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텔래그램 및 라인을 사용한 스캠

모르는 번호로 라인친구를 등록하라는 식으로 스캠처리

bitgo

16 reads

SMS

SMS scam

leolink

8 reads

Telegram 사칭한 피싱사이트

이런 문자에 무의식적으로 클릭하게 되면 엄청난 일들이 발생할듯....

dcetgmail

43 reads

SMS

Guess the URL will link to scam or virus web.

dcetgmail

8 reads

문자 스캠

리딩방 또는 이상 프로그램 설치 링크로 보임

dcetgmail

15 reads

커머스피싱

글로벌온라인쇼핑몰에서 쉽게 판매하고 큰돈을 벌 수 있다고 접근합니다. 첫 접근은 텔레그램으로 일본 여성이 자신이 전화번호를 잘못추가했다면서 인사를 하면서 말을 걸어 옵니다. 본인의 어머니가 한국사람이라면서 친근한 대화를 몇마디 나누다가 다음달에 한국 여행이 있는데 한국에서 만나자고 유도를 하면서 편하게 카카오톡으로 대화를 하자고 메신저를 변경 합니다. 어머니가 한국 휴대폰을 등록해줬다면서 전화번호(01023301251)를 알려주고 카카오톡 친구 추가를 요청합니다. 본인은 피부관리샵을 운영하면서 동시에 온라인 상점에서 손쉽게 판매를하면서 고액의 수익을 올린다고 저에게도 해볼것을 권유합니다. 알려준 사이트는 (https://www.kikuu-mall.vip/) 이며, 회원가입시 어설픈 KYC를 진행하게 되고, 가짜 신분등을 업로드해도 승인이 이루어 집니다. 그 후 카카오톡을 통해서 상품을 등록하는 방법을 하나하나 알려주고, 다음날 주문이 들어오게 됩니다. 먼제 제가 제 돈을 충전하고 오더를 신청하면 쇼핑몰에서 고객에게 상품을 전달하고, 추후 고객이 주문한 상품이 고객에게 전달되면 고객의 구매금액이 저에게 돌아 온다고 합니다. 사이트를 뒤져보면 트론지갑주소도 있고, EVM 지갑 주소도 보입니다. 트론 : TUtF8Zs5jibEqEfu8U8sKaMUgwV5LLLLLL EVM: 0xCd9c7aE5fEes095db880BA9dC2740778f9563854 EVM 주소는 invalid 라고 나오지만, 트론 주소는 계속해서 USDT가 입, 출금이 되는거 보니 많은 사람들이 사기를 당하고 있는거 같습니다. 커머스피싱이라고 제법 잘 알려져 있지만 혹시 모르시는 분들이 당하시지 않게 내용 공유 합니다.

ARPM

63 reads

Contribute by sharing insights to strengthen the community

hirak
hirak

April 24, 2025

Blockchain Insights
csacas

sacas

0 likes5 reads
code2exit
code2exit

March 05, 2025

Community Investigation
Bybit Hack Analysis: Another Major Attack by North Korean Hackers

Bybit Hack Analysis: North Korean Hackers Strike Again in One of the Largest Crypto HeistsIn February 2025, Bybit, one of the world’s leading cryptocurrency exchanges, suffered a major security breach, resulting in the loss of approximately $70 million worth of digital assets. According to cybersecurity firms and blockchain analytics companies, the attack was carried out by a North Korean state-sponsored hacking group, likely Lazarus Group, which has been responsible for several high-profile cryptocurrency heists in recent years.This incident underscores the growing sophistication of cybercriminals targeting the cryptocurrency industry and highlights the urgent need for stronger security measures across exchanges. In this report, we will break down the attack, analyze the techniques used by the hackers, and discuss how exchanges can enhance their security to prevent similar breaches in the future.------------------------------------------------------------------------------------1. Overview of the Bybit Hack and Its ImpactThe Bybit hack occurred in early February 2025, with the attackers managing to steal a substantial amount of digital assets from the platform’s hot wallets.Estimated Loss: Approximately $70 million in various cryptocurrencies.Attack Attribution: Security experts at TRM Labs and Chainalysis have linked the attack to North Korean hacking groups.Response from Bybit: The exchange suspended withdrawals, launched an internal investigation, and implemented emergency security measures.Market Reaction: The incident raised concerns among investors, leading to a temporary decline in crypto market confidence.This breach follows a pattern of state-sponsored cyberattacks targeting cryptocurrency platforms, with stolen funds often used to fund North Korea’s nuclear weapons program.------------------------------------------------------------------------------------2. How Did the Attack Happen? Analysis of Hacker TechniquesAccording to cybersecurity reports, the Bybit hack was executed using a combination of social engineering, smart contract vulnerabilities, and blockchain laundering techniques.(1) Spear Phishing & Insider ManipulationHackers likely used sophisticated phishing campaigns to trick Bybit employees or third-party service providers into revealing sensitive credentials.Fake job offers, malicious email attachments, and compromised cloud storage links may have been used to plant malware on Bybit’s internal systems.Targeting insiders is a common strategy of North Korean hackers, allowing them to bypass multi-layered security systems.(2) Exploiting Hot Wallet VulnerabilitiesMany cryptocurrency exchanges store a portion of user funds in hot wallets to facilitate instant withdrawals. However, these wallets are more vulnerable to cyberattacks.The hackers likely exploited a weakness in Bybit’s wallet security system, gaining unauthorized access to move funds out of the exchange.Smart contract exploits or API vulnerabilities may have also been leveraged to manipulate transactions.(3) Using Blockchain Mixing Services to Launder Stolen FundsOnce the funds were stolen, the attackers immediately split them into thousands of smaller transactions, making them harder to trace.Cryptocurrency mixing services such as Tornado Cash were used to obfuscate the origin of the stolen funds.Security firm Chainalysis reported that portions of the stolen assets were converted into privacy coins like Monero, further complicating law enforcement efforts.This method mirrors previous attacks executed by Lazarus Group, which has stolen over $2 billion worth of cryptocurrency since 2017.------------------------------------------------------------------------------------3. The Growing Threat of North Korean Crypto HacksThe Bybit attack is not an isolated incident. North Korean hackers have been systematically targeting crypto exchanges, DeFi platforms, and bridge networks to fund the country’s economy.Axie Infinity’s Ronin Bridge Hack (2022): $620 million stolen.Horizon Bridge Attack (2022): $100 million stolen.Atomic Wallet Breach (2023): $35 million stolen.Mixin Network Hack (2023): $200 million stolen.According to the United Nations, North Korea has ramped up its cyber operations due to increased international sanctions, using stolen crypto to finance weapons programs, military operations, and illicit trade.The Bybit hack follows the same trend, reinforcing concerns that cryptocurrency platforms remain a prime target for state-sponsored cybercrime.------------------------------------------------------------------------------------4. How Exchanges Can Strengthen Their SecurityIn the wake of the Bybit hack, cybersecurity experts have emphasized the need for more robust security protocols to protect user funds. Here are the key measures exchanges should implement:✅ Multi-Signature Wallets for Secure TransactionsLarge transactions should require multiple approvals from different authorized personnel.This prevents a single compromised account from draining funds.✅ AI-Powered Security MonitoringAI-based anomaly detection systems can flag suspicious withdrawal patterns in real time.Blockchain analytics tools should track fund movements across different addresses to identify potential hacks early.✅ Zero-Trust Security ModelExchanges should limit employee access to sensitive systems and enforce strict authentication policies.Internal audits and penetration testing should be conducted regularly to identify vulnerabilities.✅ Decentralized Cold Wallet StorageA larger percentage of user funds should be kept in cold wallets, disconnected from the internet.Multi-layer authentication should be required for any transfer of funds from cold to hot wallets.✅ Stronger Compliance & Law Enforcement CooperationExchanges should work closely with blockchain security firms and law enforcement to recover stolen assets.Regulatory bodies must introduce stricter KYC and AML (Anti-Money Laundering) measures to prevent illicit transactions.------------------------------------------------------------------------------------5. Conclusion: A Critical Moment for Crypto SecurityThe Bybit hack serves as a harsh reminder of the vulnerabilities present in cryptocurrency exchanges. With state-sponsored cyberattacks becoming more frequent and sophisticated, the industry must prioritize proactive security measures rather than reactive damage control.Bybit is expected to enhance its security infrastructure in response to the breach, but the entire crypto ecosystem must take this attack as a warning. Without stronger defense mechanisms, AI-driven threat detection, and regulatory cooperation, similar incidents will continue to plague the industry.As the crypto space evolves, so too must its security protocols. The Bybit hack is a wake-up call—one that should not be ignored.

Bybit Hack Analysis: Another Major Attack by North Korean Hackers
6 likes92 reads
BountyKing
BountyKing

February 25, 2025

Community Investigation
Bounty King: Bybit Security Breach – $1.4B Stolen Asset Analysis (Ongoing Investigation 2)

Bounty King: Investigation Series follows a team of skilled investigators as they navigate the dark world of cybercrime, uncovering hidden digital trails and solving complex mysteries with the power of AI and blockchain technology. Each case takes them deeper into the realm of online fraud, crypto hacks, and digital heists, where bounties fuel the relentless pursuit of truth. With every investigation, they piece together the puzzle—tracing lost assets and exposing the individuals behind the screens. It’s a journey of persistence, intelligence, and teamwork, where every clue brings them one step closer to justice in an ever-evolving digital landscape.In Ongoing Investigation 1, we identified a money laundering network on the BNB Chain by analyzing a shared wallet (0x33d057af74779925c4b2e720a820387cb89f8f65) linked to both Bybit and Phemex. We also tracked the centralized exchanges where some of the laundered funds started off.In Ongoing Investigation 2, we’ll look deeper into how these connected laundering networks move funds multiple times before making large deposits into CEXs.For on-chain analysis, the key to proving connections is accurate transaction data. The best way to do this is by tracking transactions (tx), as they clearly show how funds move between wallets.Our next step is to expand the investigation based on a key fund aggregator address found in Investigation 1: 0x672ee9a8db4ce9787752f7ca34b85a1d30f69572.Bounty King: Bybit Security Breach – $1.4B Stolen Asset Analysis (Ongoing Investigation 1) https://community.chainbounty.io/posts/0195352f-55de-7791-aae3-9e6008c8bcb9On the BNB Chain, this address collects small amounts of BNB from different wallets and then sends them to specific target addresses. The same pattern appears on the Ethereum mainnet, so we’ll check for any unusual withdrawals from this wallet.We usually start by analyzing withdrawal addresses because the person controlling the wallet actively decides where to send the funds, which gives us clues about their intentions. In contrast, deposit addresses are more passive, making it harder to determine the owner's motives.This address has also been seen sending 0.03 ETH to multiple wallets (Figure 1) on the Ethereum network.Figure 1: Outgoing transaction patterns of the fund aggregator wallet on EthereumIf we look at the types of tokens held by the connected wallets, most of them commonly have stablecoins like DAI and USDT, along with the native coin ETH. Since stablecoins are pegged to a fixed value, they are less volatile.However, two wallets stand out because they hold different types of tokens:0x264e3ca158787b40798d1f006c0fd6558a203ded –This wallet has a history of holding tokens named Arb.0x27d680edfd1094efa01ba003113e5a6c4e202d59 – This wallet has a history of holding tokens named Polygon ecosystem.In on-chain analysis, looking at different pieces of information helps us understand the intent behind transactions. In cases like this, the presence of specific tokens in certain wallets can be an important clue. Automated wallets typically do not hold unique tokens unless they are manually operated, making these cases worth further investigation.For example, 0x264e3ca158787b40798d1f006c0fd6558a203ded received ARB through OKX and later transferred it to Gate.io.(Figure 2)Figure 2: Suspicious token transfers from CEX to CEXTransaction Details:First TransactionFrom: OKX Withdraw Wallet  (0x6cc5f688a315f3dc28a7781717a9a798a59fda7b)To: 0x264e3ca158787b40798d1f006c0fd6558a203dedDate & Time: August 6, 2024, 04:19 AM (UTC)Transaction Hash: 0xe8431526a81a2b9549acbd7ce3f377feb72467052f19ddf36968802eda76c1a3Amount: 9.168 ARBSecond TransactionFrom: 0x0ba9161b32a541bf30ac8db6842b9a6904e2d924To: Gate.io User Wallet (0x0ba9161b32a541bf30ac8db6842b9a6904e2d924)Date & Time: December 28, 2024, 12:57 PM (UTC)Transaction Hash: 0x6603d59dad51ade1feb121df40bfd8026ebc67d7147ff1490e94f33fff93650eAmount 9.168 ARBIn the previous ongoing investigation, only the withdrawal transaction from the exchange was confirmed. However, the deposit transaction has now also been identified. Therefore, it is important to work with law enforcement to verify the user details associated with these transactions.It is also confirmed that 0x27d680edfd1094efa01ba003113e5a6c4e202d59 received Polygon from Gate.io.(Figure 3)From: Gate.io Withdrawal Wallet (0x0d0707963952f2fba59dd06f2b425ace40b492fe)To: 0x27d680edfd1094efa01ba003113e5a6c4e202d59Date & Time: November 17, 2024, 07:48 AM (UTC)Transaction Hash: 0x99e537e4839c5a4285334828507ba4cdba987d2cd02a95d11094765ee31b2946Amount: 107.170 PolFigure 3: Suspicious token transfers from CEX  In this case, after passing through four steps, funds from 0x27d680edfd1094efa01ba003113e5a6c4e202d59 eventually flow into 0x33d057af74779925c4b2e720a820387cb89f8f65, which is an overlapping address(Figure 4) used by both Phemex and Bybit for ETH transactions.Within the cluster, multiple addresses are interconnected, forming links both forward and backward. Therefore, identifying relationships between wallets that follow this pattern is crucial for understanding the overall flow of funds and verifying transactions.Figure 4: Connection to 0x33d057af74779925c4b2e720a820387cb89f8f65By following this cluster flow, we can identify addresses with significant transfer in/out activity.For example, the address 0x24c367c656c9960655936bac8cf8b738a70433dc exhibits such behavior.Looking at the flow of the wallet 0x264e3ca158787b40798d1f006c0fd6558a203ded, which has a history of transferring ARB from OKX to Gate.io, we can see that after four steps, 140 ETH(Figure 5) was transferred in and out of 0x24c367c656c9960655936bac8cf8b738a70433dc.Figure 5: Large Distribution Wallet ObservationThe overlapping addresses above are also used for fund distribution in money laundering schemes. Based on this, we can infer that relay wallets exist within approximately four steps between the aggregator and the distribution phase.Now, let's analyze 0x264e3ca158787b40798d1f006c0fd6558a203ded further to identify additional patterns.Looking at the in/out transaction history of 0x264e3ca158787b40798d1f006c0fd6558a203ded, we can see that the address 0x9ff1b430a699ee6215b315ea8f7892520e14b9cd transferred 140 ETH.(Figure 6) This address shows significant incoming transactions from multiple wallets.A key observation here is that the 140 ETH was bridged via Debridge, which utilizes OKX’s cross-chain DEX. (Figure 6)Figure 6: Distribution Wallet AnalysisBy examining 0x9ff1b430a699ee6215b315ea8f7892520e14b9cd as the source of these funds, we can clearly (Figure 7) see a connection.From 0x9ff1b430a699ee6215b315ea8f7892520e14b9cd, a total of 1,141 ETH was split and distributed across eight different addresses. These funds were then swapped cross-chain through Debridge.In fact, using Debridge for money laundering is a well-known pattern commonly used by groups like Lazarus and other laundering operations.The following visualization illustrates how large-scale fund distributions are processed.Figure 7: Large Distribution Wallet operationLet’s highlight an important point here.Looking at the source of wallet 0x9ff1b430a699ee6215b315ea8f7892520e14b9cd, which distributes funds through eight wallets via Debridge, we can see multiple records of deposits from CEXs (Figure 8). This is crucial to understand because money laundering networks do not rely solely on DEXs; they often move funds through multiple CEXs as well.Therefore, the process involves a combination of swaps, cross-chain transfers, and CEX transactions to obscure the fund trail.By following this report, we can observe how CEXs ultimately serve as the final gateway for money laundering.Figure 8: Illicit Sources from CEXsFor example, laundered funds from Huobi (HTX) are further distributed across multiple wallets before ultimately reaching the pre-Debridge distribution wallets. This process illustrates how funds are layered and moved to obscure their origins.(Figure 9)Figure 9: Complex Source from CEXsBelow is the detailed information on 1,140 ETH being sent to Debridge through nine transactions across eight addresses.This data can be analyzed further using the Debridge Explorer to track how the assets are converted into different cryptocurrencies.Transaction Summary (Debridge Identified) 1) Transaction Hash: 0x85ae303e13c17c16336cfe7f23f812f074414566d522652a4bb91d8a820077acFrom: 0xd9274cda8346d25a7e344079594d8e1a1a4d3a02To (Debridge): 0x663dc15d3c1ac63ff12e45ab68fea3f0a883c251Transaction Time (UTC): 2025-02-06 21:27:47Token: ETHAmount: 159.984891 2) Transaction Hash: 0x5cf2b00098898c1af5ce7ce240908102edde611906d2eae967e4ddeed75402a9From: 0x24c367c656c9960655936bac8cf8b738a70433dcTo (Debridge): 0x663dc15d3c1ac63ff12e45ab68fea3f0a883c251Transaction Time (UTC): 2025-02-06 18:54:35Token: ETHAmount: 139.981718 3) Transaction Hash: 0x7930109426d980a9de4a29309103d4cde3ddc3ab28a3f259ff69a574b8524976From: 0xa7fce5ed6006626bb07749245a9854296a60e2d1To (Debridge): 0x663dc15d3c1ac63ff12e45ab68fea3f0a883c251Transaction Time (UTC): 2025-02-06 17:36:35Token: ETHAmount: 137.969672 4) Transaction Hash: 0x6b9434bf9faaf0b7552e002ac687a0e2e596960188a4c1d8c06d1fb980205ec1From: 0xcbc18f2c0371a03b25b1ec596b497d1f5a7b54e8To (Debridge): 0x663dc15d3c1ac63ff12e45ab68fea3f0a883c251Transaction Time (UTC): 2025-02-06 22:22:23Token: ETHAmount: 76.985214 5) Transaction Hash: 0x8f98c88f6b4b72c257fbc947250921fd82b94739fa422be24bee497378b03d53From: 0xbe7a5460d177ca8c89839ba3f900e3b61e4d4d89To (Debridge): 0x663dc15d3c1ac63ff12e45ab68fea3f0a883c251Transaction Time (UTC): 2025-02-10 12:23:59Token: ETHAmount: 5.902455 6) Transaction Hash: 0xe225eed10a1dc3b2b06b510c06d7bacd2f69b1043a3b9c8e98d704dc1bf5df06From: 0xbe7a5460d177ca8c89839ba3f900e3b61e4d4d89To (Debridge): 0x663dc15d3c1ac63ff12e45ab68fea3f0a883c251Transaction Time (UTC): 2025-02-10 12:23:11Token: ETHAmount: 159.905085 7) Transaction Hash: 0xf2a9fa7022e97b6178f36f0ba1d978e2aabd53154d99feef560c3113596c17d9From: 0x74851cba5b37cb085b75a16c778a1f74c6b27d3fTo (Debridge): 0x663dc15d3c1ac63ff12e45ab68fea3f0a883c251Transaction Time (UTC): 2025-02-06 19:23:59Token: ETHAmount: 139.985168 8) Transaction Hash: 0x52d77d0d4a9ec43e6abf23628cd0eadb7c67687530d5030e0da91a43c06f4553From: 0x81ceaa93e6c7021276f92da90a62f1cbed802d44To (Debridge): 0x663dc15d3c1ac63ff12e45ab68fea3f0a883c251Transaction Time (UTC): 2025-02-06 20:48:11Token: ETHAmount: 160 9) Transaction Hash: 0x634af7279d816d98b6c57311ea7e695cea129f46bb1e92db05357087a3c0dacdFrom: 0x0bd2d8e6f19fe540cb69a6c72ee3e942218c1f86To (Debridge): 0x663dc15d3c1ac63ff12e45ab68fea3f0a883c251Transaction Time (UTC): 2025-02-06 19:56:59Token: ETHAmount: 159.985086For example, a transaction sending 159.984891 ETH in TX 0x85ae303e13c17c16336cfe7f23f812f074414566d522652a4bb91d8a820077ac goes through two conversions:159.98 ETH → 429,120 USDC (Solana) → 429,120 USDC (BSC). (Figure 10)Figure 10: Cross-chain swap from ETH to Solana and BSCSource: https://app.debridge.finance/orders?s=52ptwAmkmMsg7PaQiCexjbJmkEYtA3VZXebTjtrgBoAUAfter that, 428,772 USDC is sent from BSC back to deBridge. (Figure 11)Figure 11: Cross-chain swap from BSC by DebridgeSource: https://bscscan.com/address/0x55788125568c5b22d14c020914b86d9acf753272#tokentxnsAfter that, 428,772 USDC is sent from BSC to Solana, where it arrives at 428,520 USDC. Figure 12: Cross-chain swap from BSC to SolanaSource: https://app.debridge.finance/orders?s=0x55788125568c5B22D14C020914b86d9acf753272This transaction undergoes a total of three cross-chain swaps:ETH → Solana → BSC → SolanaThe final destination wallet is as follows:The 428K USDC was ultimately deposited into a private wallet:8rduN4bx1UuYZk1UAhQ31Wt5sKDPTKcPQQc3PJApDNwgThis wallet presents two interesting points:There is a history of deposits and withdrawals involving approximately 428K USDC from a wallet that the community refers to as Wintermute. (Figure 13)However, we cannot definitively confirm that this wallet belongs to Wintermute, a globally recognized market maker and OTC trading firm.Figure 13: Final Wallet on SolanaSource: https://intel.arkm.com/explorer/address/8rduN4bx1UuYZk1UAhQ31Wt5sKDPTKcPQQc3PJApDNwgIf multiple sources, including the community and Arkham Intelligence, label the wallet as Wintermute, this becomes particularly noteworthy.If the owner of this wallet was involved in money laundering, they likely completed KYC verification at some point.Wintermute, if indeed associated with the wallet, would have access to relevant KYC information.Next Steps for Law EnforcementTo establish the facts, law enforcement should consider reaching out to Wintermute for verification. If the wallet is indeed tied to them, they may hold crucial KYC data that could assist in further investigation. By tracing the nine initial ETH transactions sent to deBridge, we can observe that all funds eventually consolidate into a single exchange wallet.Destination Exchange WalletOKX Deposit Wallet: HK7RDBzzBfhSr8DWxgLtwKA62zAzf3iUtsVsw54tAv5fThis wallet started receiving funds on February 4, approximately three weeks ago.It has a total deposit history of 3.37M USDC.This indicates that the source funds were aggregated and transferred to OKX(Figure 14), making it a key point of interest for further investigation.Figure 14: OKX User WalletSource: https://explorer.bitquery.io/solana/address/HK7RDBzzBfhSr8DWxgLtwKA62zAzf3iUtsVsw54tAv5f?from=2024-02-01&till=2025-02-25This OKX deposit wallet has been actively receiving funds since February 4, 2025, accumulating a total deposit of 3.37M USDC. This wallet serves as the final destination for the traced transactions, consolidating funds from multiple cross-chain transfers.Based on multiple findings, we analyzed Large Distribution Wallets using fund aggregator addresses linked to money laundering clusters previously identified on Phemex and Bybit.Conclusion & Next Steps for Law Enforcement and Exchanges1. Large-Scale Money Laundering Activity ConfirmedThe investigation has identified a clear pattern of cross-chain money laundering, where stolen funds were transferred through three separate cross-chain swaps before being deposited into a specific OKX wallet. This structured movement of funds suggests the involvement of an organized laundering network designed to obscure the origins of stolen assets.2. Suspicious Transactions Involving a Wallet Labeled as "Wintermute"One of the laundering wallets has transaction records linking it to a wallet that Arkham Intelligence and the community have labeled as "Wintermute." However, we cannot confirm with certainty that this wallet actually belongs to Wintermute, which is a global market maker and OTC firm. If this wallet is indeed linked to Wintermute, this could be a key point of investigation, as companies like Wintermute are required to follow strict KYC and compliance regulations. Unlike anonymous or fake KYC accounts on exchanges, firms like Wintermute typically collect verified identity data on their clients. If law enforcement confirms this connection, Wintermute could possess important identity records related to the individuals involved in these transactions. There is a high chance this wallet has been mislabelled as open-source information identifying the wallet with Wintermute has never once cited any evidence.3. 3.37M USDC Deposited into an OKX Wallet from a Laundering NetworkA wallet on OKX has received 3.37 million USDC since February 4, 2025, with transactions that strongly match known laundering methods. Given the timing and pattern of transfers, this wallet is highly likely connected to the Phemex hack.Analyzing other wallets with similar transaction behaviors on OKX and other exchanges could reveal additional laundering accounts and transactions.We will continue to work on the investigation and will share further information.

Bounty King: Bybit Security Breach – $1.4B Stolen Asset Analysis (Ongoing Investigation 2)
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Why Smart Contracts Are a Hacker’s Favorite Target

Why Smart Contracts Are a Hacker’s Favorite Target

Smart contracts are the backbone of decentralized applications (dApps), powering everything from DeFi platforms to NFTs and DAOs. These self-executing programs bring automation and trustlessness to blockchain transactions. However, the more popular they become, the more attractive they are to hackers. Smart contract security must be top of mind when developing, deploying, or interacting with smart contracts.What is smart contract security?Smart contract security refers to the security principles and practices used by developers, users, and exchanges when creating or interacting with smart contracts. Unlike traditional software, once a smart contract is deployed, it is often immutable — meaning that any bug or vulnerability remains permanently unless upgrade mechanisms are in place.Key reasons why smart contracts require strong security:Transparency: Since most contracts are open-source, anyone can analyze their code.Irreversibility: Unlike traditional financial systems, transactions on the blockchain cannot be reversed, making exploits final.High-Value Targets: Billions of dollars are locked in smart contracts, attracting cybercriminals.Common smart contract attack vectors and Why they happen?Reentrancy AttacksOne of the most infamous attack vectors in smart contract security is reentrancy. This exploit occurs when a malicious contract repeatedly calls a vulnerable function before the original execution completes, allowing the attacker to drain funds before the contract updates its balance.A notable recent case is the December 2024 attack on GemPad, a platform enabling no-code smart contract deployments. The attacker exploited a reentrancy flaw in the withdrawal function, executing multiple withdrawals before the contract could update balances.As a result, approximately $1.9 million was stolen across multiple networks, including Ethereum, BNB Chain, and Base. This incident underscores the importance of implementing reentrancy guards, such as the checks-effects-interactions pattern or using Reentrancy Guard from OpenZeppelin.Private Key CompromiseEven the most secure smart contracts can be rendered useless if an attacker gains access to private keys. Once a hacker obtains these keys, they can execute unauthorized transactions, drain funds, and take full control of associated contracts.In July 2024, WazirX, one of India’s largest crypto exchanges, suffered a devastating attack that resulted in $234.9 million in losses. Reports linked the attack to the North Korean hacking group Lazarus, which allegedly compromised the exchange’s private key management system. This breach highlights the critical need for multi-signature wallets, hardware security modules (HSMs), and stringent access controls to minimize the risk of private key theft.Supply Chain AttacksInstead of targeting contracts directly, attackers often infiltrate the development process by injecting malicious code into dependencies or third-party tools used in smart contract development. This method is particularly dangerous because compromised libraries can go undetected for extended periods.In October 2024, a large-scale supply chain attack hit blockchain developers when 287 malicious packages were uploaded to the Node Package Manager (NPM) repository. These packages, disguised as legitimate libraries, introduced malicious scripts that exfiltrated sensitive data and compromised smart contract functionality. Developers unknowingly integrated these dependencies, leading to security breaches in multiple Ethereum-based projects. This incident emphasizes the importance of package verification, dependency audits, and reproducible builds to ensure the integrity of smart contract development environments.Flash Loan ExploitsFlash loans allow users to borrow large sums of cryptocurrency without collateral, provided the loan is repaid within the same transaction. While designed as a financial innovation, flash loans have become a favorite tool for attackers who manipulate smart contract logic, exploit price oracles, or drain liquidity pools.A recent example occurred in January 2025, when Bybit was exploited in a flash loan attack that resulted in $1.5 billion in losses. The attacker manipulated an internal transfer function within Bybit’s wallet system, exploiting the contract’s logic mid-transaction. The FBI later attributed the attack to Lazarus Group, highlighting the growing sophistication of these exploits. This attack reinforces the need for secure price oracles, transaction delays for critical operations, and enhanced smart contract audits to detect vulnerabilities before deployment.How to Strengthen Smart Contract SecurityConduct Comprehensive AuditsOne of the most critical steps in securing smart contracts is performing rigorous audits before deployment. Security audits help identify potential weaknesses and provide recommendations to mitigate risks.Regular audits should not be a one-time effort. As protocols evolve and new features are added, continuous audits and security assessments must be conducted. Additionally, employing formal verification techniques can mathematically prove that a contract behaves as intended, reducing the likelihood of unforeseen bugs.Implement Bug Bounty ProgramsEven the most thorough audits may not catch every vulnerability, which is why bug bounty programs have become a vital layer of defense. By incentivizing ethical hackers and security researchers to test smart contracts for weaknesses, projects can proactively uncover and fix security flaws before malicious actors exploit them.Platforms like ChainBounty make it easier for Web3 projects to launch effective bug bounty programs. ChainBounty connects security experts with blockchain developers, offering rewards for identifying vulnerabilities. Unlike traditional security audits, which are limited to a few experts, bug bounty programs leverage the collective intelligence of a diverse security community. This decentralized approach strengthens security by allowing multiple perspectives to analyze potential attack vectors.With cyber threats becoming more sophisticated, utilizing platforms like ChainBounty ensures that vulnerabilities are addressed promptly, reducing the risk of costly breaches.Adopt Secure Coding PracticesMany smart contract vulnerabilities arise due to poor coding practices. Developers must follow well-established security guidelines and use libraries designed to prevent common attack vectors.For example, implementing reentrancy guards ensures that contracts execute functions in a controlled manner, preventing attackers from exploiting recursive calls. Additionally, using overflow- and underflow-safe arithmetic operations, eliminates risks related to numerical manipulation.Other secure coding best practices include:Using checks-effects-interactions to minimize reentrancy risks.Ensuring proper input validation to prevent unintended operations.Writing modular and upgradeable smart contracts to fix vulnerabilities efficiently.Enhance Access ControlsAccess control failures have led to some of the largest crypto exploits in history. Developers must ensure that only authorized entities can execute sensitive functions within smart contracts.One of the most effective security measures is role-based access control (RBAC), which grants permissions based on predefined roles rather than individual accounts. Additionally, multi-signature wallets can prevent unauthorized access by requiring multiple approvals before executing high-risk transactions.Another critical consideration is key management. Private keys must be stored securely using hardware security modules (HSMs) or threshold signature schemes (TSS) to prevent unauthorized access. Projects should also adopt timelocks and emergency pause mechanisms, allowing developers to respond to potential threats before major losses occur.Monitor and RespondContinuous monitoring is essential for detecting and mitigating attacks in real time. Blockchain analytics tools can track unusual activities, such as large token transfers, sudden price manipulations, or unexpected contract interactions.Projects should establish a real-time alert system that notifies developers of suspicious behavior. Additionally, having an incident response plan ensures that in the event of an attack, damage can be minimized, and user funds can be protected.ConclusionSmart contract security is an ongoing challenge that requires a proactive approach. By conducting comprehensive audits, engaging in bug bounty programs like ChainBounty, adopting secure coding practices, enforcing strong access controls, and implementing real-time monitoring, blockchain projects can significantly reduce their risk exposure.About ChainBountyChainBounty is a decentralized platform that addresses security challenges in the crypto space. With collective intelligence and fair rewards, anyone can join the fight against cybercrime.Follow us to stay up-to-date with the latest information:X: https://x.com/ChainBountyXWebsite: https://chainbounty.io/Medium: https://medium.com/@ChainBountyX#Web3 #Cyberthreats #Cybersecurity #CryptoSafety #BlockchainInnovation #ChainBounty

ChainBounty

ChainBounty

a month ago
Why Traditional Security Audits Aren’t Enough for Web3 Projects

Why Traditional Security Audits Aren’t Enough for Web3 Projects

You’ve launched a Web3 project with a thoroughly audited smart contract, only to wake up weeks later to a devastating exploit. This isn’t just a hypothetical scenario — it has happened to multiple projects, even those backed by top-tier security audits. The problem? This article will dissect why conventional audits fall short and propose a more resilient approach to Web3 security.The Limitations of Traditional Security AuditsOne-Time Assessments Are InsufficientTraditional security audits are typically conducted as a one-time event before a project launch. While they help identify vulnerabilities at a specific moment in time, they fail to address the ongoing nature of security risks in Web3. Smart contracts are immutable once deployed, but their interactions with external protocols and dependencies can change over time, introducing new threats that an initial audit may not cover. Without continuous security evaluations, a project remains exposed to evolving attack strategies.Code-Focused Audits Ignore Ecosystem RisksMost traditional audits primarily focus on smart contract code, ensuring that it follows best practices and avoids known vulnerabilities. However, Web3 security extends far beyond code correctness. Many high-profile hacks exploit weaknesses in broader ecosystem components, such as oracle price manipulation, governance attacks, or vulnerabilities in cross-chain bridges. A secure smart contract does not guarantee a secure protocol if the surrounding infrastructure remains vulnerable.Lack of Real-World Attack SimulationsTraditional audits often rely on static analysis, manual code reviews, and automated scanning tools. While these methods are essential, they do not accurately simulate real-world attack scenarios. Hackers employ creative and sophisticated strategies that go beyond predictable vulnerabilities. Web3 projects need stress testing, adversarial simulations, and penetration testing that mimic actual attacks in live environments. Without this, teams may have a false sense of security based on theoretical assessments rather than practical defenses.No Ongoing Accountability from AuditorsOnce an audit is completed, the responsibility for security shifts entirely to the project team. If a vulnerability is later exploited, auditors typically bear no accountability. This limitation creates a gap where projects may over-rely on audit reports without implementing additional security measures. Web3 requires a model where security is treated as an ongoing responsibility rather than a checkbox completed before launch.A More Effective Security Approach for Web3Continuous Monitoring & Real-Time Threat DetectionInstead of relying solely on periodic audits, projects should implement:On-Chain Monitoring — Detect unusual patterns like flash loan attacks or suspicious withdrawals.Automated Alert Systems — AI-driven tools flag potential security breaches in real time.Smart Contract Watchdogs — Platforms that continuously validate contract interactions and behavior.Community-Driven Security: Bug Bounty ProgramsBug bounty programs engage ethical hackers to uncover vulnerabilities before malicious actors do. Unlike audits, which involve a small team of experts, bounty programs harness a global network of security researchers, ensuring continuous security testing.Layered Security Audits: No Single Point of FailureRather than depending on a single audit firm, projects should:Commission multiple independent security firms.Use automated security scans alongside manual reviews.Leverage decentralized audit communities for peer verification.Incident Response & Recovery PlanningSecurity isn’t just about prevention; it’s also about response. Web3 projects should implement:Emergency Multi-Signature Controls — Prevent unauthorized transactions.Timelocks & Circuit Breakers — Delay suspicious transactions for verification.Insurance & Recovery Funds — Minimize financial damage from successful attacks.How ChainBounty Reinforces Web3 SecurityChainBounty takes security beyond static audits by creating a dynamic, community-driven protection layer for Web3 projects. Through:Decentralized Bug Bounty Programs — Ethical hackers help projects identify threats before bad actors exploit them.Real-Time Security Intelligence — Live monitoring tools detect anomalies and potential breaches.Evolving Threat Defense — Bug bounties create a dynamic security layer that adapts to emerging Web3 risks, such as flash loan attacks and governance exploits.ConclusionRelying on traditional security audits alone is a dangerous gamble in Web3. The landscape is evolving too fast for static defenses. To stay ahead, projects need continuous monitoring, adversarial testing, bug bounty programs, and decentralized security validation.Security isn’t just a final step before launch — it must be an integral, continuous part of a project’s lifecycle. Web3 doesn’t wait for audits to catch up, and neither should you.

ChainBounty

ChainBounty

a month ago
Why ChainBounty is the Go-to Platform for Web3 Cybersecurity Experts

Why ChainBounty is the Go-to Platform for Web3 Cybersecurity Experts

The Problem with Traditional Bug Bounty PlatformsBug bounty platforms are an essential part of the Web3 ecosystem, helping secure smart contracts, protocols, and DApps by identifying potential vulnerabilities. However, many existing platforms still suffer from critical issues:Complicated and time-consuming review processes — Some platforms require excessive verification steps, discouraging hackers from participating.Lack of transparency and delayed payouts — Many platforms do not have automated payment mechanisms, causing long wait times for rewards.Barriers for non-traditional hackers — Ethical hackers from Web2 often struggle to enter the Web3 bounty space due to unfamiliar processes and restrictive requirements.In some cases, even skilled ethical hackers struggle to claim the rewards they rightfully deserve. This discourages talented security researchers from participating and leaves Web3 projects exposed to threats.So, what’s the ideal solution for Web3 hackers?What Makes a Great Bug Bounty Platform?For ethical hackers, choosing the right platform to hunt for vulnerabilities is crucial. The best bug bounty platforms should offer:Fair compensation — Transparent and competitive payouts for discovered vulnerabilities.Strong project partnerships — Access to high-profile Web3 projects that prioritize security.A hacker-centric approach — Clear guidelines, efficient reporting processes, and an overall rewarding experience.Trust and transparency — Open communication between hackers and projects, ensuring timely payments and dispute resolution.Why ChainBounty Stands OutChainBounty is built on a decentralized security philosophy, leveraging the power of the community to create a safer, more transparent, and more efficient platform. Here’s what makes ChainBounty different from traditional bug bounty platforms:Decentralized Threat Intelligence & Bounty SystemUnlike traditional bug bounty platforms that focus solely on identifying smart contract vulnerabilities, ChainBounty allows the community to report a wide range of Web3 threats, including scams, phishing attempts, and other malicious activities. Contributions from hackers, security experts, and everyday users are recognized and fairly rewarded.Real-Time On-Chain RewardsChainBounty utilizes Layer 2 technology to ensure that transactions and rewards are processed swiftly and transparently. This eliminates delays and unnecessary disputes that users commonly experience on traditional bug bounty platforms.Community-Driven SecurityChainBounty is more than just a bug bounty platform — we features a Community Insights section where hackers, security experts, and even casual users can share knowledge about blockchain security. Contributors help build a comprehensive database of Web3 threats, making the entire ecosystem safer.Additionally, ChainBounty introduces the CBP (ChainBounty Points) system, allowing users to earn points that can be converted into $BOUNTY tokens or redeemed for premium features such as risk assessment tools and advanced security analysis.Fair & Transparent Dispute ResolutionUnlike centralized platforms that rely on a single entity for dispute resolution, ChainBounty adopts a decentralized model. This ensures that bounty disputes and vulnerability evaluations are handled transparently, with the community playing an active role in decision-making.More Than Just Bug BountiesChainBounty expands beyond traditional bug bounty programs by incorporating scam and threat intelligence reporting. Users can report phishing sites, suspicious wallet addresses, scam phone numbers, and other security threats — and get rewarded for their contributions.With a more comprehensive approach to Web3 security, ChainBounty isn’t just a bug bounty platform — it’s a decentralized security ecosystem where hackers, security experts, and users collaborate to create a safer Web3.The Future of Web3 Security Lies in CollaborationWeb3 security depends on ethical hackers being empowered, recognized, and fairly rewarded for their contributions. ChainBounty isn’t just another bug bounty platform — it’s a movement toward a more secure, transparent, and hacker-friendly blockchain ecosystem.If you’re a Web3 hacker looking for a platform that values your skills and time, ChainBounty is the place to be.

ChainBounty

ChainBounty

a month ago