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Outpouring of aloha for woman whose husband died on Hawaii honeymoon, wallets stolen – Hawaii News Now

  1. Outpouring of aloha for woman whose husband died on Hawaii honeymoon, wallets stolen Hawaii News Now
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Solana, Nomad crypto wallets are hacked, with losses in the tens of millions

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A pair of crypto hacks totaling nearly $200 million in losses and probably affecting more than 10,000 users has prompted worry in an industry already unsettled by falling prices.

On Wednesday, Solana, a popular blockchain and token, said that some wallets that held its assets had been breached. At least 7,700 such wallets are believed to be affected, the company said, while London-based blockchain-analysis firm Elliptic put the amount stolen at $5.2 million in crypto, which includes Solana tokens and the stablecoin known as USD.

“An exploit allowed a malicious actor to drain funds from a number of wallets on Solana,” the company said via Twitter. “Engineers are currently working with multiple security researchers and ecosystem teams to identify the root cause of the exploit, which is unknown at this time.”

The hack is believed to have taken hold on wallets such as Slope and Phantom. These are “hot wallets” — that is, wallets that allow for lightning-fast transactions because they are always connected to the internet, as opposed to “cold wallets,” which usually require a USB drive and have long periods of disconnection. Solana — which at one time had the fifth-most-popular token before a slide — has made a name for itself as a blockchain that can transfer funds extremely quickly.

The news follows Monday’s revelation from Nomad, a so-called blockchain bridge, which acknowledged that about $190 million had been taken from it after a hacker infiltrated its system. The attack was known as a “free-for-all,” because the hacker’s original code allowed anyone to copy it and steal the crypto for themselves. It is not known where the money went.

Nomad said its executives were working with law enforcement and a blockchain data firm called TRM Labs to locate the funds, with no update as of Wednesday afternoon. It said they were working on “investigation/recovery” as well as “technical fixes.”

In an unusual move, the company early Wednesday provided an address for anyone who might have chosen to grab the money in a noble act of protection.

“Dear white hat hackers and ethical researcher friends who have been safeguarding ETH/ERC-20 tokens, please send the funds to the following wallet address on ethereum,” it said on Twitter. It is not known whether any good Samaritans took the company up on its offer.

A blockchain bridge allows consumers to swap crypto from one blockchain to another — say, from bitcoin to ethereum — making it vulnerable on what security experts call “both sides,” weaknesses on either blockchain. These bridges also tend to be newer and, in some cases, more hastily designed. In March, another blockchain bridge known as Ronin was hacked for amounts totaling more than $600 million in crypto.

“To date, approximately $1.8 billion has been stolen from these services and it’s worrying that their security standards don’t seem to match the huge amounts of capital being entrusted to them,” Tom Robinson, co-founder and chief scientist of Elliptic, said in an email to The Washington Post, referring to bridges.

Meanwhile, the Solana case has prompted concern because it was made vulnerable by factors out of its control. While some argue the hack does not show that any of the industry’s foundations are shaky — “This wasn’t a core blockchain problem, likely seems like one app someone built was buggy,” crypto mogul Sam Bankman-Fried told Fortune on Wednesday — it highlighted to critics the interconnectedness of crypto networks and the inability of any one part to fully vet all the others.

While the hacks involved discrete entities, blockchain bridges and hot wallets also underline what many crypto enthusiasts say is so appealing about the form: ease of use. The former allows disparate blockchains to communicate — potentially as essential to a coming tech era as, say, people with AT&T and Verizon phone plans being able to talk to one another was to an earlier one.

And cold storage, while safer, would seem to undercut what lies at the heart of crypto’s appeal, which is to allow for transfers without the delays and waits of traditional bank transactions.

On social media Wednesday, many showed images of their wallets suddenly displaying zero balances, while others questioned hot wallets. “So you’re telling me storing my entire net worth on a google chrome extension would be considered a bad move?” one wag wrote of Phantom.

But experts say the issue may be more serious than that. Finding solutions, they note, might mean making sacrifices within the goals envisioned by crypto idealists.

“One of the advantages to opening up the banking system this way is the speed and lower barrier to transactions,” said William Callahan III, a former Drug Enforcement Administration special agent who now serves as director of government and strategic affairs for a company called the Blockchain Intelligence Group. “But what these hacks show is we need to take a step back and question that idea of accessibility, since speed is also part of the problem. We need to balance speed with security.”

Still, Callahan said, he believed such shoring-up was possible. “Blockchain bridges need to step up their protection, while maybe consumers need to use more cold storage,” he added.

The need for speed might be diminishing on its own as some people exit cryptocurrency. Bitcoin, a strong barometer of crypto activity, has lost 50 percent of its value in 2022 as investors have shed the asset, though it has seen a rebound from its sub-$19,000 price in June to hover around $23,000 in recent weeks.



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Solana wallets ‘drained’ in blow to crypto network

Thousands of crypto accounts linked to the Solana blockchain have been “drained” in a blow to one of the biggest networks in the digital asset market.

Solana and several other platforms linked to the blockchain were on Wednesday investigating an apparent hack that affected at least 7,767 digital wallets, the computer programs that store traders’ crypto tokens.

The Solana Foundation, a non-profit focused on the growth and security of the Solana network, told the Financial Times that it “does not appear” that the exploitation had affected its core infrastructure, but rather was caused by a bug “in software used by several wallets popular among Solana users”.

The apparent hack marks a fresh setback for Solana, which has been touted as one of the potential long-term winners of the crypto industry because it was built to handle thousands of trades a second but has faced a series of outages in recent months.

The Solana Foundation said on Wednesday that “engineers from multiple ecosystems, with the help of several security firms, are investigating drained wallets on Solana”. In many recent crypto hacking episodes, users did not receive their funds back since transactions typically cannot be reversed on blockchains.

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Phantom, a wallet app built on Solana, and Solana non-fungible token marketplace Magic Eden were among the providers that said they were affected in the apparent hacking incident.

The Solana Foundation said wallets that allow traders to hold their coins offline rather than using online applications did not appear to have been affected.

Solana Labs, a developer of the Solana blockchain, is backed by big groups in traditional and cryptocurrency markets including venture capital company Andreessen Horowitz, high-speed trading shop Jump Trading, and Sam Bankman-Fried’s Alameda Research.

Solana is designed to process up to 50,000 trades a second, a scale far in excess of rivals including bitcoin and ethereum, and on a par with established traditional financial services such as the Nasdaq stock exchange. In January, Bank of America analysts said Solana “could become the Visa of the digital asset ecosystem”.

However, Solana has suffered processing glitches that have tarnished its reputation. The entirety of the Solana network went dark for four hours in June, an outage that was documented on the network’s official status website.

The blockchain’s eponymous native coin has tumbled almost 80 per cent this year, bigger than the drops sustained by its larger rivals bitcoin and ether.

Video: Highlights from the FT crypto and digital assets summit | FT Live

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Surging gas prices leave drivers stranded with wallets on ‘empty’

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Sonny Alaniz was headed home after midnight when his ATV lurched to a stop on a rural Texas road, the gas tank undeniably drained.

The nursing student and his seven passengers, who had been out celebrating his 22nd birthday that last Saturday in May, had little choice but to hop out and push. They slogged three miles before someone arrived with fuel, only to find the four-wheeler still wouldn’t start and had to be towed. “Next time, I’ll just stay home,” he joked.

It’s a familiar predicament, especially as the incessant run-up in prices has motorists testing the limits of their fuel gauges: AAA fielded 50,787 out-of-gas calls in April, a 32 percent jump from the same month last year. More than 200,000 drivers have been similarly stranded this year, the automobile club said. And gas prices have risen precipitously since April, making the financial pain even more acute.

National video reporter Hannah Jewell explains why gas prices are rising and how you can find cheaper gas. (Video: Casey Silvestri/The Washington Post)

Fuel prices began their most recent surge after Russia invaded Ukraine in February, upsetting energy markets. The U.S. average for a gallon of gas has swelled 62 percent, to $4.96, since last year, AAA data shows. Motorists in 16 states are paying at least $5 a gallon on average, while California has breached $6. Filling up a tank of gas, depending on the vehicle, can cost more than $100, which is the equivalent of 14 hours of after-tax income for certain low-wage workers.

The escalating expense, combined with the rising costs of food, housing and other essentials, has consumers playing inflationary whack-a-mole, making tougher choices on how much they can spend and when. Some drivers may do a partial fill-up if they’re pressed for cash at the end of a pay cycle, says Patrick De Haan, head of petroleum analysis at GasBuddy.

“If you only have five or 10 bucks left before your next paycheck, that’s what you’re going on,” De Haan said. “This tells us people are really hurting from high gas prices.”

A Washington Post-Schar School poll bears that out: 44 percent of drivers randomly contacted between April 21 and May 12 said they have only partially filled their car’s gas tank, a figure that rises to 61 percent for drivers with incomes below $50,000.

And more than 6 in 10 drivers have made the decision to drive less — making fewer trips to the grocery store, for example — while more than 3 in 10 said they are driving at reduced speeds, which can improve gas mileage.

Gasoline demand, measured as a four-week moving average, dropped to 8.8 million barrels a day for the week ended May 20, according to the U.S. Energy Information Administration. If you exclude 2020, that’s the lowest level for that time of year since 2013.

Alina Hille, 35, is used to cutting it close between fill-ups but had never actually run out until a recent Monday afternoon, sidelined on a St. Louis street with her son, 4, and daughter, 7, in tow. The three trudged to the nearest fuel station, where the loaner gas can was out with another customer. So Hille, who works as a therapist for a nonprofit, purchased a one-gallon canister for $1.50, filled it up and managed to get home in time to jump on a Zoom call.

She has found ways to pare back — she works from home more often and is more likely to walk her kids to school — but the financial challenge is profound: As of Wednesday, a full tank of gas would run her $67 ― $9 more than a month ago.

“I find myself not doing things I used to with the kids because of the gas prices,” Hille said. “We used to go for drives when they are restless or try to drive to playgrounds, or destinations they haven’t been to before.”

Now, she says, “I’d rather buy groceries.”

Even as gas prices rattle economy, Americans can’t stay off the road

Back in South Texas, Alaniz said fuel prices have forced changes in his commute and college plans. He used to make the roughly 60-mile drive from his family’s ranch near Alice to Corpus Christi, where he attends college, in his Chevy Silverado 2500, a large pickup that he estimates squeaks out 14 mpg on the highway

Even with a part-time job, the charges have become unbearable. “You’re talking about $60 gives me half a tank,” he said.

So he’s trading in his Chevy for a smaller truck that gets better mileage. He’s also switching to online classes for the upcoming semester.

Such wholesale lifestyle changes illustrate a tipping point: Studies have shown that consumers don’t adjust their fuel spending much in response to short-term price changes, at least not in comparison with other everyday purchases. Rather, it usually takes sustained increases to affect behavior, said Roger Ware, an economist with Queen’s University in Ontario.

“People will maintain their driving habits in the short term because they do not see an alternative to meeting their goals, whether for commuting or recreational driving. Over a period of months or years, however, many things will change if prices stay high,” Ware said.

If prices remain elevated, he said, more commuters will switch to public transit or carpooling. Consumers also will be more prone to rethink their vehicles and trade them in for more fuel-efficient options. And some people will move closer to work to lighten commutes, or do more of their work remotely.

Price hikes, coupled with more Americans resuming their pre-pandemic driving habits, could be contributing to the spike in out-of-gas calls, according to AAA repair systems manager David Bennett.

Only about 2 percent of AAA’s total roadside assistance calls each month are fuel-related, a proportion that is roughly equivalent to before the pandemic. In March 2019, when fuel was cheap and more vehicles were on the road, there were 53,800 fuel-related assistance calls.

“People have been stuck at home for the past couple years,” Bennett said. “They’re looking for opportunities to go and explore.”

For Danielle Socha, who makes food deliveries for three apps in the San Diego area, a tank of gas runs about $83. She’s run out so many times it’s become a running joke with her friends and family.

“My gas gauge is broken,” she said. “I don’t get a read on my car and this keeps happening.”

She keeps an empty container in her car so she can walk to a gas station if necessary. Socha says she occasionally gets dirty looks from passersby, but she’s also benefited from acts of kindness. In the most recent incident, a young man helped push her 2013 Volkswagen Jetta off the road when he saw her waving a white rain jacket in the air.

The price hikes also have given rise to bizarre instances of fuel theft. A San Diego couple called police after they found a hole drilled in the bottom of a car, emitting a steady stream of gas, according a March 21 report from CBS8. Similar incidents have been reported in Memphis, Las Vegas and other cities.

Three Florida men were arrested and face racketeering charges on accusations of stealing thousands of gallons of diesel directly from gas stations, transporting it in 300-gallon “gasoline bladders” and reselling it, according to Newsweek.

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Crypto industry fires back after EU vote to block ‘unhosted’ wallets

The crypto industry has reacted strongly against a EU Parliament committee voting in favor of a regulatory package for tighter know-your-customer (KYC) and anti-money laundering (AML) rules for ”unhosted” private wallets.

The new guidelines would require crypto service providers — most commonly exchanges — to verify the identity of every individual behind an unhosted wallet that interacts with them, while any transaction greater than 1,000 Euros ($1,100) would need to be reported to authorities.

Coinbase CEO Brian Armstrong vented his frustrations against the move via Twitter, as he drew comparisons with fiat to highlight the absurdity of reporting and verifying a 1,000 Euro transaction:

“Imagine if the EU required your bank to report you to the authorities every time you paid your rent merely because the transaction was over 1,000 euros. Or if you sent money to your cousin to help with groceries, the EU required your bank to collect and verify private information about your cousin before allowing you to send the funds.”

“How could the bank even comply? The banks would push back. That’s what we are doing now,” he added

The proposal was part of an amendment to the Transfer of Funds Regulation that was voted through by the Economic and Monetary Affairs (ECON) and Committee on Civil Liberties, Justice and Home Affairs (LIBE) on March 31.

For the new rules to be enacted, they must be passed via trialogue negotiations between the EU Parliament, European Council and the European Commission, and if they remain unopposed, it would give the crypto industry nine to 18 months to come in full compliance with the legislation.

The chairman and CEO Pascal Gaunthier of digital wallet firm Ledger didn’t mince his words either, stating that the “EU Parliament chose fear over freedom”:

“A new regulation was just voted on that paves the way for a massive surveillance regime over Europe’s financial landscape.”

The regulatory news appears to have had a significant impact on the price of Bitcoin (BTC), with the asset’s price declining 4.5% over the past 24 hours to sit at $45,243 at the time of writing. Ether (ETH) is also down 3.7% to $3,282 within that time frame.

European decentralized finance (DeFi) firm Unstoppable Finance lamented the news, expressing hopes that proposals will get shot down in the upcoming negotiations.

“The amendments are a huge setback for crypto in the EU & should be repealed in the trilogues,” the firm stated.

Related: European ‘MiCA’ regulation on digital assets: Where do we stand?

Unstoppable Finance’s head of strategy and business development Patrick Hansen also took to Twitter to vent his anger, calling the proposals a “big disappointment and a big threat to individual privacy.”

“It introduces unfeasible wallet verification requirements and unjustifiable reporting requirements for crypto companies that would have massively detrimental effects for EU citizens and companies alike.”

He noted it would be difficult, if not impossible, for crypto service providers to verify an “unhosted” counterpart and warned that to stay compliant and not compromise their legal position, some companies might want to cut off transactions with unhosted wallets altogether. Others, smaller ones, might find the potential operational costs of compliance too expensive, leaving it to the bigger established players, which would cause a further market consolidation

However, Hansen also noted that he holds optimism that the rules could be at least watered down in the trialogue negotiations, as “some Commission/Council members have voiced criticism” about the regulations.



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