A critical bug was discovered in the Near Protocol which could have crashed the entire network in the wrong hands.
The much-anticipated HBO documentary failed to identify the true identity of Satoshi Nakamoto.
Fidelity experienced a massive data breach that leaked the personal information of 77,000 customers.
Arkham is set to launch its own derivatives exchange and challenge established players like Binance and Kraken.
A new AI tool has emerged that can bypass exchange KYC requirements.
Last week marked part of the first half of October 2024 and was as eventful as the rest of the year.
We had reports of a critical vulnerability in the Near Protocol that could have wiped out every single node in the blockchain in the wrong hands.
The much-hyped HBO documentary which many expected to unveil the true identity of Satoshi Nakamoto, ended rather—underwhelmingly.
Fidelity, one of the Bitcoin and Ethereum ETF issuers in the US also got hit with a massive hack.
And finally, blockchain analytics tool, Arkham is set to launch its own cryptod derivatives exchange and compete with big players like Binance.
Here are some of the major events from last week to help keep you up to date.
More and more these days, the security of blockchains comes into question with new developments popping up every day.
Last week in what would have turned out to be a devastating turn of events for Near protocol developers, investors and stakeholders:
Researchers found a critical bug in the network’s infrastructure.
This bug was capable of crashing any node within the network but was quickly patched before an attacker could discover it.
Blockchain security firm Zellic found the bug according to a 26 September report.
Between then and the time of writing, the vulnerability was quietly patched—but this isn’t even the disturbing part.
Zellic notes that some other networks could still contain similar flaws in what it refers to as a “Web3 Ping of Death”.
The researchers found this bug while investigating the network’s peer-to-peer protocol for validator nodes.
Put simply, the bug was hiding in the very protocol that allows the network’s validators to communicate with each other.
Zellic received a $150,000 reward for their discovery, providing a happy ending to what would have turned out to be a real disaster.
The HBO documentary from Wednesday last week, which was aimed at exposing Bitcoin’s creator turned out to be a flop.
Put simply, the documentary pointed towards Bitcoin core developer, Peter Todd as the elusive Satoshi Nakamoto.
The documentary ended with Todd saying: “Well yeah, I’m Satoshi Nakamoto,”
Still, this “admission” proves nothing, because Todd is well known for using the words “I am Satoshi” to support the real creator’s right to remain anonymous.
It gets even stranger because before the documentary even went live, Todd replied to a post from BitMex research, saying “I am not Satoshi”.
I am not Satoshi
This is without mention the many inconsistencies in the documentary’s findings.
For example while Bitcoin was launched in 2014, Todd only became involved in 2014.
In a 2019 podcast, Todd also mentioned that he was only 15 when he started communicating with other early Bitcoin contributors like Hal Finney and Adam Back.
Todd also mentioned recently, that while he is not Bitcoin’s creator, Satoshi Nakamoto is “the entire human race minus Craig Wright”
Last week, Fidelity, one of the Bitcoin and Ethereum ETF issuers reported a hack.
This hack leaked the personal information of over 77,000 customers according to the 9 October report to Maine’s attorney general.
Keep in mind that the actual hack happened between 17 and 19 August but was only reported last week.
Reports of a breach
Also, the number of affected customers is a mere fraction of the asset manager’s 51.5 million customer base.
Part of the personal information leaked included things like customer names, emails, and other personal identifiers.
The breach was quickly assessed and patched on 19 August.
As compensation to the affected users, Fidelity announced that it is offering two years' worth of free credit monitoring and identity restoration services.
Interestingly, this is the company’s fourth data breach in the last 12 months. Others happened on 4 March, 18 March and 19 July before the recent 17 August incident.
Arkham, one of the most popular blockchain data analytics tools is set to launch its own derivatives exchange.
According to a recent report from Bloomberg, this exchange will go live as soon as next month.
The new exchange already has everything set up and is in the middle of getting a license in the Dominican Republic, where it plans to put its headquarters.
This new launch is set to position Arkham as one of the main competitors to heavyweights like Binance and Kraken.
Interestingly, the platform’s native $ARKM cryptocurrency rallied by a staggering 20% on the news.
Rally on Arkham
At the time of writing, it is still growing strong with another 5% rally on the daily and 25% on the weekly timeframe.
In more recent news from blockchain research company, Cato Networks, there is a new crypto scam tool in town.
The firm noted in a recent report that this new AI-based tool stands as a game changer from the old-fashioned methods cybercriminals use.
Bypassing KYC on Bybit
Compared to before when malicious actors had to visit the dark web to purchase forged documents when registering on exchanges, this tool can simply spin up a whole new identity out of thin air.
Cato Networks demonstrated this tool's capabilities by creating a completely new Australian ID and bypassing the KYC requirements on ByBit.
This tool is capable of creating everything from matching webcam pictures to government-issued IDs, passports and/or a driver’s license.
This development represents a disturbing trend when it comes to crypto safety, as nothing much stops Money launderers or even terrorists from accessing even the most secure crypto exchanges.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.