1inch Proposes Diluting Insiders' Voting Power in Governance Shakeup
Send Time:2024-04-18 06:26:37
Cryptocurrency casino Stake appears to have been targeted by a exploit, with on-chain analyst Cyvers reporting that $16 million has been withdrawn on the Ethereum network following a 'private key leak.' Blockchain sleuth ZachXBT backed up Cyvers' claim, stating that $15.7 million had been drained on Ethereum and another $25.6 million had been lost across Polygon and the Binance Smart Chain. The stolen funds have been converted to ether (ETH) and transferred to several externally owned wallets, Cyvers said. The Stake wallet that was targeted still holds $340,000 worth of ETH and $2.1 million in various altcoins, Etherscan data shows. Withdrawals from the wallet appear to have been paused, which is also a claim made by several users on Twitter. Stake is an Australian casino and sportsbook that allows users to deposit and play with cryptocurrencies. It made $2.6 billion in revenue in 2022, according to a Financial Times report. Stake did not immediately respond to CoinDesk's request for comment.Synapse's native token, SYN, recovered from a 25% slump on Monday after a liquidity provider sold 9 million tokens. The protocol, which transfers data to cross-chain bridges, rebounded 17% to $0.358. The sell-off was attributed to a liquidity provider identified as Nima Capital. The protocol's total value locked (TVL) is $113 million, according to DeFiLlama. Despite the recovery, the token has lost some gains and is currently trading at $0.358. The protocol's team has stated that there was no security breach of the protocol or bridge. The sell-off was attributed to a liquidity provider identified as Nima Capital. Volume of SYN trading ballooned in the days following the sell-off, with over $25 million being recorded in the past 24-hours. The protocol has a TVL of $113 million, according to DeFiLlama. Nima Capital had not responded to an email request for comment by publication time.After the frenzied Arbitrum airdrop day, nearly 240,000 addresses still need to claim their governance tokens worth roughly $596 million. According to blockchain analytics firm Nansen, 61% of eligible crypto wallets have already claimed their ARB, leaving 37% of the total 1.1 billion ARB allocated for the airdrop unclaimed. These tokens have yet to enter the market, and eligible addresses have 184 days left to claim their tokens. The airdrop's initial redemption rate was artificially restricted due to the collapse of the claims website due to heavy traffic, which affected the token supply and caused ARB to soar to as high as $14 on some venues before settling out around $1.42 once more wallets had claimed their allocations. The effect that token supply can have on emerging markets was on full display Thursday morning. The unclaimed tokens represent a significant amount of value that could potentially enter the market, which could impact the price of ARB and other cryptocurrencies. The lack of claiming could also indicate a lack of interest in the project or a lack of understanding of the airdrop process. The situation highlights the importance of proper communication and education for a successful airdrop and the potential impact of token supply on emerging markets.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.Crypto users are bridging millions of dollars in funds to the zkSync network in anticipation of a potential token airdrop. The move comes after layer 2 network Arbitrum confirmed its native token, ARB, to users based on their prior network activity. The tokens are claimable on Thursday, but futures markets are already pricing the tokens from $1.40 to over $9 apiece.According to data from Nansen, nearly $8 million worth of tokens have flowed to the zkSync network in the past week. Additionally, DefiLlama data shows the total-value-locked metric on the zkSync-based decentralized exchange ZigZag ballooned to over $13 million on Tuesday from last week's $1.5 million, all in tether (USDT) stablecoins.The anticipation of the Arbitrum airdrop has brought renewed interest in airdrop hunting across other chains that have yet to launch a token. The confirmation of the Arbitrum airdrop also means that farming activity will shift away from Arbitrum and towards other chains.Crypto users who frequently interact with new and existing platforms will likely receive an airdrop at some stage, which has quickly spurred the narrative of 'airdrop farming' in Crypto Twitter circles. Strategies from Crypto Twitter participants for a chance to claim the tokens - if and when they are issued - include bridging to zkSync, providing liquidity on decentralized exchanges such as ZigZag, and conducting a few trades every week.zkSync is a zero-knowledge (ZK) rollup, a trustless protocol that uses cryptographic validity proofs to provide scalable and low-cost transactions on the Ethereum blockchain. In zkSync, computation is performed off-chain and most data is stored off-chain as well.The movement of funds to zkSync and the anticipation of the Arbitrum airdrop have led to a significant increase in the total value locked on the network, with the potential for more airdrops to be announced in the future. As such, crypto users are advised to keep a close eye on developments and be prepared to act quickly to claim any potential airdrops.
Dogecoin futures have set record highs after Twitter adopted the token's dog logo, with open interest reaching all-time highs. The surge in open interest suggests high amounts of leveraged bets on dogecoin, which could lead to steep volatility in the short term. The current move is unlikely to be sustained, as meme coin pumps may generally suggest bullishness amongst retailers but are not indicative of a long-term trend. The stablecoin-margined contracts are better suited to risk-averse traders and for hedging, while coin-margined contracts are preferred by aggressive traders during bull runs. Funding rates are periodic payments made by traders based on the difference between prices in the futures and spot markets, and participants utilize sophisticated strategies to collect funding rates while hedging losses due to token movements.The Mantle community has approved the creation of an economics committee to manage the layer 2 blockchain's $4.2 billion treasury. The committee will decide how to allocate the majority of the treasury, which is in the form of MNT, the governance token for Mantle. The governance proposal also authorizes Mantle LSD and an ether (ETH) staking strategy in collaboration with Lido. The allocation of 40,000 ETH from Mantle's treasury to stETH is aimed at boosting DEX liquidity and integrations across Mantle. The Mantle treasury currently holds over 264,000 ETH. The new governing body is expected to bring more liquidity into the ecosystem and further establish Mantle as a major player in the layer 2 space.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.Crypto traders are using the Stargate bridge in the hope of being eligible for a rumored LayerZero airdrop. Volume on the Stargate cross-chain bridge has surged by 30% in the past 24 hours, with investors attempting to meet the criteria for the airdrop. The protocol recently surpassed $1 billion in monthly volume for the first time, and the STG token has jumped by 95% in the past 24 hours. Although LayerZero hasn't announced a token, the protocol's code mentions a native token, leading to speculation of an upcoming airdrop. A number of high-profile airdrops in the past 12 months have yielded significant returns for minimal effort, and airdrop hunters are hopping on Stargate governance proposals in the hope of receiving a larger allocation of LayerZero's rumored token. More than 6.4 million STG tokens were staked for a recent proposal on whether to make decentralized exchange Velodrome an STG hub on the Optimism blockchain. LayerZero didn't immediately respond to a request for comment.Decentralized crypto exchange Trader Joe is set to launch an upgraded version of its Liquidity Book, which will make it more efficient for depositors to add tokens to its liquidity pools. The upgrade, scheduled for release next week, will also introduce 'auto-pools' that will automatically manage depositors' active positions in high-yield liquidity pools to mitigate risk. Additionally, a new rewards program will be introduced to distribute tokens to participants in Trader Joe's concentrated liquidity. Trader Joe has $131.78 million in total value locked and has done over $520 million in trading volume since March 26, according to DefiLlama. The price of JOE was trading at 60 cents at press time. nnThe upgrade is intended to improve the on-chain trading experience and make it easier for depositors to contribute to Trader Joe's liquidity pools. The exchange currently has three implementations on Arbitrum, BNB Chain, and Avalanche, with the largest being on Avalanche. nnThe news comes as a report by Kaiko Data found that crypto liquidity is heavily concentrated on a handful of exchanges, with Uniswap and SushiSwap accounting for the majority of liquidity. However, Trader Joe's upgrade is aimed at improving the liquidity experience for depositors and mitigating risk through the use of auto-pools. nnThe Fed's next sharp pivot could come from a liquidity crunch, according to an economist, as the central bank's balance sheet shrinks and liquidity dries up. Bitcoin holds steady above $17,000, while Celsius is 'deeply insolvent,' according to the Vermont Department of Financial Regulation. nnOverall, Trader Joe's upgrade is a positive development for the decentralized exchange space and could attract more depositors and traders to the platform. The introduction of auto-pools and a new rewards program could also help to mitigate risk and improve the overall liquidity experience for users.
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.Dogecoin futures have set record highs after Twitter adopted the token's dog logo, with open interest reaching all-time highs. The surge in open interest suggests high amounts of leveraged bets on dogecoin, which could lead to steep volatility in the short term. The current move is unlikely to be sustained, as meme coin pumps may generally suggest bullishness amongst retailers but are not indicative of a long-term trend. The stablecoin-margined contracts are better suited to risk-averse traders and for hedging, while coin-margined contracts are preferred by aggressive traders during bull runs. Funding rates are periodic payments made by traders based on the difference between prices in the futures and spot markets, and participants utilize sophisticated strategies to collect funding rates while hedging losses due to token movements.ZkSync-based decentralized exchange (DEX) Merlin plans to compensate users impacted in a nearly $2 million rug pull with blockchain audit firm CertiK. A representative for CertiK told CoinDesk that the company is actively investigating the recent Merlin DEX exit scam, where rogue developers are suspected of causing the loss of around $2 million in user funds. Working closely with the remaining Merlin team, CertiK will initiate a compensation plan to cover the lost funds for affected users. Initial investigations indicate that the rogue developers are based in Europe, and CertiK will collaborate with law enforcement authorities to track them down if direct negotiation is unsuccessful. The rogue developer is urged to return 80% of the stolen funds and accept a 20% white-hat bounty. Merlin was seemingly exploited for over $1.8 million on Wednesday morning during a public sale of its mage (MAGE) tokens. The attack occurred despite Merlin touting an audit conducted by blockchain security firm CertiK. Further analysis by firms and analysts alleged the attack was conducted by a rogue developer who held private keys to Merlin's smart contracts - allowing them to withdraw all liquidity from the protocol.Base, the layer 2 blockchain developed by Nasdaq-listed crypto exchange Coinbase (COIN), has completed a series of security audits as it prepares to launch its mainnet with the aim of attracting as many as 1 million new crypto users in coming years. The audits were conducted by Coinbase's protocol security team and over 100 external security researchers to test the blockchain's security and identify potential vulnerabilities. The team used a technique called fuzzing to find implementation bugs and audited all of Optimism's pre-deployments and smart contracts on both layer 1 and layer 2. Cross-chain bridges, which are commonly used attack vectors for hackers and exploiters, were also audited. Base has not provided a date for when the mainnet will go live, but it has said it will not feature a native token unlike other layer 2 blockchains Polygon, Optimism, and Arbitrum. Edited by Sheldon Reback.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.
A proposal to split Rook's nearly $50 million crypto treasury between Rook Labs and a new community-run entity called Incubator DAO is gaining traction, with the token price surging ahead of the vote. The proposal aims to divorce the project's tech from its governance token, and would see Incubator DAO inherit the old DAO's unique representative democracy structure. The move has been praised as a win-win for both Rook Labs and token holders, with the former gaining sufficient capital to develop products while the latter receives a return of value. The token itself has nearly tripled in value since late March, and the debate over the project's future has attracted investors of many stripes. Some have voted with newly-acquired bags, and the single-largest 'yea' position in the poll to create Incubator DAO was voted by a wallet controlled by insiders at crypto yield project TempleDAO. However, the TempleDAO wallet has already started selling some of its ROOK tokens on decentralized finance (DeFi) exchanges.GMX, the largest protocol on Arbitrum, has announced its integration with Chainlink's low-latency pricing oracles to enhance its derivatives and perpetual swap exchange. The move marks a shift towards low-latency trading in the decentralized finance (DeFi) sector, as trading firms and hedge funds require faster platforms to execute sophisticated trading strategies without delays. The integration follows a community vote, with over 96% of votes approving the integration and 2 million GMX tokens being used to vote. The low-latency oracles will help mitigate the risks of front-running and bring the industry one step closer to the performance level currently existing outside of it. GMX contributors have been working with Chainlink Labs since last year on the specifications of the new oracles. The total value locked (TVL) on Arbitrum is at $2.1 billion, with $567 million of that value from GMX, according to DefiLlama data. The surge in GMX's native token has seen a 78% increase since the turn of the year, as capital continues to flow to Arbitrum-based protocols.Crypto traders are using the Stargate bridge in the hope of being eligible for a rumored LayerZero airdrop. Volume on the Stargate cross-chain bridge has surged by 30% in the past 24 hours, with investors attempting to meet the criteria for the airdrop. The protocol recently surpassed $1 billion in monthly volume for the first time, and the STG token has jumped by 95% in the past 24 hours. Although LayerZero hasn't announced a token, the protocol's code mentions a native token, leading to speculation of an upcoming airdrop. A number of high-profile airdrops in the past 12 months have yielded significant returns for minimal effort, and airdrop hunters are hopping on Stargate governance proposals in the hope of receiving a larger allocation of LayerZero's rumored token. More than 6.4 million STG tokens were staked for a recent proposal on whether to make decentralized exchange Velodrome an STG hub on the Optimism blockchain. LayerZero didn't immediately respond to a request for comment.The foundation behind layer 2 blockchain Optimism has sold 116 million OP tokens ($157 million) to seven separate buyers, according to an announcement on the Optimism governance website. The token sale was described as a 'private' and 'planned' event with the tokens originating from an unallocated portion of the OP Token treasury. Optimism's treasury remains at around $1.25 billion, all of which is made up of its own token, DefiLlama data shows. The seven buyers will be allowed to delegate the tokens to third parties in order to participate in blockchain governance. The foundation also issued its third community airdrop earlier this week, with over 31,000 users receiving a share of 19.4 million tokens. Circulating supply, however, remains relatively low compared to the total supply with a further 570 million tokens being allocated to future airdrops. OP's circulating supply is 18.59% of its total supply, according to CoinMarketCap. OP is currently trading at $1.35 having lost 2.19% of its value over the past 24 hours, according to CoinDesk data.Meme coins have outperformed the broader crypto markets in recent days, but some say profit-taking could reverse the rally. Tokens fashioned after the Shiba Inu dog breed may see imminent selling ahead after days of outperforming the broader crypto market. On Monday, Twitter, a social-media company owned by billionaire and crypto proponent Elon Musk, replaced its popular blue bird logo with that of Dogecoin’s Shiba Inu mascot. Dogecoin (DOGE) prices surged almost immediately – with its futures markets setting a record – as some bet on the increased use of dogecoin on Twitter's platform. That rise caused several other Shiba Inu-themed meme coins to jump multifold, with the sector rising 14% on average. Tokens with larger market caps such as shiba inu (SHIB) rose up to 10%, while smaller-cap coins such as floki (FLOKI), kishu inu (KISHU) and baby dogecoin (BABYDOGE) surged as much as 25%. Meme coins on newer blockchains had their moment, as well. Some dog-themed tokens, such as zkDoge and zkShib on the zkSync blockchain, which went live in March, registered gains of as much as 100%. However, some traders warn that such moves don't indicate a broader trend. 'We do not believe that it is indicative of a long-term bull run. Quite the opposite', Guilhem Chaumont, CEO of crypto trading firm Flowdesk, said in a Telegram message. 'There is a regular pattern of crypto market uptrends with first, bitcoin going through a bull run, then major altcoins pumping, and finally, tokens with small market caps.' Since bitcoin has been experiencing a relatively stable upward trend, meme coins’ rise would indicate the third phase, the end of the cycle. But there is no need to over-interpret such momentary price changes. The sentiment for meme coins is not a new one, and this means there is a high potential that the growth will fade off as usual in a few days, Bonnie Cheung, head of strategy at crypto developer Sending Labs, said. However, there could still be long-term growth for these tokens if fundamental features strengthen in the coming months. Shiba Inu, for instance, is gaining additional traction through the launch of Shibarium, its layer-2 protocol built on the Ethereum blockchain. Dogecoin’s recognition by Twitter and the payment world is also growing, and these trends can help record more sustained growth over the long term. A testnet for Shiba Inu’s upcoming Shibarium platform has seen brisk adoption. Elsewhere, projects like Floki are actively developing games and decentralized-finance tools to cut free from the 'meme coin' tag – at least as far as developer efforts go. Meanwhile, some opine that Twitter’s move could pave the way for mainstream crypto adoption. 'Musk’s supportive tweets and the recent decision to add the Dogecoin logo to Twitter help keep both DOGE and SHIB in the public conversation', Kadan Stadelmann, the chief technology officer of blockchain network Komodo, said in an email to CoinDesk. 'Regardless of whether or not one supports meme coins, it's impossible to deny that Musk is driving mainstream adoption of crypto and creating media attention that wouldn't otherwise exist. This is certainly a net positive for the crypto space as a whole.'
Ether Holders Embrace Near Month-Long Wait for Staking ETH
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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.Some Aave version 2 (V2) users are temporarily unable to access their funds stuck on the decentralized exchange's deployment on the Polygon blockchain after a strategy containing a faulty bug went live last week. The issue is caused by a compatibility bug in the ReserveInterestRateStrategy contract, which is a core contract in Aave that helps calculate and apply interest rates to borrowed loans. The bug has affected tokens such as tether (USDT), bitcoin (BTC), ether (ETH), and polygon (MATIC). However, a fix is already in place, and voting on the governance proposal is underway to update the faulty strategy. Other versions of Aave on Polygon continue to work smoothly as of Tuesday. AAVE tokens were up 2.7% in the past 24 hours, in line with a broader market jump.
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.The often-controversial tether (USDT) stablecoin emerged as the best bet for traders looking for a stable haven earlier this month following a series of banking troubles in the U.S. Stablecoin USD coin (USDC) fell under 90 cents on March 11 after the collapse of Silicon Valley Bank (SVB) revealed some of the industry’s major players had exposure to the bank. These players included U.S.-based stablecoin issuer Circle, which held a part of its USDC stablecoin’s cash reserves at Silicon Valley Bank as of Jan. 17, according to the firm's latest attestation. Decentralized stablecoins took a hit too, with frax and dai – both backed by a basket of tokens – falling by cents on their intended dollar pegs. Who is the boss? USDT held its fort, however, even trading at a premium in the following days. This came despite a long-held notion among some market participants about the token’s opaque asset backing and concerns about parent company Tether Global. Data further shows at least $5 billion of inflows into USDT in the past weeks, bringing its market capitalization to over $77 billion as of Wednesday. Part of that could likely be due to its supposedly low exposure to the U.S. banking system, some say. 'Tether has no exposure to SVB as its popularity lies more in the Asian region, meaning USDT doesn't rely on dollars being held in American banks, making it one of the safest stablecoins to pivot to currently,' said François Cluzeau, head of trading at Flowdesk, in a message to CoinDesk. 'We have seen a lot of USDC and DAI being traded for USDT, which has kept USDT liquid.' The systematic risks of USDC affected dai stablecoins, which further strengthens Tether’s thesis of holding a variety of assets to back its stablecoins, said Mitya Argunov, chief product officer at P2P.org. 'Tether’s performance during the crisis is largely due to its lack of direct exposure to SVB – it just didn’t have deposits there. Other major stablecoins like DAI were also indirectly exposed and depegged because they are actually largely collateralized by USDC,' Argunov said. 'However, the flight to [USDT] as a safe haven should also be seen as confidence in Tether’s portfolio risk management strategy – which minimizes duration risk, i.e., how SVB should have operated.' Still a need for caution Meanwhile, some developers continue to remain cautious for the long term. 'Looking at Tether's history, it has experienced FUD and redemption issues in the past and has been stable amidst current market turmoil,' said Danny Chong, co-founder of Tranchess, in a note to CoinDesk. '[USDT's] ability to maintain stability amid recent challenges suggests that it may have a chance at long-term success,' Chong said, adding that further stress tests would show if it remained 'resilient in the long run.' USDC also demonstrated the effectiveness and resilience of its hedging strategy through collaboration with its banking partners as it recovered its peg swiftly the following week, Chong said. Demand for stablecoins is undented, however. 'The swiftness of Circle’s USDC recovering its peg after their announcement of a recovery plan is further confirmation of how the market values the potential for stablecoin businesses,' Chong noted.
Curve Founder Deploys New Liquidity Pool to Address FRAX Debt Situation
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.DeFi is rapidly emerging as the biggest loser in the ongoing cryptocurrency bear market. The total amount of capital locked on DeFi protocols dropped to its lowest point since February 2021 on Thursday as traders pull liquidity to secure higher yields that come with less risk. When DeFi burst onto the scene in 2020, many believed that the ability to borrow and lend without an intermediary was groundbreaking and that DeFi firms were about to dislodge traditional finance (TradFi) counterparts. However, DeFi's 'future of finance' narrative was soon knocked over as the wider crypto market succumbed to a bearish cycle in 2022. Interest rates continued to spike across the globe as central banks scrambled for a way to fight inflation, leading to increased yields across money market funds and mortgage funds, leaving the DeFi sector without any incentives for new capital. TradFi competition Now, Vanguard's money market fund is offering clients a yield of 5.28%, while the returns for staking Ethereum on Lido stand at just 3.3%, leaving a minimal risk to reward ratio compared to traditional finance products. This caused DeFi's fragile liquidity to run for the exits, with total value locked (TVL) across all protocols dropping from $163.5 billion in April 2022 to today's figure of $36 billion. There has been a few emerging narratives like liquid staking, tokenization of real world assets (RWAs), on-chain derivatives, and new blockchains, but none of these have been able to capture the level of appetite last seen in the summer of 2020. In that summer, it was not uncommon to see DeFi yields soar to between 18% and 35%. This yield, of course, came with a risk as hackers honed in on the sector with a series of complex exploits to part investors with their money. DeFi hacks proliferated in 2022 and 2023, with a report earlier this month describing how $212.5 million had recently been stolen in a three-week period. In 2023, there have been 297 crypto hacks, resulting in a loss of $1.89 billion, according to Money Monger's crypto heist report.
Crypto Lender Exactly Hit by $12M Bridge Exploit
9:00am - 4:00pm Bitcoin price usdTrader Joe Upgrades Liquidity Book for Efficient Token Addition
Atomic Wallet Hackers Move Stolen Funds via OFAC-Sanctioned Exchange Garantex: Elliptic
09.12.2015Nansen, 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.
btc priceFake PayPal USD Tokens Pop up on Several Blockchains, Scammers Try to Defraud Unsuspecting Users
09.12.2015The 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.
Ethereum cashLong-Term Bitcoin Holders Add to Their Holdings, Despite Price Retracement
09.12.2015Investors 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.
eth price
Decentralized crypto exchange Trader Joe is set to launch an upgraded version of its Liquidity Book, which will make it more efficient for depositors to add tokens to its liquidity pools. The upgrade, scheduled for release next week, will also introduce 'auto-pools' that will automatically manage depositors' active positions in high-yield liquidity pools to mitigate risk. Additionally, a new rewards program will be introduced to distribute tokens to participants in Trader Joe's concentrated liquidity. Trader Joe has $131.78 million in total value locked and has done over $520 million in trading volume since March 26, according to DefiLlama. The price of JOE was trading at 60 cents at press time. nnThe upgrade is intended to improve the on-chain trading experience and make it easier for depositors to contribute to Trader Joe's liquidity pools. The exchange currently has three implementations on Arbitrum, BNB Chain, and Avalanche, with the largest being on Avalanche. nnThe news comes as a report by Kaiko Data found that crypto liquidity is heavily concentrated on a handful of exchanges, with Uniswap and SushiSwap accounting for the majority of liquidity. However, Trader Joe's upgrade is aimed at improving the liquidity experience for depositors and mitigating risk through the use of auto-pools. nnThe Fed's next sharp pivot could come from a liquidity crunch, according to an economist, as the central bank's balance sheet shrinks and liquidity dries up. Bitcoin holds steady above $17,000, while Celsius is 'deeply insolvent,' according to the Vermont Department of Financial Regulation. nnOverall, Trader Joe's upgrade is a positive development for the decentralized exchange space and could attract more depositors and traders to the platform. The introduction of auto-pools and a new rewards program could also help to mitigate risk and improve the overall liquidity experience for users.The attacker behind a takeover of Tornado Cash DAO has apparently started to move their illicitly gained tokens, blockchain data shows. Addresses tied to the attacker moved 100 ether (ETH) and 38,000 torn (TORN) tokens in two transactions using the Tornado Cash protocol on Wednesday night, Etherscan data shows. The DAO handling the privacy-focused crypto mixer's operations, funds, and future plans was taken over by an unidentified attacker, or attackers, on Saturday. The attacker holds over 20 ether ($35,684) in their wallet and continues to have access to potentially all of Tornado Cash’s treasury funds. The attacker floated a malicious proposal that hid a code function that granted them fake votes that can now be used to handle some aspects of Tornado Cash, such as torn tokens held in the main governance contract or withdrawal of locked torn tokens. DAOs, short for decentralized autonomous organizations, allow token holders to lock up their holdings as votes for proposing changes to a project. These changes can range from deploying treasury funds to purposes that benefit the project to expansion on other networks. The attack does not impact the actual Tornado Cash protocol – which allows users to pass funds through the service to mask or obscure the movements of funds and crypto addresses. As such, there’s still hope for Tornado Cash. The attacker floated a proposal to revert all malicious changes before the takeover earlier this week – sending torn prices up 10% at the time. The proposal looks as though it will pass when voting closes on May 26, though it's unclear when the action will be executed. However, if it does, the malicious code will be removed, and the governance of Tornado Cash's DAO will go back to token holders.