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Unciphered, a cryptocurrency recovery startup says it’s figured out how to crack an encrypted hard drive containing $235 million in bitcoin that has been locked for 12 years. The only problem is, the drive’s owner doesn’t want it to. As reported by Wired, the Seattle-based company says that after eight months of research, it’s managed to develop a process that allowed it access to a so-called IronKey USB thumb drive sent to it by Wired. Now, Unciphered says it’s ready to use the same technique on a drive that’s currently locked in a Swiss vault along with 7,002 bitcoin.  The drive in question belongs to a Swiss crypto entrepreneur named Stefan Thomas. Thomas received the Bitcoin in 2011 for creating a video titled ‘What is Bitcoin?’ However, shortly thereafter, he lost the piece of paper on which he’d written the password. Since then, he’s used up eight of the 10 password attempts afforded to him by the IronKey before it erases the keys ...

Join Our Telegram channel to stay up to date on breaking news coverage After his account with the insolvent cryptocurrency lender Celsius Network was suspended, locking more than $210,000 in assets, Rogan Seldlin believed things couldn’t get any worse. The tax bill then appeared. The Florida-based 41-year-old software designer initially began making investments with Celsius in April 2021, drawn in by the platform’s double-digit rates on crypto holdings kept there. He even borrowed a $125,000 home equity line of credit and invested it all in Celsius. Seldlin experienced a range of emotions when the lender stopped allowing withdrawals in June, including rage, irritation, and finally resigned acceptance that the money was gone. A 1099 tax form was delivered, which made the anguish worse. He still owes income taxes on the $8,000 in interest he earned in 2022 despite not being able to access his money, according to the form. “I’m actually freaking out”,...

Cyber criminals used a variety of methods to siphon funds through hacks and exploits in 2022, amounting to over $2.8 billion in losses. Cyber criminals used a variety of novel ways to carry out hacks and exploits in 2022, with over $2.8 billion of cryptocurrency stolen last year. According to a report from CoinGecko using data sourced from DeFiYield’s REKT Database, nearly half of the total crypto stolen in 2022 was fleeced using diverse methods. This includes bypassing verification processes, market manipulation, ‘crowd looting’ as well as smart contract and bridge exploits. The biggest hack of 2022 was carried out through an access control hack. Sky Mavis, the developer behind popular game Axie Infinity, saw its Ronin bridge hacked in March 2022, leading to $625 million being drained from the bridge between the Ronin chain and Ethereum network. It was later revealed that North Korean hacking group Lazarus gained access to five private keys which were used to sign transactions from...