Cyvers in the News

WazirX halts trading after a $234 million hack

^{Web3 security firm Cyvers has detected} “multiple suspicious transactions” involving WazirX’s Safe Multisig wallet on Ethereum.

^{According to the Cyvers report}, “The suspicious address has already swapped PEPE, GALA, and USDT to ETH and continues to swap other digital assets.” 

Uncertainty around the mandatory reimbursement cap for APP frauds – a new headache for FI firms and their insurers?New regulations coming on 7 October 2024 will require payment firms to reimburse victims of authorized push payment (APP) fraud up to a set limit. On 4 September 2024, the Payment Systems Regulator (PSR) announced a consultation proposing to set this limit at £85,000, vastly reduced from the previously proposed £415,000 cap.

South Korea’s Upbit Refunds 8.5 Billion Won To Crypto Fraud VictimsCrypto safety received a major boost in South Korea after the largest crypto exchange, upbit.co.kr/, announced reimbursements of 380 victims who had been defrauded through voice phishing in the amount of 8.5 billion won ($6.07 million). It shows how the exchange has stepped up efforts in cooperation with law enforcement agencies to combat cyber fraud.