Tag Archive for: Ethereum

Secure your crypto Bitcoin. Privacy. Self-custody. ZK Rollups. Jameson Lopp co-Founder Casa wallet

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ECS Research Team Receives Grant to Advance the Ethereum Blockchain Ecosystem

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STEM

Yuzhe Tang headshotYuzhe Tang, assistant professor of electrical engineering and computer science in the College of Engineering and Computer Science (ECS) and his research team received a grant from the non-profit Ethereum Foundation for research to advance the Ethereum blockchain ecosystem.

The grant is part of the peer-to-peer (P2P) network grants from the Ethereum Foundation’s recent Academic Grants Round.

A blockchain network is an open-membership peer-to-peer network that stores the information of crypto-asset ownership. Thus, the security and availability of the blockchain network are essential to maintaining asset safety. For instance, if the blockchain network is down, crypto-asset owners cannot withdraw their assets and traders cannot trade.

Tang’s proposed research aims to secure Ethereum’s P2P network against existing and emerging attacks. Ethereum is the second largest blockchain after Bitcoin and holds assets worth more than $190 billion as of August 2022. His research will involve systematic vulnerability discovery, online attack detection and mitigation tailored to leading Ethereum client software.

Tang’s research will result in automatic software tools and retrofittable mitigation subsystems. In addition, he and his team are interested in collaborating with the Ethereum developer community to integrate the software artifacts for Ethereum clients.

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Keep Your Crypto Safe! (Security tips for beginners)

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North Korean Hackers Execute Axie Infinity Crypto Thefts; More than $600 Million in Ethereum Stolen

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North Korean Hackers Targeting Researchers with Malware

The FBI has accused North Korean hackers of a theft of more than $600 million in cryptocurrency. The theft is described as a hacking attack on a computer network of a video game Axie Infinity, where players earned cryptocurrency Ethereum.

The FBI and the US Treasury indicated on 14 April, that the hackers are two cyber actors having ties with the North Korean Government and were involved with the stealing of more than $600 million in Ethereum. “Through our investigations we were able to confirm Lazarus Group and APT38, cyber actors associated with [North Korea], are responsible for the theft,” the FBI said in a statement.

us-charges-three-north-korean-hackers

On 29 March Sky Mavis, the creator of Axie Infinity, announced that the game was hacked on 23 March and approximately $600 million were stolen from a “bridge,” that authorized crypto being sent from one blockchain to another. The value presently stands to be around $625 million. This March hack of Blockchain Project Ronin, raised several questions about security and privacy issues and was one of the largest hacks that knocked the crypto world.

The only solution for Sky Mavis to prevent and protect themselves from such attacks was to come up with a more secured Ethereum blockchain, as the one they used was relatively slow and expensive and hence made it easier for the hackers to exploit the weakness and strike.

Picture for representation
The North Korea flag flutters next to concertina wire at the North Korean embassy.
Reuters

“The United States is aware that the DPRK has increasingly relied on illicit activities – including cybercrime – to generate revenue for its weapons of mass destruction and ballistic missile programs as it tries to evade robust US and UN sanctions,” a Treasury Department spokesperson said, using the initials of North Korea’s official name.

As per a draft resolution reviewed by the Reuters news agency the United States is urging the UN Security Council to blacklist the Lazarus Group and further go ahead with the freezing of its assets.

According to a US military report of 2020, North Korea’s hacking programme has grown immensely from the mid-1990s to today being known as the Bureau Unit, a…

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