Crypto Chaos: Hacks Continue Despite Holiday Spirit


Welcome back to Chain Reaction. If you’re feeling the holiday spirit this month, you probably align with millions of people out there spreading joy, love, warmth, maybe even some generosity. But if you’re feeling like the Grinch, chances are you are aligning with a smaller party of individuals — one that (in this analogy) could include crypto hackers. And even though it’s the season to feel jolly, that’s not stopping hackers from acting out. But hey, playing devil’s advocate, maybe the attackers are jolly every time someone falls for their scam. Two sides of the coin.

Key Takeaway

Crypto hacks continue to pose a threat despite the holiday season, with recent attacks targeting Ledger crypto wallet and Coin Cloud. Security remains a top concern in the web3 space, as hackers exploit vulnerabilities to drain substantial amounts of cryptocurrency.

Supply Chain Attack on Ledger Crypto Wallet

Earlier on Thursday, hackers compromised the code behind a crypto protocol used by multiple web3 applications and services, the crypto software and hardware wallet maker Ledger said on Thursday. It’s not immediately clear how many people fell victim to the hack. ZachXBT, a well-known independent crypto researcher, wrote on X that one victim had more than $600,000 in crypto drained from their account.

What’s happening in web3

  • Supply chain attack targeting Ledger crypto wallet leaves users hacked
  • Bitcoin ATM company Coin Cloud got hacked. Even its new owners don’t know how.
  • Worldcoin adds integrations with Minecraft, Reddit, Telegram, Shopify and Mercado Libre
  • Deadmau5-founded startup Korus taps into AI for music creation

The Latest Pod

For this week’s episode, Jacquelyn interviewed Johann Kerbrat, the general manager of crypto at Robinhood. Johann is leading the application’s effort to expand its crypto exchange business and make digital assets more accessible to retail investors. Before joining Robinhood, Johann was an engineer at Airbnb and was the head of engineering at Uber and VP of engineering at Iron Fish, a privacy-focused cryptocurrency startup.

Follow the Money

  • Line Next secures $140 million funding for its web3 platform
  • Lolli raises $8 million Series B to expand its bitcoin and cashback rewards to enterprises
  • Andalusia Labs raises $48 million Series A to improve digital asset risk infrastructure
  • Dynamic raises $13.5 million from a16z crypto and Founders Fund to simply access to web3 and crypto wallets
  • Avalanche-based Nodekit raised $1.2 million in pre-seed round to create a network focused on rollups

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