Cyvers in the News

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.

Penpie - Rekt

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It didn't take long for the blockchain sleuths to mobilize, within 20 minutes, ^{Cyvers confirmed the worst} as the damage had ballooned to a staggering $27 million.

DeFi Protocol Penpie Loses $27 Million in Hack, PNP Token Sinks 40%

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^{Blockchain security firm Cyvers reported the incident}, detecting suspicious activity involving Penpie’s contract. Based on the report, the address funded by a crypto mixing service has executed a malicious transaction and got around $27 million worth of digital assets.