Editor's Choice
Ransomware attacks on the healthcare sector in 2024: 67% affected, recovery slowed, and costs reached $2.57 million 💉
The healthcare sector is facing a sharp rise in ransomware attacks, hitting a four-year high in 2024, according to a Sophos report. Despite a global decline in ransomware, 67% of healthcare organizations were attacked in the past year, up from 60% in 2023. Recovery times have worsened, with only 22% of victims recovering in a week, down from 47% in 2023. Meanwhile, 37% took over a month to recover.Ransom recovery costs surged to $2.57 million in 2024, and 57% of organizations paid more than what was demanded. The root causes include compromised credentials and exploited vulnerabilities, each responsible for 34% of attacks. Furthermore, cybercriminals have increasingly targeted backups, with 63% of organizations with compromised backups paying the ransom, compared to 27% for primary database attacks alone.Insurance plays a major role in ransom payments, contributing to 77% of cases. The report advises healthcare organizations to adopt proactive, human-led threat detection to counter these evolving threats.
Bedrock suffered a $2M exploit: temporary contract suspension, BTC reserves' safety, new token airdrops to compensate affected users, incident investigation details, and security measures in development 🔐
Bedrock, an Ethereum liquid staking platform, suffered a $2 million exploit involving its uniBTC token. In response, Bedrock paused the affected contracts and assured users that BTC reserves remain secure. The platform identified the breach after detecting suspicious activity and is investigating how the exploit occurred.To compensate affected users, Bedrock plans to take a snapshot of balances before the incident and issue an airdrop of new tokens to restore user holdings. The platform is working with security experts to enhance protection and prevent future attacks. More details on the airdrop and security measures will be shared soon.This incident underscores the ongoing security challenges within DeFi, despite Bedrock’s swift response to protect users and rebuild trust.
BNY Mellon, the oldest bank in the USA, is entering the crypto custody market for spot ETF clients, challenging Coinbase in the Bitcoin and Ether space after SEC approval 🚀
BNY Mellon, the oldest U.S. bank, is entering the crypto-custody market, offering services for bitcoin and ether ETFs to clients like BlackRock and Franklin Templeton. This move could challenge Coinbase’s dominance in digital asset custody, as institutional interest in crypto grows.The SEC granted BNY Mellon a "no-objection" ruling, allowing the bank to safeguard crypto assets without listing them as balance sheet liabilities, easing regulatory hurdles. The bank's custody model, focused on individual wallets, could extend beyond bitcoin and ether, opening the door for other banks to follow suit and expand crypto offerings.
Nexo joined the Colombian Fintech Association, which unites 360+ companies and 9,000+ professionals, to strengthen its position in Latin America 🚀💼
Nexo, a leading cryptocurrency lending platform, has joined the Colombian Fintech Association as a strategic member. This move aims to strengthen Nexo's presence in Latin America, particularly in Colombia, which is witnessing rapid growth in fintech and cryptocurrency adoption. As part of a network of over 360 companies and 9,000 professionals, Nexo will collaborate on policy discussions, build strategic alliances, and promote financial literacy. The partnership highlights Nexo’s commitment to fostering financial innovation and inclusion, contributing to the expansion of digital finance solutions in Colombia and the broader Latin American market.
The SEC won a partial victory in the case against Opporty International: the fraudulent ICO raised $600,000 from 200 investors, the sale of tokens in the US violated the law ⚖️
Binance is removing support for the Turkish language from September 27, 2024 🇹🇷: The platform remains available in Turkey in other languages, customer support will continue to operate 🚫
Cancellation of plans for a mining farm in Minnesota: Revolve Labs rejected the project, which could have reduced electricity bills for 3 years, due to complaints about noise and decreased property values 🔊
An Ethereum user accidentally paid a record fee of 41 ETH ($108,816) for a single transaction 🪙 — mistake or glitch? 💵
The Seoul court ordered GDAC to return 7.8 million WEMIX tokens ($7.31 million) to Park Kwang-ho 💰 — a daily fine of 3 million won for non-compliance after 30 days ⏳
Morocco is launching the Digital 2030 strategy: creating 240,000 jobs and contributing $10.36 billion to GDP with a focus on AI, DLT, and startup development 🚀
Velar and Hermetica are launching a USDh stablecoin pool on Stacks L2 for Bitcoin: up to 25% yield 💸 and deep liquidity for large trades 🔗
Elon Musk criticizes OpenAI's plans to convert into a for-profit company with Sam Altman holding a 7% stake and a valuation of $150B, calling it "illegal" 💼
Caroline Ellison, former FTX top executive, sentenced to 2 years in prison and ordered to return $11B for her role in an $8B financial fraud that led to the exchange’s collapse 💵
Caroline Ellison, former executive at FTX and ex-girlfriend of founder Sam Bankman-Fried, has been sentenced to two years in prison for her role in the collapse of the crypto exchange, one of the largest financial frauds in US history. She had faced up to 110 years but received a lighter sentence due to her cooperation with prosecutors. Ellison admitted to charges like wire fraud and money laundering and agreed to forfeit over $11 billion.Ellison testified against Bankman-Fried, who was sentenced to 25 years for stealing $8 billion from customers. In court, she expressed deep remorse, stating she couldn't fully grasp the scale of the harm caused. FTX, once the third-largest crypto exchange globally, collapsed in 2022 after financial troubles surfaced.
Fraudulent Phantom app in App Store from "Meta Voxify AI" stole user funds through wallet imports: warnings and reports of losses in the hundreds of dollars ⚠️
A fraudulent app mimicking the popular Phantom wallet has been discovered on the Apple App Store, prompting an urgent warning to the crypto community. Developed by 'Meta Voxify AI', the fake app closely resembles the legitimate Phantom wallet by Phantom Technologies Inc. However, it only allows users to import wallets, a red flag. Many users, after entering their seed phrases, reported losing funds.Crypto users are advised to delete the app if installed, change wallet credentials, and always verify developers—Phantom Technologies Inc. develops the official app. They should also rely on official download links and be wary of import-only apps.
Singapore court orders WazirX to disclose wallets, management reports, and balance within 3 weeks after a $230M hack affecting 45% of users' funds 💻🔐
A Singapore High Court has ordered WazirX to disclose its wallet addresses after granting a four-month moratorium for restructuring following a $230 million hack. The Indian crypto exchange must reveal details of the hacked and remaining wallets, as well as provide updated management accounts. Creditors will receive a share of the exchange’s reserves, with independent oversight on the restructuring process. WazirX plans to implement revenue-generating mechanisms and partnerships to help recover funds for affected users. The exchange must respond to customer queries and may seek an extension if needed.
Crypto scandal in Hong Kong: 13 investors lost HK$14.8M due to fraud involving fake exchanges, two suspects arrested 💰
Thirteen investors in Hong Kong lost a total of HK$14.8 million in a crypto scam involving fake exchange shops in Kowloon West. The scammers lured victims with promises of better rates, gaining trust through initial successful transactions before trapping them. Among the victims, a businessman was locked inside a shop and forced to hand over HK$4 million. Police have arrested two suspects, but investigations continue as other culprits remain at large.
Best news of the last 10 days
SEC: 99% of TrueUSD reserves are invested in a risky offshore fund. TrueCoin and TrustToken fined $1.04M for false claims regarding the backing of the $500M stablecoin 💸
Taurus SA and Aktionariat AG launch the first regulated market for tokenized SME shares on Ethereum, involving 30,000+ shareholders and 70 issuers 📈
Telegram restricts access to wallets for users in the UK during registration as a crypto asset provider under FCA rules 💼
The UAE introduces a new rule: starting October 1, crypto companies are required to warn about the risks associated with asset volatility
Kamala Harris presented an 80-page plan for the development of blockchain, AI, and quantum technologies: the USA on the path to global leadership
Vice President Kamala Harris, speaking in Pittsburgh, outlined her vision for U.S. leadership in emerging technologies like blockchain, AI, and quantum computing. She emphasized the need for dominance in these fields as part of her broader economic plan. In a shift from earlier campaign messaging, Harris advocated for innovation in digital assets, pledging a "safe business environment" with clear regulations. While Republican nominee Donald Trump has actively courted the crypto sector, analysts suggest both candidates could positively impact Bitcoin, though Harris’s policies may accelerate factors supporting its adoption.
Visa launches a platform for banks: tokenization of fiat currencies on the blockchain💰, support for 65 crypto wallets, and pilot projects with BBVA and XP in Spain and Brazil
Visa, a global payment leader, has advanced further into cryptocurrency with the launch of a platform for banks to test tokenized assets and smart contracts. This platform enables banks to issue regulated, fiat-backed tokens, exploring blockchain’s potential in capital markets.Visa's Head of Crypto, Cuy Sheffield, highlighted the company's role in asset tokenization, citing Visa’s participation in the Digital Hong Kong Dollar pilot. Financial institutions like Spain’s BBVA and Brazil’s XP are early adopters, utilizing Visa's digital asset sandbox to explore tokenized assets, particularly in B2B payments.Visa has partnered with over 65 crypto wallet providers, and Sheffield emphasized the next phase will involve banks creating their own tokenized products, enhancing liquidity and opportunities in digital finance.
PayPal enables business accounts to buy and transfer cryptocurrency in the US 🚀 (except for New York State) + launch of PYUSD on the Solana blockchain
PayPal (NASDAQ: PYPL) has announced that U.S. merchants can now buy, hold, and sell cryptocurrency through their business accounts. This feature, however, is unavailable for New York businesses at launch. The company is also allowing external transfers of supported cryptocurrencies to third-party wallets.According to Jose Fernandez da Ponte, PayPal's SVP of Blockchain and Cryptocurrency, this move meets growing demand from business owners for crypto features. PayPal's expansion into crypto includes the launch of PayPal USD (PYUSD), available on multiple blockchains like Solana, and its use in fee-free transfers through Xoom.PYUSD is backed by U.S. dollar reserves and issued by Paxos Trust Company.
South Korea fined Worldcoin $830,000 for data privacy violations, including unlawful transfer of biometric information 👁 and insufficient user consent disclosure 📄
South Korea’s Personal Information Protection Commission has fined Tools for Humanity, the company behind Worldcoin, over $830,000 for violating local privacy laws. The violations included improper handling of biometric data, insufficient user consent, and unauthorized overseas data transfers. The company did not adequately inform users about how their data was collected and processed. Despite the fines, South Korean regulators have allowed Worldcoin to continue operations after addressing these issues. Tools for Humanity has welcomed the decision, asserting that the necessary adjustments have been made to comply with local regulations.