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.
The cryptocurrency industry has come together and formed a group called the Cryptocurrency Compliance Cooperative. Three experts discuss the group and how regulators must change their approach toward this industry.
The year is ending with a cybersecurity bang - not whimper - due to the widespread prevalence of the Apache Log4j vulnerability. Researchers warn that at least 40% of corporate networks have been targeted by attackers seeking to exploit the flaw. More than 250 vendors have already issued security advisories.
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.
A newly identified banking Trojan dubbed SharkBot is now targeting banking and cryptocurrency exchange customers across the U.K., Italy and the U.S. through a sideloading campaign and/or a social engineering campaign.
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.
Dutch police have detained Moscow businessman Denis Dubnikov after the U.S. accused him of receiving bitcoins worth $400,000 paid to Ryuk as ransoms by its victims. The U.S. is seeking to extradite the suspect, as the Biden administration's crackdown on ransomware continues.
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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