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Credits Coin is Hiring Hackers To Secure it’s Code

MNabilAli

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Credits (CS), the open-source blockchain and cryptocurrency platform is offering $500K bounty for hackers and security experts to audit it’s platform. The bounty will be paid in USD and BTC/ETH/CS cryptocurrencies.

The Audit Scope Includes the following:
Network Node: blockchain software Github
Contract Executor: application for deployment and execution of smart contract methods Github
Wallet Desktop: desktop wallet application Github
CScrypto: library submodule for node repository Github

To apply for this bounty you will need to check: Credits Blog

About Credits (CS)

Credits (CS) describes itself as an open-source blockchain platform aimed at addressing security, decentralization, and scalability. The team aims to achieve up to 1 million transactions per second speed with 0.1s confirmation times and low fees around 0.001 USD. The platform is designed to develop Dapps and smart contracts. Credits smart contracts reportedly allow users to set cycles and create schedules.

Credits Price in USD For The Last 7 Days:

Daily cryptocurrency trader, miner, technology enthusiast and a full time IT and security consultant. If you have any questions or comments please feel free to email him at [email protected]

Altcoins

P2P NFT Trading Platform Faces Breach: Users Urged to Take Immediate Action

MNabilAli

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NFT Trader, a peer-to-peer (P2P) trading platform, recently experienced a security breach leading to the unauthorized transfer of significant NFT assets. The attacker, identified as 0x90…8fda, successfully made off with 37 Bored Ape Yacht Club (BAYC), 13 Mutant Ape Yacht Club (MAYC), 4 World of Women, and 6 VeeFriends NFTs, collectively valued at 1,080 ETH (approximately $2.4 million). Users are strongly advised to promptly revoke any authorization granted to the platform.

Initial reports, shared by Chinese crypto news reporter Colin Wu on social media, indicate that the pilfered NFTs were sent to the address 0x909F2159780e64143CF08f32dBBF56Ed19478fda (link to tweet). An on-chain message from the address holder, claiming the role of a “scavenger,” refutes allegations of hacking the P2P trading platform. Instead, they assert rescuing the NFTs with the intention of returning them.

Further information reveals that the alleged real hacker’s address is 0x3dc115307c7b79e9ff0afe4c1a0796c22e366a47b47ed2d82194bcd59bb4bd46.

NFT Trader has acknowledged the security incident and disclosed that the attack targeted old smart contracts. In response, the platform is advising users to remove delegations via Revoke.cash from the following addresses:

  • 0xc310e760778ecbca4c65b6c559874757a4c4ece0
  • 0x13d8faF4A690f5AE52E2D2C52938d1167057B9af

Despite being relatively unknown among NFT traders, NFT Trader’s website identifies its CEO as John Pak, collaborating with co-founders Mattia Migliore and an individual using the pseudonym “Bruckzr” (link to tweet).

On social media, an NFT collector (@dingalingts) has urged traders to “revoke approval to their contract ASAP” for those who have engaged with NFT Trader previously. The stolen digital assets, which exceed $2 million in value, include 37 BAYC, 13 MAYC, 4 World of Women, and 6 VeeFriends.

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Bitcoin

How To Protect Yourself from Common Crypto Scams

MNabilAli

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With the recent failures of traditional banks, an increasing number of individuals are turning to cryptocurrencies in search of enhanced financial security. With the potential for financial gains, it is essential for individuals who are investing in cryptocurrencies to be aware of the various scams prevalent in the crypto world and take proactive measures to protect themselves. In this article, we will discuss practical steps you can take to safeguard your investments and avoid common crypto scams.

Avoiding Investment Opportunity Scams

For crypto enthusiasts interested in venturing into investments, it is imperative to be informed and exercise caution, as investment scams can take on numerous disguises. Many scammers will approach individuals, presenting enticing investment opportunities promising significant returns.

When considering investment opportunities, it is crucial to be wary of websites that guarantee zero risks, promise exorbitant profits, or contain misspelled words and suspicious links. If you choose to explore investment possibilities, remember to only invest funds that you can afford to lose.

Guarding Against Social Media Scams

Scammers often exploit the presence of crypto users on social media platforms. They may reach out via private messages, offering investment opportunities, romantic relationships, or giveaways. Some of these crypto scammers may impersonate reputable crypto companies, influential figures in the cryptocurrency space, or even celebrities.

If you receive a message on social media from someone whom you suspect to be a crypto scammer, the best course of action is to ignore it. Check the profile for signs of fakeness, such as a low follower count or an unverified account, and report it.

It is also essential to be aware that certain crypto influencers can be hazardous, as they may promote unregulated forms of cryptocurrency and tokens that can result in financial losses for users.

Steering Clear of Rug Pulls

Rug pulls are another perilous form of crypto scam. In a rug pull scenario, developers promote their new crypto tokens, artificially inflating their prices to entice investors. Once the price plummets to zero, the developers vanish with investors’ funds, leaving them empty-handed.

The most effective way to avoid a rug pull is to refrain from investing in tokens developed by unknown or anonymous individuals. Exercise caution with tokens that lack locked liquidity, external audits, or offer unrealistically high yields to investors

Stay Vigilant Against Phishing Attacks

Phishing scams are the most prevalent and hazardous types of scams in the cryptocurrency world. These scams trick users into clicking on links that lead to fake websites, where they are prompted to enter their passwords. Once scammers obtain a user’s password, they can gain access to personal information, including crypto keys, account details, and assets.

To ensure users do not fall victim to phishing scams, it is crucial to access information directly from the official website. Refrain from clicking on unknown links in texts or emails, and only enter passwords on reliable and trusted sites.

Preventing Cryptojacking

Cryptojacking occurs when malicious actors utilize another person’s laptop, phone, tablet, or servers to mine cryptocurrencies without the victim’s knowledge. This typically happens when users click on malicious links in emails or texts, infecting their devices and allowing the perpetrators to mine cryptocurrencies using the victims’ computing power. While cryptojacking often goes unnoticed, victims may experience slower device performance, increased fan activity, or higher electricity bills.

To prevent cryptojacking on your devices, consider installing a reliable cybersecurity program or using browser extensions on platforms like Firefox, Chrome, or Opera that actively block mining activities. Also make sure to install browser extensions from a trusted place.

Trust Your Instincts

If an investment opportunity or offer sounds too good to be true, it probably is. Trust your instincts and exercise caution. Take your time to make informed decisions and never succumb to pressure tactics or fear of missing out (FOMO). Seek advice from trusted experts or consult with a financial professional before making any significant investment decisions.

Use Secure Exchanges

When trading or buying cryptocurrencies, use reputable and secure exchanges. Research the exchange’s reputation, security measures, and user reviews. Look for exchanges that employ advanced security features like cold storage, two-factor authentication, and withdrawal confirmations. Avoid sharing your personal information or login credentials with anyone and be cautious of fake exchange websites designed to steal your funds.

Final Thoughts

By educating yourself, conducting thorough research, securing your wallets, and staying vigilant against potential scams, you can significantly reduce the risk of falling victim to losing your investments. Good luck!.

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Altcoins

Outdated Yearn Finance Contract Hacked, $11.6 Million Stolen in Stablecoins

Lorna Udinese

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On Thursday, a hacker exploited an outdated contract from Yearn Finance, a decentralized finance (DeFi) platform, and stole $11.6 million worth of stablecoins. The attacker managed to create a quadrillion yUSDT stablecoins by exploiting a vulnerability in the code of an old Yearn Finance contract. The tokens were then swapped for various other stablecoins, including USDP, TUSD, BUSD, USDT, USDC, and DAI.

DeFi platforms have been particularly vulnerable to hacking attacks, and Yearn Finance is just one of the many platforms that have suffered such attacks. The hacker in this case managed to take advantage of an outdated contract, highlighting the importance of regularly updating and auditing smart contracts to prevent such incidents.

As reported by PeckShield , after the successful theft, the hacker transferred the funds to other DeFi platforms, such as Aave, where they locked 1.5 million TUSD as collateral to borrow 634 Ether worth $1.26 million. The hacker also sent at least 1,000 Ether to Tornado Cash, a mixing service that is sanctioned by the U.S. Treasury. Tornado Cash is a tool that allows users to anonymize their Ethereum transactions, making it difficult for authorities to track the flow of funds.

Image credit PeckShield Inc.

The theft is just one of the many incidents of crypto theft that occurred in 2022, with blockchain forensics firm Chainalysis reporting that hackers stole at least $3.8 billion in cryptocurrencies throughout the year, the highest recorded total. DeFi platforms suffered more than 82% of the losses, highlighting the need for improved security measures in the DeFi space.

This incident is a stark reminder that the DeFi space is not immune to cyberattacks and that there is a need for continued innovation in security measures to safeguard users’ funds. The rise of DeFi has brought about exciting new opportunities in finance, but it has also created new risks that need to be addressed. Regular security audits, code reviews, and bug bounties are just some of the measures that DeFi platforms can implement to improve their security posture.

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