By the CyberWire staff
At a glance.
Risks and reports.
A report from Moody’s says that the cryptocurrency ecosystem’s vulnerability to cyberattacks is restricting the sector’s growth. Moody’s says this trend was most recently highlighted by the hacks sustained by FTX shortly after the exchange filed for Chapter 11 bankruptcy last week. Moody’s explains that applications built on the blockchain rely on a “tangle of technologies” that opens them up to attacks. The researchers note that more attacks are now targeting decentralized finance (DeFi) companies compared to centralized finance (CeFi).
The recent collapse, bankruptcy, and compromise of the FTX cryptoexchange bring many of these vulnerabilities into relief. CoinDesk describes a hack sustained by FTX several hours after the exchange filed for bankruptcy. Unknown hackers stole more than $600 million from FTX crypto wallets. WIRED outlines the efforts industry and law enforcement are taking to track the stolen funds. For more on crypto and blockchain issues, risks reports threat actor activity vulnerabilities affect zendesk explore cyberwire
