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‘We Are Ready to Speak’: Drift Beckons North Korea-Linked Hackers Following $285M Exploit

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In brief

  • The team behind Drift, a Solana-based decentralized exchange, signaled on Friday that it wants to negotiate with hackers linked to North Korea.
  • If the funds were actually stolen by a state-sponsored group, the odds of recovery are zero, according to Curve Finance founder Michael Egorov.
  • The on-chain messages sent by Drift’s team provoked a response from a seemingly random wallet holding $200 worth of Ethereum.

Finding the group or individuals that stole $285 million worth of crypto from Drift earlier this week may be a tough task in the real world, but the team behind the Solana-based decentralized exchange knew exactly where to find its attackers on-chain.

On Friday, Drift said in a post on X that it had sent messages on Ethereum’s network to four wallets holding massive amounts of stolen crypto, which several security experts have begun linking to the Democratic People’s Republic of Korea: “We are ready to speak.”

The so-called Hermit Kingdom isn’t exactly known for negotiating with projects that its elite hackers siphon funds from, considering that bad actors linked to North Korea have absconded with $6.5 billion worth of crypto in recent years, according to blockchain security firm Elliptic. 

Still, the messages indicated that the true identity of whomever facilitated one of the biggest exploits in decentralized finance so far this year may not be truly known yet. That’s because the messages focused on the discovery details associated with attackers’ identities.

“Critical information of parties related to the exploit have been identified,” the on-chain messages sent by Drift’s team read. “To the community, Drift will share further updates as soon as third-party attributions are completed.”

When millions of dollars in crypto get swiped from a DeFi project, on-chain negotiations are a common course of action. Sometimes they work. Several years ago, someone who stole $600 million from Poly Network “for fun” returned the funds after a lengthy dialogue, for example. Oftentimes, attackers ignore any outreach and associated legal threats.

The probability of seeing Drift’s funds returned if North Korean hackers are involved is zero, according to Michael Egorov, founder of decentralized exchange Curve Finance.

“They never cooperate and they are not afraid of law enforcement,” he told Decrypt.

However, if the funds weren’t swiped by a state-sponsored group, then there is a chance that they’ll be returned, he said. If the attackers’ identities are revealed, then he said that the “probability of them returning funds jumps to almost 100%.”

Ergorov noted that “maximal extractable value” traders can be an exception to the rule. With a strategy that focuses on essentially front-running users’ transitions to make profitable trades, they can occasionally step in front of hackers trying to abscond with funds.

“When they do, they return funds more often than not,” he said, adding that they sometimes hold onto some as a bounty, or leave it up for projects to determine.

Drift signaled earlier this week that the exploit, which has affected projects throughout Solana’s ecosystem that had built dependencies on the decentralized exchange, stemmed from “sophisticated social engineering.” The attackers were able to gain administrative control over the platform’s security by accessing two private keys.

Elliptic pointed to the attackers’ on-chain behavior and laundering methodologies as factors that led them to believe that hackers linked to North Korea were involved. Still, other security experts suggested that the attackers may have had some degree of insider knowledge.

It’s unclear who Drift believes the hackers could be, as well as whether the decentralized exchange is willing to offer them a bounty. Nonetheless, its attempt to retrieve funds on behalf of itself and the DEX’s users are public for all to see.

Decrypt has reached out to Drift for comment.

Someone controlling a wallet that holds $200 worth of Ethereum couldn’t resist the opportunity to chime in on Friday. In an on-chain message to Drift’s wallet, the individual wagered that the attackers could “send me $10 million to mess with the Drift team.”

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BPC Launches Essential Guide to Help Banks Power Merchant Networks with SoftPOS

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BPC, a global leader in payments technology, has published a comprehensive guide to help banks and financial institutions deploy SoftPOS technology to expand merchant acceptance and reach underserved communities.

The guide, Your Essential Guide to Powering Your Merchant Network with SoftPOS, addresses the growing demand for scalable, cost-effective payment acceptance solutions. SoftPOS technology transforms standard smartphones and tablets into payment terminals, eliminating the need for dedicated hardware and lowering barriers to entry for merchants of all sizes.

For banks, SoftPOS represents an opportunity to extend reach into markets where traditional POS infrastructure is impractical or uneconomic. For merchants and consumers, it simplifies acceptance through QR codes and contactless payments, making paying and getting paid faster and more accessible.

Imran Vilcassim, Global Chief Commercial Officer, Digital Banking at BPC, said: “SoftPOS is rapidly becoming the most scalable way to extend payment acceptance and push financial inclusion. We prepared this guide to educate and support financial institutions on how best to introduce the technology and understand the added benefits.”

“For banks, it expands their reach to underserved communities and unlocks new service-led revenue. For merchants and consumers, it simplifies acceptance and makes transactions faster and more accessible. Our SmartVista SoftPOS/mPOS solution goes beyond payments, turning acceptance into a daily business tool with value-added services. It equips banks to deepen merchant relationships and stay future-ready for new payment methods and regulatory change.”

The guide covers key considerations for SoftPOS deployment, integration pathways, security and compliance requirements, and strategies for maximising merchant engagement and retention.

Download the guide at: https://www.bpcbt.com/your-essential-guide-on-powering-your-merchant-network-with-softpos

 

Bitcoin’s ‘No Direction’ Action May Lead To Bigger Breakout: Analyst

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Bitcoin’s prolonged consolidation below $70,000 may be paving the way for a more significant rally, according to a crypto analyst.

“The longer it lasts, the heavier the breakout will be,” MN Trading Capital founder Michael van de Poppe said in an X post on Friday.

“Bitcoin remains stagnant in this area, which means that there’s literally no direction,” van de Poppe said, adding that he is eyeing Bitcoin (BTC) breaking through $71,000, a level the asset hasn’t reached since March 26.

Bitcoin has been trading in a narrow range

Since reaching a yearly low of $60,000 on Feb. 6, Bitcoin has been trading in a narrow range between $60,000 and $74,000. Bitcoin is trading at $66,890 at the time of publication, down 8.25% over the past 30 days, according to CoinMarketCap.

Bitcoin is down 7.63% over the past 30 days. Source: CoinMarketCap

Crypto analyst Ted said that $60,000 “wasn’t the bottom” in an X post on Friday. “This doesn’t mean another 50% crash will happen,” he said, adding that “there’ll be one final capitulation before the bottom.”

Van de Poppe’s optimistic call comes amid sentiment toward the broader crypto market being down. The Crypto Fear & Greed Index, which measures overall sentiment in the crypto market, stayed within “Extreme Fear” territory on Saturday, recording a score of 11.

“Deeper bear” for Bitcoin still possible

While van de Poppe is watching for a potential reversal as Bitcoin continues to consolidate, other analysts are more skeptical.

Bitcoin analyst Willy Woo said in an X post on Mar. 30 that there is a “very good chance we get a deeper bear due to a breakdown of the secular bull market in global macro.”

Related: Bitcoin ‘done’ with 85% crashes, says Cathie Wood amid new $34K target

Meanwhile, veteran trader Peter Brandt recently told Cointelegraph that he doesn’t anticipate Bitcoin reaching a new price high in 2026.

“Not until maybe the second quarter of 2027,” he added.

Magazine: Your guide to surviving this mini-crypto winter