In recent days, several significant incidents in the cryptocurrency industry have occurred, including the hacking of BingX’s hot wallet, the hijacking of the Supreme Court of India’s YouTube channel, and the shutdown of 47 crypto exchanges in Germany.
BingX Hacked
Singapore-based crypto exchange BingX confirmed a minor asset loss after suspicious outflows from one of its hot wallets. Suspicion arose after abnormal network access was detected around 4:00 am Singapore time. The BingX team immediately initiated emergency measures, transferring assets and suspending withdrawals to prevent further loss. Initially, PeckShield reported outflows of $13.5 million but later revised the amount to $26.7 million.
Hackers Hijack Supreme Court of India’s YouTube
Hackers took over the official YouTube channel of the Supreme Court of India to run a Ripple and XRP scam. The channel was rebranded and used to livestream a fake video featuring Ripple Labs CEO Brad Garlinghouse, urging viewers to invest with promises of unrealistic returns. YouTube shut down the account for violating community guidelines.
Germany Shuts Down 47 Crypto Exchanges
The German government shut down 47 crypto exchanges, accusing them of facilitating an underground economy for cybercriminals. Authorities claim the exchanges failed to comply with anti-money laundering regulations, allowing criminals to conceal the origins of illegally obtained funds. Exchanges like Xchange.cash were closed, with their servers and data seized.
These events underscore the need for heightened security and regulatory compliance in the cryptocurrency industry to protect users and prevent criminal activities.
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