The Wright brother’s created the single l greatest cultural force since the invention of writing .. The aeroplane became the first World Wide Web. Bringing people languages and cultures and values closer together
And then there was the phone!!
Stake.com - co-founded by Young Rich Lister Ed Craven in 2017 and one of the world’s largest online casinos - has been hacked with more than $US40 million taken from the exchange’s online wallets.
The theft was discovered in the early hours of Tuesday morning, when Cyvers, a blockchain security platform, detected $US16 million of “suspicious transactions”. Another blockchain analyst, ZACHXBT, confirmed the number plus an additional $US25.6 million.
Last year, more than $3.7 billion worth of crypto was lost to various hacks and exploits, (coindesk)
What is Stake?
Stake is an Australian casino and sportsbook that allows users to deposit and play with cryptocurrencies. It made $2.6 billion in revenue in 2022, according to a Financial Times report.
Security Measures:
Stake.com had a slew of security measures in place, from stringent password policies and 2FA to frequent security audits and encryption technologies. They even advised users on game choices to minimize risks.
The hack reveals a sobering truth: even the most secure platforms are vulnerable to sophisticated cyber-attacks. It’s a wake-up call for not only the gambling industry - but online industry such as banks to beef up security protocols and for users to tread carefully.
No platform is entirely safe. It’s crucial for users and platforms alike to up their security game.
Blockchain security company CertiK estimates that approximately $1.3 billion worth of cryptocurrency was lost due to hacks and scams in 2021 alone, a 2,500 percent increase from 2020.
https://www.theregister.com/AMP/2022/09/20/wintermute_hacked_160m/
Blockchain bridge Multichain has suspended operations and is missing up to USD120 million after seeing “unusual activity” coinciding with a major cyber heist . Before it paused transactions, it was holding a reported USD1.26 billion in crypto currencies.
Several cybersecurity firms sounded the alarm on July 6 about an attack after observing abnormally high numbers of tokens transferring from Multichain’s bridging networks to unidentified addresses.
Multichain (formerly known as AnySwap) describes itself as an “enterprise blockchain that actually works,” allows clients to connect blockchains such as Bitcoin and Ethereum via a cross chain bridge.
Last week, hackers stole stablecoins, including Tether, Dai, and USDC, as well as tokens like Chainlink, wrapped Bitcoin, and wrapped Ether
The funds were moved into six different addresses.
CyVers says Multichain is still uncertain about the exact nature of the incident, adding that in dollar terms, it is the second biggest cyberattack of 2023 to date.
With its CEO (and other senior team members) missing and delayed transactions before the attack, there is intense speculation that Multichain will not resume business.
Great advertising for latest documentary by
Misha Glenny and director Daniel Gordon - Billion Dollar Heist -
The doco illustrates how sophisticated and prevalent cybercrime has become in recent years.
The story is about how in 2016 , a group of security hackers managed to steal $81 million from the Bangladesh Bank while also accidentally letting a typo keep them from getting away with much more .
The hackers issued 35 fraudulent requests to illegally transfer close to US $1 billion from the Federal Reserve Bank of New York account belonging to the Bangladesh Bank to themselves.
In 2017, the G20 warned that cyberattacks could “undermine the security and confidence and endanger financial stability.”
Is this a threat to humanity at large as pandemics, weapons of mass destruction, and climate change ?
https://study.uq.edu.au/stories/how-do-you-stop-cyber-bank-heist
If cyber security isn't done well, it’s as easy as walking into an unlocked vault. That’s where cyber security experts step in.
According to VMware’s fifth annual Modern Bank Heists Report, 63% of financial institutions admitted experiencing an increase in destructive attacks, with cybercriminals leveraging this method as a means to burn evidence as part of counter incident response. Additionally, 74% experienced at least one ransomware attack over the past year, with 63% paying the ransom.
“What exactly are these cybercrime cartels looking for? We’re witnessing an evolution from a bank heist to economic espionage, where cybercriminals target corporate information or strategies that can affect the share price of a company as soon as it becomes public,” wrote Tom Kellermann, head of the cybersecurity strategy at VMware in a blog post.
How can you mitigate the risk?
Kala Philip of BSILearning says that it starts with education .
Every professional and employee should be aware of the risks and strategies on how cybercrime can be mitigated .
Nick Jacobs and Aaron Bassin Bridgit last week took home the win for:
🚀 Best Innovation in Lending
🚀 Best FinTech growth Story
Huge shout out to Glen Frost and the Bridgit team, customers, partners and shareholders,
A person buying their next home needs to “bridge” the money needed between buying a new home and selling an existing home.
Bridgit allow borrowers to use the equity from their existing home to buy their next home –
with faster, fairer, and more simple property finance solutions with no double mortgages, no temporary living costs and no missed opportunities.
With its technology , innovative credit and risk modelling , in-built algorithms and automated processes, Bridgit is able to offer a24-hour approval.
Bridgit built its own CRM and customer portal, as well as an online application which can be completed in 5 minutes: meaning a smooth experience for customers.
The company raised $13.2 million in equity and secured $100 million in venture debt funding in 2021 and secured an additional $50 million in funding from Silicon Valley-based fund Partners for Growth (PFG) this year.
Another win for OIF ventures!
Finder home loans editor Richard Whitten enthused
“Bridging loans are a neglected segment of the Australian credit landscape and Bridgit has created a new product and platform that serves user needs while adding elements of tech-driven convenience that feel genuinely new for this industry.”
Aaron Bassin shared with Business news Australia last year
Since launching its services the average loan written by Bridgit has been $1 million. The size of Bridgit’s average loan is larger than an average mortgage because the debt straddles both properties in the buy and sell stage.
Bassin says after a heady year of growth, lending volumes are continuing to rise for the company.
Another OIF win!
http://bsivc.blogspot.com/2023/07/oif-team-members-david-shein-jerry.html?m=1
Kiki founded by New Zealander Toby Thomas-Smith, Jack Montgomerie, Alexander Nicholson has raised a $6M seed round to launch in New York!
What's Kiki.nyc? A refreshing take on subletting — focussed on the people, not the property. 🏠
It’s not just a listing app; it’s a community led marketplace.
Kiki leverages social ties and similarities to overcome the pain of leasing out your own room. Unlocking otherwise empty space and bringing money back to locals. 🌏 - says the team at Blackbird !
Blackbird led the round with $4.5m joining tech giants, like ex-Airbnb’s Harry Uffindell, Facebook Marketplace founder Bowen Pan, Michelle Battersby, Sunroom founder and ex. Bumble exec, former Canva exec and founder of Phase One Ventures Mahesh Muralidhar, as well as ex-Uber execs Tyler Trerotola and Jaikumar Ganesh.
Kiki is aimed at everyday people that aren’t looking to make a profit. Instead, the app targets users who travel for months at a time and don’t want to lose money on rent while they’re away.
“We’re not taking away housing,” Thomas-Smith told us. “We’re using empty space that’s literally already there… we’re bringing money back to the locals.”
Kiki works similarly to dating apps since it matches listers with renters with similar likes and preferences.
The app follows an invite-only “friend of friends” model to ensure people are vouched for and will hopefully respect someone else’s space. Users must link their Instagram accounts to be accepted.
It’s all about human psychology says Toby!
How can someone go from being a stranger to a friend of a friend as quickly as possible - using profiling as a key tool
It had a list of prompts that renters can choose from. For instance, “How would your friends describe you in one sentence?” “I go crazy for” and “This year, I really want to.” Listers are able to set criteria for their listing, such as minimum age or no smokers.
Kiki also has a management feature where users can keep track of on-time payments, secure deposit holdings and e-sign sublet agreements.
For each listing, Kiki takes 10% of the rent price.
Thomas-Smith founded the company as Easyrent in 2018 while attending university in New Zealand and working for Airbnb.
“I was working for Airbnb cleaning toilets and discovered this whole short-term rental market,” Thomas-Smith said. “I learned that these properties were making all their profit over the summer, and then they would lose money over the winter. [I was] like, ‘How are these places sitting empty for almost half a year?’ It seemed crazy to me.”
He also discovered that all his college friends renting places for the school year were wasting money when they went home for breaks.
To solve this problem, Thomas-Smith built an invite-only matchmaking service — originally called EasyRent — that allowed New Zealand-based students to rent out their places during the summer, mainly to other students coming into town for internships.
In 2021, when EasyRent gained enough traction, Thomas-Smith brought on Jack Montgomerie as co-founder and software engineer Alexander Nicholson to help expand its user base to a wider audience.
The startup closed a $230,000 (NZD) seed round in 2022 and launched in Sydney, Australia, to users in Bondi Beach. EasyRent filled 1,500 homes just in that one neighborhood alone!
Kiki is placing all its energy on the New York marketplace and is sunsetting the app in New Zealand and Australia
This October, Kiki is rolling out to one neighborhood to start — either East Village or Williamsburg. Interestingly enough, it will also only be available to Australians at launch. The company saw the most demand from Aussies, particularly those who moved to NYC and want to save on rent when they visit family abroad.
Users interested in signing up for the waitlist must submit their selfies along with their Instagram accounts. Kiki is accepting the top 10 people every week based on how many friends they invite and how many people share their Instagram story with @kikiclub.nyc tagged.
In the coming weeks, Kiki plans to gradually roll out to different neighborhoods and nationalities. It will be available to everyone in NYC in a few months.
Note that subletting an apartment in New York requires the landlord’s permission. If a tenant sublets without approval, the landlord may take legal action against them. A sublease in NYC must last for a minimum of 30 days.
Thomas-Smith said Kiki wants to expand to the top 10 cities in the U.S., including Boston, Los Angeles, San Francisco, Miami, Chicago, Philadelphia, Washington, DC, Seattle and Austin.
With investors already lined up for a future Series A funding round, the startup also ambitiously plans to grow its team to 100 employees and launch in 20 cities in Europe by 2024.
‘Build something that people want and do it really well.
Excited to launch our first initiative in the coming months as part of BSI Learning Group's new strategy with the incredible CyberPeace Foundation - The program is the first from an amazing new international partnership lead by our talented Kala Philip (MAICD, GAICD) to deliver international certifications in Cyber - supporting future skills development in this critical discipline. #cybereducation #skillstraining #india #australia #globalpartnerships #g20india
#CyberPeace☮️ is thrilled to announce our first transnational cybersecurity certification program in partnership with BSI Learning, Australia.
Mark your calendars for September 21, 2023 – the International Day of Peace – as we set the stage for a high-profile summit on #Cybersecurity Governance & Skills in #NewDelhi, featuring top tech industry leaders, alongside the esteemed Australian Trade and Investment Commission (Austrade) Trade and Investment Commissioner for South Asia, Leo Bremanis.
Thank you Kala Philip, CEO, BSI Learning and Scott Wesley for enabling the synergy to globally recognised #cybersecurity education and skill development and Vipul Rastogi, Austrade for facilitating the partnership.
Simon Dewar Arushi Gaur Ivan Kaye Scott Henderson Dylan Chan Craig Saphin Tony Surtees @Michael Lynch
Stay tuned as we pave the way for a safer digital world.
#CyberSecurityProgram #CyberEducation #India #Australia #GlobalSynergy #GlobalPartnerships #EducationPrograms #CyberSecurityCourse #G20India #InternationalDayofPeace
