring service and adds a "super app" wallet.
The world is now focused on ransomware, perhaps more so than any previous cybersecurity threat in history. But if the viability of ransomware as a criminal business model should decline, expect those attackers to quickly embrace something else, such as illicitly mining for cryptocurrency.
Cyberattackers are using malware dubbed "Crackonosh" to disable many antivirus programs, paving the way for installation of the XMRig cryptominer, according to Avast. So far, this approach has generated more than $2 million in monero for the attackers over the last seven months, the security firm reports.