What are address poisoning attacks in crypto and how to avoid them?
Address poisoning attacks involve tracking, misusing or compromising cryptocurrency addresses. Address poisoning attacks are malicious tactics used by attackers who can reroute traffic, interrupt services, or obtain unauthorized access to sensitive data by inserting bogus data or changing routing tables. The integrity of data and network security are seriously threatened by these assaults, which take advantage of flaws in network protocols. This article will explain what address poisoning attacks are, their types and consequences, and how to protect oneself against such attacks.
Address poisoning attacks in crypto, explained
In the world of cryptocurrencies, hostile actions where attackers influence or deceive consumers by tampering with cryptocurrency addresses are referred to as address poisoning attacks.](https://cointelegraph.com/news/countering-address-poisoning-this-browser-extension-offers-users-protection).) On a blockchain network, these addresses, which are made up of distinct alphanumeric strings, serve as the source or destination of transactions. These attacks use a variety of methods to undermine the integrity and security of cryptographic wallets and transactions. Address poisoning attacks in the crypto space are mostly used to either illegally acquire digital assets or impair the smooth operation of blockchain networks. These attacks may encompass:
DJ 3LAU causes a stir after opting out of Friend.tech over regulatory risk
3LAU noted that the risks were high and that he has a “responsibility” to avoid regulatory gray areas. Popular DJ and crypto investor Justin Blau,](https://cointelegraph.com/news/nft-music-marketplace-royal-raises-55m-in-series-a-round),) better known by his stage name 3LAU, has caused a stir in the crypto community after suddenly opting out of the decentralized social media platform Friend.tech. Explaining the decision, the DJ highlighted concerns over the regulatory risks that the platform may pose. In a Sept. 15 X ( formerly Twitter) thread, 3LAU revealed that he stepped away from Friend.tech after “understanding more of the risks.” 3LAU added that his main concern was around the automated market maker (AMM) that enables the trading of user keys (formerly known as shares) on the platform. He suggested that such a feature on a social media platform sits in a regulatory gray area that could cause issues](https://cointelegraph.com/news/sec-charges-company-behind-stoner-cats-nft-series-unregistered-securities-sale)) for users down the track.
DeFi economic activity drops 15% in August —VanEck
According to an analysis from investment manager firm VanEck, exchange volume across DeFi protocols declined to $52.8 billion in August, 15.5% lower than in July. The decentralized finance (DeFi) ecosystem has suffered more setbacks in August as on-chain economic activity dwindled. According to an analysis from investment manager firm VanEck, exchange volume declined](https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-vaneck-monthly-crypto-recap-for-august-2023/)) to $52.8 billion in August, 15.5% lower than in July. The findings are based on VanEck's MarketVector Decentralized Finance Leaders Index (MVDFLE), which tracks the performance of the largest and most liquid tokens on DeFi protocols, including Uniswap The DeFi Index underperformed Bitcoin and Ether in August, falling 21% in the month, notes the report. The results were exacerbated by UNI token negative performance of 33.5%, as investors sold off tokens to capture gains from July. Another key metric for the ecosystem, the total value locked (TVL) declined 8% in August, from $40.8 billion to $37.5 billion, slightly outperforming Ethereum’s 10% slump in the month.
Gemini Blasts DCG and Genesis Bankruptcy Plan, Calling It ‘Misleading
Under the plan, Gemini creditors would receive a “fraction” of the money they are owed, Gemini’s lawyers said. Crypto exchange Gemini has criticized a bankruptcy recovery plan related to Genesis, Gemini’s partner on a lending program that’s been frozen for months, saying the potential deal is “misleading at best,” according to a Friday court filing.](https://storage.courtlistener.com/recap/gov.uscourts.nysb.314889/gov.uscourts.nysb.314889.704.0.pdf).) Earlier this week, Genesis and its parent company, Digital Currency Group, said more than 230,000 retail creditors who used Gemini’s Earn program stand to be made “nearly whole” under a proposed remuneration deal to be voted on later this year. Earn was offered to customers of the Gemini crypto exchange, but Genesis supplied the financial infrastructure that ran the program. (Genesis, like CoinDesk, is owned by DCG.) But Gemini said Friday that Gemini Earn users will not recover “anything close [to the] real value” of the money they’re owed under the proposal. “DCG touts proposed recovery rates that are a total mirage – misleading at best and deceptive at worst,” Gemini’s lawyers said in the filing. “Make no mistake: Gemini Lenders will not actually receive anything close in real value terms to the proposed recovery rates under the current ‘agreement in principle.’” DCG owes more than null.65 billion to the beleaguered crypto lender Genesis, which, in turn, owes some null.2 billion to Gemini.](https://www.coindesk.com/business/2023/07/04/geminis-cameron-winklevoss-tweets-15b-final-offer-in-debt-talks-over-crypto-firm-genesis/).) Genesis owes over $3 billion to its top 50 creditors overall.
Bitcoin’s cycles are changing — Bloomberg analyst Jamie Coutts explains
This week’s episode of Market Talks discusses how Bitcoin cycles are changing and how it could impact the upcoming halving. In the latest episode of Cointelegraph’s Market Talks, host Ray Salmond](https://cointelegraph.com/authors/ray-salmond)) speaks with Jamie Coutts, a chartered market technician and crypto market analyst at Bloomberg Intelligence. When asked whether Bitcoin’s pre- and post-halving price action could differ from previous cycles due to a change in global monetary policy, Coutts said:
“I’ve been writing about this for most of the year. We do have some strong fundamentals in the space, but ultimately, what drives risk assets is liquidity. The longer that we have this tightening cycle, and if we start to see an uptick in unemployment and more stress in the banking sector, then there could be a bit more pain for risk assets like Bitcoin.”
An argument for the @Starknet airdrop
An argument for the http://localhost:3000/u/starknet airdrop:](https://twitter.com/Starknet)airdrop:) - 9% tokens allocated to Community Provisions - 9% tokens allocated to Community Rebates - 8.1% tokens are "unallocated" Community Provisions: "for those who performed work for Starknet" Community Rebates: "to cover the costs of onboarding to Starknet" Unallocated Tokens: for the community & decided by the community" Why this could mean an airdrop: The first two token positions are allocated for different purposes. But It's entirely possible that Starknet decides to change the usage of those. We are talking about 18%, there would be room for an airdrop.
Magic Eden integrates Solana’s compressed NFTs into marketplace
NFT marketplace Magic Eden believes that lowering the costs in NFT production creates an “easy access point” for new users to try NFTs. Nonfungible token (NFT) marketplace Magic Eden has announced that it will support Solana’s compressed NFTs (cNFTs) to provide a cost-efficient and scalable alternative to owning digital collectibles. CNFTs differ from the usual Solana NFTs because their data is compressed](https://solana.com/news/how-to-use-compressed-nfts-on-solana)) and stored off-chain. Because of this, production in larger quantities is more feasible as they require lesser fees to mint. According to Magic Eden, this type of NFT is ideal for creating mass-produced collections in various industries like gaming, music, events and the metaverse. The NFT marketplace believes that it allows creators to reach wider audiences without spending more. The NFT marketplace also believes that by lowering the costs involved in NFT production, it can potentially promote adoption and become an “easy access point” for new people to try out collecting NFTs. With lower costs, users can collect NFTs without risking a large amount of funds to acquire collections. It lowers the risk of losing money over NFTs.
NFL Star Trevor Lawrence and Youtube Influencers Settle Allegations Over
In a recent court document, Jaguars’ quarterback Trevor Lawrence and two others have chosen to settle allegations that they misled investors, leading to losses in the FTX collapse. Lawrence, among several high-profile endorsers of FTX, has not publicly revealed the terms of his settlement.
Jaguars’ Quarterback Trevor ‘Sunshine’ Lawrence to Settle FTX Endorsement Lawsuit
On Friday, Bloomberg’s Jef Feeley revealed](https://www.bloomberg.com/news/articles/2023-09-15/jaguars-qb-trevor-lawrence-to-settle-ftx-endorsement-fraud-suit?srnd=cryptocurrencies-v2)) that YouTube personalities Tom Nash and Kevin Paffrath, along with NFL star Trevor Lawrence, have settled allegations of misleading investors through their endorsement of the now-bankrupt crypto exchange, FTX. Lawrence, the quarterback for the Jaguars, joined FTX as a partner in April 2021. By May 2021, Lawrence announced intentions](https://news.bitcoin.com/no-1-nfl-draft-pick-trevor-lawrence-signing-bonus-cryptocurrencies/)) to transform his entire signing bonus into cryptocurrency. That year, his bonus was a staggering $24 million. Lawrence expressed his excitement about collaborating with Blockfolio, an FTX subsidiary. FTX had previously acquired Blockfolio, a leading portfolio tracking app, in 2020 for a cool $150 million.
Mark Cuban’s Crypto Wallet Hacked, $870,000 Lost
Hackers have apparently compromised a wallet belonging to billionaire investor Mark Cuban, stealing a number of cryptocurrencies. The owner of the Dallas Mavericks NBA team, who confirmed the breach, has been able to transfer the remaining digital funds to U.S. crypto exchange Coinbase.
Mark Cuban’s Metamask Wallet Drained by Hackers
Cryptocurrency worth hundreds of thousands of U.S. dollars has been evidently stolen by hackers from a hot wallet owned by American entrepreneur Mark Cuban. The billionaire confirmed to crypto media he was the victim of an attack. The suspicious movement of funds from the wallet, which had been inactive for 160 days, was first noticed by blockchain sleuth Wazz (X handle @WazzCrypto) on Friday.
Coinbase Earned nullM Amid Hack, but Hasn't Reimbursed Victims
Coinbase received 570 ETH, the second-largest payout tied to MEV in Ethereum’s history, to process transactions related to the Curve exploit.
- The $73 million Curve exploit in July briefly pushed prices on the DeFi platform out of whack, and a trading bot paid 570 ETH to ensure it could take advantage of that once-in-a-lifetime arbitrage opportunity.
- The Ethereum validator that received that payment was apparently run by Coinbase, making it an unwitting beneficiary of the incident.
- Exploit victim Alchemix reached out to Coinbase to seek a refund for victims, but the crypto exchange has evidently not turned over the money.
