Sadly, we all are only halfway through 2021, and the world has faced plenty of attacks till now. Between leaked data, major disruptions, and hefty ransom demands, 2021 has observed major ransomware and crypto attacks during its 1st half.  Cases of breaches and frauds in the cryptocurrency market have surged towards their highest count in 2021, rising in parallel to the growth in the market itself to the value of more than $2 trillion! So far in 2021, 32 incidents of fraud and hacks to a more than $2.99 valuation have taken place. According to an analysis from Crypto Head that keeps track of the information and writes guides related to the cryptocurrency market, the evolving cryptocurrency hack incidents are about to surpass the 38 incidents encountered in 2020 with that figure representing a climb from 2019. 40.7% $19.2 billion has been stolen through fraud and breaches in the past decade. The most targeted cryptocurrency when it comes to attacks is none other than bitcoin, accounting for 33.3% of fraud cases. After that, the second most targeted crypto is ethereum, logging 36 or 12.8% of the breaches during the time span of the past 10 years. A crypto technical writer at Crypto Head, James Page, that the number of decentralized finance breaches is increasing by leaps and bounds because this new technology is more open to potential weaknesses. wrote With that being said, recently, “The token platform of a popular DEX SushiSwap, MISO, has become the latest hack victim with $3 million in Ethereum(ETH) stolen” About SushiSwap and Miso Before getting into the unfortunate incident, let’s have a brief knowledge about ShushiSwap and MISO. Software running on Ethereum, seeks to incentivize a network of users to utilize a platform where they can sell and buy crypto assets. SushiSwap, just like Balancer and Uniswap, utilizes a collection of liquidity pools to permit the purchase and sale of crypto assets. First, the user locks up assets into smart contracts. Then, traders buy and sell cryptocurrencies from those liquidity pools, exchanging one token for another. SushiSwap, one of the most evolving decentralized finance (DeFi) platforms, permits users to trade cryptocurrencies without the requirement of a central operator administrator. SushiSwap Talking about MISO, it is a suite of open-source smart contracts. These are created to simplify the process of launching a new project on the SushiSwap exchange. The agenda of MISO is to drive new capital and trade to the exchange by accelerating the charisma of SushiSwap as a platform for token creators, and communities to launch new project tokens. Destructive DeFi Hack “The chief technology officer of the decentralized finance (DeFi) platform SushiSwap, joseph Delong claimed that the hacker(s) compromised the supply chain of its token launchpad platform called MISO” , the anonymous contractor with GH handles AristoK3 introduced malicious code into the Miso front end, substituting the auction wallet address with their subsequently acquiring 865 Ether (ETH) priced at $3 million. EtherScan can be used to validate that data. The hacker exploited the single target of a parody NFT project duplicating the value of a 2007 Kia Sedona, the Jay Pegs Auto Mart token auction. According to him When that unfortunate incident was encountered, the former senior software engineer at ConsenSys termed it “the toughest day of my life so far”. He also claimed to have little support from the top-notch crypto exchanges, Binance and FTX, in his pursuit of capital. Joseph Delong expressed his suspicions publicly that the hacker’s identity is web developer Erotos and blockchain. Individuals have yet not answered the accusations.  It is worth noticing that after the hack, SushiSwap’s native token dropped by more than 9%. Just prior month, after coming across a severe vulnerability within the auction contract of the BitDAO token sale, a white have security programmer saved the SushiSwap protocol from a potentially destructive hack worth , again via its token launchpad platform MISO. that exploitation was not discovered by a hacker fortunately and the sale continued without any sort of disturbance. The event didn’t showcase the biggest wrong step taken by the team security operation as the white hat described. $350 million However, on 17th September 2021, Joseph Delong that, tweeted “100 ETH has been returned to the Sushi multi-sig. Hoping the attacker sends the rest soon.” My Verdict These destructive attacks are never going to completely stop but that does not mean the government or business should sit ideal and do nothing. I was glad to know that the U.S. Treasury Department is finally new guidance and sanctions to deter ransomware hackers from profiting from attacks.  Moreover, there are likely to be new mandates against terror financing and money laundering that set aim on scaling back the utilization of digital currency in ransomware. Other illicit practices are also expected by the end of this year. planning The Biden administration takes into account the acceleration in cyberattacks and considers them as a threat to national security with health and financial institutions joined by the national beef producer JBS and major fuel as major ransomware victims in 2021. colonial pipeline At the heart of it all, it’s high time for businesses and the government to take appropriate actions for the enhancement of security protocols and to deter these evolving cyberattacks. Sophisticated cybersecurity measures need to be acquired to avoid unauthorized access and disastrous vulnerabilities. It’s crucial so that people can invest in their preferred tokens without any fear of being hacked.

Uniswap

Chain

BitDAO

Binance

ConsenSys

Target

10 Most Evolving Big Data Technologies to Catch Up on in 2022

5 Optimistic Ways AI is Revolutionizing Mental Healthcare

Nominated for 2022 - HackerNoon Contributor of the Year - Information Technology

Nominated for 2022 - HackerNoon Contributor of the Year - Business Strategy

Nominated for 2022 - HackerNoon Contributor of the Year - Big Data

Nominated for 2022 - HackerNoon Contributor of the Year - Cryptocurrency

Nominated for 2022 - HackerNoon Contributor of the Year - Crypto Adoption

Nominated for 2022 - HackerNoon Contributor of the Year - Amazon

Too Long; Didn't Read

SushiSwap’s Token Launchpad, MISO, Deceived by $3 Million Hack

SushiSwap’s Token Launchpad, MISO, Deceived by $3 Million Hack

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

Untitled Story

10 Most Evolving Big Data Technologies to Catch Up on in 2022

$PEPE, a Purple Lamborghini, and More: The Story Continues

The Increasing Uncertainty in Crypto Macro Amidst Dwindling Liquidity

5 Minute Finance: BTC & ETH SUPPLY SHOCK, BURRY'S APOCALYPSE, SIMONS SAYS AMC

A Sigh of Relief: CPI Cools Down as Bitcoin Soars Past $30K

10 Most Evolving Big Data Technologies to Catch Up on in 2022

$PEPE, a Purple Lamborghini, and More: The Story Continues

The Increasing Uncertainty in Crypto Macro Amidst Dwindling Liquidity

5 Minute Finance: BTC & ETH SUPPLY SHOCK, BURRY'S APOCALYPSE, SIMONS SAYS AMC

A Sigh of Relief: CPI Cools Down as Bitcoin Soars Past $30K

Light-Mode

Classic

Newspaper

Dark-Mode

Neon Noir

Minty

HN StartUps