HOW A $600M HACK WAS CAUSED BY A FAKE JOB OFFER
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Good Morning FinTech!
Starting off with a quick look at the Market.
Today’s Crypto Fear and Greed index
How a Job Scam Led to the Largest Cryptocurrency Hack
Hold on to the edges of your seat, to learn how Axie Infinity was compromised for $600M.
Here's what happened:
Step 1: A recruiter for a new company started contacting engineers who were working for Axie Infinity via LinkedIn. The majority didn't answer, but one senior engineer did.
Step 2: After numerous rounds of interviews, the engineer received a job offer!
Step 3: The offer came with a ridiculously good compensation package. The senior engineer downloaded the PDF to view the rest of it because it was so good.
But there was a problem.
The company? was nonexistent.
the employer? was not an employer. It was the Lazarus hacker group from North Korea.
A PDF? There was no job offer. It was spyware.
Now that the North Korean hackers had access to the Axie Infinity systems, they could cause a lot of harm. That's exactly what they did.
With the use of spyware, they were able to breach Axie's security and seize control of the validators they required to pass any transaction.
They drained $600 million from Axie Infinity and have been attempting to cash out ever since.
Moving that much money is unfortunately not so simple for them. Exchanges disabled the wallet, but not before the hackers were able to successfully withdraw about $200M.
$600M hack from a PDF. Crazy.
Paraguay is One Step Closer to Becoming a Bitcoin Mining Haven
The legislature of Paraguay has approved a bill that establishes a tax and regulatory framework for cryptocurrency mining in the South American country.
The text of the bill has not yet been published, but according to the website of the Congress of Paraguay, mining will require authorization from the MIC, and the National Electricity Administration will be in charge of the energy supply.
Doesn’t that sound like a big deal? It is, if it gets signed.
Miners are flocking to Paraguay for its cheap—and green—electricity and lawmakers want to turn the country into a crypto hub.
Last week, $350 million was Invested in Crypto Companies.
Farcaster received $30 million to create a decentralized social network.
Animoca Brands received $75.3 million to develop blockchain games.
Inflection Points received $12.6 million to build a cryptocurrency job marketplace. Pomp deserves a shoutout!
Safe received $100 million for its digital asset management platform. Previously known as Gnosis Safe until they realized no one knew how to say it.
DeepNFTValue received $4 million for their NFT price prediction platform. It uses Machine Learning to forecast future CryptoPunks prices.
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