PeckShield reports vulnerabilities that resulted in major theft in crypto market

03/01/2023 16:27 • Metaverse & Beyond • 118 views

According to reports, PeckShield, the security team, reported that more than 200 vulnerabilities were detected in February and stole US $35.3 million, of which about 141 occurred on February 11. It is estimated that the damage caused by BonqDAO vulnerability is $120 million, while the attacker gains about $2 million. As of February 28, 2023, US $935000 ETH and US $6000 BNB have been transferred to Tornado Cash.

Security team: more than 200 vulnerabilities occurred in February, and the theft amount reached US $35.3 million

Interpretation of the news:

The rise of cryptocurrency has brought about a new wave of crimes targeting digital assets. PeckShield, the security team tasked with detecting vulnerabilities in the market, has reported detecting over 200 vulnerabilities which resulted in a theft of $35.3 million in February alone. The team found that most of these attacks were carried out on February 11. The report also estimated that the BonqDAO vulnerability alone had caused damages in excess of $120 million while the attackers had only profited around $2 million.

The scale of cryptocurrency-related theft is daunting but what makes it worse is the damage done to investors’ trust in the market. Research reports have found that lack of trust and poor security are major roadblocks to the growth of the cryptocurrency market. If investors can’t trust the security of their assets, this can dent confidence and limit adoption of cryptocurrencies.

PeckShield’s report highlights the importance of enhanced security measures in the crypto market. The team has identified critical security flaws that attackers took advantage of. By doing so, PeckShield is helping to prevent further attacks and thus boost investor confidence in the market.

The report also found that the attacker transferred $935000 ETH and $6000 BNB to Tornado Cash. Tornado Cash is an ethereum-based mixer that shuffles crypto transactions and makes them untraceable. The popularity of such mixing services is growing alongside increasing regulatory scrutiny of the crypto market. Some argue that mixing services are vital for privacy while others criticize it for enabling malicious activity.

In conclusion, the PeckShield report emphasizes the need for greater focus on the security of the crypto market. By identifying vulnerabilities and highlighting the damages caused, the report provides insights that could lead to improved security measures. Additionally, the report showcases how mixing services like Tornado Cash can be used by criminals. A better understanding of such tools and their potential for abuse could help drive better regulation in the crypto market.

To summarize, the PeckShield report is a wake-up call for the crypto market to take security seriously. Adhering to best practices and implementing newer, more advanced security measures can help protect against vulnerabilities and ensure the market’s growth towards greater adoption.

Sources:
https://www.coindesk.com/more-than-200-vulnerabilities-were-detected-in-february-peckshield-says
https://nordvpn.com/blog/crypto-mixers-explained/

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