Cybercrime

Quantum-proof cryptography emerges as key test for stablecoins

Stablecoins have become central to the digital economy, with billions in daily transactions and stronger regulatory backing under the GENIUS Act. Yet experts warn that advances in quantum computing could undermine their very foundations.

Elliptic curve and RSA cryptography, widely used in stablecoin systems, are expected to be breakable once ‘Q-Day’ arrives. Quantum-equipped attackers could instantly derive private keys from public addresses, exposing entire networks to theft.

The immutability of blockchains makes upgrading cryptographic schemes especially challenging. Dormant wallets and legacy addresses may prove vulnerable, putting billions of dollars at risk if issuers fail to take action promptly.

Researchers highlight lattice-based and hash-based algorithms as viable ‘quantum-safe’ alternatives. Stablecoins built with crypto-agility, enabling seamless upgrades, will better adapt to new standards and avoid disruptive forks.

Regulators are also moving. NIST is finalising post-quantum cryptographic standards, and new rules will likely be established before 2030. Stablecoins that embed resilience today may set the global benchmark for digital trust in the quantum age.

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Trilateral quantum talks highlight innovation and security priorities

The United States, Japan, and South Korea held two Trilateral Quantum Cooperation meetings this week in Seoul and Tokyo. Officials and experts from government and industry gathered to discuss securing quantum ecosystems against cyber, physical, and intellectual property threats.

The US State Department stressed that joint efforts will ensure breakthroughs in quantum computing benefit citizens while safeguarding innovation. Officials said cooperation is essential as quantum technologies could reshape industries, global power balances, and economic prosperity.

The President of South Korea, Lee Jae Myung, described the partnership as entering a ‘golden era’, noting that Seoul, Washington, and Tokyo must work together both to address North Korea and to drive technological progress.

The talks come as Paul Dabbar, the former CEO of Bohr Quantum Technology, begins his role as US Deputy Secretary of Commerce. Dabbar brings experience in deploying emerging quantum network technologies to the new trilateral framework.

North Korea has also signalled interest in quantum computing for economic development. Analysts note that quantum’s lower energy demand compared to supercomputers could appeal to a country plagued by chronic power shortages.

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Cyberattack forces Jaguar Land Rover to halt production

Production at Jaguar Land Rover (JLR) is to remain halted until at least next week after a cyberattack crippled the carmaker’s operations. Disruption is expected to last through September and possibly into October.

The UK’s largest car manufacturer, owned by Tata, has suspended activity at its plants in Halewood, Solihull, and Wolverhampton. Thousands of staff have been told to stay home on full pay while ‘banking’ hours are to be recovered later.

Suppliers, including Evtec, WHS Plastics, SurTec, and OPmobility, which employ more than 6,000 people in the UK, have also paused their operations. The Sunday Times reported speculation that the outage could drag on for most of September.

While there is no evidence of a data breach, JLR has notified the Information Commissioner’s Office about potential risks. Dozens of internal systems, including spare parts databases, remain offline, forcing dealerships to revert to manual processes.

Hackers linked to the groups Scattered Spider, Lapsus$, and ShinyHunters have claimed responsibility for the incident. JLR stated that it was collaborating with cybersecurity experts and law enforcement to restore systems in a controlled and safe manner.

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Conti and LockBit dominate ransomware landscape with record attacks

Ransomware groups have evolved into billion-dollar operations targeting critical infrastructure across multiple countries, employing increasingly sophisticated extortion schemes. Between 2020 and 2022, more than 865 documented attacks were recorded across Australia, Canada, New Zealand, and the UK.

Criminals have escalated from simple encryption to double and triple extortion, threatening to leak stolen data as added leverage. Attack vectors include phishing, botnets, and unpatched flaws. Once inside, attackers use stealthy tools to persist and spread.

BlackSuit, formerly known as Conti, led with 141 attacks, followed by LockBit’s 129, according to data from the Australian Institute of Criminology. Ransomware-as-a-Service groups hit higher volumes by splitting developers from affiliates handling breaches and negotiations.

Industrial targets bore the brunt, with 239 attacks on manufacturing and building products. The consumer goods, real estate, financial services, and technology sectors also featured prominently. Analysts note that industrial firms are often pressured into quick ransom payments to restore production.

Experts warn that today’s ransomware combines military-grade encryption with advanced reconnaissance and backup targeting, raising the stakes for defenders. The scale of activity underscores how resilient these groups remain, adapting rapidly to law enforcement crackdowns and shifting market opportunities.

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Phishing scams surge with record losses in August

ScamSniffer has reported a sharp rise in phishing scams during August, with losses climbing to $12.17 million, a 72% increase from July. The figure marks the highest monthly losses this year and came alongside 15,230 victims, a new annual record.

The spike was driven mainly by EIP-7702 batch signature scams, which accounted for nearly half of the stolen funds. One victim lost $3.08 million in a single incident, while two others lost $1.54 million and $1 million, respectively.

More minor but significant losses also occurred, including users losing $235,977 and $66,000 in scams disguised as Uniswap swaps.

EIP-7702, introduced with Ethereum’s Pectra upgrade, allows externally owned accounts to act temporarily like smart contracts. While intended to improve user experience, it has opened the door to new phishing exploits.

Security experts warn that attackers increasingly use automated sweeper attacks to drain compromised wallets.

Beyond EIP-7702, traditional phishing methods remain a problem. ScamSniffer noted a rise in address poisoning and malicious ads on platforms such as Google and Bing. One user lost $636,559 after copying a tainted address, while two more lost $500,000 and $19,000 in similar schemes.

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OpenAI boss, Sam Altman, fuels debate over dead internet theory

Sam Altman, chief executive of OpenAI, has suggested that the so-called ‘dead internet theory’ may hold some truth. The idea, long dismissed as a conspiracy theory, claims much of the online world is now dominated by computer-generated content rather than real people.

Altman noted on X that he had not previously taken the theory seriously but believed there were now many accounts run by large language models.

His remark drew criticism from users who argued that OpenAI itself had helped create the problem by releasing ChatGPT in 2022, which triggered a surge of automated content.

The spread of AI systems has intensified debate over whether online spaces are increasingly filled with artificially generated voices.

Some observers also linked Altman’s comments to his work on World Network, formerly Worldcoin, a project launched in 2019 to verify human identity online through biometric scans. That initiative has been promoted as a potential safeguard against the growing influence of AI-driven systems.

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Google Cloud study shows AI agents driving global business growth

A new Google Cloud study indicates that more than half of global enterprises are already using AI agents, with many reporting consistent revenue growth and faster return on investment.

The research, based on a survey of 3,466 executives across 24 countries, suggests agentic AI is moving from trial projects to large-scale deployment.

The findings by Google Cloud reveal that 52% of executives said their organisations actively use AI agents, while 39% reported launching more than ten. A group of early adopters, representing 13% of respondents, have gone further by dedicating at least half of their future AI budgets to agentic AI.

These companies are embedding agents across operations and are more likely to report returns in customer service, marketing, cybersecurity and software development.

The report also highlights how industries are tailoring adoption. Financial services focus on fraud detection, retail uses agents for quality control, and telecom operators apply them for network automation.

Regional variations are notable: European companies prioritise tech support, Latin American firms lean on marketing, while Asia-Pacific enterprises emphasise customer service.

Although enthusiasm is strong, challenges remain. Executives cited data privacy, security and integration with existing systems as key concerns.

Google Cloud executives said that early adopters are not only automating tasks but also reshaping business processes, with 2025 expected to mark a shift towards embedding AI intelligence directly into operations.

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UK factories closed as cyberattack disrupts Jaguar Land Rover

Jaguar Land Rover (JLR) has ordered factory staff to work from home until at least next Tuesday as it recovers from a major cyberattack. Production remains suspended at key UK sites, including Halewood, Solihull, and Wolverhampton.

The disruption, first reported earlier this week, has ‘severely impacted’ production and sales, according to JLR. Reports suggest that assembly line workers have been instructed not to return before 9 September, while the situation remains under review.

The hack has hit operations beyond manufacturing, with dealerships unable to order parts and some customer handovers delayed. The timing is particularly disruptive, coinciding with the September release of new registration plates, which traditionally boosts demand.

A group of young hackers on Telegram, calling themselves Scattered Lapsus$ Hunters, has claimed responsibility for the incident. Linked to earlier attacks on Marks & Spencer and Harrods, the group reportedly shared screenshots of JLR’s internal IT systems as proof.

The incident follows a wider spate of UK retail and automotive cyberattacks this year. JLR has stated that it is working quickly to restore systems and emphasised that there is ‘no evidence’ that customer data has been compromised.

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Google outage disrupts services across Türkiye and southeast europe

Google services experienced a widespread outage in Türkiye on Thursday morning, leaving core functions such as search and YouTube inaccessible.

Users reported search queries failing to return results, frozen pages, and an inability to connect to Google servers. Social media posts suggested the disruption extended beyond Türkiye, affecting users in Bulgaria, Greece, Georgia, Croatia, Serbia, Romania, Armenia, the Netherlands, and Germany.

The Turkish state-run Anadolu Agency confirmed outages across parts of Southeastern Europe. Turkish Deputy Minister of Transport and Infrastructure, Omer Fatih Sayan, said the issue impacted Android and related services in Türkiye and the wider European region.

He added that the National Cyber Incident Response Centre had requested a technical report from Google and is monitoring the situation closely.

As of 10:57 a.m. local time, 4 September 2025, access to Google services in Türkiye had been restored. Google has yet to issue an official statement regarding the cause of the disruption.

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SCO Tianjin Summit underscores economic cooperation and security dialogue

The Shanghai Cooperation Organisation (SCO) summit in Tianjin closed with leaders adopting the Tianjin Declaration, highlighting member states’ commitment to multilateralism, sovereignty, and shared security.

The discussions emphasised economic resilience, financial cooperation, and collective responses to security challenges.

Proposals included exploring joint financial mechanisms, such as common bonds and payment systems, to shield member economies from external disruptions.

Leaders also underlined the importance of strengthening cooperation in trade and investment, with China pledging additional funding and infrastructure support across the bloc. Observers noted that these measures reflect growing interest in alternative global finance and economic governance approaches.

Security issues are prominently featured, with agreements to enhance counter-terrorism initiatives and expand existing structures such as the Regional Anti-Terrorist Structure. Delegates also called for greater collaboration against cross-border crime, drug trafficking, and emerging security risks.

At the same time, they stressed the need for political solutions to ongoing regional conflicts, including those in Ukraine, Gaza, and Afghanistan.

With its expanding membership and combined economic weight, the SCO continues to position itself as a platform for cooperation beyond traditional regional security concerns.

While challenges remain, including diverging interests among key members, the Tianjin summit indicated the bloc’s growing role in discussions on multipolar governance and collective stability.

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