On Tuesday night, an Ethereum MEV bot gained 800 ETH through the use of clever arbitrage, only to lose all of it and more to a hacker an hour later. Here’s how the situation played out on-chain: The event began with a third-party trader mistakenly losing nearly $2 million to spreads on Uniswap v2 trade....Read More
Some blockchain projects have to deal with hackers, and others, like Alcala, have to deal with their own developers. A “human error” a few weeks ago almost killed the whole project. Still, thanks to the mutual effort of the community and the developers, the problem has been solved —kind of. On September 26, Acala network...Read More
On September 19, Arbitrum, one of the most popular Layer 2 solutions for Ethereum, paid 400 ETH (about $560,000) to a white hat hacker who found a potential vulnerability in its code. The white hat hacker, known on Twitter as Riptide, finds vulnerabilities within smart contracts written in Solidity. Riptide said the “multi-million dollar vulnerability”...Read More
UK-based crypto market maker Wintermute suffered a loss of approximately $160 million. In a series of tweets, the company’s founder and chief executive, Evgeny Gaevoy, revealed that the decentralized finance operations had been compromised. The centralized finance and over-the-counter verticals have not been affected. Blockchain security expert Certik recorded that $162,509,665 had been stolen over...Read More
The once notoriously high yields provided by crypto lending services are now struggling to compete with more traditional, safer options. While yields for 3-month treasury bills slowly rise, AAVE’s lending rates on USDC have slumped massively since May. Rates for the two products have now crossed one another, meaning government debt is offering a better...Read More
In a public announcement on Monday, the Federal Bureau of Investigation (FBI) warned investors about security vulnerabilities in DeFi platforms. It also asked those who suspect that their investments have been stolen to approach the FBI through the Internet Crime Complaint Center (IC3) or the local FBI office. DeFi Vulnerabilities “Between January and March 2022,...Read More
Crypto security companies are raking in a fortune despite the bear market that has bloodied firms across the rest of the industry. Zeth Couceiro – founder of crypto recruitment company Plexus Resource Solutions – recently told Bloomberg that salaries for experienced blockchain auditors can run as high as $400,000 per year. Overwhelming Demand for Auditors...Read More
The Securities and Exchange Commission of Thailand (Thai SEC) has asked crypto investors in the country to be careful with DeFi transactions, terming them risky. The watchdog argued that local regulators have no control over the up-and-coming industry. Popular but Not Full-Proof In a statement on Wednesday, the financial and capital markets watchdog said DeFi...Read More
Ethereum co-founder Vitalik Buterin has revealed that he personally used the now-sanctioned Ethereum mixer “Tornado Cash” when donating funds to Ukraine earlier this year. In a tweet on Tuesday, Twitter user Jeff Coleman called for people to provide documented examples of individuals using Tornado Cash to donate to Ukraine. Tornado Cash is an Ethereum protocol...Read More
Major crypto firms Circle and Coinbase have been forced to comply with the US Treasury Department’s sanctions against Tornado Cash under Bank Secrecy Act (BSA) requirements, said Circle CEO Jeremy Allaire on Tuesday. The executive discussed the precedent set by the department’s latest move as it pertains to privacy and security on the internet, and...Read More
The “Lazarus Group,” a notorious North Korea-backed hacking syndicate, has been identified as the culprit of an attempted cyber-attack on deBridge Finance. The co-founder of the cross-chain protocol and project lead, Alex Smirnov, alleged that the attack vector was via an email wherein several team members received a PDF file named “New Salary Adjustments” from...Read More
Uniswap community members are looking to create a new entity called the Uniswap Foundation, which would address some shortcomings and improve the growth of the protocol’s decentralized ecosystem. The proposed Uniswap Foundation is seeking a budget of $74 million to be disbursed twice while also requesting over two million UNI tokens to participate in the...Read More
In the early hours of August 2, Nomad bridge posted an alert that it was aware of an ongoing exploit. In the following hours, the entire protocol’s funds of more than $190 million were drained. Crypto community developer and white hat ‘samczsun’ broke down the chain of events, explaining what happened. He labeled the attack...Read More
Solana-based decentralized finance yield protocol, Nirvana, is the latest victim of a flash loan attack in the cryptocurrency space. Data from blockchain security firm, PeckShield, revealed that the attacker managed to drain nearly $3.5 million worth of funds from the protocol. It all started when the entity behind the exploit used a $10 million flash...Read More
Singapore-based fintech platform Cake DeFi has partnered with Razer Silver, a loyalty rewards program for gamers, to provide them with easy access to various crypto assets, including bitcoin (BTC) and ether (ETH). Cake DeFi Partners Razer Silver According to a press release shared with CryptoPotato, the multi-faceted deal will allow Razer Silver gamers to convert...Read More
The first half of 2022 was a bumpy ride for crypto investors. With the crypto market still bleeding, investors are bemoaning losses as the DeFi market cap fell by over 74% in the second quarter of the year, according to CoinGecko. Terra’s Ripple Effect on DeFi The crypto data aggregator recently published its Q2 2022...Read More
Web 3 security firm Beosin recently released its 2022 Q2 Web 3 Security Report, analyzing the latest hacks and exploits to impact the blockchain sphere. It found that over $718 Million were lost to related schemes during that time – most of which occurred in the defi space. Breaking Down the Numbers The report –...Read More
Crypto-focused hedge fund Pantera Capital (PC) published a blockchain letter titled “DeFi Worked Great” on Monday, arguing against a report titled “DeFi Has an Existential Problem” by Wall Street Journal. It stated that DeFi protocols have vastly outperformed CeFi platforms during the market crash due to a high degree of transparency and the practice of...Read More
It comes as no surprise that the central bank wants to curtail crypto as much as it possibly can, advising EU lawmakers with a recent research paper. On July 12, crypto venture advisor at Presight Capital, Patrick Hansen, broke down the report, which focused primarily on what the ECB considers financial risks. It acknowledged that...Read More
Cryptocurrency lender Celsius is trying to overcome the hypothermia caused by the crypto winter and position itself again as a reliable service on the market, gaining its credibility once again. And to achieve this goal, it’s turning to legal experts. According to the Wall Street Journal, Celsius hired the law firm Kirkland & Ellis LLP...Read More
Federal Reserve Vice Chairwoman Lael Brainard urged policymakers to toughen up regulatory scrutiny on the crypto industry in a speech given at the Bank of England conference on Friday. Once again, the Chair emphasized the risk of the crypto market crash spilling over to the core financial ecosystem because of the lack of targeted regulation...Read More
DappRadar published the latest edition of its quarterly report, focusing on how the fall of Terra, Celsius, and 3AC have changed the blockchain landscape as the liquidity crisis deepened, impacting major CeFi players. In addition, the document dives into the fierce competition among NFT marketplaces, stating that OpenSea’s dominance continued to shrink in Q2. CeFi...Read More
Crypto trading firm Cumberland weighed into the ongoing trend of centralized digital asset firms falling apart amid a deepened liquidity crisis clouding the industry. It suggests that the overall market’s immediate recovery partially hinges upon whether the distressed assets could be transferred from insolvent firms to solvent ones. Crisis Not Over Yet When a prolonged...Read More
Multichain, previously known as Anyswap, has announced integration with RSK blockchain, a Bitcoin merge-mined smart contracts platform. According to the press release shared with CryptoPotato, the integration aims to facilitate the transfer of ETH, USDC, BUSD, and other assets between RSK, Ethereum, and BNB Chain. The broader focus of the decentralized cross-chain router protocol will...Read More
KLAP – a DeFi lending protocol on Klaytn Network has seen its total value locked soar above one hundred million in a week after its launch. The dApp, spun up by DeFi accelerator Krew, is now the second most popular application on the Klaytn network. Crypto lending has proven to be one of the most...Read More
The recent crypto slump may have left many investors shaken in fear, as bad news like major crypto firms falling prey to liquidity crisis and exchanges drastically cutting headcounts continue occupying headlines. However, the crypto bull Cathie Wood – known for her aggressive bets on “disruptive innovation” – reiterated her confidence in digital assets in...Read More
Decentralized asset financing protocol Centrifuge has launched a new cross-chain Connectors solution dubbed Centrifuge Connectors to bridge the gap between the real-world asset (RWA) market and decentralized finance (DeFi). Centrifuge Launches Cross-Chain Connectors Centrifuge helps small businesses access more credit while providing stable yields for investors through its pooled liquidity from the world of traditional...Read More
The Liechtenstein-based cryptocurrency exchange – Unizen – secured a $200 million funding to accelerate its development in numerous fields. The fundraiser was led by the investment management giant Global Emerging Markets (GEM). Unizen is Looking Towards a Rapid Expansion In a recent announcement, the trading venue vowed to employ the multi-million financing to expand the...Read More
Blockchain analytics firm Chainalysis’ latest report reveals that less than 1% of all holders in major DAOs have 90% voting power. It also cited Solend’s attempt to seize a whale’s account to avoid potential insolvency as contradicting the tenets of decentralization on which web3 is built. Moreover, the document shows that as DAOs span a...Read More
The Domain Name Server (DNS) of the decentralized staking platform, Convex Finance, was targeted in the latest spoofing exploit. Angel investor Alexintosh first flagged that Convex Finance was asking for user approval to an unverified smart contract address on July 23rd. This suggested that a malicious entity may have sneaked into Convex Finance’s website to...Read More
