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Blockchain security firm CertiK has issued a warning to crypto investors about the rising threat of phishing scams, which emerged as the most significant security threat of 2024.
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Crypto phishing attacks involve hackers sharing fraudulent links with victims to steal sensitive information, such as crypto wallet private keys.
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Phishing attacks were the most costly attack vector for the crypto industry in 2024, netting attackers over $1 billion worth of stolen digital assets across 296 incidents, according to CertiK’s annual Web3 security report published on Jan. 2.
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“Phishing was the most costly attack vector last year,” a CertiK spokesperson told Cointelegraph. “Our figures are conservative, the actual figure is higher when you consider unreported incidents and other types of phishing scams like pig butchering.”
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Out of the 296 phishing incidents in 2024, at least three resulted in losses exceeding $100 million, highlighting the scale of damage possible.
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Private key compromises were the second-largest threat after phishing scams, resulting in over $855 million worth of stolen crypto across 65 incidents in 2024.
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BlackRock’s iShares Bitcoin Trust (IBIT) has just recorded its largest outflow since it launched a year ago — as United States trading resumed on Jan. 2.
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It is the largest ever outflow since the product launched in January 2024, eclipsing the previous record of $188.7 million on Dec. 24, according to Farside Investors.
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The move follows a market closure on New Year’s Day but marks the third consecutive trading day of outflows for the BTC investment product, which is another record. Over the past week, BlackRock’s iShares Bitcoin Trust has seen $392.6 million in outflows.
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Terraform Labs co-founder Do Kwon appeared before a New York magistrate on Jan. 2, less than a week after being extradited to the United States to face criminal charges for his role in the Terra ecosystem collapse.
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Terraform Labs co-founder Do Kwon appeared before a New York magistrate on Jan. 2, less than a week after being extradited to the United States to face criminal charges for his role in the Terra ecosystem collapse.
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He argued the opinion “most obviously impacts” his charge of conspiring to violate the International Emergency Economic Powers Act (IEEPA), a law central to the US sanctions apparatus, as the appeals court found the smart contracts “are not the ‘property’ of a foreign national or entity,” meaning they “cannot be blocked” under the law.
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The Fifth Circuit said Tornado Cash’s smart contracts are unable to be changed or removed and can be used by anyone — including sanctioned North Korean hackers — while the creators “would be powerless to stop them,” adding:
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Storm is also charged with conspiring to operate an unlicensed money-transmitting business and money laundering conspiracy. He said that this, too, should be scrapped.
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He argued that “Tornado Cash is not a financial institution” and that “there could be no agreement to commit money laundering because the Tornado Cash protocol became immutable in May 2020, four months before the alleged start of the conspiracy.”
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The US charged Storm and fellow co-founder Roman Semenov in August 2023, accusing them of helping launder over $1 billion in crypto through Tornado Cash, including for the North Korean-linked hacking collective the Lazarus Group.
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Investors filed a lawsuit against several entities involved in the launch of the Hawk Tuah (HAWK) memecoin on Dec. 19, alleging that the defendants engaged in the promotion and sale of an unregistered securities offering.
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According to the legal filing, the defendants named in the lawsuit include the Tuah The Moon Foundation, OverHere Ltd, Clinton So, and Alex Larson Schultz — who allegedly promoted the memecoin. Attorneys for the plaintiffs wrote:
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The Hawk Tuah memecoin surged to a market capitalization of approximately $491 million hours after its launch but plummeted by more than 90% immediately afterward.
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The Hawk Tuah memecoin launched on Dec. 4 with a market capitalization of roughly $16.6 million. The price of the coin surged after launch, and within three hours, the meemcoin’s market cap grew to $491 million. It would then quickly drop to approximately $41.7 million.
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