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Former Uber CSO Tried To Cover Up 2016 Hack By Paying $100k In Bitcoin To The Hackers

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Former Uber CSO Tried To Cover Up 2016 Hack By Paying $100k In Bitcoin To The Hackers

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Uber’s former Chief Security Officer is currently at odds with the law after the authorities found out about what he did while working for the ride-hailing company back in 2016. Apparently, Joseph Sullivan decided to not involve the authorities when Uber was hacked and the criminals demanded $100,000 in Bitcoin.

The then CSO is alleged to have agreed to pay off the hackers through a fake bug bounty program and made sure that no information went out about the hack.

He even went ahead to make the criminals sign an NDA (Non-Disclosure Agreement) to make sure they didn’t reveal anything about the hack to anyone. The hackers had compromised confidential information of 57 million Uber users as well as license numbers of over 600,000 drivers working with Uber.

“Silicon Valley Is Not The Wild West”

John Sullivan now finds himself on the defense as the US DoJ (Department of Justice) dissects into the case. John is being charged with obstruction of justice – for not reporting the hack and colluding with the criminals to keep the secret.

According to the DoJ, the CSO was deliberate in his attempt to prevent the law from taking its course. US Attorney David Anderson, who seems to be involved with the case, was quoted as declaring that the government will not tolerate such hush-money payments. He went on to say that Silicon Valley is not the Wild West.

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Not The First Case

This isn’t the first case of hackers demanding bitcoin ransom after compromising important data managed by large corporations.

Just recently, the corporate travel firm CWT negotiated and paid off hackers who had stolen critical company files. The University of California is also a recent victim of hackers who had to be paid $1 million after shutting down the institution’s servers.

However, these two cases had been reported to the authorities, and the negotiations and ransom payments adhered to the policies in place.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/former-uber-cso-tried-to-cover-up-2016-hack-by-paying-100k-in-bitcoin-to-the-hackers/

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YFI’s Andre Cronje Unveils Multi-Purpose DeFi Protocol Deriswap

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Andre Cronje, the brain behind the popular DeFi protocol Yearn Finance and the most expensive cryptocurrency YFI, has unveiled yet another DeFi protocol called Deriswap.

Obsessed With Capital Efficiency

The project focuses on capital efficiency, an aspect of DeFi that Cronje said he is obsessed with. The YFI creator is set to change the current segmented liquidity, which only allows users to choose one of Swaps (Uniswap, Sushiswap, Bancor, etc.), Options (Deribit, Hegic, Opyn, etc.), and Loans (Aave, Compound, DyDx, etc.). 

He described Deriswap as a protocol that combines multiple DeFi services, including Swaps, Options, and Loans, into a capital-efficient single contract. According to the developer, this allows the interaction between two assets that make up the pair. 

For Swaps, Cronje explained that the contract on Deriswap utilizes the standard Uniswap x * y = k. For example, suppose Liquidity Providers (LPs) provide ETH-BTC as liquidity. In that case, the protocol will allow traders to swap BTC and ETH while using the oracle’s time as the weighted average price (TWAP). 

No Deriswap Token Yet

He notes that Deriswap uses the Black Scholes option pricing model to quote options. While Futures are an extension and simplification of Options, Loans are an extension and simplification of Futures. To get a loan, the user will pay a premium and collateral to access the borrowed assets. 

Lastly, the markets (loan, futures, and options) can be tokenized via Non-Fungible Tokens (NFT) to create secondary markets. 

As with many DeFi protocols, it is expected that Deriswap will have a token, and maybe with a limited supply. As a result, DeFi degens are hoping to dive in early. However, the protocol is currently under audit; hence, there’s no official Deriswap token yet. 

Cronje Continues To Explore DeFi

Since YFI’s success, Andre Cronje has become a prominent player in the DeFi ecosystem. The developer is always exploring and “experimenting” with DeFi products, even though some cost investors money due to exploits

Despite the recording failure with Eminence protocol, Cronje’s last project Keep3r Network was quite different as Keep3r’s KP3R token rallied more than 2000%, with the price moving from $10 to over $200 within a few days.

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Source: https://cryptopotato.com/yfis-andre-cronje-unveils-multi-purpose-defi-protocol-deriswap/

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Inevitable: Ethereum Classic’s Latest Hard Fork Called Thanos Scheduled for November 29th

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Less than two months after its latest network upgrade, Ethereum Classic plans to undergo another one on November 29th. Dubbed Thanos, the new hard fork will enhance security while maintaining its compatibility with Ethereum.

Thanos Is An Inevitable ETC Network Upgrade

The Ethereum Classic team would like to quickly forget the summer of 2020. In the span of one month, the network was subject to three separate 51% attacks.

The Ethereum Classic Core developer team and Ethereum Classic Labs decided to counteract the growing securities issues by implementing the Modified Exponential Subjective Scoring (MESS) solution on October 2nd.

MESS went live on the Mordor Testnet after passing “rigorous stress tests and simulated attacks.” It aimed to prevent attacks by making large block reorganizations up to “31x more expensive, removing any profit motive.”

However, the ETC Cooperative and Cardano developer IOHK published a report disputing the claim that the MESS update will provide “robust security.” Moreover, it argued that there’s “no guarantee that further attacks will not succeed.”

The latest response from the ETC developer team and ETC Labs has tapped the Marvel Universe for its name – Thanos.

The statement described the upgrade as an “important milestone for ETC as the network continues to drive innovations that will support existing miners and attract new ones while continuing to maintain compatibility with Ethereum.”

The Next Logical Step

According to the announcement, the Mordor Testnet activation occurred on block 2,520,000 – on October 18th, 2020. The ETC Mainnet activation is expected to take place at block 11,700,000 – around November 29th, 2020.

Consumers need to upgrade their node software to a fork compatible version to Core-geth v1.11.16 or later to ensure the success of the hard fork.

Founder and Chairman of Ethereum Classic Labs, James Wo, believes that the Thanos network upgrade will enhance the security while helping ETC to “distinguish itself and increase functionality for its users.”

“The Thanos hard fork is the natural next step for the network, reducing the DAG size to help cultivate a more distributed and healthy mining ecosystem, increasing hash rate, and allowing miners to continue mining ETC and for new miners to join the ecosystem.” – Wo added.

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Source: https://cryptopotato.com/inevitable-ethereum-classics-latest-hard-fork-called-thanos-scheduled-for-november-29th/

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Ethereum Is Ready for Long-Awaited Serenity Upgrade

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Ethereum Is Ready for Long-Awaited Serenity Upgrade | Crypto Briefing


















The Eth2 deposit contract received more than 7,000 validators yesterday, surpassing its minimum 524,288 ETH threshold. The network’s Beacon chain will deploy as planned on Dec. 1.


Key Takeaways

  • The deposit contract for Ethereum 2.0 has exceeded its 524,288 ETH target.
  • A surge in deposits yesterday helped the contract meet its minimum limit before today’s cut-off date.
  • The Beacon chain is now confirmed to deploy on Dec. 1.

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The deposit contract for the network’s long-awaited ETH 2.0 upgrade passed its minimum threshold of 524,288 ETH yesterday, meaning that Ethereum’s Beacon chain will be deployed as planned at 12 pm UTC on Dec. 1.

Ethereum 2.0 Ready for Liftoff

The contract needed to meet the minimum of 16,384 validators seven days ahead of deployment, but a surge of deposits yesterday meant the target was exceeded late last night.

The deposit contract is the starting point for phase 0 of Ethereum 2.0, also known as Serenity. After Dec. 1, Ethereum will initiate proof-of-stake (PoS), a mechanism where validators provide security to the network and receive ETH as a reward.

It’s an alternative to the blockchain’s current proof-of-work (PoW) system. Ethereum 2.0 has been discussed since late 2018, and its launch has had a few delays. The deposit contract was finally released on Nov. 4, though the initial uptake to become a validator was relatively slow. To participate in the genesis launch, validators need to deposit a multiple of 32 ETH, meaning a high cost of entry (32 ETH is worth almost $20,000 today).

Setting up a validator is also a relatively complex process for less advanced users.  

Despite the slow start, progress picked up significantly towards the end of the one-week cut-off period. The deposit contract met 60% of its target early yesterday. Meanwhile, the ETH price soared past $600 for the first time since 2018 amid the anticipation for the upgrade. 

Later, a stream of participants pushed the balance past its 524,288 ETH threshold.

It met the goal with around ten hours to go before the 12 pm UTC cut-off. Many members of the Ethereum community took to Twitter to celebrate the milestone. 

There’s now 612,736 ETH deposited at the time of writing. According to a graph provided by Ethereum, stakers can expect to earn 20% APR as a reward for securing the network. 

SIMETRI gains of 484%

Source: Ethereum

The deployment of the Beacon chain is phase 0 of Ethereum 2.0. It will be followed by several other stages over the coming years, which all form part of the blockchain’s Serenity upgrade.

With those developments, it’s hoped that the network will achieve scalability, and ultimately, wider adoption. 

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Source: https://cryptobriefing.com/ethereum-is-ready-long-awaited-serenity-upgrade/

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