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Index Finance Attacker Targets Relevant Feed In Ongoing Exploits: Report

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In a recent breakthrough, ZachXBT, a prominent figure in the crypto realm renowned for his sleuthing skills, has uncovered a connection between the governance attack on Indexed Finance and a potential assailant targeting Relevant Feed, a platform for news sharing and discussions. ZachXBT, often referred to as a 2D detective in the digital space, revealed through a post on social media platform X (formerly Twitter) that the suspected individual behind these attacks is allegedly Alex Chon.

According to ZachXBT’s findings, Chon, believed to be an IT worker from the Democratic People’s Republic of Korea (DPRK), has faced dismissal from multiple roles due to suspicious behavior. The detective emphasized that Chon funded the attack-linked wallet and provided evidence indicating his alleged involvement. This evidence includes a series of screenshots illustrating an on-chain transaction trail, inbox chat logs, and multiple alterations to Chon’s GitHub username, all while maintaining the persona of ‘Holy Pengy’ along with a Pudgy Penguins profile picture.

Laurence Sounds Alarm On Indexed Finance Treasury Breach

The revelation comes in response to a warning by Laurence, a prominent media figure, regarding an ongoing assault on the remnants of the Indexed Finance treasury. Before accounting for slippage, Laurence highlighted the breach involving approximately $36,000 in DAI and around $48,000 in NDX. Expressing astonishment over the recent incident, Laurence emphasized the ethical stance against profiteering through governance leveraging on inactive projects.

Laurence proposed a principled stand for NDX holders by suggesting a vote ‘Against’ in the ongoing governance exercise, aiming to thwart potential protocol exploitation. The media personality urged stakeholders to ponder the future of the remaining digital tokens, stressing that success in halting the process would require decisive action.

However, Laurence cautioned that failure to intervene could serve as a stark reminder of the community’s attempts to rectify the situation. The implications of this situation suggest a pivotal moment for the governance of Indexed Finance, with stakeholders grappling with decisions that may shape the fate of the project and its remaining assets.

The uncovering of this connection by ZachXBT signifies a critical milestone in pursuing accountability and security within the cryptocurrency sphere, shedding light on the complexities and challenges decentralized finance platforms face amid evolving threats.

Fake Ledger Live App Scam Nets Thief Almost $600,000 In Bitcoin

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In a recent high-profile cryptocurrency theft, a sum nearing $600,000 in Bitcoin (BTC) was unlawfully obtained from unwitting users who fell prey to a deceitful Ledger Live application, fraudulently presented on Microsoft’s app store. This revelation has been brought to light through the diligent efforts of cryptocurrency sleuth ZachXBT, as detailed in a recent post on the platform X.

ZachXBT, a vigilant on-chain analyst, detected the counterfeit application, dubbed “Ledger Live Web3,” on November 5th. The deceptive app dupes users into believing they are acquiring the legitimate “Ledger Live” – an interface designed for its hardware wallets, enabling secure offline storage of cryptocurrencies.

According to Blockchain.com, the scammer successfully siphoned off approximately 16.8 BTC, equivalent to $588,000, spread across 38 separate transactions utilizing the wallet address “bc1q….y64q.” However, a portion of the ill-gotten gains, totaling $115,200, has been transferred out in two transactions, leaving the perpetrator with a balance of $473,800 or 13.5 BTC.

Ledger Scam Unearths Microsoft’s Security Gaps

In a subsequent update, ZachXBT indicated that Microsoft may have removed the fraudulent Live app from its platform. The initial payment to the scammer’s wallet address occurred on October 24th, amounting to $5,210. Before this transaction, the wallet had remained dormant. Notably, most of the illicit transactions occurred after November 2nd, with the largest single transfer tallying $81,200 on November 4th.

ZachXBT brought to light that they were contacted by two distressed victims on the 4th of November, both asserting that Microsoft ought to shoulder the responsibility for allowing the counterfeit application to infiltrate its app store, a sentiment echoed by others in the cryptocurrency community.

This incident marks not the first time a counterfeit app has infiltrated Microsoft’s app store. In December and March, Ledger’s support account on social media platform X (formerly Twitter) alerted users to a bogus app.

Currently, Ledger has refrained from issuing an official statement regarding this latest scam. Nevertheless, the company has consistently advised its users that the “only safe place” to download Ledger Live is from its official website. Users are strongly encouraged to exercise extreme caution and vigilance when maneuvering through the treacherous terrain of the cryptocurrency realm.

ZachXBT Reveals $13.3M Crypto Heist Via 54 SIM Swap

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ZachXBT, known as a detective for cryptocurrency transactions, has uncovered a series of digital thefts that have shocked the crypto community. In just four months, a massive $13.3 million has been boldly taken by hackers who tricked their way through 54 cases of SIM card swapping. These focused attacks have seriously shaken up the safety of people who own cryptocurrencies.

ZachXBT, renowned for uncovering crypto scams, has brought the concerning information to light. The approach is both malicious and triumphant: hackers capitalize on account vulnerabilities, rapidly immersing victims in a manufactured state of urgency. This compels victims to believe their assets will vanish, coercing hasty and anxious actions.

To thwart such insidious attacks, ZachXBT issues a solemn warning against using SMS two-factor authentication. Instead, he champions the utilization of foolproof security measures like authenticator applications and security keys. Vigilance in safeguarding accounts has become paramount in the face of mounting threats.

Delving into the patterns that underscore these 54 SIM swaps, ZachXBT sheds light on the disturbing geographical concentration of victims. A vast majority find themselves entangled within the United States, their vulnerability exploited by cunning hackers. Noteworthy carriers like T-Mobile, Verizon, and AT&T are unwittingly implicated in facilitating these breaches.

John Deaton’s Response to ZachXBT’s Tweet

John Deaton, a prominent figure in the crypto legal domain and the visionary behind Crypto Law, highlights the immense seriousness of this circumstance. Furthermore, Deaton’s personal experience with a SIM swap attack in March underscores these cybercriminals’ alarming level of expertise. Their adeptness in assuming false identities and manipulating situations is remarkably persuasive.

The narrative gains traction as Deaton recounts the treacherous path that led to his account freeze on Uphold, a prominent digital wallet and trading platform. The attacker’s calculated maneuver involved a duplicitous call after a seemingly innocent verification email. The attacker, masquerading as “Uphold Verification,” cunningly coerced Deaton into divulging sensitive information.

The mechanics behind these SIM swap attacks are elucidated by law enforcement. The FBI has outlined the intricate process by which these criminals “socially engineer” customer service representatives of mobile carriers, ensuring a seamless switch of the victim’s phone number to a SIM card under the attacker’s control. This sinister shift grants unrestricted access to confidential codes and texts, providing a direct gateway into victims’ financial coffers.

The crypto realm is now left grappling with the problem of how to fortify its defenses against a rapidly evolving breed of cybercriminals. As the shockwaves of ZachXBT’s revelations reverberate, stakeholders must reevaluate their security protocols and brace for a new wave of digital onslaughts.

Related Reading:| Tennessee’s Crypto Scam: Blessings Turned To Sham

AlphaPo Hack Culprit Uncovered: Estimated Loss Now At $60M

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A hack on AlphaPo, a crypto payment platform, shook the internet recently after security experts spotted the pilferage of at least $31 million from its hot wallets. ZachXBT, an eccentric on-chain investigator who was deeply interested in the situation, claimed that the funds had been taken from the Ethereum network, exchanged for ETH, and then bridged to the Avalanche and Bitcoin blockchains.

Since the number of Bitcoins taken at the time was unknown, market experts worried that the loss would be greater than initially reported. Unfortunately, ZachXBT’s suspicions were realized when he learned that an additional $37 million worth of TRON and BTC were looted, bringing the total amount of theft to $60 million.

ZachXBT also suggested that the dreaded North Korea-based Lazarus Group might have carried out the attack, as they create a very distinct fingerprint on the chain. While investigations are currently in progress, DeDotFi’s security team stated then that the hack may have been caused by a leak of private keys.

AlphaPo is a payment processor that allows quick transactions in more than 30 digital assets and balances in a variety of fiat currencies. The company is primarily recognized for serving as the cryptocurrency gateway for several gambling websites, including HypeDrop, Ignition, and Bovada.

According to security analysts, Lazarus, a group notorious for attacking cryptocurrency institutions like the Ronin Network and Harmony’s Horizon Bridge, recently infiltrated U.S. enterprise software provider JumpCloud to target its cryptocurrency clients.

Hunt Begins For Lazarus Hackers

JumpCloud, a directory platform that enables businesses to authenticate, authorize, and manage users and devices, disclosed that the nation-state actor was also responsible for a June system breach that compelled the company to reset its clients’ API keys.

While JumpCloud didn’t at the time pin blame on the dreaded hacker’s group, several cyber security researchers like CrowdStrike, SentinelOne, and Mandiant have attributed the attack to the North Korea-backed hackers.

U.S. officials announced fresh penalties against North Korea’s army of illegal IT employees in May as part of efforts to stop the state-sponsored, anonymous hackers. They contend that these individuals have obtained employment abroad fraudulently to fund the regime’s development of WMD. Additionally, the US State Department is offering up to $10 million in incentives for information that will stop North Korean hackers.

Jeff Huang AKA Machi Big Brother Denies Zachxbt’s Allegations

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ZachXBT, a decentralized finance (DeFi) cyber detective, accused Jeff Huang, famed Taiwanese musician, and blockchain figure, popularly known as Machi Big Brother, of wrongdoing in ten separate cryptocurrency projects on Thursday.

Outside of Taiwan, Machi Big Brother is renowned as an obsessive collector of Bored Ape Yacht Club nonfungible tokens (NFTs), with a collection worth approximately $8.26 million at the pinnacle of the crypto bull market last year.

Though the charges were numerous, the main focus was on Huang’s alleged role in the disappearance of 22,000 Ether (ETH) raised during Formosa Financial’s (FMF) initial coin offering for tokens in 2018, a Taiwanese treasury management platform created for blockchain enterprises.

FMF coins swiftly lost value after the ICO, owing in part to the severe cryptocurrency bear market at the time. Jeff Huang had previously worked for the company as an advisor before stepping down. Formosa Financial joined crypto exchange CEZEX, and ICO crowdfund organization Katalyse.io in 2019, according to Taiwanese news outlet Block Tempo.

Jeff Huang denies the allegations

According to ZachXBT, two 11,000 ETH withdrawals were conducted from Formosa Financial’s treasury wallet on June 22, 2018, just three weeks after the FMF ICO. At the same time, various Formosa Financial executives are said to have authorized a stock buyback.

The outflows of the aforementioned 22,000 ETH are very speculative. The cash allegedly flowed to George Hsieh, Formosa Financial’s former CEO, and Jeff Huang first and subsequently to wallet addresses purportedly related to their accomplices, according to ZachXBT.

The DeFi detective, on the other hand, did not provide any evidence to back up their allegations about how they came to correlate the abovementioned residences with Jeff and George.

Huang, whose public wallet was just launched roughly two years ago, has dismissed ZachXBT’s claims as false. Because the DeFi detective’s report lacked the necessary KYC information tying wallet addresses to Huang.

In a tweet on Thursday, Jeff Huang flatly refuted the charges against him, writing, “This is misinformation. If he wasn’t anon, I’d sue him for defamation.”