Woo Network is a DeFi liquidity provider for institutional platforms and has attracted equity investments from backers like Binance. Revamped Tokenomics for Woo The Woo Network tokenomics revamp involves a series of improvements to its token distribution, the team announced on Monday, (January 10, 2023). These improvements are part of efforts to address issues regarding...Read More
Crypto’s newest narrative is liquid staking, as platforms and tokens have been taking off recently. Ethereum will go through the Shanghai upgrade in March, which releases ETH staked on the Beacon Chain. Industry analysts believe this will be good news for liquid staking protocols as they offer better incentives and yields. As opposed to direct...Read More
The Commodities and Futures Trading Commission (CFTC) has charged Mango Markets exploiter Avraham Eisenberg with violating federal commodities laws during his $110 million manipulation attack in October. The commission seeks various forms of penalties and relief from the attacker, some of which include trading bans, restitution, and disgorgement. Eisenberg’s Crime Per the complaint filed on...Read More
Leading decentralized lending protocol MakerDAO has lost its dominance in the DeFi market as liquid staking protocol Lido Finance claimed the top spot with the highest total value locked (TVL). According to data from the DeFi market aggregator, DeFiLlama, Lido Finance currently has $5.9 billion in TVL, with MakerDAO and AAVE taking second and third...Read More
Cryptocurrency firms struggled greatly in 2022, with multiple companies facing financial issues and bankruptcy. In addition to these challenges, over $3 billion was stolen from crypto projects this year, according to Forbes. These setbacks have caused turmoil in the industry and raised concerns about its stability. According to the report, crypto projects witnessed more than...Read More
The cryptocurrency platform Midas Investments disabled deposits and swaps due to severe financial losses caused by Celsius’ bankruptcy and FTX’s fiasco. CEO Iakov Levin said the organization will aim to focus on a new project next year that will be “fully transparent” and will offer an “improved investment experience.” Another Victim In a recent blog...Read More
Cryptocurrency investor Avraham Eisenberg has been arrested in Puerto Rico on charges of commodities fraud and manipulation for allegedly stealing more than $100 million from decentralized finance (DeFi) protocol Mango Markets. This marks the first time a U.S. resident has faced charges for manipulating a DeFi platform. Eisenberg Drains $110M from Mango Markets Recall that...Read More
Decentralized finance protocol Defrost Finance has recovered funds from the hacker involved in the V1 flash loan exploit. In the latest blog post, Defrost said that it will soon start scanning the on-chain data to return the funds to their rightful owners. However, the platform said that it could take some time to distribute since...Read More
DeFi criminals have been observed to cash in on the ‘spirit of giving.’ Decentralized finance protocol Defrost Finance became the latest victim of a flash loan attack on December 23rd that drained funds in the V2. The attacker used the owner key for the second time to exploit V1. According to the Twitter thread by...Read More
The popular DEX aggregator announced the launch of Fusion, which focuses on the 1inch Swap Engine and aims to enhance user experience with DeFi swaps. The team behind the project promised to deliver “almost limitless” liquidity and maximum user protection. The press release shared with CryptoPotato informed that 1inch Swap Engine “facilitates Fusion, which empowers...Read More
The FTX meltdown may have laid the groundwork for an unprecedented shift in user activity from centralized finance (CeFi) to decentralized finance (DeFi), but the total value locked in the services provided by the latter has taken a serious hit. A new report by Dapp Radar suggested that the non-fungible token (NFT) market has not...Read More
Another multi-million dollar hack has hit the decentralized finance space. The latest victim is BNB Chain-based DeFi protocol – Ankr. Initial reports suggest that a vulnerability in its code that enabled unlimited minting of tokens was exploited. Ankr promptly confirmed the attack and added that it has reached out to other decentralized exchanges urging them...Read More
The fallout from FTX’s collapse has been devastating, and the market is poised for more losses. But according to a recent report by DappRadar, Web3 remains resilient. Centralized services are on the losing side. With the contagion unfolding, the decentralized finance (DeFi) sector, too, has been impacted. But the user activity in the sector appears...Read More
The unforgivable mishandling of customer funds has left millions of users with trapped funds, crippled years of constructive industry reputation, and triggered new credit contagion risks. Amidst this chaos, the native token of the decentralized crypto derivatives exchange, dYdX, has risen by more than 50% over the past week. According to prominent crypto analytic firm,...Read More
Last month was quite spooky for the crypto industry as it saw the highest number of DeFi hacks this year. While October was expected to be “Uptober,” it quickly turned to “Hacktober” as cyber criminals ransacked top crypto projects for hundreds of millions of dollars. Hackers Steal $760M From DeFi Protocols A recent tweet by...Read More
Airdrop hunters have been flocking to the Arbitrum layer-2 network in hope of landing some free crypto. On Nov. 2, crypto research firm Delphi Digital reported an increase in activity on Arbitrum. It stated that 62% of this week’s Ethereum transactions have been on Arbitrum, marking a 550% surge since August. It added that weekly...Read More
The Optimism bridge supporting privacy coin BitBTC is actively being exploited for 200 billion BitBTC tokens. Due to the technicals of the hack, the BitBTC team now has less than 7 days to implement an upgrade to minimize the damages. A Poorly Designed Bridge According to Arbitrum tech lead Lee Bousfield on Twitter, the BitBTC...Read More
With data pointing to a potentially bullish month for Bitcoin, speculators are calling it “Uptober.” After September’s “Rektember,” investors typically look forward to October, which has historically been kinder to the crypto market for years. Bitcoin, for one, has been green seven times over the last nine Octobers, with the only red ones coming in...Read More
Reports are emerging this morning of an attack on the TempleDAO yield farming protocol. The alert came in from blockchain security firm PeckShield on Oct. 11, stating that the attacker had transferred 1,831 ETH worth around $2.34 million from the protocol. Details are thin on the ground at the moment, but the exploit appears to...Read More
Binance has announced a pause across the entire Binance Smart Chain (BSC or BNB Chain) following what appears to be one of the largest exploits in DeFi history. An attacker has reportedly hacked another BNB chain user for 2 million BNB, worth $600 million. Another DeFi Catastrophe According to BNB Chain on Twitter, the “temporary”...Read More
Sovryn – a Bitcoin-based decentralized finance protocol – was drained of over $1 million in funds on Tuesday using a price manipulation exploit. The attack allowed the culprit to drain over $1 million worth of crypto from the protocol, including 44.93 RBTC and 211,045 USDT. Sovryn’s First Hack According to Sovryn’s blog post on the...Read More
On Tuesday night, an Ethereum MEV bot gained 800 ETH through the use of clever arbitrage, only to lose all of it and more to a hacker an hour later. Here’s how the situation played out on-chain: The event began with a third-party trader mistakenly losing nearly $2 million to spreads on Uniswap v2 trade....Read More
Some blockchain projects have to deal with hackers, and others, like Alcala, have to deal with their own developers. A “human error” a few weeks ago almost killed the whole project. Still, thanks to the mutual effort of the community and the developers, the problem has been solved —kind of. On September 26, Acala network...Read More
On September 19, Arbitrum, one of the most popular Layer 2 solutions for Ethereum, paid 400 ETH (about $560,000) to a white hat hacker who found a potential vulnerability in its code. The white hat hacker, known on Twitter as Riptide, finds vulnerabilities within smart contracts written in Solidity. Riptide said the “multi-million dollar vulnerability”...Read More
UK-based crypto market maker Wintermute suffered a loss of approximately $160 million. In a series of tweets, the company’s founder and chief executive, Evgeny Gaevoy, revealed that the decentralized finance operations had been compromised. The centralized finance and over-the-counter verticals have not been affected. Blockchain security expert Certik recorded that $162,509,665 had been stolen over...Read More
The once notoriously high yields provided by crypto lending services are now struggling to compete with more traditional, safer options. While yields for 3-month treasury bills slowly rise, AAVE’s lending rates on USDC have slumped massively since May. Rates for the two products have now crossed one another, meaning government debt is offering a better...Read More
In a public announcement on Monday, the Federal Bureau of Investigation (FBI) warned investors about security vulnerabilities in DeFi platforms. It also asked those who suspect that their investments have been stolen to approach the FBI through the Internet Crime Complaint Center (IC3) or the local FBI office. DeFi Vulnerabilities “Between January and March 2022,...Read More
Crypto security companies are raking in a fortune despite the bear market that has bloodied firms across the rest of the industry. Zeth Couceiro – founder of crypto recruitment company Plexus Resource Solutions – recently told Bloomberg that salaries for experienced blockchain auditors can run as high as $400,000 per year. Overwhelming Demand for Auditors...Read More
The Securities and Exchange Commission of Thailand (Thai SEC) has asked crypto investors in the country to be careful with DeFi transactions, terming them risky. The watchdog argued that local regulators have no control over the up-and-coming industry. Popular but Not Full-Proof In a statement on Wednesday, the financial and capital markets watchdog said DeFi...Read More
Ethereum co-founder Vitalik Buterin has revealed that he personally used the now-sanctioned Ethereum mixer “Tornado Cash” when donating funds to Ukraine earlier this year. In a tweet on Tuesday, Twitter user Jeff Coleman called for people to provide documented examples of individuals using Tornado Cash to donate to Ukraine. Tornado Cash is an Ethereum protocol...Read More
