The Discord channel of Polygon, one of the most important Blockchain platforms, has been the victim of a cyberattack that has left its community on alert. Mudit Gupta, Polygon’s chief information security officer, confirmed the security breach and warned users to avoid clicking on links shared in the channel until the situation is fully under control.
Even though the privileged accounts were protected with two-factor authentication, the attack had serious consequences. One of the users, known as ValidatorK, reported losing $150,000 worth of Ethereum after interacting with a link that looked legitimate.
PSA: Do not click on any links in the @0xPolygon community discord until further notice.
It has been compromised and we’re trying to get back ownership.
— Mudit Gupta (@Mudit__Gupta) August 24, 2024
This incident on Polygon is the latest in a series of attacks that have affected Cryptocurrency communities on Discord, highlighting the growing concern about security on these platforms, especially at critical times such as the network upgrade that Polygon is implementing.
WazirX to allow partial withdrawals in rupees after cyberattack leaves $230 million in losses
WazirX, the Indian cryptocurrency exchange that suffered a cyberattack in July with losses of $230 million, has announced that it will allow its users to make limited withdrawals in rupees after freezing the funds. Starting Monday, users will be able to withdraw up to 66% of their rupee balance, gradually, over the next month.
According to a statement issued on Friday, withdrawals will be made in two phases: from August 26 to September 8, half of that limit will be accessible, while the remainder will be available between September 9 and 22.
WazirX said Zanmai Labs, the operating entity responsible for rupee-related activities, was not affected by the attack and maintains sufficient reserves to cover the balances. However, the remaining 34% of the funds will remain on hold due to ongoing investigations by the authorities. The company could not specify when those funds will be released.
The exchange also regretted the inability to resume cryptocurrency withdrawals, explaining that the loss of a significant balance of ERC-20 tokens during the attack has left insufficient assets to meet obligations to its users.
Southeast Asia faces surge in electricity theft by Bitcoin miners
Southeast Asia has become a focal point for Bitcoin Mining since China launched a crackdown on the activity in 2021. However, this expansion has brought with it a new problem: an alarming rise in the theft of electricity to power mining operations.
This week, Malaysian authorities arrested seven people accused of illegally mining Bitcoin using stolen electricity, state-run media Bernama reported. In the operation, police seized 52 mining rigs, along with electronic devices and vehicles, valued at approximately $57,000.
This incident is just one example of the growing problem in the region. In July, Malaysia’s deputy energy minister revealed that illegal mining operators had stolen an estimated $723 million worth of electricity between 2018 and 2023. Malaysian authorities have responded with drastic measures, such as crushing nearly 1,000 mining rigs worth $452,000 using a steamroller, a tactic they had already employed in 2021.
Meta and Spotify criticise strict EU artificial intelligence regulations
Meta and Spotify, two of the most influential tech giants, have joined forces to voice their concerns over what they see as overly restrictive artificial intelligence regulations in the European Union. In joint statements, Mark Zuckerberg, CEO of Meta, and Daniel Ek, CEO of Spotify, criticised the EU’s approach to AI regulation, especially when it comes to open-source AI development.
Both CEOs argue that the current regulatory environment in the EU is holding back innovation and progress in artificial intelligence, affecting the ability of European companies to compete globally.
Spotify, which has used AI to personalise the experience of its users, fears that restrictions on the use of public data will slow the advancement of open-source AI, essential for the growth of the streaming industry and the creative ecosystem.
Meta, for its part, has been particularly vocal about the challenges it faces under EU regulations. Zuckerberg explained that a lack of legislative clarity has prevented Meta from training its AI models with public data from Facebook and Instagram users, putting Europe at a disadvantage compared to other regions.
Due to these regulatory uncertainties, Meta has announced that it will delay the launch of its upcoming AI models, including the multi-model Llama, designed to understand and interpret images.
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