In the past week, the crypto world has been rocked by a series of high-profile incidents, resulting in a staggering $12.6 million in losses! Stars Arena, a FriendTech-inspired social platform, was hit by a devastating security breach, losing $3 million in AVAX tokens. However, they managed to recover 90% of the stolen funds, marking an intriguing turn of events. On the Avalanche network, Platypus Finance fell victim to three attacks, losing $2.2 million, with flash loans wreaking havoc once again. And if that wasn't enough, the FinSoul token team orchestrated a $1.3 million exit scam, leaving investors in shock. Stay tuned as we dive deeper into these crypto rollercoaster events and explore the dark underbelly of the blockchain world in next week's investigation. Don't miss out on this wild ride!
This week on Security in 60 Seconds, we delve into the latest security threats and vulnerabilities in the digital landscape. CertiK has reported ten incidents over the past week, resulting in a staggering $5.4 million in losses, with the majority attributed to a significant ice phishing incident. The episode also highlights concerning phishing attempts impersonating Stretto, the claims agent for the Celsius bankruptcy proceedings, which managed to circumvent sender policy framework checks. Additionally, we explore the repercussions of a social engineering attack on Balancer's DNS service provider, leading to a loss of $238,000, and discuss the potential of decentralized blockchain-based DNS as a solution. To cap it off, we uncover a new cloud-native cryptojacking operation targeting Amazon Web Services offerings. Stay informed and secure by tuning in to our weekly updates and following us on social media for the latest in Web3 security.
The History of Ethereum & How It Works | Bite Size Blockchain | CertiK
Vitalik Buterin, Ethereum’s co-founder envisioned a new use for blockchain after Bitcoin, one that went broader for a larger set of applications. Ethereum was built on a neutral, open-access infrastructure, controlled by no central entity.
In 2013, Buterin released a white paper for Ethereum’s blockchain using the Turing complete programming language, based on Alan Turing’s concept of a Universal Turing machine, that allows any operation to be programmed within it.
Ethereum uses smart contracts which are programs that permit users to transact with each other according to a set of predetermined rules, removing the need for third-party enforcement. These smart contracts allow developers to self-build and publish contracts onto the blockchain.
Ethereum’s native currency, Ether, operates as a store of value for its users. Ethereum allows developers to build and distribute other cryptocurrencies using the same protocol as Ether.
Ethereum consists of only one public blockchain. Developers must create a modified clone of Ethereum to use the technology on a private blockchain.