Cryptocurrency news July
Cryptocurrencies are still advertised as decentralised, which would has advantages and some disadvanteges indeed, but in real life applications there are single points of failure, sometimes critical, sometimes only severe. Let’s see last month’s top picks!
ZKX crypto exchange shutdown
Due to being uneconomical the trading platform stopped its operations on 30th of July. This sudden and unexpected announcement caused some backlash in the industry, some said it creates a bad precedent.
MonoSwap hacked for $1 million
Apparently, installing a virus on one of the decentralised exchange’s PCs is enough to get access to some of its funds. So far the attacker has successfully laundered $1.3 million via Tornado Cash mixer.
The biggest exchange in India hacked
WazirX Indian crypto exchange has been hacked. Crypto exchanges are a great way to buy a decentralised asset and put it in the same wallet as thousands of other people do, among other things. It is suspected the Lazarus Group has stolen about half of the exchange’s reserves, a
loss of $230 million
by hacking one of the multi-signature wallets.
Drain websites instead of DeFi
Decentralised money is great, accessing it though in most cases involves using a website. These websites are only as safe as any other. In an attack against SquareSpace, hackers replaced DeFi websites with fake ones that drain users’ wallets when they use them unassumingly.
