Multichain Bridges Exploited for Nearly $130M Across Fantom, Moonriver and Dogechain
Send Time:2024-04-18 04:04:54
The application has zoomed to becoming the second-largest revenue maker among crypto protocols in just over two weeks. The newest crypto “killer app” seems to be social tokenization protocol Friend.tech, and it has proven to be an absolute money printer for developers so far. Friend.tech, which lets X (formerly Twitter) personalities issue shares on its app for access to a closed group chat, has made over $1.04 million in fees, set at 5% of the value of each transaction over the past 24 hours. That’s banked the platform some $709,000 worth of ether in revenue (what the platform takes after paying out gas fees and other costs), data from DefiLlama shows. Such growth has come in a very short time, even for crypto’s fast-moving standards. Friend.tech’s invite-only beta launched on August 10 and racked up some 4,400 ETH (about $8.1 million) in trading volume on the first day. The app is built on Base, crypto exchange Coinbase’s new layer-2 network. Shares of some crypto X personalities, such as Cobie and Hsaka, jumped to as much as three ether, or nearly $5,000 at current prices, in a few days. Friend.tech is also taking the scam-riddled Base by storm. Last week, the network reached 136,000 daily active users – overtaking layer 2 networks Arbitrum and Optimism – much of which is attributed to the app’s users. These group chats are quickly evolving into intimate community experiences for share buyers. Trading personality @RookieXBT is dangling revenue shares and X premium subscriptions to holders, while @DeFiMaestro is sharing token picks for a trading challenge. Meanwhile, the hype could just be getting started. A slew of personalities outside of crypto circles on X joined Friend.tech over the weekend – opening the floodgates to possible crypto adoption among the general populace, some opine. Richard “FaZe Banks” Bengtson II, co-founder of the influential esports community FaZe Clan, joined the platform late Sunday and saw his share prices quickly become among the costliest. Elsewhere, NBA player Grayson Allen saw shares surge quickly in mere hours after joining. “I’ve always thought the idea of betting on the success of especially YouTubers/ streamers success would be cool,” FaZe Banks tweeted. “Outside of just time and resources. I’ve discovered so many talented people, a product like this is perfect for that.”The Klaytn Foundation, a key developer and maintainer of the Klaytn blockchain, is making changes to the network's governance system and token model. The Foundation will aid the transition to a wholly permissionless validator structure, provide opportunities for the general public to participate as block validators, and introduce a communication channel for community members to participate in decision-making processes. These changes are expected to enhance Klaytn's technical capabilities, revenue sustainability, and decentralization aspects, making KLAY more valuable. The Foundation will work alongside the Klaytn Governance Council (GC) to make these changes, with the GC having expanded decision-making authority over the Klaytn blockchain business. The Foundation will also strengthen governance transparency by disclosing GC voting agendas and statuses in real-time through Klaytn Square. These measures aim to prevent governance dramas like those seen in recent weeks, where decentralized exchange Uniswap faced contention among community members over allegedly skewed voting rights. The Klaytn Foundation will present a revamped tokenomics proposal to the GC starting Monday, including a proposal for handling uncirculated KLAY tokens in response to community feedback. Finalized agendas and proposals will be made public on February 28 alongside a technical roadmap for 2023.The Klaytn Foundation, a key developer and maintainer of the Klaytn blockchain, is making changes to the network's governance system and token model. The Foundation will aid the transition to a wholly permissionless validator structure, provide opportunities for the general public to participate as block validators, and introduce a communication channel for community members to participate in decision-making processes. These changes are expected to enhance Klaytn's technical capabilities, revenue sustainability, and decentralization aspects, making KLAY more valuable. The Foundation will work alongside the Klaytn Governance Council (GC) to make these changes, with the GC having expanded decision-making authority over the Klaytn blockchain business. The Foundation will also strengthen governance transparency by disclosing GC voting agendas and statuses in real-time through Klaytn Square. These measures aim to prevent governance dramas like those seen in recent weeks, where decentralized exchange Uniswap faced contention among community members over allegedly skewed voting rights. The Klaytn Foundation will present a revamped tokenomics proposal to the GC starting Monday, including a proposal for handling uncirculated KLAY tokens in response to community feedback. Finalized agendas and proposals will be made public on February 28 alongside a technical roadmap for 2023.Multichain, one of the largest bridging protocols in the crypto ecosystem, has suspended cross-chain routes due to the unavailability of its CEO Zhaojun. The team has been unable to contact Zhaojun, who has not responded to CoinDesk via Telegram since last week, despite their best efforts to maintain the protocol. The suspension affects cross-chain bridges for Kekchain, PublicMint, Dyno Chain, Red Light Chain, Dexit, Ekta, HPB, ONUS, Omax, Findora and Planq. The team has revealed that without server access, they are unable to keep the bridges online. The development has confirmed rumors of at least one key team member going AWOL. Multichain's native token MULTI has lost nearly half its value in the past seven days, trading at around $4.11 at press time.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.
Investors in the Hector Network, a stablecoin project, are demanding that the group's leaders kill it faster after the project suffered major losses from the Multichain bridge's collapse. The community is angry over the timeline for liquidation, which could take six to twelve months, and the fact that the project's remaining $16 million treasury may be whittled away by legal fees and other expenses. The situation highlights the messiness of operating a decentralized autonomous organization (DAO) and the complexity of unwinding such a project. The article also mentions that the DAO never approved the creation of a corporation, and that the project's leaders plan to proceed with liquidation in the British Virgin Islands. The community is crying foul over the lack of transparency and the fact that they were bamboozled. The article quotes a former employee of the group and a prominent figure in the Hector community, who say that the project's ambitions were too broad and that infighting and delays drained the treasury. The article also mentions that investors had identified Hector as a risk-free value trade and that some had already been pushing for a rage quit before the announcement of liquidation.Nansen, a blockchain data analytics firm, has launched Nansen Query, a platform that allows clients to programmatically access unique, curated datasets pulled from Nansen’s databases. The new product aims to help firms perform blockchain analyses more efficiently by demystifying on-chain transaction history and pricing data. It promises to offer users a complete overview of markets to value “up to 60 times faster than competitors.”nnThe product provides coverage for 95% of all on-chain total value locked, or TVL, asset data and 98% of stablecoin deposit data across 17 blockchains, including Ethereum, Polygon, Arbitrum, BNB Chain, Avalanche, Optimism, Ronin and Solana. Nansen Query differs from Nansen’s base-level offering by pairing data with the company’s proprietary and trading indicators like the “wash trading filter,” which helps identify suspicious on-chain activity by scanning trades between several linked wallets and transactions bounced between various trading counterparties. Nansen’s labeling system achieves that goal by facilitating firms’ analyses of on-chain data, which, while recorded on a public ledger system, can sometimes be difficult to access. nnA query is a request for data from a database or a request for action on that data that allows users to edit large information sets and identify trends among them. A programming language, like SQL, is used to create a query. Nansen’s data analytics tools, which were released in 2019, have gained traction among firms throughout the cryptocurrency industry, including prominent players like Coinbase (COIN), OpenSea, MakerDAO, Polygon, Avalanche and Andreessen Horowitz.A rise in open interest shows more participation from crypto traders and a bullish market sentiment, a trading firm said.Open interest in bitcoin (BTC) across crypto derivatives exchanges has surged to $10 billion, a five-month high after leverage subsided in the wake of FTX's collapse in November, according to data from Coinalyze.A rise in open interest, which is a metric that assesses the value of all unsettled derivatives positions, alongside an increase in price is often used to confirm the legitimacy of a move. At the time of writing, bitcoin was trading at around $30,000 after it surged to a 10-month high of $30,540 on Tuesday.Zahreddine Touag, head of trading at Woorton, a crypto trading firm and liquidity provider, said that bitcoin broke out in a 'global risk-on environment,' with the Nasdaq also rising by 10% in the last 30 days.'We think this move is driven by technicals, BTC broke a major resistance at $28.5k and rebounded on its 2023 bullish trendline,' Touag said.'We noticed futures open interest has been moving up vertically which shows more participation from crypto traders and a bullish market sentiment,' he added.'For now, we do not see signs of extreme exuberance; indeed, the fear and greed index is at 61, funding rates are still negative on many exchanges for BTC while short-sellers did not capitulate yet. We will monitor these metrics to predict a potential trend reversal.'It's worth noting that an increase in open interest means that whilst short-sellers have added to their shorts in this region, traders betting on long trades are doing so with leverage that may unwind if price begins to reverse.A total of $98 million in crypto derivatives positions have been liquidated in the past 24 hours as bitcoin momentarily slipped below $30,000, according to CoinGlass.UPDATE (April 10, 2023, 20:03 UTC): Updates quote attribution.Edited by Parikshit Mishra.GMX, the most popular decentralized exchange on the Arbitrum layer 2 network, has launched version 2 of its trading platform, offering liquidity pools for riskier assets at lower fees. The new version expands the list of tradable assets to include alternative currencies such as dogecoin (DOGE) and offers annualized yields of up to 47%.nnThe initial model of GMX version 2 went live Thursday, attracting over $1.2 million for its liquidity pools in a muted launch. The platform allows users to trade spot and perpetual futures through an on-chain interface at low fees, with part of its recent popularity attributed to the rise of the Ethereum-based Arbitrum. nnThe new version of GMX will exist alongside the current platform, offering traders a service for betting on price movements of major tokens using leverage. Liquidity on V2 is provided through individual GMX Market, or GM, pools, with liquidity providers rewarded with a cut of fees earned from services such as leverage trading, borrowing, and swaps. nnInitial GM pools include solana (SOL), xrp (XRP), litecoin (LTC), dogecoin, and arbitrum (ARB) on the Arbitrum network, alongside SOL, XRP, LTC, and DOGE on the Avalanche network. A GM pool comprises long tokens, which back positions betting on higher prices, a short token, which bets on lower prices, and an index pool token. nnAs of Friday, GM pools for DOGE are paying out as much as 45% annualized, while the solana pool is paying 47%. The rates are subject to change. nnThe introduction of V2 could help GMX's prospects among traders in an increasingly competitive market. Ultimately, attractive rewards and increased revenues could drive value to GMX's namesake governance tokens (GMX). nnGMX locks up over $447 million on Arbitrum and $74 million on the Avalanche network, data from DefiLlama shows. The platform has traded over $117 billion worth of tokens and generated $184 million in fees for its Arbitrum users alone, data shows.Investors in the Hector Network, a stablecoin project, are demanding that the group's leaders kill it faster after the project suffered major losses from the Multichain bridge's collapse. The community is angry over the timeline for liquidation, which could take six to twelve months, and the fact that the project's remaining $16 million treasury may be whittled away by legal fees and other expenses. The situation highlights the messiness of operating a decentralized autonomous organization (DAO) and the complexity of unwinding such a project. The article also mentions that the DAO never approved the creation of a corporation, and that the project's leaders plan to proceed with liquidation in the British Virgin Islands. The community is crying foul over the lack of transparency and the fact that they were bamboozled. The article quotes a former employee of the group and a prominent figure in the Hector community, who say that the project's ambitions were too broad and that infighting and delays drained the treasury. The article also mentions that investors had identified Hector as a risk-free value trade and that some had already been pushing for a rage quit before the announcement of liquidation.
The attackers behind the recent $35 million exploit of crypto wallet Atomic Wallet are moving stolen funds via OFAC-sanctioned exchange Garantex, according to blockchain security firm Elliptic. The infamous North Korean hacking group Lazarus is believed to be responsible for the hack, and the stolen funds have been laundered through a bitcoin mixer service called Sinbad. Nearly $35 million worth of various tokens were stolen from Atomic Wallet on June 3, including bitcoin, ether, tether, dogecoin, litecoin, BNB coin, and Polygon's MATIC. Garantex, which was sanctioned by the Office of Foreign Assets Control (OFAC) last year for its lax anti-money laundering measures, continues to operate and has allowed the hackers to freely move the stolen funds. Several crypto exchanges have already frozen addresses related to the Atomic Wallet hack, but some funds have found their way to Garantex. The bitcoin was then laundered through Sinbad, a bitcoin mixer service allegedly used by North Korean hacking groups. The incident highlights the ongoing risks of hacking and money laundering in the cryptocurrency space.The application has zoomed to becoming the second-largest revenue maker among crypto protocols in just over two weeks. The newest crypto “killer app” seems to be social tokenization protocol Friend.tech, and it has proven to be an absolute money printer for developers so far. Friend.tech, which lets X (formerly Twitter) personalities issue shares on its app for access to a closed group chat, has made over $1.04 million in fees, set at 5% of the value of each transaction over the past 24 hours. That’s banked the platform some $709,000 worth of ether in revenue (what the platform takes after paying out gas fees and other costs), data from DefiLlama shows. Such growth has come in a very short time, even for crypto’s fast-moving standards. Friend.tech’s invite-only beta launched on August 10 and racked up some 4,400 ETH (about $8.1 million) in trading volume on the first day. The app is built on Base, crypto exchange Coinbase’s new layer-2 network. Shares of some crypto X personalities, such as Cobie and Hsaka, jumped to as much as three ether, or nearly $5,000 at current prices, in a few days. Friend.tech is also taking the scam-riddled Base by storm. Last week, the network reached 136,000 daily active users – overtaking layer 2 networks Arbitrum and Optimism – much of which is attributed to the app’s users. These group chats are quickly evolving into intimate community experiences for share buyers. Trading personality @RookieXBT is dangling revenue shares and X premium subscriptions to holders, while @DeFiMaestro is sharing token picks for a trading challenge. Meanwhile, the hype could just be getting started. A slew of personalities outside of crypto circles on X joined Friend.tech over the weekend – opening the floodgates to possible crypto adoption among the general populace, some opine. Richard “FaZe Banks” Bengtson II, co-founder of the influential esports community FaZe Clan, joined the platform late Sunday and saw his share prices quickly become among the costliest. Elsewhere, NBA player Grayson Allen saw shares surge quickly in mere hours after joining. “I’ve always thought the idea of betting on the success of especially YouTubers/ streamers success would be cool,” FaZe Banks tweeted. “Outside of just time and resources. I’ve discovered so many talented people, a product like this is perfect for that.”The recent rise of the meme coin bald (BALD) has raised questions about the involvement of Sam Bankman-Fried, the founder of Alameda Research. On-chain data suggests that the deployer contract of BALD has interacted with wallets linked to Alameda, and crypto sleuths have found connections between Bankman-Fried's Alameda Research and the deployer wallet. However, it is unlikely that Bankman-Fried is behind the scam, as he is currently under strict bail conditions and has limited access to the internet. The article also explores the connections between BALD and other DeFi projects, and the sudden removal of liquidity from the token's trading pairs. The rise of BALD and its subsequent fall has left many holders in the lurch, and the future of the token remains uncertain.The Algorand Foundation, along with several other major creditors, has indicated a preference for liquidation over restructuring for troubled Singaporean crypto lender Hodlnaut. According to a court filing, the creditors have claims worth $228 million Singaporean dollars (US$170 million). The Algorand Foundation declared $35 million in exposure to Hodlnaut in September. The decision to oppose restructuring comes as Hodlnaut's judicial managers have stated that there is no 'white knight investor' for the lender, leading to an absence of fresh capital. Creditors initially indicated a preference for liquidation in January, with the Algorand Foundation stating that liquidation would 'maximize the company's remaining assets available for distribution.' The Algorand token (ALGO) is currently trading at 18 cents, having dropped by 3.34% in the past 24 hours, according to CoinDesk data.Conic Finance, a new tool for capturing yields from the prominent stablecoin swapping service Curve, has attracted over $60 million in deposits just over a week after launch. The platform offers unlocked yield rewards to users by diversifying exposure across the Curve ecosystem while increasing rewards. Each omnipool allocates liquidity of a single asset into different Curve pools, boosting CRV rewards earnings and providing up to 21% annualized yields on USDC, DAI, and FRAX. Holders can lock their CNC tokens for vlCNC to participate in Conic governance and directly control how liquidity is allocated across Curve pools. The high yields offered by Conic could generate value for its own CNC token, making it an attractive option for traders looking to earn yields without locking up their tokens for long time periods. Curve uses smart contracts to offer an efficient way to exchange stablecoins while maintaining low fees and low slippage, and depositors on Curve earn annual yields of up to 4% from one of the many pools on the platform. veCRV allows users to participate in platform governance, earn higher rewards and fees, and receive airdrops, but it effectively locks up liquidity, creating opportunity costs for users. Protocols like Conic offer a solution to this issue, allowing users to gain exposure to the Curve ecosystem without locking up their tokens for long time periods.
Gitcoin, a crowdfunding platform for open-source software, has voted to seed initial liquidity for its Staked ETH Index (gtcETH). The move aims to provide a steady stream of income for the organization to fund grants for digital public goods. The index is composed of three tokens from top liquid staking protocols on Ethereum: Lido, Rocket Pool, and StakeWise. Token holders of gtcETH will incur an annualized streaming fee of 2%, with 1.75% allocated to the Gitcoin decentralized autonomous organization (DAO) and the remaining amount to Index Coop. The move comes as Gitcoin shifts its grants program to exclusively run on 'Grant Stacks,' a decentralized, customizable, smart contract-enabled solution that connects grants program managers, project owners, and community members. The decision was announced in January and is expected to provide a consistent revenue stream to help fund grants. According to the governance forum discussion on funding gtcETH, the index could provide Gitcoin with a reliable source of income to support digital public goods, which often lack a clear profit motive and can be difficult to fund. The gtcETH vote received almost unanimous support from the Gitcoin community, with 98.5% of voters in favor of the proposal. The move is seen as a positive development for the open-source software community, as it provides a new way for supporters to contribute to the funding of digital public goods while earning rewards from a diversified set of liquid staking tokens.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.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.The metaverse market is bouncing back ahead of Apple's release as trading volume on related tokens spikes to $905 million. Cryptocurrency's virtual reality (VR) sector has surged by more than 7.9% over the past 24 hours according to CryptoSlate data, as investors anticipate Apple's (AAPL) big VR headset reveal on Monday. Hailed as Apple's first major product release in a decade, the tech giant's share price has risen by 7.4% in the past two weeks, a trend that has been matched by virtual reality and metaverse crypto tokens today. UnmuteALTAVA CMO on Bridging Fashion and Technology00:54Why Prada Is at the Forefront of Digital Fashion and Metaverse16:36What Will The Metaverse Look Like in the Future?01:22The Sandbox Wants to Make India Its Largest Market Within the Next Two Years11:34Saudi Arabia's NEOM Is Working to Build the 'City of the Future' With Blockchain, Web3: Yat SiuDecentraland (MANA) is considered the largest VR-related token with a market cap just shy of $1 billion, and is up by 5.4% over the past 24 hours despite the wider crypto market shedding 1.5% of its value over the same time period, according to CoinGecko. Five-dimensional metaverse project Wilder World (WILD) is the sector's top gainer for the day, soaring by 18.8% over the past 24 hours to cap a 119% gain over the past 30 days. Goldman Sachs noted in a research report last year Apple is one of two companies leading the way in virtual and augmented reality. The tech giant is expected to mass release a mixed reality headset in Q4 of this year, according to a recent Morgan Stanley investor note. The wider metaverse sector has suffered during the crypto winter, with several assets falling more than 80% from their all-time highs. However, the recent bounce indicates that the tide may be shifting. A total of $905 million in trading volume has been exercised on metaverse tokens over the past 24 hours, with the group's overall market cap rising to $8.65 billion, according to CoinGecko. Edited by Nelson Wang.A white hat hacker who targeted decentralized-finance (DeFi) platform Tender.fi has returned $1.6 million that was stolen on Tuesday, receiving a 62.15 ether (ETH) bug bounty worth $850,000 instead. The attack occurred after Tender.fi upgraded its price feed to relay data from a Chainlink pricing oracle as opposed to a time-weighted average price (TWAP). Tender.fi's code, which was audited by PeckShield, contained an error and returned a number with too many zeros behind it, allowing the attacker to deposit one GMX token, worth around $70, effectively tricking the system into allowing infinite borrows. The hacker left an on-chain message, 'It looks like your oracle was misconfigured. Contact me to sort this out.' Tender.fi reached out and agreed to pay the white hat hacker the bug bounty. The protocol plans to deploy a new rewritten oracle contract before unpausing borrowing and has vowed to repay any unpaid debt left behind by the hacker. The TND token, which plunged by 34% on Tuesday, was recently trading at $1.87 and has increased by 2.4% in the past 24-hours against its ethereum pair but remains down by 7.6% against its U.S. dollar pair following a crypto market rout.
Dogecoin Futures Set Record Highs as Twitter Adopts Token's Dog Logo
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Reddit's Fortnite Token BRICK (BRICK) has surged 110% in the past 24 hours, bucking the wider cryptocurrency trend that saw bitcoin (BTC) fall back below $27,000 on Wednesday. The token, which was distributed to active members of the Fortnite subreddit, had lost over 80% of its value in the past two months before this recent rally. nnThe majority of trading volume occurred on Kraken, with the figure across all exchanges nearing $750,000, an 800% rise from the previous 24-hour period, according to CoinMarketCap. However, liquidity remains relatively thin across all exchanges, with 2% market depth on Kraken equating to around $2,500 on both the bid and ask side. nnThe sudden price increase has been attributed to a lack of clear catalyst, although it has been speculated that the recent rule change proposals on Reddit may have contributed to the rally. The token's performance has been closely watched by investors, with some speculating that it could be a sign of a potential revival of the Fortnite community. nnDespite the recent surge, the token's market capitalization is still relatively low, and the lack of liquidity in an asset that has experienced significant upside presents a risk to traders as price could cascade back down with minimal effort, potentially trapping those that bought the recent high. nnOverall, the sudden and unexplained rally in BRICK has caught the attention of investors and Reddit community members alike, and it remains to be seen if the token's performance will continue to defy the wider cryptocurrency trend.The attacker behind Euler Finance's $200 million exploit has apologized and returned more funds to the protocol, seemingly in a series of messages sent on the blockchain. The hacker, who now identifies as Jacob, sent over 7,000 ether and $10 million worth of dai stablecoins to the protocol in the past 12 hours, bringing the total amount returned to over $120 million. The attacker had previously sent over 51,000 ether to Euler over the weekend. In a message encoded in a transaction, the hacker apologized for their actions, saying 'I f**d up' and 'I didn't mean all that.' The lending protocol suffered an exploit earlier this month that resulted in almost $200 million being lost over four transactions in dai, wrapped bitcoin, staked ether, and USD coin. The attacker used a flash loan to conduct the attack by temporarily tricking the protocol into falsely assuming it held varying amounts of eToken and dToken. Euler had earlier threatened legal action and offered a $1 million bounty to the hacker in return for the funds.
Hector Network's community is debating whether to adopt a more centralized structure, HIP 40, which would include a management board, directors, and supervisors. The proposal is met with skepticism from some HEC token holders who fear it would dilute their influence over the DAO. The lawyer behind the proposal, Dali, argues that a professional organization with expertise in specific areas is needed for the DAO to succeed. However, some critics view the plan as antithetical to the decentralized, democratic principles of DAOs. The debate highlights the challenges DAOs face in balancing decentralization with the need for professionalism and expertise to compete with centralized corporations.Cross-chain router protocol Multichain has been exploited for nearly $130 million after an attacker siphoned capital out of numerous token bridges. The lockup assets on the Multichain MPC address have been moved to an unknown address abnormally, with the team not sure what happened and currently investigating. It is recommended that all users suspend the use of Multichain services and revoke all contract approvals related to Multichain. The unexpected outflows stripped Multichain’s Fantom bridge of nearly its entire holdings in wBTC, USDC, USDT and a handful of altcoins, worth over $130 million. On-chain sleuths described the activity as highly unusual, with Fantom Foundation CEO Michael Kong looking into it. Multichain has been under pressure for over a month due to failing tech and its AWOL CEO. The trio of unexplained outflows from Multichain’s Fantom, Moonriver and Dogecoin bridge contracts sparked fears on crypto Twitter that a hack could be afoot. Binance CEO Changpeng 'CZ' Zhao said that the exploit does not affect users on Binance itself, with assets swapped out and deposits closed a while back. Assets transferred out of the Multichain Fantom bridge include at least $20 million of altcoins going to 0x9d57, with other transfers seeing outbound moves of 1,023 wBTC ($30.9 million), 7,214 wETH ($13.6 million), and $57 million USDC between two separate addresses. Multichain’s Moonriver bridge contract has seen $6.8 million in token outflows with nearly all its wBTC, USDT, USDC and DAI going to 0x48BeAD. An address identified as Mulitchain’s Dogecoin bridge has seen over $600,000 in outflows of USDC. UPDATE (July 7, 2023, 09:17 UTC): Updates headline and adds context on the exploit throughout.
Decentralized Exchange GMX Connects to Chainlink's Low-Latency Oracles
An Ethereum wallet funded by a beneficiary of the Multichain exploit has sold $2.4 million of Chainlink's token (LINK) and $1.8 million worth of WOO Network (WOO) tokens on Uniswap, causing the price of WOO to slump by 8%. The wallet, which was created on Friday morning, received funds from an address tagged as 'suspicious' by etherscan. It obtained the tag after it received lockup funds from Multichain team's multi-signature address despite being unknown to the Multichain team. Multichain ceased operations last month after the company's CEO Zhaojun and his sister were held in detention by Chinese police. The bridging protocol was exploited a few weeks prior with $130 million being stolen across several blockchains before being sent to the wallet tagged as suspicious on etherscan. Alongside deposits of WOO and LINK, the wallet received $800,000 worth of CRV tokens and $870,000 worth of YFI, both of which are actively being sold on Uniswap.Bitcoin's recent strength pushes the asset over the $30,000 mark for the first time since June 2022, causing heavy losses to traders betting on a decline. Over 87% of all future trades that were liquidated in the past 24 hours were short, amounting to losses of over $145 million. Crypto exchange Huobi had the largest liquidation order, a bitcoin/tether trade valued at $11 million. The recent strength in bitcoin can be attributed to worsening economic conditions, leading investors to shift their capital into the decentralized asset. Bitcoin's ongoing strength suggests that it is emerging from the 'crypto winter' into a new phase of strength and renewed interest from retail and institutional investors.
Jump in Shiba Inu Breed-Themed Tokens Is Unsustainable, Crypto Traders Warn
Coinbase's Base Prepares for Mainnet Launch With Slew of Security Audits
09.12.2015Chainlink's LINK token has seen a significant surge in value this week, with wealthy investors swapping ether for link following the release of the company's Cross-Chain Interoperability Protocol (CCIP). On-chain data shows that some whales have added upward of $6 million to their link holdings, lifting prices as much as 6%. The increased demand has helped extend weekly gains to over 25%. CCIP is designed to help build cross-chain applications and services, and is now available to all developers across five testnets. Prices of other oracle protocols, such as Band Protocol and Uma, have also risen in the past 24 hours. Oracles are blockchain-based services that fetch data from outside a blockchain, and Chainlink's CCIP is a significant development in the space. The article is well-written and provides a clear overview of the current state of the market and the impact of Chainlink's release.
Dogecoin price usdInternet Computer's 'Liquid Bitcoin' Aims to Revolutionize BTC Transactions
09.12.2015South Korean traders are flocking to two lesser-known cryptocurrencies, Solar (SXP) and icon (ICX), driving up trading volumes and prices on local exchanges. According to CoinGecko data, the ICX-Korean won token pair saw over $420 million in trading volume on Upbit, a prominent South Korean exchange, while the SXP-won trading pair saw over $490 million in volume, more than either bitcoin (BTC) or ether (ETH) trading pairs. The surge in interest comes as Binance, the world's largest crypto exchange by trading volume, announced it will support a token migration of SXP in the coming days. ICX is popular in South Korea for its local roots and ability to be used for staking, network governance, and collateralization on decentralized-finance platforms. However, some of the volume may be attributable to wash trading, a manipulative technique in which traders continually buy and sell the same asset to drive up volume. South Korean crypto traders have a history of pushing euphoric rallies on tokens, known as the Kimchi Premium, which can result in prices trading as much as 30% above international prices. Last week saw a similar rally in XRP, with Upbit leading global XRP trading volumes with over $790 million worth of tokens traded over a 24-hour period. Despite the surge in interest, it's important to approach these figures with caution and do your own research before investing.
Dogecoin cashDeFi Protocol Synapse Rebounds 17% After Liquidity Provider Sell-Off
09.12.2015Maple 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.
Ethereum price usd
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.Reddit's Fortnite Token BRICK (BRICK) has surged 110% in the past 24 hours, bucking the wider cryptocurrency trend that saw bitcoin (BTC) fall back below $27,000 on Wednesday. The token, which was distributed to active members of the Fortnite subreddit, had lost over 80% of its value in the past two months before this recent rally. nnThe majority of trading volume occurred on Kraken, with the figure across all exchanges nearing $750,000, an 800% rise from the previous 24-hour period, according to CoinMarketCap. However, liquidity remains relatively thin across all exchanges, with 2% market depth on Kraken equating to around $2,500 on both the bid and ask side. nnThe sudden price increase has been attributed to a lack of clear catalyst, although it has been speculated that the recent rule change proposals on Reddit may have contributed to the rally. The token's performance has been closely watched by investors, with some speculating that it could be a sign of a potential revival of the Fortnite community. nnDespite the recent surge, the token's market capitalization is still relatively low, and the lack of liquidity in an asset that has experienced significant upside presents a risk to traders as price could cascade back down with minimal effort, potentially trapping those that bought the recent high. nnOverall, the sudden and unexplained rally in BRICK has caught the attention of investors and Reddit community members alike, and it remains to be seen if the token's performance will continue to defy the wider cryptocurrency trend.