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South Korea is getting ready to upgrade its cyber security to stop North Korean cyber attacks, especially those involving crypto currencies. Local reports indicate that high-ranking government officials view crypto as a crucial facilitator of Pyongyang’s illicit weapons programs, highlighting a perceived lack of vigilance in this regard during the previous administration. The forthcoming legislation seeks to counteract the exploitation of digital assets acquired by North Korean hackers. This is an addition that was absent from the draft initially proposed by the National Intelligence Service (NIS) in the previous year. Intelligence reports reveal that North Korean hackers managed to pilfer $1.28 billion worth of coins in 2022, employing tactics such as ransomware, scams, fraud, and various cyberattacks. This underscores the critical urgency for implementing robust countermeasures. You might also like: Stolen crypto from Atomic Wallet traced to North Korean-linked Mi...

Lennix Lai, managing director of Global Institutional at OKX spoke with Cointelegraph about what it means to be transparent in a post-FTX and SVB crypto industry. The global Cryptocurrency Exchange OKX released its fifth edition of its proof- of- reserves (PoR) report, which it began releasing in Nov. 2022 in its effort for more Transparency in the industry.  According to the latest edition, OKX holds $8.9 billion across Bitcoin (BTC), Ethereum (ETH) and the Tether stablecoin (USDT). This puts the reserve ratios of BTC, ETH and USDT at 103%, 103% and 102%, respectively. This latest release also comes as the exchange upgraded its PoR system with more transparency by making full liabilities (i.e. the total balance of user deposits) publicly accessible. Cointelegraph spoke with Lennix Lai, the managing director of Global Institutional at OKX, regarding these extra steps towards transparency. Lai said that recent events in industry highlight that, “crypto-native challenges require cry...

Join Our Telegram channel to stay up to date on breaking news coverage The US SEC’s crypto crackdown has already seen the regulator target a number of projects, but also companies that work with digital assets . Recently, a popular trading platform Robinhood Markets also emerged as one of the companies that received some sort of penalty from the regulator . Robinhood admitted to receiving an investigative subpoena from the Securities and Exchange Commission (SEC) over crypto listings, custody services, as well as platform operations. The US securities watchdog actually targeted the platform back in December 2022, only about a month after FTX filed for bankruptcy. The trading platform explained this in a 10-K filing, stating that FTX started an avalanche of crypto trading venues and lending platforms filing for bankruptcy. Voyager Digital Holdings was another entity that ended up losing its foothold, and so did Celsius Network, and Three Arrows Capital, all of which wer...

Here are the most common tactics scammers employ when targeting crypto users and their wallets. Crypto security is one of the hottest topics for investors and companies actively working on creating better security solutions for the Web3 industry. Web3 Antivirus was created in an effort to make wallet security more accessible to all users in the space. The company offers a browser extension that helps users monitor wallet interactions and spot potential scams and malicious activity before investors fall victim to them. Below are the most common crypto scams and malicious tactics, and how to protect against them below as found through the experience of developing Web3 Antivirus. Malicious transactions Hacker tactics: While on a malicious site, the user can sign a transaction that grants access to all of their assets instead of making an NFT purchase transaction. The scammer would then be able to empty the user’s wallet, stealing assets for which access permission has been granted. User...