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Crypto News: Coinbase hack: how users got their bitcoins siphoned off

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Coinbase (COIN) Users Hit by Phishing Attack With Some Losing Funds -  Bloomberg

A 2-step cyber attack – While the cryptosphere is sadly used to platform hacks, it was hoped that the security on Coinbase, whose COIN share is now listed on the stock exchange , would be a little more up to the task. However, a flaw has just allowed hackers to empty thousands of accounts.

6,000 users ruined by the hack

As we know, darknet hackers are on the lookout for the slightest technical flaw or the slightest human error to steal precious cryptocurrencies. From private individuals to the largest crypto-exchanges, no one is immune.

On October 1, the Coinbase platform had to notify 6,000 of its customers that their accounts had been victims of unauthorized access . Even if the total amount of thefts was not indicated, the cryptocurrencies of these accounts would have been siphoned off by the hackers.

These flights would have been allowed by the meeting of several weaknesses . According to an analysis of Bleeping Computer, it would be first of a campaign phishing (phishing) successful on users Coinbase, then a fault of the exchange platform in its process account recovery .

A Bitcoin theft on Coinbase in 2 steps

Coinbase explained that in order to complete their extortion, the attackers first had to obtain the customers ‘ email address , password and phone number , but also gain access to their email account.

While it is not clear exactly the method that allowed hackers to retrieve this information, Coinbase teams believe it is linked to a phishing campaign between late April and early May 2021 . After this first package, the hackers then exploited a flaw in Coinbase’s multifactor authentication (MFA).

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More precisely, it is via the SMS account recovery process that the hackers were able to commit their theft:

“(…) In this incident, for customers who use SMS for 2-factor authentication, the third party took advantage of a loophole in Coinbase’s SMS account recovery process, in order to receive a token of 2-factor authentication via SMS and access your account. “

Even though Coinbase quickly patched the recovery protocols to prevent further unwanted intrusion, the damage has been done, and compensatory measures have been taken by the platform. This includes in particular a full refund of the stolen funds:

“We will deposit into your account funds equivalent to the value of the cryptocurrencies illegitimately withdrawn from your account at the time of the incident. Some customers have already been reimbursed – we will ensure that all affected customers receive the full value of what they have lost. (…) “

Coinbase strongly recommends that its victimized customers change their email password .

If the present hack seems to be more serious, because funds have actually been stolen this time, the crypto exchange is not its first mess since its listing on the NASDAQ Stock Exchange. Indeed, at the end of August, Coinbase panicked 125,000 of its users with a message to change their two- factor authentication. Message that turned out to have been sent in error.

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Crypto News: Ubisoft names Tezos for its NFT Gaming platform

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It’s been a while since video game giant Ubisoft entered the cryptosphere. Among the projects favored by the French company is the Tezos network (XTZ), of which it became a validator in April 2021. Today, it is NFT of in-game equipment from its latest game that Ubisoft will offer thanks to at Tezos.

Tezos serves as the backbone for Ghost Recon game

By their unique nature , enabled by blockchain networks, non-fungible tokens (NFTs) are a perfect digital transposition for cards and collectibles .

Ubisoft understands the strong potential that NFTs represent for gaming , and has just announced the latest fruit of its association with the Tezos crypto project . From this Thursday, December 9, 2021, the video game company will launch the beta version of its NFT platform , called Ubisoft Quartz .

As the Ubisoft teams explain in a press release as well as on Twitter, their latest game “Tom Clancy’s Ghost Recon Breakpoint” will be the very first to benefit from 3 of these exclusive NFTs, called “Digits” on Ubisoft Quartz. And these will therefore be based on the Tezos blockchain.

Ubisoft opens its NFT platform thanks to Tezos
Ubisoft Twitter Account

NFTs: Ubisoft’s first crypto-foray before the metavers?

The technologies carried by cryptocurrencies create a whole new universe of concrete applications . Whether these are in their infancy or even yet to be imagined, they provide a glimpse of a strong potential for development in a field such as that of video games.

“The digitization of our world has dramatically accelerated changes in the way users and communities interact online. As blockchain technology matures (…) it begins to find more concrete uses in our daily lives. (…) Likewise, new economic models are appearing, play-to-earn being perhaps the most important, with the sale of virtual land. (…) “

Didier Genevois, Ubisoft blockchain technical director

Moreover, the teams of the video game giant are already setting out their future ambitions in the press release announcing Ubisoft Quartz: the construction of metaversees for gamers.

“Our long-term efforts have led us to understand how the decentralized approach of the blockchain could truly make players players in our games, (….) Ubisoft Quartz is the first brick of our ambitious vision to develop a real metaverse. (…) “

Nicolas Pouard, vice-president of Ubisoft’s Strategic Innovation Lab

In addition, the Tezos blockchain is based on Proof of Stake (PoS) consensus, which is much less energy intensive than Proof of Work (PoW). The recent revelation of the very low power consumption required to operate Tezos has annihilated any form of ecological criticism possible, especially given the usefulness and benefits provided by the decentralized trust networks that are blockchains.

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BitMart hack: Shiba Inu and Huobi to the rescue

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BitMart receives support from Huobi and the shiba inu community (SHIB) following its hack. One offers concrete help, while the other shows above all its solidarity with BitMart in a symbolic way.

BitMart hack: Huobi on the trail of stolen funds

On December 5, 2021, Huobi said in a tweet that the platform “will do its best to help” the BitMart exchange, which on the same day suffered a hack of more than $ 196 million in cryptocurrency. Huobi will report in particular the stolen assets that will pass through its platform .

For Huobi Global Strategy Director Jeff Mei, transparency and responsiveness are the right answers to these attacks:

“Exchanges should alert their users, other exchanges and law enforcement authorities as soon as possible and be transparent about what they are doing to deal with hacking and the loss of user funds. “

The emotional support of the SHIB community for BitMart

The SHIB community also showed its solidarity with BitMart , while recalling the efforts it is making to analyze possible flaws that could expose the decentralized exchange ShibaSwap to possible attacks:

“Even though the heart of our project is decentralization, we want to show our support and give some love to our friends at @BitMartExchange who are already working hard to resolve the security incident that happened yesterday. “

The SHIB community shows its solidarity with the BitMark exchange which has suffered a hack.
SHIB community publication – Source: Twitter

BitMart CEO Sheldon Xia tried to reassure users of the exchange who were victims of the hack, suggesting that the company is looking for several solutions to reimburse all the stolen cryptocurrencies  :

“We are also talking to multiple project teams to confirm the most reasonable solutions, such as token exchanges. No user assets will be harmed ”

BitMart, however, had to temporarily stop all withdrawals and deposits following the hack, and expected a recovery no later than December 7, 2021, which is today.

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BitMart increases the statistics in terms of hack in decentralized finance. While the cryptosphere registers less fraud, DeFi is an exception. The sector is today the preferred target of hackers . Not sure that inter-exchange solidarity or between crypto players in general is sufficiently dissuasive for hackers who can siphon millions of digital assets in a few clicks.

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Crypto News: Colombia’s Largest Bank Now Trade Bitcoin

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Bitcoin in the midst of conquering South America – Colombia has many players who are in favor of Bitcoin (BTC) and cryptocurrencies . This fact is once again demonstrated with Bancolombia, a large multinational banking corporation, which will allow exchanges of BTC as well as 3 other crypto-assets.

Banks are starting to embrace Bitcoin and cryptos

If El Salvador has made Bitcoin a national currency , other Latin American countries are starting to integrate crypto-assets into their economy. This is the case in Colombia , via the Bancolombia bank , which is part of a large banking group also including banks in Panama (Banistmo) and Guatemala (BAM).

With its nearly 18 million customers , the Bancolombia group has just announced its partnership with the Gemini cryptocurrency exchange platform . In a press release issued on December 6, Gemini and Bancolombia announced in effect that they will provide a number of customers in the large bank of entry gateways and output in fiat currency to exchange Bitcoin (BTC) Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), via the Winklevoss brothers’ crypto-exchange.

This banking crypto-trading experience, which will begin on Tuesday, December 14, 2021, will first – initially – be offered to a small group of Bancolombia clients.

Partnership between the Gemini crypto-exchange and the Colombian bank Bancolombia

The Gemini crypto-exchange expands its offer and weaves its web

Based in New York , the exchange platform for twins Winklevoss has mainly developed its ecosystem in North America so far, but is now actively seeking to internationalize .

“This partnership is an important step in the strategic expansion of Gemini’s presence in Latin America. We look forward to working closely with the Colombian crypto ecosystem, and supporting crypto-assets that empower Colombians to take control of their financial lives. (…) Cryptocurrencies are borderless by nature, and we are committed to expanding access to crypto to as many people as possible around the world. (…) “

Cynthia Del Pozo, Strategy and Development Director for Gemini

The integration of Gemini’s offer into Bancolombia is supported by a pilot program of the Colombian government. The local financial regulator, the Superintendencia Financiera de Colombia (SFC), is thus responsible for facilitating access to cryptocurrencies for the citizens of Colombia.

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In October, another South American country was profiting from the incursion of cryptos into its economy. Indeed, Peru has since benefited from a stablecoin of its national currency (the Peruvian sol) which is called PEN, and which is based on the Stellar network (XLM).

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