Fantom Foundation Removes $2.4M in Liquidity from SushiSwap Pool, Causing Concerns Over Multichain Stability

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Developers behind the Optimism-based lending platform Kokomo Finance have been accused of conducting an exit scam after manipulating tokens on the protocol to steal $4 million in user funds. The project, which launched on Saturday and quickly gained favor among users, allowed for the trading, borrowing, and lending of wrapped bitcoin (WBTC), ether (ETH), tether (USDT), USD coin (USDC), and dai (DAI). However, on Sunday night, the developers deployed an attack contract cBTC from the main address of KOKO, Kokomo's native token, and set the reward speed, paused a borrow feature, and created a malicious contract to interact with the rest of the protocol. This ultimately tricked the protocol into falsely believing it had more liquidity when there was none. Another developer address was then used to maliciously approve a transfer of spending more than 7,000 sonne wrapped bitcoins, which were then used to swap all user-supplied liquidity to Kokomo, amounting to over $4 million. Social-media accounts and the Kokomo website were quickly deleted, and the tokens fell 97%, wiping nearly all value for holders. The exit scam is the latest in a series of growing attacks and exploits in the crypto market, following an earlier $200 million exploit of Euler Finance, another lending platform.The multichain decentralized exchange (DEX) Dfyn has released version 2, which features dedicated vault contracts to protect against liquidity pool exploits, as well as enhanced trading features and order matching. The new version also introduces decentralized limit orders, which match trades at exact prices transparently via smart contracts, and concentrated liquidity on individual ticks for better security and price precision. Additionally, the Signal smart contract-based order routing system finds the optimal trade path for users swapping two assets, ensuring the best trades and prices with minimal slippage and no maximal extractable value (MEV) risk. The new version aims to eliminate challenges such as impermanent loss and liquidity mining, and create an inclusive multi-chain decentralized finance ecosystem with a feature-rich, easy-to-use DEX at its heart. Co-founder Ramani Ramachandran highlighted the technology's ability to scale and create a more secure and inclusive ecosystem. The new version is live now and available for users to experience.The native token of decentralized finance (DeFi) protocol Compound (COMP) has surged by more than 50% in four days following a spike in volume and outflows on Binance. One wallet deposited $3.5 million worth of USDT and withdrew $7.76 million in Compound's COMP tokens this week, indicating steady accumulation of the DeFi token. The recent rally in COMP follows a period of low volatility trading in the crypto market, with several altcoins posting double-digit gains. The article also mentions the CFTC commissioner's optimism towards spot bitcoin ETFs and the recent increase in Ethereum's average gas fees.New zkSync-based decentralized exchange Merlin was exploited for over $1.8 million during a public sale of its mage (MAGE) tokens. The attack occurred despite Merlin touting an audit conducted by blockchain security firm CertiK. On-chain data reveals that $1.82 million in total had been stolen, with the funds being bridged back to the Ethereum network before being converted to ether. The project garnered hype among Crypto Twitter users for its attractive yield offered on deposits. Merlin developers did not issue any statement regarding the funds drain on Wednesday at press time. CertiK's Twitter response to the loss of funds included plans for compensation, but the company has since deleted the tweet. The exploit was not a complex or sophisticated one, as blockchain data suggested that an entity with control of the liquidity pool was able to drain the funds easily. The total amount raised during the public sale will determine the final price of tokens for all users, developers said Tuesday. Arkham Intelligence provided on-chain data that revealed the funds were bridged back to the Ethereum network before being converted to ether.DWF Labs, a market maker and investment firm, has invested $16 million in Web3 company RACA to help the latter continue its goal of becoming an expansive Web3 gaming ecosystem. RACA, which was founded in 2021, has evolved from managing the NFT collection of Elon Musk's mom to a Steam-like blockchain gaming ecosystem. The funding will help RACA expand its offerings, which already include a R3 game infrastructure, a SimCity-esque sandbox game, a social party game, a cross-game DID wallet, and a NFT marketplace. DWF Labs has emerged as one of the most active investors during the crypto bear market, with recent investments including a $20 million fundraise for derivatives trading platform Synthetix and a $40 million raise for AI-focused crypto protocol Fetch.ai. The RACA token was about flat over the past 24 hours at $0.0001946 at the time of publication, according to CoinMarketCap.

The rise of Bitcoin-based meme coins has led to a surge in demand for block space on the Bitcoin network, resulting in a significant increase in transaction fees. According to data from Dune Analytics, the number of non-fungible tokens (NFT) tied to the Bitcoin blockchain has surged above 3 million, with over 11,000 tokens issued and traded on the network. The Ordinals protocol, which allows users to embed data into the Bitcoin blockchain, has been a major driver of this growth. The BRC-20 token standard has also spurred the creation of digital artwork and meme tokens built on Bitcoin. However, the rapid transactional activity has caused network congestion, leading to brief problems at crypto exchanges such as Binance. Despite this, on-chain data shows that there are nearly 415,000 unconfirmed Bitcoin transactions at writing time, which is higher than anything seen during the bull runs of 2018 and 2021. Some analysts consider the rapid transactional activity as a sign of network adoption, which adds to Bitcoin's fundamental narrative. The average transaction fee on the Bitcoin network was hovering at just under $20 during European hours on Monday, a bump from last week's average $1.20 level. Such levels were previously seen in May 2021, when bitcoin prices set a then-record peak of $60,000.SNX, the native token of decentralized liquidity platform Synthetix, rose by 12.5% on Monday following significant outflows from leading digital assets exchange Binance. Volume over the past 24-hours has risen by more than 250% to $96 million, according to CoinMarketCap, with one newly-created wallet withdrawing $7.7 million worth of SNX tokens from Binance, per Lookonchain. The rise of the two assets comes during a wider lull in the cryptocurrency market, with Bitcoin and Ethereum trading at range lows. Liquidity across altcoin trading pairs often retract during these downturns, creating an environment that is prone to volatility. Conversely, savvy traders could also trap this recent buyer into their position with the knowledge that the assets were purchased in low-liquidity conditions with significant slippage, thus pressure would be applied even with the slightest move to the downside. nnAside from withdrawing SNX, the wallet in question also withdrew $3.9 million worth of livepeer tokens (LPT), prompting an individual surge of 17.5%. The two assets have seen significant outflows in recent days, with $7.7 million worth of SNX and $3.9 million worth of LPT withdrawn from Binance over the past 24 hours, according to Lookonchain. nnThe rise of the two assets comes during a wider lull in the cryptocurrency market, with Bitcoin and Ethereum trading at range lows. Liquidity across altcoin trading pairs often retract during these downturns, creating an environment that is prone to volatility. Conversely, savvy traders could also trap this recent buyer into their position with the knowledge that the assets were purchased in low-liquidity conditions with significant slippage, thus pressure would be applied even with the slightest move to the downside. nnToken outflows typically suggest a pattern of buying, as traders prefer to retain full control of their assets in order to vote in governance or secure a yield. The recent outflows from Binance could be a sign that traders are looking to take advantage of the current market conditions and buy into the two assets at a discount. nnOverall, the recent surge in SNX and LPT could be a sign of a potential trend reversal, with the assets potentially breaking out of their current trading ranges. However, the low liquidity conditions and the wider bearish trend in the cryptocurrency market could also lead to a sharp correction in the assets' prices. As such, traders should exercise caution and conduct thorough research before making any investment decisions.Dogecoin's daily transaction volume has reached lifetime highs after the introduction of the DRC-20 token standard, which allows developers to issue tokens that take network fees in the form of dogecoin (DOGE). According to data from BitInfoCharts, the network saw over 645,000 transactions on Sunday, briefly crossing both Bitcoin and Litecoin transactions that day. This is a significant increase from the average daily transaction volume of around 20,000. The introduction of DRC-20 has added value to dogecoin and laid the path for potential decentralized finance (DeFi) services built on the blockchain. However, the token deployment has also attracted criticism, with some pointing out that it may lead to network congestion and that it moves away from dogecoin's aim of being used as an everyday currency. High fees and network congestion are valid concerns for any blockchain, as they may lead to the network becoming expensive and slow for everyday users, potentially damping adoption plans. Bitcoin's own 'Bitcoin Request for Comment' (BRC-20) standard went live in March, opening the floodgates to two-year high fees as a Bitcoin-based meme coin trading frenzy gained notoriety on the network.The total crypto market capitalization rose, with dogecoin (DOGE) leading gains among major tokens. Hopes surrounding a potential U.S. Bitcoin ETF filing by investment giant BlackRock fueled a bullish sentiment among some traders early Friday. Bitcoin regained the $25,500 level to erase declines of the past two days, when it fell to as low as $24,860. The move provided some respite to major tokens such as Polygon Network’s MATIC and Cardano’s ADA, which eased some losses from a two-day slide. Dogecoin (DOGE) led gains among major tokens with a 4% move in the past 24 hours; litecoin added (LTC) added 3.3%. On Thursday, CoinDesk reported that BlackRock planned to offer a Bitcoin ETF with crypto exchange Coinbase (COIN) serving as custodian. This was confirmed later after a filing showed the company’s iShares fund management unit filed paperwork for the formation of a spot bitcoin (BTC) ETF. 'An estimated 20% of Americans have now owned bitcoin at some point. BlackRock’s proposed ETF potentially offers the other 80% an option that is altogether more familiar and accessible,' said Sui Chung, CEO of CF Benchmarks, in an email to CoinDesk. 'BlackRock’s increasing engagement shows Bitcoin continues to be an asset of interest for some of the world’s largest financial institutions.' As such, the market strength of bitcoin impacted shorts – or bets against the currency – the asset with BTC-tracked futures seeing over $16 million in short liquidations in the past 24 hours. This figure was smaller than usual due to large declines in the past week, causing some traders to risk less capital than they normally would. The U.S. Securities and Exchange Commission (SEC) has previously rejected other attempts by fund managers at listing a spot bitcoin ETF, including those from Grayscale, VanEck, and WisdomTree. However, the stature of BlackRock could make it difficult for the SEC to reject this application – which some say could fuel an outsized bitcoin rally if approved.Some LUNC token holders remain committed to a Terra ecosystem revival. Six engineers calling themselves the 'Six Samurai' are proposing a Terra Classic ecosystem revival plan for the blockchain as some community members try their best to break away from the shackles of disgraced founder Do Kwon and rebuild the project. Terra Classic is the original network created by Terraform Labs and has continued as an independent blockchain rather than Terra 2.0, which is a forked version that was created in the wake of Terra's collapse. Its LUNC tokens are valued at $580 million as of Monday. The engineers, co-led by 'Bilbo Baggins' and 'Solid Snake,' proposed a $116,000 three-month spend from the Terra Classic community in a governance proposal over the weekend, claiming they would work part-time on the project if approved. The proposal includes tasks such as upgrades to the network to reduce the syncing time between nodes, a terraUSD (USTC) testnet for testing financial services, an application for generating yield to token holders, and a plan to reward developers for the user activity that their applications generate. These efforts aim to eventually drive value to the Terra Classic ecosystem and, hopefully, an increase in LUNC value over time. The Six Samurai is among the few community members set on Terra Classic's revival to save the once-storied ecosystem. In discussions that started in mid-April, community member 'RedlineDrifter' described a new model for Terra Classic's UST stablecoin that relied on token buybacks, unidirectional swaps, staking, and an 'algorithmic peg divergence fee' to address the issues with the original design. UST was the token at the center of Terra's collapse that led to a 99.9% drop in LUNA token prices, a $28 billion hemorrhage in Terra-based DeFi applications, and an eventual spiral to crypto funds going bust.

SNX, the native token of decentralized liquidity platform Synthetix, rose by 12.5% on Monday following significant outflows from leading digital assets exchange Binance. Volume over the past 24-hours has risen by more than 250% to $96 million, according to CoinMarketCap, with one newly-created wallet withdrawing $7.7 million worth of SNX tokens from Binance, per Lookonchain. The rise of the two assets comes during a wider lull in the cryptocurrency market, with Bitcoin and Ethereum trading at range lows. Liquidity across altcoin trading pairs often retract during these downturns, creating an environment that is prone to volatility. Conversely, savvy traders could also trap this recent buyer into their position with the knowledge that the assets were purchased in low-liquidity conditions with significant slippage, thus pressure would be applied even with the slightest move to the downside. nnAside from withdrawing SNX, the wallet in question also withdrew $3.9 million worth of livepeer tokens (LPT), prompting an individual surge of 17.5%. The two assets have seen significant outflows in recent days, with $7.7 million worth of SNX and $3.9 million worth of LPT withdrawn from Binance over the past 24 hours, according to Lookonchain. nnThe rise of the two assets comes during a wider lull in the cryptocurrency market, with Bitcoin and Ethereum trading at range lows. Liquidity across altcoin trading pairs often retract during these downturns, creating an environment that is prone to volatility. Conversely, savvy traders could also trap this recent buyer into their position with the knowledge that the assets were purchased in low-liquidity conditions with significant slippage, thus pressure would be applied even with the slightest move to the downside. nnToken outflows typically suggest a pattern of buying, as traders prefer to retain full control of their assets in order to vote in governance or secure a yield. The recent outflows from Binance could be a sign that traders are looking to take advantage of the current market conditions and buy into the two assets at a discount. nnOverall, the recent surge in SNX and LPT could be a sign of a potential trend reversal, with the assets potentially breaking out of their current trading ranges. However, the low liquidity conditions and the wider bearish trend in the cryptocurrency market could also lead to a sharp correction in the assets' prices. As such, traders should exercise caution and conduct thorough research before making any investment decisions.Crypto investors looking to earn yields on their ether (ETH) holdings have to wait nearly a month before they can be set up as network validators on Ethereum. Data from two sources show waiting times for staking ether lingers at 640 hours, or about 26 days. Exiting the network, on the other hand, takes just 0.013 hours, or less than a minute. As of May, nearly 50,000 validators are waiting in a 'queue' to be able to enter the network, data shows. The demand for validators to enter the network and earn the nearly 5% annual yield is likely stemming from large ether holders who do not want to cash out and instead just want to earn some passive income on their holdings. Some market watchers say these upcoming validators could be a mix of both new market entrants as well as stakers who previously unstaked ether from the network to test if the process works seamlessly and are now entering again. Shapella, a portmanteau of Shanghai and Capella, two major Ethereum network upgrades that occurred simultaneously on April 12, gave investors the ability to withdraw their staked ether at will for the first time. As such, staking deposits have surged in the past few weeks. More than 200,000 ether were deposited to the network last week, marking the first time deposits had outpaced withdrawals since Shapella went live last month. These additions have brought the number of ether locked for staking purposes to over 19 million tokens – about 15% of the total circulating supply.Despite recent price declines, long-term bitcoin holders are continuing to add to their holdings, according to the CoinDesk Bitcoin Trend Indicator (BTI). The indicator shows that the asset is in the middle of a significant uptrend, with a market capitalization of $1.2 trillion. The increase in long-term holders' 30-day change in bitcoin supply has been trending higher since March 31, indicating bullish sentiment and a lack of selling pressure. The uptick is occurring as bitcoin prices have flattened over the same period, suggesting that holders view the recent pause in price movement as an opportunity to acquire more. Year-to-date, bitcoin prices are up 68%. Additionally, the Network Value to Transaction (NVT) ratio is 6% higher than its year-to-date average of 53.7, indicating that the asset is trading at a slight premium. The CoinDesk Bitcoin Trend Indicator is implying that price may move higher, with a significant uptrend signal in place. Traders with a short-time horizon may note that the uptrend signal flashed on April 28, following a decline into neutral territory. However, a year-to-date time horizon shows that the first uptrend signal of 2023 occurred on Jan. 13, with BTC prices increasing 40% since that date.Ether and other alternative cryptocurrencies have surged in the past 24 hours, driven by positive sentiment around Ethereum staking-based protocols. The successful Shapella rollout on Ethereum has powered ether to 11-month highs above $2,120, heating up the 'alt season' narrative on Crypto Twitter.Governance tokens of liquid staking protocols such as Lido and Rocket Pool have seen outsized gains, with Lido's LDO and Rocket Pool's RPL surging as much as 14%. Lido's staked ether tokens (STETH) have climbed into the top ten cryptocurrencies by market capitalization of $12 billion.Meanwhile, dogecoin (DOGE) gained for the second straight day, driven by speculations of potential adoption for use as payments on the Elon Musk-owned social media platform Twitter.Cardano's ADA also surged nearly 9% on fundamental growth in the network, such as wider support for decentralized application development.Some market observers expect the rally to continue over the next few weeks, driven by positive sentiment and deferred demand.However, some analysts warn that selling pressure is likely to increase in the coming weeks due to unlocking liquidity.Users who held assets on bankrupt crypto exchange FTX and lender Celsius Network can now trade their claims on the Open Exchange (OPNX). According to a press release, claims can be converted into the platform's reborn OX (reOX) or oUSD tokens. This offers immediate liquidity, control over funds, and the chance to participate in market opportunities. The tokens can be used as collateral to trade on OPNX. The platform was co-founded by CoinFlex's Mark and Leslie Lamb alongside Three Arrows Capital's Kyle Davies and Su Zhu. Three Arrows Capital was one of the first dominos to fall in last year's cryptocurrency bear market. Edited by Sheldon Reback.

deBridge, a cross-chain bridging service, has launched DLN Trade, a cross-chain exchange offering capital-efficient and fast native trading across various blockchains. The app supports Ethereum, Arbitrum, Polygon, Fantom, BNB Chain, and Avalanche, and uses a global liquidity engine to create a decentralized order book, enabling any asset on one chain to be traded directly to any asset on another without the bottlenecks and risks of liquidity pools. This allows for unprecedented speed, capital-efficiency, and control for users, with trades protected from slippage, MEV, and the possibility of reversion, and guaranteed rates as low as 4bps. Users can also set cross-chain limit orders and cancel at any time before fulfillment. The app makes it possible for users to trade across chains without exposure to wrapped assets or liquidity pools, unlike other services on the market. Edited by Oliver Knight.The native token of decentralized exchange (DEX) aggregator 1inch (1INCH) rose by more than 58% before receding on Monday as trading volume hit $597 million, its highest level since October, 2021. Coupled with a spike in trading volume, $3.37 million in leveraged 1inch short positions on have been liquidated over the past 24-hours, according to CoinGlass. The open interest, which measures the nominal amount of open derivatives positions, has risen from $14 million to $125 million across 1inch trading pairs, suggesting that the rally has been spurred by futures markets. This creates a fragile market dynamic as market depth, a metric used to assess liquidity over a 2% spread, remains relatively low compared to trading volume. Buy-side market depth of 1inch on Binance is currently $226,272, according to CoinMarketCap. Spot sellers can capitalize on the leveraged trading activity to prompt a cascade of long position liquidations. One particular 1inch investor appears to be deploying that trading strategy, with blockchain sleuth lookonchain noting that an investor sent 7 million tokens worth $3.7 million to Binance with price proceeding to fall by 4.4% in the following minutes. 1inch is currently trading at $0.505, it remains up by 23.8% in the past 24-hours despite losing some of its gains on Monday morning. Between 9:00am UTC on Sunday and 9:00am UTC on Monday, 1inch was up 58.26%, according to TradingView.Maple Finance, a blockchain-based crypto lending protocol, is preparing to launch a new lending pool that invests in U.S. Treasury bonds. The pool will allow accredited investors and corporate treasuries based outside of the U.S. to invest their stablecoin holdings in U.S. Treasury bonds and earn a yield. The protocol expects demand for the pool due to crypto investors looking for yields in traditional assets such as government bonds, while trust in banking facilities has decreased after recent bank implosions in the U.S. Maple is also working on additions to its lending offerings, including a new feature called Maple Prime, which will let borrowers actively manage their collateral positions. The protocol plans to expand into open-term lending, which will let borrowers open credit lines to borrow without a maturity date. The developments come as the platform is recovering from a disastrous year for crypto lending that was plagued with insolvencies of borrowers. The MPL token rallied 23% ahead of the community call. The total value locked (TVL) on the protocol dropped to $40 million from $930 million last May, per data by DefiLlama. The MPL token plummeted to as low as $4 from an all-time high of $68.2 last April.Jade Protocol, a decentralized autonomous organization (DAO) that sources early-stage crypto deals, is facing calls to liquidate its $31 million treasury and issue redemptions to token-holders. The proposal was made by a longtime member of the community, who cited darkening regulatory skies and a brutal crypto winter as reasons for the dissolution. The DAO's native token, JADE, has surged in response to the proposal. Some investors have been joining Jade, according to a statement in the Discord server from Jade's press liaison Jon Ray. However, the dissolution proposal does not appear to be the doing of these activist investors. Instead, it is being driven by a longtime member who is concerned about the investment risk posed by the DAO. The community will now decide the future of Jade Protocol. If the dissolution is approved, a $2 million legal defense fund will be established to help core contributors wind down the DAO.Shiba Inu developers are working towards a public restart of the Shibarium network after a much-hyped launch was marred by network issues and a faulty bridge. The network was closed to the public following the issues, but developers are now monitoring validator data and transactions before a planned reopening. The project's key developer, Shytoshi Kusama, announced that the network is almost ready to reopen and has implemented new mechanisms to prevent a repeat of the outage. The Shibarium network is an Ethereum layer-2 network that uses SHIB tokens as fees and has a focus on metaverse and gaming applications. A testing period for Shibarium saw significant success, but the launch was plagued by issues, causing SHIB prices to plunge 10%. Developers have since responded to the outage, stating that there was no bridge issue and that the problem occurred due to an unprecedented mass influx of transactions from users. The network is set to reopen once the errors are fixed, and validators are already being allowed to start taking initial steps for the reopening. SHIB prices were down 4.3% in the past 24 hours, according to CoinGecko data.

ROOK Investors Aim to 'Rage Quit' Through Plan to Liquidate $25M Crypto Treasury

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Ether (ETH) jumped to a nine-month high on Wednesday, with open interest in ether futures reaching $5.6 billion, as investors anticipate the upcoming 'Shapella' upgrade, which will allow for the withdrawal of staked ether. The development is expected to make staking more accessible to retail investors, who have been relying on liquid staking platforms to capture yields from staking ether on Ethereum nodes. Liquid staking tokens, such as LDO and RPL, have surged ahead of the upgrade, with the LSD sector jumping 6% on average. The broader crypto market capitalization rose by a relatively lesser 3%. The article highlights the growing interest in decentralized staking products and the potential for future growth in the sector.Crypto derivatives protocol Vega has launched the first version of its mainnet, which is designed to support decentralized derivatives trading of financial products such as futures and options. The platform will initially offer cash-settled futures markets, allowing users to deploy strategies to profit from price gyrations. Vega token (VEGA) stakers can propose and vote on the creation of new derivatives markets, and traders can trade without paying gas fees. Market makers can operate as they would on any other orderbook-based exchange and can commit capital on-chain as liquidity providers to earn a portion of trading fees. Trading on Vega is expected to begin in the coming weeks, according to developers. The platform offers no gas fees on trading at low latency and has a feature to discourage front running, which will attract traders to the protocol. Front running is a frowned-on practice in which a market maker or trader buys a token and then sells it on in the same transaction for a slightly higher price.

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Rook's well-funded offshoot Incubator DAO is holding a vote on its financial future where the organization could liquidate its entire $25 million treasury for payouts directly to ROOK token holders. The vote, which runs through Thursday, considers a proposal to 'rage quit' Incubator DAO by divvying up its $25 million treasury among holders of the ROOK governance token. The vote is being orchestrated by activist investors who for weeks have debated the future of Rook (an Ethereum-based MEV project) on Discord. The prospect of ROOK owners receiving a share of the money has contributed to a tripling of ROOK's value over recent weeks. It was trading at $42 at press time, slightly over the price that some community estimates have placed on each token's value relative to its share of the treasury.Tron (TRX) founder and Huobi stakeholder Justin Sun has accused Li Wei, the brother of Huobi founder Li Lin, of acquiring Huobi's native token (HT) at zero cost and selling it for 'huge amounts of cash.' The token has lost 43% of its value over the past seven days but has recovered by 3.16% following Sun's tweets. Sun told CoinDesk that Li Wei 'received millions of HT tokens for free' when the token was initially distributed and that he believes in rewarding those who 'genuinely contribute to the growth and development of HT DAO.' HT is currently trading at $2.80 with a market cap of $450 million. CoinDesk did not immediately receive a response from New Huo Tech, the company that Li Lin is now chairman of. Over the past few months, Justin Sun has taken on a leadership role at Huobi, with plans to attain a license in Hong Kong and roll out a new exchange called Huobi Hong Kong.

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Developers behind the Optimism-based lending platform Kokomo Finance have been accused of conducting an exit scam after manipulating tokens on the protocol to steal $4 million in user funds. The project, which launched on Saturday and quickly gained favor among users, allowed for the trading, borrowing, and lending of wrapped bitcoin (WBTC), ether (ETH), tether (USDT), USD coin (USDC), and dai (DAI). However, on Sunday night, the developers deployed an attack contract cBTC from the main address of KOKO, Kokomo's native token, and set the reward speed, paused a borrow feature, and created a malicious contract to interact with the rest of the protocol. This ultimately tricked the protocol into falsely believing it had more liquidity when there was none. Another developer address was then used to maliciously approve a transfer of spending more than 7,000 sonne wrapped bitcoins, which were then used to swap all user-supplied liquidity to Kokomo, amounting to over $4 million. Social-media accounts and the Kokomo website were quickly deleted, and the tokens fell 97%, wiping nearly all value for holders. The exit scam is the latest in a series of growing attacks and exploits in the crypto market, following an earlier $200 million exploit of Euler Finance, another lending platform.Despite efforts by Solana developers to discourage spammy transactions, a majority of the network's compute is still being wasted on failed trades, according to an analysis by crypto infrastructure company Jito Labs. In one recent epoch, arbitrage transactions took up 60% of overall compute space, with 98% of attempts failing. The result is wasted blockspace and capital burnt on losing trades. The issue is attributed to Solana's infrastructure, which prioritizes the first submitted transaction, creating an incentive for arbitrage bots to submit multiple duplicate transactions. Recent changes to Solana's backend, including the introduction of priority fees and local fee markets, have not effectively addressed the issue. MEV (maximal extractable value) opportunities remain, and spam transactions will persist as long as they do. Jito Foundation is building a specialty client for the Solana network that optimizes for MEV.