Crypto Wallets

SEC Charges Galois Capital for Failing to Protect Customer Deposits During FTX Collapse

Wednesday. September 4 at 3:30 AM

1 min. read

The SEC has charged Galois Capital Management for not safeguarding customer deposits during the FTX collapse. Elon Musk introduced Colossus, an AI training system, linked to a $235 million wallet. WazirX hack moved over $6 million in Ether to Tornado Cash. Galois failed to properly custody investors' assets, holding funds with FTX during its collapse. Despite regulatory challenges, there are 12 qualified digital asset custodians in the US. Musk's Colossus is now the most powerful AI training system, surpassing others in GPU power. A wallet connected to the WazirX hack laundered $6.5 million through Tornado Cash. The hacker transferred 2,600 ETH to Tornado Cash to conceal stolen funds. WazirX allowed users to withdraw 66% of their INR token balances ahead of schedule.

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The Balancing Act of Crypto Custody

Tuesday. October 1 at 9:30 AM

Jameson Lopp, a cypherpunk and co-founder of Casa, emphasized the challenge faced by crypto hodlers in choosing between safety and convenience. Lopp highlighted the importance of user-friendliness in digital asset self-custody solutions, such as Casa's adoption of Yubikey support for storing Bitcoin private keys. Despite debates on the convenience of passkeys versus Yubikey devices, the latter remains a trusted security standard. As Bitcoin custody diversifies with the rise of financialization, Lopp cautioned against blindly trusting institutions like Fidelity or Coinbase. Casa's commitment to self-custody aligns with the core principles of Bitcoin, emphasizing individual control over assets. Lopp's insights shed light on the evolving landscape of crypto custody and the importance of balancing security with ease of use in the digital asset space.

Crypto Wallets

Beware of Fake Crypto Wallet App on Google Play Store

Monday. September 30 at 2:30 PM

IT security firm Check Point Research has discovered a malicious crypto wallet app on the Google Play store that utilized advanced techniques to steal over $70,000 in five months. Disguised as the popular WalletConnect protocol, the app targeted mobile users through fake reviews and branding, accumulating over 10,000 downloads. While some users were scammed, others avoided it by not connecting a wallet or recognizing the scam. The app, initially named 'Mestox Calculator,' evaded detection for months before being removed. By tricking users into connecting their wallets and granting permissions, the app transferred assets to the attacker's address. This incident underscores the need for improved app store verification processes and user education on crypto risks. The crypto community must remain vigilant against such sophisticated cyber threats.

Crypto Wallets

Expanding Cryptocurrency Purchasing Options with Ledger and Uphold Partnership

Friday. September 27 at 5:00 AM

Ledger, a prominent hardware cryptocurrency wallet provider, is broadening its cryptocurrency buying capabilities within its app by partnering with Uphold's Topper. The integration of Topper, a fiat-to-crypto on-ramp by Uphold, was announced on Sept. 26. This collaboration introduces a new crypto purchasing option to Ledger's software, Ledger Live, which currently offers 14 providers for on-ramp services. Ledger's VP of international development, Jean-François Rochet, highlighted the mix of localized and global solutions available to users. While Ledger has more on-ramp partners, efforts are underway to onboard additional off-ramp partners for selling crypto. Topper, with plans to launch an off-ramp in Q4 2024, supports 228 crypto assets and 36 networks across 150 countries. Ledger's self-custodial wallet does not mandate KYC verification, unlike on-ramp and off-ramp transactions facilitated by partners like Topper.

Crypto Wallets

Securing Bitcoin in a Swiss Bunker

Thursday. September 26 at 8:30 PM

A significant amount of Bitcoin is safeguarded in a secret nuclear bunker in the Swiss Alps. The facility utilizes multiparty computation (MPC) shards to provide cutting-edge security for Bitcoin storage. Xapo Bank, a pioneer in the industry, offers underground bunker services for Bitcoin storage. The facility features stringent security measures, including biometric scanners, hermetic vault doors, and geographically dispersed MPC shards. The bunker, originally a joint venture with the Swiss Air Force, now houses various assets and infrastructure, maintaining nuclear-resistant features. Xapo Bank transitioned to MPC technology for Bitcoin signing, enhancing security and eliminating the risk of exposing private keys. The MPC process is likened to chefs cooking together, ensuring secure transaction authorization without any single entity holding complete control. The facility's high-security standards and advanced technology make it a preferred choice for clients seeking secure Bitcoin storage.

Crypto Wallets