DeFI News by Thebittimes.Com

One of the most prominent cryptocurrency exchanges on the planet, Coinbase, has found itself in legal trouble after it waited 4 months to alert users of a $400 million security breach. According to a Reuters report, the exchange was notified of a data leak in January, while they did not notify the 69,000 customers until May. The compromise took place amid a relationship between the exchange and Texas-based outsourcing firm TaskUS. Indeed, the India call center that was employed by the firm was reportedly bribed to leak sensitive data on customers, including names, addresses, and partial social security numbers, according to a court filing. Also Read: Circle In Talks to Sell as Coinbase & Ripple Emerge as Top Buyers Coinbase Facing Legal Action for Delayed Notification of Major Data Breach It has been a massive few months for the Coinbase cryptocurrency exchange. In what is a major achievement for the company, it entered the S&P 500 for the very first time. The landmark developm...

Blockchain security firm PeckShield reported that assets like stablecoins, ETH, SHIB, LINK and more were transferred from the bridge. Withdrawals and deposits have been suspended, and Justin Sun has said HTX will fully compensate users for any losses. Data shared by blockchain security platform PeckShield shows that more than $86.6 million in digital assets were transferred from the HECO Chain bridge to suspicious addresses. The security firm suggests that the bridge is compromised and an exploit is ongoing.  In response to the incident, Tron founder Justin Sun announced that HTX will fully compensate users for any losses incurred in the hack. The company has also temporarily suspended deposits and withdrawals as they investigate the incident. The executive said services will resume after the investigation is completed. HTX and Heco Cross-Chain Bridge Undergo Hacker Attack. HTX Will Fully Compensate for HTX's hot wallet Losses. Deposits and Withdrawals Temporarily Suspended. All F...

Forecasts predict cryptocurrency criminals laundering more than $10 billion through cross-chain bridges by 2025, leading to calls for holistic screening solutions. Improved Blockchain analytics will become increasingly important to combat the use of cross-chain bridges for illicit means, which are estimated to surpass $10 billion in value by 2025. Blockchain analytics firm Elliptic forecasts a 60% rise in the value of illicit cryptocurrency laundered through cross-chain bridges from $4.1 billion in June 2022 to $6.5 billion next year. This figure is projected to double midway through the decade. Cross-chain crime has been a major talking point in 2022 with over $2 billion fleeced in hacks targeting cross-chain bridges. Aside from these bridges and their contracts being targeted, these bridges have also become an avenue for criminals to launder cryptocurrency. A prime example is an unknown hacker moving stolen funds from the now bankrupt FTX using cross-chain bridges. Cointelegraph un...