White hat hacker attempts to recover ‘millions’ in lost Bitcoin, finds only $105

Joe Grand, a computer engineer and hardware hacker known by many for recovering crypto from hard-to-reach places, spent hours breaking into a phone only to find a fraction of a Bitcoin. In a YouTube video released on Thursday, Grand traveled from Portland to Seattle in an effort to potentially recover “millions of dollars” in Bitcoin (BTC) from a Samsung Galaxy SIII phone owned by Lavar Sanders, a local bus operator. Sanders originally purchased the BTC in July 2016 in a “super sketchy” way, paying a person at a cafe and…

Read More

Apecoin Lost Around $2.5 Billion in Its Market Cap in May as Fear About Fading Investor Appetite Emerges

ApeCoin, one of the fastest rising coins in the crypto space, was one of the cryptocurrencies that was heavily impacted by the crypto disaster that rocked the market in May. Although the coin’s price showed robust performance in these turbulent market conditions, its market cap was affected. The coin now trades at $4.25 with a 4.1% increase in the last seven days, selling below its new swing high of $4.35. Data from Coingecko on Thursday showed that ApeCoin is among the top 50 crypto assets by market capitalization as the…

Read More

Lost SOL? Persistent challenges continue to impact Solana price

The past thirty days have been an extremely bearish time for cryptocurrencies. The sector’s aggregate market capitalization plunged 33% to $1.31 trillion and Solana’s (SOL) downfall has been even more brutal. Currently, SOL has seen a 50% correction and trades at $51. Solana/USD price at Coinbase (blue) vs. altcoin capitalization (orange). Source: TradingView The network aims to overcome the Ethereum blockchain’s scalability problem by incorporating a proof-of-history (PoH) mechanism into a proof-of-stake (PoS) blockchain. With PoH, Solana delegates a central node to determine a transaction time that the entire network…

Read More

DeFi protocols lost $1.6B, EU to rethink DeFi approach, and more

The past week in the decentralized finance (DeFi) ecosystem saw many new developments from an adoption perspective and protocol developments. The European Commission added a new chapter on DeFi, showing the growing impact of the nascent ecosystem, while a county in the United States State of Virginia wants to put its pension fund in a DeFi yield. DeFi exploits became the center of attention again as recent research shows that in the first two quarters of 2022, DeFi protocols have lost $1.6 billion to various exploits. Rari Fuze hacker, who…

Read More

Ex-Fed vice-chair Quarles has lost none of his fervor in opposing US CBDC

Former United States Federal Reserve vice-chair for supervision Randal Quarles discussed central bank digital currencies (CBDC) and the chances of the U.S. adopting such technology in an interview on the “Banking With Interest” podcast Tuesday. Quarles, who is known for his opposition to a CBDC, expressed his skepticism about the so-called digital dollar and predicted the U.S. will not introduce it. Quarles, who served at the Fed from 2017 to 2021, said a close analysis of CBDCs would show that their advantages are “extremely marginal, if they exist at all.” He…

Read More

Users could have lost all their NFTs

The research arm of cyber security software firm Check Point said it identified a vulnerability in the Rarible NFT marketplace that could have seen many of its roughly two million active monthly users lose their NFTs in a single transaction. Check Point is a multinational IT security firm that was founded in Ramat Gan, Israel in 1993 and also claimed to have spotted issues relating to malicious airdrops on OpenSea back in October 2021. According to documents shared with Cointelegraph, Check Point Research (CPR) recently discovered that malicious actors could…

Read More

Lost Bitcoin may be a ‘donation,’ but is it hindering adoption?

Cryptocurrency custody solutions have become a big business over the last few years. Independent storage and security systems meant to hold large quantities of crypto on behalf of clients can bring in institutional capital and retail investors waiting on the sidelines simply because they remove a major fear: losing access to funds that become unrecoverable. Because of the decentralized nature of major blockchains like that of Bitcoin or Ethereum, whenever a user loses access to their wallet and doesn’t have a backup of their private keys, the funds within it…

Read More

Microstrategy lost $146M to Bitcoin impairment charges in Q4 2021

MicroStrategy, the fortune 500 company with a 125,051 Bitcoin (BTC)-strong treasury, announced its Q4 2021 financial results on Feb. 2. The institutional software solution provider reported a net loss of $146.6 million incurred in impairment charges on its Bitcoin holdings. The high impairment losses added to the company’s operating expenses which saw a 125% increase at $248 million as compared to the same quarter last year. An impairment loss is a recognized reduction in the acquisition cost of an asset that is triggered by a decline in its fair value. When…

Read More

Engineer hacks Trezor wallet, recovers $2M in ‘lost’ crypto

A computer engineer and hardware hacker has revealed how he managed to crack a Trezor One hardware wallet containing more than $2 million in funds. Joe Grand — who is based in Portland also known by his hacker alias “Kingpin” — uploaded a Youtube video explaining how he pulled off the ingenious hack. After deciding to cash out an original investment of roughly $50,000 in Theta in 2018, Dan Reich, a NYC based entrepreneur, and his friend, realized that they had lost the security PIN to the Trezor One the…

Read More

DeFi protocol Grim Finance lost $30M in 5x reentrancy hack

The decentralized finance (DeFi) protocol Grim Finance reported $30 million in losses due to a reentrancy exploit of the platform’s deposits. Grim Finance officially announced on Dec. 18 that an “external attacker” had exploited the DeFi platform, stealing “over $30 million” worth of cryptocurrencies. According to Grim Finance, the hack was an “advanced attack,” with the attacker exploiting the protocol’s vault contract through five reentrancy loops, which allowed them to fake five additional deposits into a vault while the platform is processing the first deposit. Grim paused all vaults after the…

Read More