Cyvers in the News

Crypto Exchange Phemex Investigating Hack Reports as $29M Drained From Hot Wallets

^{‍Crypto security firm Cyvers reported} "multiple suspicious transactions" from the Phemex hot wallet across multiple blockchains. The funds were swapped for ether (ETH).

No Country For Young Fintechs: The U.K.’s Debanking Of Crypto Blockchain And Web3

‍A survey of U.K. fintech and crypto firms found that 50 percent of the firms surveyed have been rejected from opening a bank account or had an account closed by a major U.K. bank. Only 14 percent managed to successfully apply for a bank account with one of "the CMA 9” - the nine biggest mainstream banks in the U.K. - without it being closed at a later date.

Over $2.3 Billion Stolen in Crypto Hacks and Frauds in 2024

^{According to Cyver s’ annual report, access control vulnerabilities stood out as a primary driver of losses}, responsible for 81% of the total stolen funds.

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“The surge in access control breaches and sophisticated scams like Pig Butchering underscores the importance of implementing AI-powered risk assessment, transaction validation, and anomaly detection tools. Security must evolve to stay ahead of increasingly complex and coordinated attack,” Cyvers told BeInCrypto.