In a shocking revelation, the recent security breaches at Coinspaid and Coinex have been linked to the suspected Orbit Bridge hacker. This article delves into the details of these cyber-attacks, the connection between them, and the implications for the cryptocurrency industry.

Overview of the Coinspaid and Coinex Breaches

Coinspaid and Coinex, two prominent players in the cryptocurrency industry, recently fell victim to significant security breaches. The hacker(s) managed to siphon off a substantial amount of cryptocurrency, causing significant financial losses and raising serious concerns about the security measures in place at these platforms.

• Coinspaid: Coinspaid, a popular crypto payment gateway, reported a security breach in which a significant amount of cryptocurrency was stolen. The breach was attributed to a sophisticated cyber-attack that exploited a vulnerability in the platform’s security infrastructure.
• Coinex: Coinex, a global digital coin exchange, also reported a similar breach. The hacker(s) managed to bypass the platform’s security measures and made off with a substantial amount of cryptocurrency.

Link to the Suspected Orbit Bridge Hacker

Investigations into these breaches have revealed a startling connection. The modus operandi, the nature of the vulnerabilities exploited, and the digital footprints left behind point to the suspected Orbit Bridge hacker. This individual or group is notorious in the crypto community for orchestrating the Orbit Bridge hack, which resulted in the loss of millions of dollars worth of cryptocurrency.

While the investigations are still ongoing, the evidence so far strongly suggests that the same entity is behind all three breaches. This revelation has sent shockwaves through the cryptocurrency industry, highlighting the need for more robust security measures and the importance of constant vigilance.

Implications for the Cryptocurrency Industry

The link between the Coinspaid, Coinex, and Orbit Bridge breaches has several implications for the cryptocurrency industry:

• Increased Security Risks: The fact that a single entity could breach multiple platforms underscores the increasing security risks in the cryptocurrency industry. It highlights the need for platforms to continuously update and fortify their security measures.
• Regulatory Scrutiny: These breaches could lead to increased regulatory scrutiny. Regulators may impose stricter security standards and require more transparency from cryptocurrency platforms.
• Trust Issues: Such breaches can erode trust in cryptocurrency platforms. Users may become more cautious and hesitant to use these platforms, which could impact the growth of the industry.

Conclusion

The link between the Coinspaid, Coinex, and Orbit Bridge breaches is a stark reminder of the security challenges in the cryptocurrency industry. It underscores the need for robust security measures, constant vigilance, and regulatory oversight. As the industry continues to grow and evolve, it is crucial to address these challenges to ensure the safety and trust of users.

While the revelations are alarming, they also provide an opportunity for the industry to learn and improve. By understanding the tactics and strategies of hackers, platforms can better protect themselves and their users. The industry must take these breaches as a wake-up call and take proactive steps to enhance security and restore user trust.

Source link

press release

PRESS RELEASE. The Build N Build (BNB) Chain is a decentralized blockchain network that allows developers and innovators to build decentralized applications (DApps) as part of the transition to Web3.

The BNB Chain is capable of high-speed transaction processing and lower cost transactions than the Ethereum network.

It also supports smart contracts and can be used as a platform for developers to develop new decentralized applications.

GensoKishi will continue to support various chains to expand projects and improve convenience for users.

Simultaneous Listing of GensoKishi Tokens on Japanese Crypto Exchange “Zaif”

The GensoKishi Online tokens “MV” and “ROND” will be simultaneously listed on the Japanese crypto exchange Zaif at 18:00 on April 26 (Japan Time).

The MV and ROND tokens can be purchased directly from the Polygon chain on Zaif, and the MV and ROND tokens can be imported directly into the game and NFTs can be purchased on the GensoKishi Marketplace.

NFT GiveAway to Commemorate Listing

Created a collaborative NFT with Polygon to commemorate the listing of the Polygon chain MV/ROND on the Japanese exchange.

Through this simultaneous MV/ROND listing, the “Polygon Samurai Sword,” a fashionable NFT with a Japanese sword design, was created in the hope that GensoKishi can take the lead and drive further development of the Polygon ecosystem in Japan.

GensoKishi is planning to continue this commemorative NFT Giveaway within the AMA with Zaif and various other campaigns.

Crypto Exchange Zaif

Zaif is a crypto asset exchange operated by CAICA Exchange, Inc.In addition to crypto exchange services, the company offers crypto FX, coin accumulation, automated trading “Otegaru Trade”, automated ranking trade, and other services.

It also handles CAICA Coin (CICC), Fisco Coin (FSCC), and Nexcoin (NCXC), tokens that are only available on Zaif in Japan.

Official Website：https://zaif.jp/

What is GensoKishi Online

GensoKishi Online is a 3D Massively Multiplayer Online (3D MMMO) game developed under license from the Japanese 3D MMMO title “Elemental Knights Online”.

GensoKishi Online is a new version of Elemental Knights Online, which won the “Game of the Year Gold Award” in Taiwan in 2012 and was played by a total of 8 million people.

The service incorporates elements of NFT and GameFi on a metaverse consisting of 3D MMO (3D Massively Multiplayer Online) technology.

It aims to build a new fantasy world economy with blockchain technology.

Website : https://genso.game/

Twitter : https://twitter.com/genso_meta

Discord : https://discord.gg/gensometa

LINE : https://lin.ee/fRx2vvE

Telegram English : https://t.me/gensometamain

Telegram Chinese : https://t.me/gensometazw

Telegram Japanese : https://t.me/gensometajpn

YouTube：https://www.youtube.com/channel/UCMi4wGMEWgC9VVps8d_NLD

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Media

Bitcoin.com is the premier source for everything crypto-related.
Contact the Media team on [email protected] to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Source link

The U.S. Federal Deposit Insurance Corporation (FDIC) has announced that clients of Silicon Valley Bank (SVB) and Signature Bank (SBNY) can access their funds during normal banking hours on Monday, March 13, 2023. The FDIC stated that both banks’ deposits were made whole under the “systemic risk exception” approved by the U.S. Federal Reserve and Treasury Department.

Details on the Creation of Full-Service FDIC-Operated Bridge Banks

Customers who utilized Silicon Valley Bank (SVB) and Signature Bank (SBNY) will have access to their funds on Monday, following the FDIC’s actions to transform both banks into newly created full-service FDIC-operated bridge banks. SVB will now be known as “Silicon Valley Bank N.A.,” while Signature’s new name is “Signature Bridge Bank N.A.” Both bridge banks are chartered national banks operated by the FDIC with the goal of stabilizing the institutions and implementing an orderly resolution.

Regarding both U.S. banks, depositors and borrowers will be able to use ATMs, debit cards, online banking, and write checks as they could before the bank failures. The FDIC is advising loan customers to “continue making loan payments as usual.” While Silicon Valley Bank, or SVB, was the second-largest bank failure in the United States after the Washington Mutual (Wamu) collapse in 2008, New York’s Signature Bank was the third-largest U.S. banking failure. While there is a great deal of information concerning why SVB failed, there is very little information being provided on why Signature failed.

It has been reported that Signature posed a “systemic risk,” and New York regulators shut down the bank “pursuant to Section 606 of New York Banking Law, in order to protect depositors.” Section 606, however, deals with obtaining approval from New York to relocate or close the bank while ensuring that depositors still have access to their funds. Signature will operate to maximize the eventual sale of the bank, and the FDIC named Greg Carmichael as CEO of Signature Bridge Bank, N.A. Additionally, the U.S. banking entity appointed Tim Mayopoulos as CEO of Silicon Valley Bank, N.A.

Furthermore, the banking giant HSBC (LSE: HSBA) agreed to purchase Silicon Valley Bank’s U.K. subsidiary for £1. “This acquisition makes excellent strategic sense for our business in the U.K.,” HSBC Chief Executive Noel Quinn said in a statement.

What do you think about what happened with these two banks? Do you believe this is an effective solution for stabilizing and resolving failing banks? Let us know your thoughts in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.