Tag Archive for: Stake

Stake experiences a security compromise worth $41 million

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Stake has reportedly experienced a major hack for its hot wallets. This has caused the platform a loss of approximately $41 million. The malicious actor is said to have executed multiple transactions, thereby creating suspicion around the outflow of cryptocurrencies. This development was first broken out by on-chain analysts who have now informed that the process to deposit and withdraw at Stake has been halted.

A total of three blockchains were targeted, namely BNB Chain, Polygon, and Ethereum. Two analyst firms have come forward to highlight different transactions.

The first one by Cyvers mentions that $15.7 million worth of cryptocurrency has been transferred by the hacker. This comprises $5.9 million in stablecoins and $9.8 million in ether. The subsequent data from ZachXBT has said that additional funds worth $25.6 million have been moved away from hot wallets that are operated by Stake. This includes $17.8 million in BNB Chain and $7.8 million in Polygon.

That, thereby, brings up the approximate total loss of $41 million.

An official statement by Stake is awaited; however, the online casino operator has published a post on X, formerly Twitter, stating that it is currently investigating the matter. Till then, it has halted the deposit and withdrawal processes for customers. A tentative date for resuming the said activities is yet to be shared with the community.

An act of a platform getting exploited by malicious actors is not new, especially when it comes to Web3. The whole segment, as a matter of fact, has lost more than $1 billion after Base added to the ongoing monthly trouble.

The loss for Web3 platforms in 2023 till date has come to $1.2 billion out of which $23 million was reportedly lost in August this year. This has happened due to malicious actors finding a way to get into the system and drain financial resources through hack and/or fraud.

The loss stated above has come to the notice after 211 incidents happened. Not just Base, BNB Chain, and Ethereum have also been targeted the most per the report published by Immunefi.

Immunefi publishes a report regarding the threats and security issues that a platform carries with it on the internet.

Such an incident has put…

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UAE telecoms group takes 9.8 per cent stake in Vodafone

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Emirates Telecommunications Group has acquired a 9.8 per cent stake in Vodafone for around $4.4bn as it kick-starts its latest expansion into international markets.

The state-controlled UAE group, formerly known as Etisalat and now rebranded e&, on Saturday said the investment allowed it to “gain significant exposure to a world leader in connectivity and digital services”. e& said the transaction provided a “compelling and attractive valuation”.

The Abu Dhabi-listed group said it planned to be a long-term shareholder in Vodafone and was supportive of Vodafone’s board. There were no plans to make an offer for the British multinational, it added.

“We are looking forward to building a mutually beneficial strategic partnership with Vodafone with the goal of driving value creation for both our businesses, exploring opportunities in the rapidly developing global telecom market and supporting the adoption of next-generation technologies,” Hatem Dowidar, chief executive, said in a statement.

Vodafone acknowledged the investment, saying it looked forward to building a long-term relationship with Etisalat.

Vodafone has been under pressure since it emerged that Cevian Capital, Europe’s largest activist investor, had built an unspecified stake, and had been angling for an overhaul of what its investors believe to be an overly-complex business model.

Investors at Cevian have called for the company to shed poorly performing parts of the business, and make material progress towards mergers or acquisitions in markets that chief executive Nick Read has said he is looking to do deals in, namely the UK, Italy and Spain.

The Financial Times reported earlier this week that Vodafone was in talks to combine its UK operations with its domestic rival Three UK, the mobile operator owned by Hong Kong infrastructure conglomerate CK Hutchison.

Karen Egan, an analyst at Enders Analysis, said e&’s stake amounted to “another shareholder to add to the pressure on Read . . . at a crucial time for him”.

“A company like that doesn’t take a sizeable minority position unless they think they can have a lot of influence and I don’t think that they would buy a company like Vodafone…

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The Day – ‘Democracy of the free world is at stake’

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Democratic nations of the world must unite. Putin, the communist dictator of Russia who is engaged in a war on Ukrainian people to overthrow their Democratic nation, is guilty of genocide. Thousands of civilians have been murdered. Due to the threat of a nuclear war, what are the options for the current situation in Ukraine? Cyber warfare, or the end of Democracy? Negotiations are the first option, but when “War Crimes” have been committed as verifiable, and negotiations are not working, how do you enforce the penalty? This is the time to forget the political theater. If we do not, you will not have to worry about Democrats, Republicans and independents opinions or elections. A dictator will tell you what to do. Democratic nations of the world must unite. The Democracy of the free world is at stake. Putin’s goals do not stop with Ukraine. We as the United States must stand together as leaders of the “Free World.”

William Giustini

New London

 

 

 

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Liberty Strategic Capital nabs majority stake in mobile security startup Zimperium for $525M – TechCrunch

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Liberty Strategic Capital, the private equity firm launched last year by former treasury secretary Steven T. Mnuchin, announced today that it is acquiring a majority stake in mobile security startup Zimperium for $525 million.

With Zimperium, the firm takes a dive into mobile security, which Mnuchin sees at the front line of cyber security today. As he points out with employees using their own devices for years now, companies need to have a way to secure them, even when they don’t control the device directly.

“We all need to increase our focus on the protection of mobile devices and applications. Liberty Strategic Capital is investing in Zimperium because they’ve shown that they can lead the way in this multibillion-dollar market,” he said in a statement announcing the deal.

The company covers three parts of the mobile market looking at device security, mobile applications security and mobile threat intelligence. In fact, last year the company discovered spyware called PhoneSpy in 23 Android apps designed to steal data. As TechCrunch’s Carly Page explained at the time of the news:

Researchers at mobile security firm Zimperium, which discovered PhoneSpy inside 23 apps, say the spyware can also access a victims’ camera to take pictures and record video in real time, and warned that this could be used for personal and corporate blackmail and espionage. It does this without a victim knowing, and Zimperium notes that unless someone is watching their web traffic, it would be difficult to detect.

The company didn’t share specific revenue figures, but reported that annual recurring revenue (ARR) grew 53%. Company CEO Shridhar Mittal is hoping that the investment will continue to drive that growth.

“We’ve helped leading public and private organizations across the globe strengthen mobile security, and as we enter a high growth phase to help even more organizations, Secretary Mnuchin and the team at Liberty Strategic Capital will be a tremendous asset to guide and propel our company forward,” Mittal said in a statement.

Under the terms of the deal, Softbank will own a minority stake in the company, Mnunchin will lead the company’s board of…

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