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Attacks on decentralized finance (DeFi) protocols have become a professionalized and sustainable industry. According to Mitchell Amador, founder of ImmuneFi, a firm specializing in blockchain security. Within the framework of Web Summit 2024, Amador told Decrypt that hackers are transforming the sector into a viable long-term business, although he highlighted significant advances in the security of the crypto space.
Amador explained that DeFi hackers are not just looking to maximize damage to protocols. But they are diversifying their strategies, using skills applicable in other sectors. “Even if they don’t achieve sustainable hacks, they can generate income through other practices such as extraction of maximum value (MEV),” he commented.
Despite this sophistication, the ImmuneFi founder stressed that the DeFi sector is “becoming more secure at a very rapid pace.” Data supports this claim: in the third quarter of 2024, losses from Cryptocurrency attacks decreased by 38% year-on-year, reaching $424 million. According to the ImmuneFi report.
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Bitcoin faces consolidation after reaching all-time highs in 2024
Bitcoin, which recently hit a new all-time high of $104,000, is facing a period of consolidation characterized by more “choppy” moves, according to analysis by CryptoQuant.
The leading cryptocurrency suffered a sudden drop of more than 10%, leaving traders with nearly $1 billion in liquidations in just 24 hours, reminiscent of the volatile nature of cryptocurrency markets.
The Choppiness Index (CI), a metric that measures the nature of market movements, indicates that Bitcoin could enter a period of low volatility. This index uses a scale of 0 to 100, where high values reflect choppy market conditions. While low values suggest clear trends, whether bullish or bearish.
Currently, Bitcoin’s daily CI stands at 56.7, marking one of the highest levels since last August. According to CryptoQuant analyst Percival, crossing key IC levels could signal a shift towards a trending market, but for now, the data points to a prolonged consolidation.
Former Silvergate Bank CTO blames regulators for institution’s collapse
Chris Lane, former chief technology officer of Silvergate Bank, has offered his “personal view” on the bank’s closure in a thread posted on recognized as a pillar in the cryptocurrency industry.
1/ Operation Choke Point 2.0 has entered the mainstream discussion and as the former CTO of Silvergate, I want to provide my personal view
First, the Silvergate SEN network was a core piece of infrastructure in the cryptocurrency economy
As someone who was there when it…
— Chris Lane (@D_CentralBanker) December 6, 2024
Silvergate Bank was voluntarily liquidated in March 2023, amid the regional banking crisis that shook the United States. This crisis led to the closure of three mid-sized banks (Silvergate, Silicon Valley Bank and Signature Bank) in just five days.
At the time, Silvergate stated in a filing with the Securities and Exchange Commission (SEC) that its decision was in response to “recent industry and regulatory developments.” Considering that an orderly liquidation was “the best way forward.”
Hacking of Cardano Foundation’s X account generates confusion and $500,000 scam
The Cardano Foundation’s official X account was compromised last Sunday. Which allowed attackers to publish false ads related to an alleged token called $ADASOL and a false lawsuit from the United States Securities and Exchange Commission (SEC) against the organization.
The Cardano Foundation X account @Cardano_CF you have been compromised. Please ignore any posts from the account at this time while we address this.
— Cardano Community (@Cardano) December 8, 2024
The hack was initially used to spread a thread promoting $ADASOL, described as “Cardano, reinvented for the speed and innovation of Solana.” Unlike more basic scam attempts, this thread was sophisticatedly worded, with three detailed posts that included links to genuine resources, such as the Cardano Foundation website and recent episodes of their podcast.
The fake token generated a trading volume of over $500,000 before traders became suspicious and realized the scam. According to data from DexScreener.
An hour after the initial post, the attackers released a new message from the fake compromised account. This supposedly announced an SEC lawsuit against the Cardano Foundation and stated that, due to the legal action, all support for the $ADA token would be suspended. The message, designed to sow panic in the community, racked up more than 256,000 views on X, although replies were disabled.
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