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CertiK Skynet Reports Profanity Wallets Exploiter Moves Approximately 4.4 Million USD to Tornado Cash

CertiK Skynet has issued a warning about an exploiter that drained profanity wallets and subsequently transferred around 2,171 Ethereum (ETH), an approximate value of 4.4 million USD, to Tornado Cash. The exploit occurred in September 2022 and was attributed to a discovered weakness in profanity wallets that resulted in a limited range of possibilities for private keys, making them vulnerable to potential breaches. The recent movement of funds potentially signals a shift in the exploiter's strategy.

dYdX Levies Margin Requirement Hike Amidst Highly Profitable Trade Bans Following Alleged Attack

According to Cointelegraph: Decentralized cryptocurrency exchange dYdX has issued stricter trading measures after expending $9 million from its insurance fund on Nov 17 to offset user losses. This step was taken following an alleged targeted assault on the YFI token, which led to massive liquidations. According to an official announcement, the exchange has uplifted margin requirements on several 'less liquid markets,' affecting tokens such as Eos, 0x Protocol (ZRX), Aave, Algorand, Internet Computer, Monero (XRM), Tezos, Zcash, SushiSwap, THORChain, Synthetix, Enjin, 1inch Network, Celo,, and Uma. The expansion of the insurance fund became necessary after an advantageous trade targeting YFI's extended positions engendered the liquidation of positions worth almost $38 million. The founder of dYdX, Antonio Juliano, labeled the development a "targeted attack" against the exchange. He added that YFI's open interest in dYdX had surged from $0.8 million to $67 million within a few days, instigated by a single entity's actions. The same entity reportedly had attempted an attack on dYdX's SUSHI market several weeks earlier. "Highly profitable trading strategies have now been prohibited on dYdX,” said the exchange’s team. Despite a 43% drop on Nov. 17, the price of YFI token continues to perform well overall, recording a gain of over 90% in the last 30 days. has yet to reveal official details about the incident. Earlier concerns about a possible scam were counteracted by evidence showing substantial centralized exchanges as YFI's top holders on Etherscan.

Solana Refutes CertiK's Claims on Saga Phone Security Vulnerabilities

According to Cointelegraph: Blockchain security firm CertiK recently alleged that Solana's crypto-enabled Saga phone held a "critical vulnerability," an assertion promptly refuted by Solana Labs. CertiK's charges suggested that the Saga phone carried a risk of a "bootloader unlock" attack, which could reportedly enable a malicious actor to install a concealed backdoor on the device. In its report, CertiK maintained that the exposed vulnerability would allow an attacker with physical access to the device to load tailor-made firmware embedding a root backdoor, thereby compromising the most sensitive data stored on the device, including cryptocurrency private keys. Contradicting these claims, a spokesperson from Solana Labs assured that CertiK's allegations were unfounded and the video did not disclose any known vulnerability or security threats to Saga phone users. Solana Labs elaborated that unlocking the bootloader and installing customized firmware involves a multi-step process that can only be executed after unlocking the device with the user's passcode or fingerprint. Android's internal Open Source Project documentation shows that this line of action is valid across a spectrum of Android devices. Moreover, the bootloader unlocking process results in wiping the device clean. This outcome is repeatedly prompted to users during the unlocking operation, which thus can't be executed without the users' active involvement or recognition. Any attempt to ignore repeated warnings about the consequences of unlocking the bootloader will result in the device and users' private keys being wiped out. It's notable that the Solana Saga phone was launched in April 2022 at a price of $1,099, aiming to integrate crypto apps into tech hardware through offering a Web3-native DApp store. However, due to a steady decline in sales, the price was later reduced to $599, four months post-launch.

Poloniex Crypto Exchange Prepares to Resume Operations Following $100M Hack

According to Cointelegraph: Cryptocurrency exchange Poloniex, owned by Justin Sun, is readying to resume operations after suffering a significant security breach in mid-November. According to an official company announcement made on November 15, restoration efforts following the $100 million hack have been majorly completed. Poloniex stated that their platform is now operating smoothly, pointing out that they've enlisted the help of a top-tier security auditing firm to boost the security of funds on Poloniex. They also said withdrawal services would soon resume, stating, "they are in the final stages of the security audit and verification processes for Poloniex. Upon completion of the audit, we will promptly resume deposit and withdrawal services on our platform." However, they clarified that the evaluation process is still ongoing and is expected to take several more days. The major security breach occurred on November 10, with attackers stealing at least $100 million in cryptocurrency from the exchange. This prompted Poloniex to disable the wallet after detecting suspicious outflows. Blockchain security firm CertiK suggested that the incident likely involved a "private key compromise." Owner Justin Sun confirmed the team was investigating the incident shortly after Poloniex suspended its wallet. He assured that users affected by the breach would be fully compensated as Poloniex maintains a strong financial position. Sun also said they were exploring collaboration opportunities with other exchanges to regenerate the lost funds. Earlier this year, Poloniex agreed to a $7.6 million settlement requested by the United States Treasury Department’s Office of Foreign Asset Control concerning over 65,000 apparent sanctions program violations.

FTX Explored Regulatory Pressure on Binance to Bolster Market Share, Revelations Emerge in Bankman-Fried's Trial

In a surprising revelation emerging from Sam Bankman-Fried's ongoing fraud trial, former Alameda Research CEO, Caroline Ellison, testified to strategizing increased regulatory burden on Binance to enhance FTX's market share. Ellison confessed that inducing regulatory "crack down" on Binance was part of her and Bankman-Fried's plans to bolster FTX's position. This revelation came during her discussion about her attempts to support FTX and Alameda during the trial. Ellison has previously pleaded guilty to aiding Bankman-Fried in the misappropriation of FTX's assets worth billions. As per a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) in June 2023, regulators had "promised" looming regulatory issues on Binance to Bankman-Fried. A report from Reuters suggests that a potential conflict of interest might be associated with Bankman-Fried's pre-arrest Zoom call with SEC Chair Gary Gensler in March 2022, which snagged attention due to blatant disregard of SEC protocols. Prior to its failure in November, FTX was the world's second-largest crypto exchange, and trailed Binance, according to Watcher Guru. However, Bankman-Fried's trial has shed light on the alleged foul play by FTX aiming to up the ante against Binance via regulatory sanctions. This six-week trial has raised ethical concerns related to business practices in the highly competitive and rapidly evolving cryptocurrency industry.

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