Latest Hack News

  • CoinGecko Adds Crypto Exchanges' Cybersecurity Ratings to Trust Score
    CoinGecko Adds Crypto Exchanges' Cybersecurity Ratings to Trust Score
    Crypto data platform CoinGecko has partnered with cybersecurity firm Hacken to incorporate the security of crypto exchanges into its Trust Score metric. Cryptocurrency market data aggregator CoinGecko has updated its Trust Score algorithm to consider the cybersecurity standards of the more than 400 cryptocurrency exchanges listed on its platform. From July 1, 20% of CoinGecko’s Trust Score will be determined according to a cybersecurity rating provided by security technology company Hacken.  According to an announcement, the algorithm update will provide “a more holistic overview of cryptocurrency exchanges.” Speaking to Cointelegraph, CoinGecko co-founder and COO Bobby Ong stated that the firm has “wanted to work closely with a cybersecurity company to incorporate exchanges' cybersecurity score since [introducing] Trust Score in May 2019,” but that CoinGecko “did not manage to find any suitable partner to help us with this endeavor until now.” CoinGecko scores exchanges on security Hacken’s cybersecurity score seeks to measure “the ability of an exchange to maintain a secure operating environment for both the platform and its users.” The score grades exchanges from one to 10 based on analysis of “server [and] user security, bug bounty of crowdsourced preventive measures, as well as historical hack cases.” Ong stated that the integration followed several months of discussions between the two firms, with the partnership also slated to see collaboration to “educate the crypto community on improving personal cybersecurity practices.” Dyma Budorin, CEO of Hacken, described cryptocurrency exchanges as among “the most complex and financial platforms,” that have become the “main targets of the growing black hat hackers community." CoinGecko to expand derivatives metrics Ong noted that CoinGecko plans to further develop its Trust Score over 2020, stating, “There are several other metrics which we are researching for
  • Security Flaw in Balancer Pools Leads to Massive $450K Crypto Hack
    Security Flaw in Balancer Pools Leads to Massive $450K Crypto Hack
    Automated market maker protocol Balancer lost over $450,000 in a hacking incident on Sunday.
  • DeFi Protocol Balancer Hacked Through Exploit It Seemingly Knew About
    DeFi Protocol Balancer Hacked Through Exploit It Seemingly Knew About
    A spat between the Balancer and STA team following the $500,000 hack suggests that the DeFi protocol was aware of the weakness. The Balancer automated market maker protocol has been hacked for over $500,000 in a single Ether (ETH) transaction, facilitated once again by a dYdX flash loan. As analyzed by the 1inch.exchange team a few hours after the incident, a carefully crafted transaction taking more than 8 million gas, or about two thirds of an Ethereum block, stole over $500,000 in Ether, Wrapped Bitcoin (WBTC), Chainlink (LINK) and Synthetix (SNX) tokens. Taking advantage of programmed burn Timestamped at 6 PM UTC on Sunday, the transaction begins with a flash loan from dYdX for 104,000 ETH, or about $23 million. The exploit relied on Statera (STA), a deflationary token where 1% of every transaction is automatically burned.
  • A Hacker Just Drained $500k in Ethereum & Altcoins From a DeFi App
    A Hacker Just Drained $500k in Ethereum & Altcoins From a DeFi App
    Ethereum’s budding decentralized finance ecosystem has gone parabolic over recent weeks.