A top U.S. Department of the Treasury official said financial regulators are prepared to extend existing authorities to rein in stablecoins, although Treasury officials hope instead that Congress will move on key legislation to regulate the space.
Six U.S. senators sent a letter to the Treasury Dept. regarding new cryptocurrency regulation stemming from the infrastructure bill. The lawmakers urge Treasury Secretary Janet Yellen to address concerns around the law, which requires a broad group of professionals to report information to the IRS.
A botnet operation called Glupteba has been disrupted by Google's Threat Analysis Group. The botnet targeted more than 1 million Microsoft Windows users in the U.S, India, Brazil and Southeast Asia. Also, Google has filed a lawsuit against two Russians alleged to be the botnet's operators.
Nearly $200 million has reportedly been stolen from the cryptocurrency exchange BitMart, one of the top centralized crypto exchanges by volume, according to China-based blockchain analytics firm PeckShield, which tracked the heist beginning Saturday.
Unidentified threat actors are using fake cryptocurrency-related websites to distribute the SpyAgent malware, which abuses legitimate remote access tools. They have targeted a legitimate Russian remote access tool called Safib Assistant, Trend Micro researchers note.
Three U.S. financial agencies have conducted a series of "policy sprints" around cryptocurrency assets and related regulatory gaps, and plan to amend existing guidance and regulations to address security and market risks, the Board of Governors for the Federal Reserve said this week.
More than $12 billion has been lost in decentralized finance, or DeFi, applications in 2021 - $10.8 billion of which is attributed to fraud and theft, a 600% increase from 2020, according to a new report from blockchain analytics firm Elliptic.
A Canadian teenager is under arrest after allegedly stealing C$46 million ($37 million) in the latest cryptocurrency SIM swap scam. Meanwhile in the U.S., the Department of Justice is going to sell off $57 million worth of cryptocurrency seized from the BitConnect Ponzi scheme.
The latest edition of the ISMG Security Report features an analysis of how cybercriminals are turning to cryptomixing services to conceal the proceeds of ransomware activities from law enforcement officials. Also featured: Criminals exploit a misconfigured FBI server and the future of zero trust.
Cryptocurrency-using criminals continue to rely on services designed to launder their virtual currency to give them "clean coins" that are tougher for law enforcement to trace. Experts say such services are widely marketed on cybercrime forums, and sometimes provided directly to ransomware groups' affiliates.
Ari Redbord of TRM Labs, who has had an extensive career in law enforcement, points out that 2020 was a pivotal year for putting cybersecurity on the agenda throughout the government. He discusses securing cryptocurrecy, the blockchain and other elements of the "digital battlefield."
Four editors at ISMG discuss important cybersecurity issues, including law enforcement agencies' crackdown on ransomware operations, how banks are building their technology stacks to counter card fraud and whether the "work from anywhere" model is beneficial for employees in the long term.
U.S. SEC Commissioner Caroline Crenshaw urges DeFi developers to approach the financial regulator in an effort to bring projects in line with existing securities laws. Though praising the DeFi's innovative nature, the commissioner says it lacks transparency and is hindered by on-chain pseudonymity.
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