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CLEAR TIMELINE FILTERSWEB3 IS GOING JUST GREAT

...and is definitely not an enormous grift that's pouring lighter fluid on our
already smoldering planet.

Created by Molly White. Subscribe to her newsletter for weekly recaps.

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February 6, 2024
 * 
 * 


SOLANA GOES DOWN FOR FIVE HOURS

(attribution)
They were doing so well! After suffering a slew of outages during 2022, Solana
had seemed to get their act together in 2023 with only one major outage. Now,
however, Solana has gone offline again for five hours.

With blockchains promising to become "world computers" upon which anyone can
create projects ranging from mere toys to critical infrastructure, uptime is
crucial, and a five-hour-long outage is devastating.

 * "Solana Blockchain Suffers 5-Hour Outage", CoinDesk [archive]

Other entries related to Solana instability
Theme tags: Hmm
Blockchain tags: Blockchain: Solana
February 1, 2024
 * 
 * 


SIM SWAPPERS CHARGED OVER HACKS, REPORTEDLY INCLUDING FTX

Three people running a SIM swapping operation have been charged with fraud and
identity theft. By gaining access to the personal information of their victims
and then convincing cell phone providers to "swap" victims' phone numbers to
phones they controlled, they were then able to gain access to various accounts
controlled by their victims.

Although the indictment does not name FTX, Bloomberg has reported that "victim
company-1" named in the court filings was FTX, which was hacked for around
$400 million amid the chaos as the company was collapsing.

 * "FTX’s Missing $400 Million Were Stolen in SIM-Swapping Hack, DOJ Says",
   Bloomberg [archive]

Other entries related to FTX collapse
Theme tags: Law

February 1, 2024
 * 
 * 


CRYPTO EXCHANGE CREATED BY THREE ARROWS CAPITAL FOUNDERS TO SHUT DOWN

(attribution)
Who can believe this. OPNX, the crypto derivatives exchange created by the
people who ran and then blew up the Three Arrows Capital hedge fund, will be
shutting down. The exchange was originally announced in January 2023, with a
tentative name of "GTX" — "because G comes after F", they said. It was created
as an evolution of the CoinFLEX exchange, which had become insolvent and halted
withdrawals in June 2022. Much of the exchange's focus was on allowing creditors
of bankrupt cryptocurrency projects to trade their claims — including claims on
Three Arrows Capital.

Now, as Su Zhu emerges from several months in jail, he, Kyle Davies, and the
other executives of OPNX are shutting down the project. Traders have a week to
settle their positions, and another week before the platform closes entirely.

Both Zhu and Davies are, of course, trying to promote a new crypto derivatives
trading project.

 * "Crypto derivatives exchange OPNX to shut down in February", The Block
   [archive]

Other entries related to CoinFLEX or Three Arrows Capital
Theme tags: Collapse

January 31, 2024
 * 
 * 


$112.5 MILLION IN XRP STOLEN FROM RIPPLE CEO CHRIS LARSEN

Chris Larsen (attribution)
Blockchain sleuth zachxbt noticed the strange movement of around 213 million
XRP, the native token for the Ripple project. These tokens were priced at around
$112.5 million at the time of the theft. He originally identified the source of
funds as Ripple itself, though Ripple CEO Chris Larsen later went on Twitter to
claim that the funds that were stolen had come from his personal wallets and not
from wallets belonging to the Ripple project.

Larsen attempted to downplay the massive theft, claiming repeatedly that the
theft did not represent a threat to Ripple itself, and trying to reassure people
that Ripple wallets are still safe. However, fears over a threat to Ripple
itself and the true separation between Larsen's wallets and those belonging to
the Ripple project continued, and XRP dipped around 5% on the news.

 * Tweet thread by zachxbt [archive]
 * Tweet thread by Chris Larsen [archive]
 * "Hackers steal $112 million of XRP Ripple cryptocurrency", TechCrunch
   [archive]

Other entries related to Ripple or zachxbt
Theme tags: Hack or scam
Blockchain tags: Blockchain: XRP Ledger
January 30, 2024
 * 
 * 


ABRACADABRA EXPLOITED FOR ALMOST $6.5 MILLION, MAGIC INTERNET MONEY STABLECOIN
DEPEGS

(attribution)
Well that sure is a headline I just had to write.

The Magic Internet Money ($MIM) stablecoin has lost its dollar peg again,
dipping all the way below $0.77 in a flash crash before returning to around
$0.95.

The depeg appears to be related to an exploit of the Abracadabra lending
protocol, which allows people to borrow $MIM. An attacker exploited an apparent
flaw in the platform's smart contracts to drain around $6.5 million.

This is the second time the token has depegged, after a June 2022 incident
shortly after the Terra collapse.

 * "Abracadabra's $6.49M loss leads to MIM stablecoin destabilization",
   Cointelegraph [archive]

Other entries related to Abracadabra
Theme tags: Hack or scam
Blockchain tags: Blockchain: Ethereum
Tech tags: stablecoins
January 29, 2024
 * 
 * 


HYPERVERSE FOUNDER SAM LEE CHARGED

Sam Lee (attribution)
US Attorneys in Maryland and the US Securities and Exchange Commission filed
criminal and civil lawsuits, respectively, against Sam Lee, the co-founder of
the HyperVerse cryptocurrency investment scheme, which has defrauded victims of
between $1.3 billion and $1.9 billion depending on whose estimate you use. The
US Attorneys have accused Lee of securities fraud and wire fraud. The SEC has
accused Lee and a major HyperVerse promoter, Brenda Indah Chunga (aka "Bitcoin
Beautee"), of securities fraud and offering unregistered securities.

This is the second HyperVerse related criminal charge in recent days, following
the arrest of promoter "Bitcoin Rodney".

 * USA v. Lee [archive]
 * SEC v. Lee [archive]

Other entries related to HyperVerse, U.S. Department of Justice, or U.S.
Securities and Exchange Commission
Theme tags: Hack or scam, Law

January 28, 2024
 * 
 * 


GOLEDO FINANCE HACKED FOR $1.7 MILLION

(attribution)
Goledo Finance, an Aave-based lending protocol, was exploited through a flash
loan attack. The attacker stole assets estimated by CertiK at around
$1.7 million.

Goledo Finance contacted the attacker to offer a 10% "bounty" for the return of
the remaining assets. In a message on January 29, the attacker wrote: "I hacked
Goledo and want to negotiate".

 * Tweet by CertiK [archive]
 * On-chain message from the attacker [archive]

Other entries related to flash loan attacks
Theme tags: Hack or scam
Blockchain tags: Blockchain: Ethereum
Tech tags: lending
January 27, 2024
 * 
 * 


KOREAN CRYPTO KARAOKE PLATFORM SOMESING HACKED

(attribution)
Have you ever gone out to karaoke and thought "man, the only thing missing from
this perfect night is a blockchain"? No? Weird.

Anyway, the South Korean Somesing platform — which is really more of a
TikTok-but-just-for-song-covers clone than anything to do with karaoke —
suffered a breach in which 730 million SSX tokens were stolen. These tokens are
nominally priced at around $11.5 million, but around 2/3 of the stolen tokens
were as yet undistributed and not a part of the circulating supply.

 * "South Korea's crypto karaoke platform hacked for over $11.5 million", The
   Block [archive]
 * "Emergency notice following the hacking incident of SSX tokens", Somesing
   [archive]

Theme tags: Hack or scam

January 26, 2024
 * 
 * 


8,100 BITCOIN FORFEITED BY SILK ROAD DRUGS DISTRIBUTOR IN GUILTY PLEA

The US government is cementing its status as one of the largest BTC holders by
adding another 8,100 BTC (priced at almost $350 million today) to its stash. The
tokens were forfeited in a plea agreement from Banmeet Singh, who sold large
quantities of drugs including fentanyl, LSD, ecstasy, Xanax, Ketamine and
Tramadol on various dark web marketplaces including the Silk Road.

Singh pled guilty to conspiracy to possess with the intent to distribute
controlled substances and conspiracy to commit money laundering, charges for
which he's expected to serve around 8 years in prison.

 * "Defendant pleads guilty in dark web narcotics case involving largest
   cryptocurrency seizure of $150 million in drug proceeds", U.S. Attorney's
   Office, Southern District of Ohio [archive]
 * "Dark-web drug-ring plea nets DEA millions in cryptocurrency", The Washington
   Post [archive]

Other entries related to the Silk Road or U.S. Department of Justice
Theme tags: Law, Shady business
Blockchain tags: Blockchain: Bitcoin

January 25, 2024
 * 
 * 


WALLSTREETMEMES TOKEN PRICE PLUMMETS AFTER STAKING CONTRACT EXPLOITED

(attribution)
Hackers were able to exploit a vulnerability in the staking contract for
WallStreetMemes ($WSM), a memecoin and online casino project targeted at the
"meme warriors" who frequent various financial meme communities, many of which
formed around the Gamestop short squeeze.

The attackers were able to siphon 769 million $WSM from the contract, which was
notionally worth around $7 million. However, the token lacks liquidity to
support swapping hundreds of millions of tokens without depressing the price,
and the token price dropped around 35% in the wake of the attack as the thief
began to cash out over several days.

Meanwhile, WSM announced that they would be issuing a new token to replace the
stolen tokens, and "renew[ing] the liquidity pool"... somehow.

 * WSM exploiter wallets [archive]
 * "Important Security Update", WallStreetMemes Medium [archive]

Theme tags: Hack or scam
Blockchain tags: Blockchain: BNB Chain

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