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Rug-pulling cryptocurrency platform ARBIX sends $10 million

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Rug-pulling cryptocurrency platform ARBIX sends $10 million

Arbix Finance, an audited and ostensibly reliable yield farming platform, has been identified as a “rugpull,” resulting in the deletion of its website, Twitter account, and Telegram channel as well as the transfer of $10 million in cryptocurrency deposits.

Rugpulls, often referred to as “exist scams,” occur when fictitious platforms or cryptocurrencies are established with the intention of raising money for a purportedly legitimate “business,” only to vanish with the deposited funds.

Decentralized networks are inherently unreliable, thus organisations like CertiK try to assess them through audits that look for indications of fraud, weaknesses, privacy issues, etc. in a token’s smart contracts.

In Arbix’s situation, CertiK’s performed an audit on November 19, 2021, whose results had initially been a justification for users to believe Arbix Finance.

But as of right now, according to a tweet from CertiK, Arbix is now considered a rug-pull after it was discovered that the token’s smart contract was minting 10 million ARBIX to addresses under the owner’s control before selling them for Ethereum.

Additionally, the Arbix administrators transferred $10 million in user deposits to “unverified pools,” where they were changed into Ethereum.

The Ethereum was then transferred by the con artists to Tornado.cash, a mixer that makes it more difficult to track down the money.

“By removing the on-chain connection between the source and destination addresses, Tornado Cash enhances transaction privacy. ETH deposits can be made via a smart contract, and withdrawals can be made using a separate address “The Tornado.cash FAQ page provides an explanation.

“You can withdraw funds to an address that has no ETH balance in order to maintain your privacy. The new address ensures perfect secrecy by making it impossible to connect any ETH withdrawals to deposits.”

Although the money’s whereabouts are being tracked, there is now little probability that it will be found.

Yield farming is dangerous.
Because it promises cryptocurrency investors payments without doing anything, yield farming is an alluring idea.

Users fund yield farming platforms with cryptocurrency, and then let automated algorithms keep track of changes in the prices of different tokens and distribute performance returns (harvest yields) to investors in accordance with their trading threshold settings.

Since many of these systems are either unsecure or unreliable, the main hazards associated with the entire concept are cyber theft and fraud.

A comparable platform called Harvest Finance experienced a cyberattack in October 2020 that resulted in the theft of $24 million from subscribers.

 

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Review of Bleeping Computer

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Review of Bleeping Computer

ComboFix is a tool made by sUBs that checks your computer for known malware and tries to automatically remove infestations when it finds any. In addition to being able to get rid of a lot of the most popular and up-to-date malware, ComboFix also shows a report that skilled assistants may use to get rid of malware that isn’t already eradicated by the programme.

Please be aware that executing this programme without supervision may result in improper operation of your computer. Run this programme only at the direction of a knowledgeable assistant.

At the moment, Windows 8.1 is not compatible with this programme, just Windows 8!

The author is collecting PayPal donations from people who want to support his work. By selecting the following picture, you may contribute:

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Microsoft provides a fix for persistent Outlook login issues.

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Microsoft provides a fix for persistent Outlook login issues.

Microsoft is attempting to resolve ongoing sign-in issues that are preventing certain users of Outlook for Microsoft 365 from accessing their accounts.

Users who attempt to enter into Outlook using their Outlook.com accounts or those who have already added the accounts to their Outlook profiles are affected by the login issues.

The users will get the following error messages instructing them to use a work or school account rather than signing in: “You are unable to log in using a personal account here. Use your account from work or school instead.”

Although Microsoft claims that the Outlook Team is working on a patch for this known problem, users can access their accounts using an official workaround until a fix is released.

“You can get around the problem by disabling Support Diagnostics, which disables the ability to contact support through the In App Help menu by choosing Contact Support. The fault is connected to how Outlook is authenticating for the diagnostics in some cases, “explained Microsoft.

You must enable the DisableSupportDiagnostics policy setting in Outlook to turn off support diagnostics and stop it from informing support services about client failure.

According to the Group Policy Administrative Templates Catalog, “This policy setting determines whether Outlook can communicate client information on failure to support services with the intent of diagnosing the issue or making the information available to support to help with the diagnosis/resolution of the issue and/or provide contextual error messaging to the user.”

A different flaw that can prohibit users from configuring Exchange Online mailboxes in Outlook for Windows is something Redmond claimed it was attempting to fix last week.

Early in October, the company started releasing a remedy for a different problem that has been causing Outlook for Microsoft 365 to freeze and crash after opening since August.

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After discovering a credit card skimmer, Costco admits a data breach.

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After discovering a credit card skimmer, Costco admits a data breach.

Customers who recently made purchases at one of Costco Wholesale Corporation’s stores have received notification letters informing them that their credit card information may have been stolen.

According to Fortune 500 rankings, the retail giant—also known as Costco Wholesale and Costco—is an American multinational that runs a sizable chain of membership-only retail locations. It is the fifth-largest retailer in the world and the tenth-largest firm in the US by total revenue.

It runs e-commerce websites with 737 warehouses across the world that cater to the Americas, Europe, and Asia, among other global regions.

planted skimmer in the Costco warehouse
During a regular check by Costco staff, a credit card skimming device was found in one of the company’s warehouses, leading to the discovery of the breach.

The business got rid of the gadget, let the authorities know, and is now assisting the police in their investigation.

In breach notification letters, Costco informed possibly impacted customers that they had recently visited a Costco facility where a payment card skimming device had been found.

“Our member records show that throughout the possible operational period of the device, you swiped your payment card to make a purchase at the impacted terminal.”

probable theft of customer financial information
Costco said that if those who placed the card theft device had been successful in accessing the data prior to the skimmer being discovered and taken out, then consumers affected by the incident may have had their payment information stolen.

The magnetic stripe of your credit card, which contains your name, card number, card expiration date, and CVV, may have been obtained by unauthorised individuals if they were able to remove information from the device before it was identified, according to Costco.

Customers were given advice by the retailer to check their bank and credit card statements for fraudulent payments and alert the appropriate financial institutions to any suspect activities.

The total number of customers who were impacted or the warehouse where the skimmer device was discovered were not disclosed in the data breach notification letters sent to affected consumers.

Although the business withheld details on the incident’s exact timing, Costco customers have been complaining about fraudulent charges on their credit cards at least since February.

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