The post How Hacks and Fraud Shaped This Week in Crypto appeared on BitcoinEthereumNews.com.

Cryptocurrency markets are still at risk from hacks, fraud, and big losses. This week’s reports of hacks show that many platforms have security weaknesses. These problems also raise concerns about rules and safety in the industry. Dexx Hack Affects More Than 8,620 Solana Wallets The DEXX trading platform, aimed at trading in meme coins, was hacked on November 16th. The attack emerged due to a private key leak to steal more than 8,620 Solana wallets and siphon $30m. In the same case, at least 900 users were affected out of which one person lost more than one million dollars.  However, the platform has engaged in mitigation measures like; tracking the hacker’s wallets and negotiating for the funds’ return, yet the outcome is often unpredictable.  Pump Science Wallet Hack: Developer Negligence Sparks Token Fraud Pump Science, a Solana-based decentralised science (DeSci) platform, shared news about the breach, which resulted from the recklessness of one of its developers. The attacker used a leaked private key to mint fake URO and RIF tokens into the system voluntarily. The fake tokens circulated into the market erasing the reputation and trust of the project. Pump Science has since explained that any tokens produced by the said wallet since its compromise are fake. The team has also warned users to stay away from fake accounts while trying to contain the losses made so far. MrBeast Gets Accused of Crypto Manipulation and Insider Trading A popular YouTuber MrBeast (Jimmy Donaldson) misused his 31.2M subscribers by using forums to promote pump-and-dump schemes. Researchers claim that he manipulated token prices using his status to gain control over them to pump the prices and dump them for a $23 million profit. Key projects tied to these allegations include: $SUPER: $11.45M, $ERN: $4.65M, $PMON: $1.72M, $STAK: $1.31M and $AIOZ: $1M This…

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Filed under: News - @ December 1, 2024 5:13 am