Tuesday, May 21, 2024

Blockchain Surveillance Firm Reveals Lazarus Group’s Continued Crypto Hacks, Coinbase Faces Criticism, and DJ 3LAU’s Regulatory Concerns

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In the world of cryptocurrencies, security breaches and regulatory challenges continue to pose significant risks. In recent developments, blockchain surveillance firm Elliptic has published a comprehensive report shedding light on the recent exploits of the notorious North Korean hacking group Lazarus. Additionally, the largest US cryptocurrency exchange, Coinbase, is facing criticism for its handling of funds received as a result of a major exploit. Furthermore, popular DJ and crypto investor 3LAU has decided to part ways with decentralized social media platform Friend.tech due to regulatory concerns. Let’s delve into each of these issues in more detail.

Lazarus Group: Responsible for Massive Crypto Hacks

According to Elliptic’s report, Lazarus, a notorious North Korean hacking group, has been involved in five major cryptocurrency hacks within the past three months alone. The most recent attack targeted global exchange CoinEx, resulting in a staggering estimated loss of $54 million. In total, Elliptic estimates that Lazarus has stolen nearly $240 million in crypto over the past 104 days. The report also reveals a connection between funds stolen from CoinEx and a previous theft from another crypto casino, as both were sent to the same address used by Lazarus for laundering. The FBI had previously linked Lazarus to a $41 million theft from Stake.com.

Coinbase Faces Criticism Over Handling of Stolen Funds

Coinbase, the largest cryptocurrency exchange in the United States, is currently facing criticism for its handling of funds received as a result of the $73 million Curve exploit that occurred in July. During the incident, a trading bot made a payment of 570 ETH to Coinbase, inadvertently benefiting the exchange. While most of the stolen assets have been returned, Alchemix, a victim of the exploit, claims that Coinbase has refused to refund the money it earned. Coinbase argues that it is not legally obligated to reimburse anyone, prompting discussions surrounding the lack of recourse available to victims of crypto theft.

DJ 3LAU Departs Friend.tech Over Regulatory Concerns

In another development, DJ and crypto investor 3LAU has decided to leave decentralized social media platform Friend.tech due to concerns over regulatory risks. 3LAU plans to donate the 8 ETH he earned from the platform to a music-specific charity. His primary concern revolves around the automated market maker feature on the platform, which he believes places it in a regulatory gray area. This decision has sparked discussions on Twitter, particularly regarding the challenges faced by users who wish to leave the platform due to the fluctuation in the value of their tokens. To mitigate the impact on key holders, 3LAU intends to create a split contract to return all of the ETH to them while still donating the full value of his keys to charity.

The recent revelations surrounding Lazarus’ continued crypto hacks, Coinbase’s handling of stolen funds, and DJ 3LAU’s departure from Friend.tech highlight the ongoing challenges faced by the cryptocurrency industry. The need for robust security measures, regulatory clarity, and accountability within the ecosystem remains paramount. As the adoption of cryptocurrencies continues to grow, it is essential for platforms and exchanges to prioritize user protection and actively address concerns surrounding theft, refunds, and regulatory compliance. Only through such measures can the industry mature and gain the trust of both investors and stakeholders.

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