Octus Bridge presyoBRIDGE

US authorities have made significant progress in combating cryptocurrency-related crime by seizing approximately $31 million linked to the 2021 Uranium Finance hack. The announcement was made by the US Attorney’s Office for the Southern District of New York (SDNY) and Homeland Security Investigations (HSI) in San Diego this week, nearly four years after the attack. Uranium Hack Seizure The hack, which occurred on April 28, 2021, exploited a critical vulnerability in Uranium Finance’s smart contracts during its transition to the V2.1 protocol. The flaw in its pair contracts allowed the attacker to withdraw nearly all available assets. This resulted in a theft of roughly $50 million in various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Binance USD (BUSD), Polkadot (DOT), Cardano (ADA), Tether (USDT), and Uranium’s native token, U92. Initially, suspicion surrounding the attack grew due to its timing, which occurred mere days after Uranium Finance launched its V2 upgrade. Adding to the controversy, the project’s contract repository was suddenly removed from GitHub, which led many in the community to speculate about potential insider involvement. Doubts about the platform’s security also intensified, especially since it had already experienced a $1.3 million breach earlier in the same month. The attacker quickly laundered the stolen funds with the help of controversial crypto mixer Tornado Cash, and AnySwap, a cross-chain bridge, to transfer assets across blockchains. Despite these obfuscation attempts, law enforcement managed to recover a significant portion of the stolen funds. Attacks on Crypto Platforms The latest seizure comes as cryptocurrency-related cybercrimes continue to rise, with a recent high-profile hack targeting Bybit which lost an estimated $1.4 billion in crypto assets. The FBI has officially attributed the heist to North Korea, further cementing the country’s role in global crypto theft. With total stolen funds in 2024 reaching $2.2 billion, this marks the fifth time in the past decade that annual losses have exceeded $1 billion. Interestingly, North Korea’s cybercriminal operations now account for 61% of the total stolen crypto this year and 20% of all hacking incidents, The post US Authorities Seize $31M in Crypto Tied to Uranium Finance Hack appeared first on CryptoPotato.

- Wang, with EF since 2017, contributed to major projects like "the Merge." - Stańczak, founder of Nethermind, brings deep expertise to the table. Meanwhile, ex-EF researcher Danny Ryan joins Etherealize, aiming to bridge Ethereum with Wall Street. What do you think about these leadership changes? Share your thoughts below! 💬

Why do Blockchain develop native bridges when majority of users won't use it? I mean I can't wait for a long time for my bridge to reach fast finality, I'd rather use an external bridge. But TBH, is it because of security over speed? Or is there another reason?

IMO: People understand closed loops systems. Crypto is a closed loop system. Fiat is a closed loop system. The centralized exchanges, CEX's, bridge the closed loops in a permissioned and centralized way with no regulation and no transparency. The majority of crypto fraud,…

IMO: People understand closed loops systems. Crypto is a closed loop system. Fiat is a closed loop system. The centralized exchanges, CEX's, bridge the closed loops in a permissioned and centralized way with no regulation and no transparency. The majority of crypto fraud, exploits and bad actors have existed in the CEX bridge. FTX, Bybit, Binance, Coinbase, all bridge the hygienic system of crypto with the unhygienic and opaque system of fiat. They were nessessary before Stable Coin adoption and regulation, but post this legislation they are redundant and need to be eliminated. The centralized exchange complex run casinos against crypto and manipulate the prices with manufactured volatility to profit from their casinos. They also bridge crypto with bad actors from the fiat world, obfiscate transactions as they are opaque and go directly against the ethos of decentralization. They manufacture derivatives, wrapped crypto and introduce risk. They serve no purpose any more. This bridge needs tighter regulation or to be eliminated entirely. Crypto does not need fiat. Stable Coins are issued on to the crypto closed loop directly and will be legal tender. There is no reason for centralized exchanges. #draintheexchanges If the CEX cartel is removed, the closed loop of crypto will thrive. Until then there will be artificial volatility and fiat corruption which will paint crypto as the villain. Well regulated ETF structures with in-kind creation and redemptions are perfectly adequate to support tradfi trading and exposure to the crypto closed loop. The centralized exchanges are not crypto, have never been crypto, cause all the pain, lie, cheat and manipulate and have painted crypto as a volatile and unsafe asset class. This must end. @SenLummis @DavidSacks @chamath