Cyvers in the News

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.

Crypto Exchange M2 Reports $13.7 Million Hack in Security Breach

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^{The trouble was first noticed by Cyvers Alerts,} that found suspicious transactions involving M2 on three major networks: Ethereum (ETH), Solana (SOL), and Bitcoin (BTC).

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After spotting something unusual, ^{Cyvers tried reaching out to M2 but didn’t get a response at first.} M2 later confirmed that something was wrong and explained what happened.

^{According to Cyvers , the suspicious address collected about $3.7 million} in USDT, 97 million in SHIB, and 1,378 ETH. The hacker then swapped everything into Ethereum and left about $10 million on the Ethereum blockchain.

Cyvers even shared the address for those following the case on Etherscan.

UAE’s M2 crypto exchange hacked for $13.7M, assures full fund recovery

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^{Cyvers commented to CryptoSlate that this attack is part of a worrying trend of increasing security breaches in crypto.}

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^{Cyvers pointed out that centralized finance (CeFi) platforms have seen a nearly 1,000% spike in security incidents} year over year, while DeFi platforms reported a 25% decrease in losses. However, they remain at risk due to the complexities of smart contracts and protocols.

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