Through ISMG’s Lens: Cryptocurrency | Edition 13

#Cryptocurrency is virtual and volatile. More so, #COVID19 had a major impact on cryptocurrency activities, both legally and illegally. Cybercriminals took advantage of the pandemic to deploy new extortion tactics. The illicit use of cryptocurrency further enabled #ransomware attacks globally, with #ransom payments rising over 500% compared to 2019.

The rapid expansion of the #cryptoverse and the mainstream adoption of cryptocurrency by traditional financial institutions, investors, and payment companies are causing a material shift in how we think about the future.

In this edition, we break down the crypto ecosystem:

Hacker Exploits Bug to Steal Millions From Binance Bridge

Crypto exchange Binance paused its smart contract platform Binance Smart Chain after a hacker exploited an internal verification vulnerability to steal cryptocurrency from its cross-chain bridge. Binance has acknowledged a theft of at least $100 million; PeckShield says hackers stole $586 million. Read the full story

Hacker Steals $29M From Transit Finance, Returns $19M

A hacker exploited a smart contract bug to steal about $29 million from DEX aggregator Transit Finance. Within hours of the theft, the attacker returned nearly $19 million - but not before keeping a $2 million "bug bounty" and losing $1.1 million to a bot theft. Read the full story

Feds Get 1st Guilty Plea in Coinbase Insider Trading Case?

The U.S. Department of Justice obtained its first-ever guilty plea in a cryptocurrency insider trading case after Nikhil Wahi, 26, admitted to a scheme to buy crypto assets ahead of their listing on Coinbase . Wahi is one of a trio facing charges that includes his brother, a former Coinbase employee. Read the full story

Scammers Get Scammed, Crypto Worth Thousands Stolen?

A cryptocurrency thief is hacking into other scammers' fraudulent liquidity mining websites to reach directly into the digital wallets of victims. The threat actor, dubbed "Water Labbu" by 趋势科技 , has so far filched 316,728 USDT and infected 45 fraudulent decentralized applications. Read the full story

Sound Off: Will Tornado Cash Sanctions Shake the DeFi World? ft. Anna Delaney , Ari Redbord

Federal officials recently froze the assets of Ethereum blockchain cryptocurrency mixer Tornado Cash, stating that civil and potentially criminal penalties await those who use the service. On this week's "Sound Off," crypto expert Ari Redbord explains why the sanctions are "exceptional." Watch the full episode

"The real key for regulators and the crypto space is how do we stop illicit actors from taking advantage of decentralized protocols but at the same time not affect regular legitimate users who need a degree of privacy." - Ari Redbord , head of legal and government affairs, TRM Labs

ISMG Editors: Kicking the Criminals Out of Cryptocurrency, ft. Anna Delaney , Tom Field , Ari Redbord , Rashmi Ramesh

Ari Redbord, head of legal and government affairs at TRM Labs , joins ISMG editors to discuss how extremist groups could circumvent sanctions and fund terrorism through NFTs, the limitations of digital assets regulations, and new U.K. rules for crypto exchange reporting. Watch the full episode

Know Your Editors:

ISMG is one of the world’s largest media organizations devoted solely to information security and risk management with reportage and analysis from the industry’s award-winning journalists. A look at who's behind the wire:

Here’s putting the spotlight on Rashmi Ramesh , senior sub-editor - global news desk at Information Security Media Group (ISMG)

What do you enjoy doing when you are not working?

–?I box, swim, go hiking, read thrillers and fantasy fiction, binge-watch true-crime shows and play the veena. When I'm feeling especially creative, I bake desserts and paint -- not at the same time, for the sake of those eating the food!

Your one biggest productivity hack?

–?I write a weekly to-do list first thing on Monday and add to it each day. It is immensely satisfying to cross things off that list.

One piece of advice for young cybersecurity enthusiasts?

–?Nothing beats regularly talking to passionate cybersecurity practitioners who really understand their craft. But supplement it with regular reading of books and long-form articles, not to mention entertaining Netflix documentaries on cybersecurity.?

Your favorite book?

–?Lord of the Rings, any psychological thriller I can get my hands on and Unveiling Jazbaa: A History of Pakistan Women's Cricket. On my wish list is the Lazarus Heist by Geoff White.

A must-read for our audience?

–?You absolutely cannot miss The Ransomware Files podcast, especially the episodes on Dr. Ransomware, and this killer feature on the Russia-Ukraine hybrid war.

A famous quote or saying that you abide by?

–?In a space like cybersecurity where there's always something happening and everything is urgent, it's easy to get overwhelmed. This quote by Desmond Tutu keeps me grounded: "There is only one way to eat an elephant: one bite at a time."

What is your fondest memory of ISMG?

–?This has to be the many memories we made at the ISMG's Bengaluru summit. It was my very first experience hosting and experiencing a large-scale cybersecurity summit with dear colleagues whom I would not have had the opportunity to interact with otherwise.

What, according to you, is the next big thing in cyber?

–?Blockchain for cybersecurity. There are already use cases in the works, but I cannot wait to see how this blows up and becomes mainstream.

That's all for today. We will be back next week.

Until then, stay current with the latest happenings in cybersecurity by subscribing to our newsletter.

?Have a nice day ahead.

-- ISMG Social Media Desk