CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Chen Arad, Chief Operating Officer at Solidus Labs, discusses the string of security breaches hitting digital assets and what it means for the industry.

Chapters:
00:00 – CNBC Crypto World, Oct 07, 2022
0:22 – Bitcoin dips below $20K
0:59 The headlines
4:57- Chen Arad of Solidus Labs

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Bitcoin drops below $20K, and Binance blockchain hit by $570 million hack: CNBC Crypto World

Blockchain networks are virtually unhackable, but crypto exchanges not so much. In 2016, hackers stole 4.5 billion in BTC from the Bitfinex exchange – in 2022 they were busted trying to launder the money. Let’s take a look at security on crypto exchanges.

#crypto #hacking #TheCodeReport

�� Resources

DOJ Documents https://www.justice.gov/opa/pr/two-arrested-alleged-conspiracy-launder-45-billion-stolen-cryptocurrency
Bitfinex hack https://en.wikipedia.org/wiki/2016_Bitfinex_hack
Blockchain in 100 Seconds https://youtu.be/qF7dkrce-mQ

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�� Topics Covered

– 2016 Bitfinex hack
– Arrest of Ilya Lichtenstein and Heather Morgan
– How does bitcoin get hacked
– Are crypto exchanges safe?
– Cold wallet vs Hot wallet
– Multi-signature wallets
– RazzleKhan rapper

CNBC’s Eamon Javers joins Shep Smith to report on the victims who lost money to a scam perpetrated by the ‘Crocodile of Wall Street.’ For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

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DEFI is great until someone hacks you… then it kinda sucks…

The cybercriminals exploited a vulnerability in Poly Network, a platform that looks to connect different blockchains so that they can work together. Poly Network disclosed the attack Tuesday and asked to establish communication with the hackers, urging them to “return the hacked assets.” [CNBC: https://www.cnbc.com/2021/08/11/cryptocurrency-theft-hackers-steal-600-million-in-poly-network-hack.html]

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This video is an opinion and in no way should be construed as statements of fact. Scams, bad business opportunities, and fake gurus are subjective terms that mean different things to different people. I think someone who promises $100K/month for an upfront fee of $2K is a scam. Others would call it a Napoleon Hill pitch.