Audit Confirms that Binance ERC20 Token are Safe to Trade

Quantstamp has conducted audit of the platform’s listings and stated that no issues were found, although other exchanges may not be so successful
01 May 2018   1542

A week ago, safety company PeckShield surprised the world by revealing two exploits which influence on different ERC20 tokens. These mistakes would let the  malicious transactions to happen. Finally, most platforms stopped all of these tokens until the matter was solved. With half a dozen currencies unstable, things were not looking all that great.

Binance determined to take the matter into its own hands. In difference with the other exchanges, the company decided to get an independent audit of its confirmed ERC20 tokens. None of the currencies listed on its platform are susceptible to either exploit, which is a favorable development. The smart contract security audit firm QuantStamp  convinced that everything is working as it is have to.

The two fallacies still stay present in the scanned tokens. Known as batchOverflow and proxyOverflow, these exploits can exaggerate the hard-capped supply of affected tokens. It is a very disturbing development and supposed to spell the end of the affected tokens. It is also worth to note this is not due to a flaw in the ERC20 token standard itself. The smart contracts of the affected tokens are to blame for these problems.

Taking into account how there are hundreds of ERC20 tokens, a lot more research can be needed. Some crypto platforms trade tokens that are presently not listed on the Binance exchange. All of those contracts will have to be checked up in order to guarantee they are secure from mistakes. It is up to individual exchanges to ensure that research is taking place behind the scenes.

Currently, Binance customers are the only users who can securely trade ERC20 tokens. The scanned tokens are safe from harm. Everything else is still subject to potential issues until proven otherwise. This is another major stage toward ERC20 token maturity. Problems like these are to be supposed, but thankfully, the damage has stayed rather limited.

China to Finance Hacker Attacks on Exchanges, - FireEye

Experts believe that the victims of APT41 are industry participants, the development of which is a priority in the current Chinese five-year period
08 August 2019   281

The hacker group APT41 attacks companies in the areas of healthcare, telecommunications, fintech, media, and cryptocurrency exchanges. This activity is funded by the Chinese government, according to analysts of cybersecurity company FireEye.

Experts believe that the victims of APT41 are industry participants, the development of which is a priority in the current Chinese five-year period.

Industries Targeted by APT41
Industries Targeted by APT41

At the same time, APT41 pursues its own goals, extracting financial benefits from attacks, which is unusual for other groups under the Chinese government, according to FireEye.

APT41 is known to include at least two people with the pseudonyms Chzan Xuiguan and Wolfji. The group probably has connections with other hacker organizations like BARIUM and Winnti.

FireEye also evaluated at what time of the day the APT41 attacked the gaming industry (its core target) and businesses from other areas. It turned out that this was happening outside the framework of a standard working day - probably these people, among other things, have the main job.

APT41 Operational Times
APT41 Operational Times

According to the UN Security Council, hackers under the DPRK government stole about $ 2 billion from banking institutions and cryptocurrency exchanges.