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Just 12 days into 2024, X (formally Twitter) has experienced a myriad of hacked accounts that post crypto scams — a trend spilling over from 2023. High-profile accounts, from government agencies to celebrities, have all been targeted by hackers to promote scams, crypto tokens, or just troll followers unaware of the misinformation at play.  Here’s a series of Crypto -related hacks that have already taken place this year.  SEC posts fake bitcoin ETF approval  On January 10, the X account of the Securities and Exchange Commission (SEC) claimed it had approved spot bitcoin ETFs — a highly anticipated event in bitcoin history that sent its price momentarily rocketing. However, minutes later, the SEC clarified the post was fake and that its account was compromised, bringing BTC’s price down. Investigators at X claimed that an “unidentified individual” had access to the account’s associated phone number and that two-factor authentication wasn’t set up.  The @SECGov twitter...

Late October 2023 brought a major resurgence across the crypto market spearheaded by the world’s foremost cryptocurrency – Bitcoin (BTC). The ongoing rally saw massive inflows as well as different coins and tokens reaching highs not seen in well over a year. The bull run brought the industry back into the public consciousness – if it had ever indeed truly left – as evidenced by the fact that a recent Grayscale poll found that as many as 70% U.S. voters want a president knowledgeable about blockchain, artificial intelligence, and other innovative technologies. This rise in traffic also, unfortunately, brought about a renaissance in crypto hacks and scams, as evident to anyone actively following the comings and goings of the digital assets community and as evidenced by the fact that institutions like the U.K.’s Lloyds Bank (LON: LLOY) issued warnings of the most common types of crypto fraud. Or so it would appear. Cryptocurrency Bitcoin adds 70,000 mil...

CoinEx has rebuilt its wallet system following a $70 million hack and is set to resume deposit and withdrawals for select cryptocurrencies. Cryptocurrency exchange CoinEx is set to resume deposit and withdrawals for its users more than a week after it suffered a $70 million hack due to compromised hot wallet private keys. In previous correspondence with Cointelegraph, the exchange outlined its priority to build and deploy a new wallet system to facilitate activities for the 211 blockchains and 737 tokens that it served before the hacking incident. The latest statement from the exchange announces the resumption of deposit and withdrawal services of BTC, ETH, USDT, USDC and other tokens from Sept. 21. CoinEx will resume deposits and withdrawals with 11 cryptocurrencies. CoinEx will update deposit addresses for the listed tokens and will generate new deposit addresses for its users. CoinEx customers were advised not to deposit into old addresses on the platform, as this would result ...

While North Korea leads the world in crypto crime, crypto analytic firms have estimated that DPRK hackers have found it increasingly difficult to launder stolen crypto funds. North Korea leads the world in crypto crime , with over 15 documented instances of cyber theft amounting to $1.59 billion in stolen funds . However, the recent crypto market turmoil has wiped out millions of dollars from the country’s stolen crypto portfolio. The crypto market rundown that started in May wiped out hundreds of billions of dollars from the crypto industry, where most of the crypto assets fell by over 70% from their top. As a result majority of stolen crypto funds by the Democratic People's Republic of Korea (DPRK) hackers have registered a significant plunge as well. A report from Coinclub.com indicates that North Korea has deployed 7,000 full-time hackers to raise funds through cyberattacks, ransomware and crypto protocol hacks. The $600 million Ronin bridge hack in April was also linked to t...

The downfall of Mt. Gox continues to highlight the importance of greater transparency and accountability within the cryptocurrency industry. In the early days of Bitcoin, Mt. Gox was by far the most prominent Bitcoin (BTC) exchange in the world. The Tokyo-based company was responsible for more than 70% of all Bitcoin transactions in 2013. However, by early 2014, it had collapsed spectacularly, leaving investors and traders with losses amounting to hundreds of millions of dollars.  The downfall of Mt. Gox was a defining moment in the history of Bitcoin and cryptocurrency in general, with several regulators, market analysts and industry experts continuing to study the case to prevent such instances in the future. Moreover, the saga has continued to serve as a cautionary tale for the cryptocurrency industry, highlighting the potential risks and pitfalls associated with digital currency trading and investments. Mt. Gox: The early years Mt. Gox was launched in 2010 by Jed McCaleb, a progra...