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23 Aug 2023 20:43

💰 Shibarium Unveils Cutting-edge Surveillance for Reopening

Shibarium has taken a significant stride forward in its development. In a recent announcement, the Shibarium team revealed the culmination of two days of rigorous testing and parameter adjustments to achieve a state of readiness. The network’s upgrade and optimization procedures have been successfully executed, marking a crucial advancement in its beta phase. While Shibarium is still in its beta stage, the most noteworthy aspect of this update is the initiation of block production.

The recent surge in heavy traffic, which necessitated the shutdown of Shibarium for fund safety, underscored the imperative need for such measures. With the newly integrated safeguards, the network is primed to effectively handle variations in user activity while maintaining a seamless user experience. Shibarium is on the cusp of reopening its doors to the public. The network is scheduled to introduce additional validators tomorrow, enhancing user options for staking BONE and participating in reward sharing. This development marks the approaching end of the Beta version, paving the way for Shibarium’s resurgence as a platform that is both reliable and feature-rich for its users.

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22 Aug 2023 08:03

🇰🇪 Worldcoin: Kenyan Government Launches Proactive Investigation Amid Regulatory Commitment

Kenya has established an investigative parliamentary committee to look into Worldcoin. In a significant move, the Kenyan government has formed a 15-member parliamentary committee, led by Narok West MP Gabriel Tongoyo, to conduct a thorough investigation into the encryption project Worldcoin. The committee has been granted a 42-day window to delve into this token’s activities and present their findings to a House committee. his decision, coupled with mounting regulatory concerns, has prompted a comprehensive review of the project’s operations.

Kenya’s regulatory stance is evident in the project’s uphill battle, with multiple regulatory bodies opposing Worldcoin’s presence within the country. Additionally, the judiciary has intervened, suspending the project’s operations based on a case initiated by the office of the data commissioner. The court’s order mandates the preservation of data collected by Worldcoin from April 2022 to August 2023, pending the lawsuit’s resolution. The Kenyan government’s commitment to transparent and compliant digital endeavors is underscored by the formation of the parliamentary committee. As the investigation unfolds, regulatory scrutiny and legal proceedings continue to shape the landscape for Worldcoin and its operations within Kenya.

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20 Aug 2023 11:41

💰 Ethereum developers to debut new testnet 'Holesky' next month

Ethereum core developers are planning to roll out a new testnet called Holesky in September. In a bid to improve the testing environment and address supply challenges for ether on testnets, Ethereum core developers are planning to launch a new testnet called Holesky next month, as discussed in a meeting yesterday. The upcoming test network, initially referred to as Holli, aims to offer enhanced testing support for developers working on the Ethereum network.

Test networks, or testnets, serve as clone blockchains that allow developers to deploy applications and identify bugs before launching them on the mainnet. Currently, Ethereum’s ecosystem has two primary testnets: Goerli and Sepolia. However, Goerli is reportedly going to be deprecated soon, paving the way for the introduction of Holesky. Holesky may have a potential supply of over 1 billion testnet ETH. This substantial supply is designed to address challenges that developers face when acquiring testnet ETH on the primary test networks. The large amount of testnet ETH will enable easier access for testing Ethereum smart contracts.

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18 Aug 2023 14:33

💰 Sui Builder House In Singapore Making Big Steps For Web3 Applications

The official announcement from the next Sui Builder House, taking place in Singapore on September 15 and 16, promises to bring a new step forward for future Web3 applications. Sui Builder Houses are the center of the in-person Sui universe. Our Builder Houses provide opportunities to meet and collaborate with Sui builders across the globe and learn the latest technologies and updates for building on the Sui platform. Scheduled between Token2049 and the Formula 1 Singapore Grand Prix,.

The event will be held at T:>Works, a performing arts theater at 72-13 Mohamed Sultan Road near the Singapore River. Sui Builder Houses offers educational content in a variety of formats. In Singapore, the main stage will feature a series of panels and chats where experts will discuss innovations such as zkLogin and other features of the Sui ecosystem. Participating builders can network with other developers, Sui Foundation team members, business leaders, and potential investors. Each day’s schedule, from 10 am to 5 pm, will include plenty of time to connect. The Builder House will host a special reception at Artemis on September 15, letting participants relax and chat.

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16 Aug 2023 07:50

🪙 Stellar Invests in MoneyGram, Secures Board Seat for Blockchain Evolution

The Stellar Development Foundation (SDF) has announced a significant strategic investment in MoneyGram. Two years ago, MoneyGram and SDF entered into a commercial partnership, aiming to streamline cryptocurrency payments and introduce a cash-to-crypto service. This prior collaboration laid the groundwork for the current investment, showcasing the alignment of their visions in the ever-evolving financial landscape.

SDF’s involvement in MoneyGram’s trajectory intensified during MoneyGram’s go-private transaction with Madison Dearborn Partners (MDP). As a result of this transaction, SDF became a minority investor in MoneyGram (MGI). The investment was drawn from SDF’s own cash treasury, earmarked to support its operational endeavors. Notably, this investment diverged from the Enterprise Fund, which primarily focuses on startups and early-stage companies. Denelle Dixon, SDF CEO and Executive Director, emphasized that this move represented a novel use of SDF’s treasury resources. By delving into blockchain technology, MoneyGram aims to fortify its digital presence and explore novel avenues for growth.

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13 Aug 2023 16:32

🟢 Justin Sun-linked wallet parks funds in MakerDAO after Dai yield hike: PeckShield

A crypto wallet linked to Tron founder Justin Sun conducted large crypto transactions through an intermediary address, ultimately depositing the funds into stablecoin issuer MakerDAO, with the aim of capitalizing on yield opportunities. On Thursday, the address, marked as belonging to Justin Sun, executed several transactions on Ethereum, according to security firm PeckShield. These included the transfer of 70,290 wstETH tokens ($147.4 million), $45 million in USDD stablecoin, and 5,008.9 ether (ETH) ($9 million) to the intermediate address 0xBCb7.

Following this, the address deposited 67,000 wstETH ($141 million) into MakerDAO, borrowed $59.8 million in Dai stablecoin and deposited the stablecoin back into MakerDAO in an apparent move to generate yield, PeckShield pointed out. Sun's move came in response to MakerDAO increasing the savings rate on Dai, the third-largest stablecoin, from 3% to 8%, making it one of the highest rates currently offered by a major stablecoin issuer. This yield is offered through MakerDAO’s lending platform, Spark, and has led to significant capital inflows on the platform. “[The intermediary wallet] borrowed 59.8M DAI from MakerDAO, and then supplied these DAI into MakerDAO to generate yield,” PeckShield said.

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12 Aug 2023 09:25

🏦 Coinbase’s Base Network Surpasses 100,000 Daily Users Milestone Shortly After Launch

Coinbase’s Base network, a Layer 2 (L2) solution, has made a remarkable entrance into the public sphere shortly after its official launch. After an initial period of being open exclusively for builders, the Base network, designed to enhance scalability, transitioned to an accessible stage. Coinciding with this, Chainlink, a prominent decentralized oracle network, introduced price feed integration into the network. This integration streamlines the adoption of DeFi protocols, including lending and borrowing platforms, as well as derivatives markets.

The journey to this achievement began when Base was introduced in beta on February 23. Anticipation was high within the crypto community, speculating that the platform could play a pivotal role in onboarding users to Web3 protocols, thanks to Coinbase’s extensive user base. Following a period catering solely to builders, the mainnet version of Base launched on July 13, with a cautionary note about its user-readiness. Impressively, several decentralized cryptocurrency exchanges (DEXs) have already announced their operations on the Base network, with Uniswap, a pioneer DEX on Ethereum, unveiling its Base version on August 7. Coinbase’s Base network rapidly gains traction and garners substantial user engagement.

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07 Aug 2023 14:02

🏦 Bridged assets to Coinbase's Layer 2 top $100 million

Coinbase's Base has seen more than $100 million in value bridged over to the Layer2. As per L2beat, $111 million in crypto assets have bridged over to Base. Coinbase, which announced the launch of its own Layer 2 to scale out the Ethereum blockchain in February, said on August 3 that it would widen mainnet access next week in conjunction with the release of a bridge to Ethereum. Releasing an official bridge introduces a way for users to move tokens between the Base network and Ethereum.

Base's roll out is part of what Coinbase is describing as "Onchain Summer," which will see a number of brands--including Coca-Cola and OpenSea--collaborate with the crypto exchange on on-chain events. As reported by The Block's Vishal Chawla, Base’s developer-only mainnet went live on July 13 and was primarily accessible to developers. However, in the lead-up to the official launch, several users bridged assets to the network using a portal proxy contract and other unofficial bridges to trade new memecoins. That lead to a surge in activity on the network. It also led to a surge in profits generated by the Ethereum scaling solution. Profits generated from Base increased from around $13,000 on July 29 to over $430,000 on July 30.

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05 Aug 2023 16:45

❕ The Sandbox Expands Offerings And Bolsters Security With KYC Verification

Hong Kong-based metaverse game, The Sandbox (SAND), has taken significant strides in fortifying its platform. As metaverses continue gaining traction, the key to their survival lies in continuously introducing fresh and engaging user experiences. The Sandbox has recognized this critical aspect and implemented various developments to enhance user security and compliance. One of the major updates introduced by The Sandbox is the implementation of Know Your Customer (KYC) verification for its staking process.

By enforcing KYC verification, the platform aims to ensure that users’ accounts are thoroughly verified before they can participate in staking or claim their earnings. While KYC has been a contentious topic in the crypto space, more prominent players are starting to adopt it as a means to combat bots and malicious actors. The Sandbox follows suit, prioritizing the safety and legitimacy of its user base. Verified users on The Sandbox can now deposit new SAND tokens and claim their weekly rewards securely. Although unverified users are still permitted to withdraw their SAND, the platform seeks to incentivize participation in the staking process through the added benefits for verified users.

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02 Aug 2023 14:12

⚪️ The Position Of Curve Founder In Frax Finance Is Carrying Great Risks

In a recent Twitter update, Delphi Digital, a reputable crypto investment research institution, sounded the alarm over Curve Finance founder Michael Egorov’s significant exposure to Frax Finance. The report revealed that Egorov currently holds a staggering 59 million CRV collaterals and 15.8 million FRAX debt positions on the platform, overshadowing his holdings on Aave. While the position might seem smaller in size, the intricate dynamics of Fraxlend’s time-weighted variable rate pose substantial risks to the CRV ecosystem.

Delphi Digital’s analysis highlighted that at the current utilization rate of 100%, the interest rate on Fraxlend doubles every 12 hours, reaching a concerning 81.2% at press time, merely an hour ago. Alarmingly, this rate is projected to surge to an eye-watering 10,000% annual percentage yield (APY) within a short span of 3.5 days. Regardless of the fluctuations in the CRV price, such an astronomically high interest rate could eventually lead to the liquidation of Egorov’s position. With a position of such magnitude hanging in the balance, Delphi Digital expressed serious concerns about the impact on CRV prices, considering the limited liquidity in the ecosystem. An 8-figure liquidation of Egorov’s holdings could trigger a drastic depreciation of CRV value, potentially causing ripple effects throughout the DeFi ecosystem.

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31 Jul 2023 11:28

🇺🇸 US State of Minnesota Okays Crypto Donations to Political Campaign Committees

The U.S. state of Minnesota has become one of the first states in the country to okay crypto donations to political campaign committees. Under the state’s new rules, which took effect in July 2023, recipients of crypto donations are nevertheless required to convert these to U.S. dollars within five days. According to a report by Axios, the crypto contributions must be valued at the digital assets’ respective prices when the donations were made. In the event of the prices changing within the five-day grace period.

Minnesota’s decision to allow crypto contributions was made after the state’s Campaign Finance & Public Disclosure Board received inquiries from campaign teams which wanted to know the procedures for accepting crypto donations. According to Jeff Sigurdson, the CEO of the state’s political finance and disclosure body, these inquiries in turn prompted it to ask legislators to look into this. Although the state has okayed crypto contributions, prospective recipients of such donations are still wary of digital assets’ volatility. The identity of crypto donors is also another key concern for the campaign committees. Meanwhile, U.S. congressman Ken Martin is quoted.

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27 Jul 2023 08:22

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24 Jul 2023 14:06

📣 Superblock Raises $8 Million in Funding For Over Protocol Lightweight Node Protocol

Superblock, the visionary developer behind the cutting-edge Over Protocol lightweight node protocol, has successfully secured a total of US$8 million in funding across two funding rounds. Prominent investors, including SK, Netmarble, DSC, E&Investment, Schmidt, SpringCamp, and NaverZ, actively participated in the funding, reaffirming the growing interest and confidence in Superblock’s groundbreaking technology.

Earlier this year, in February, Superblock had already announced a triumphant Series A funding round, amassing a substantial 9 billion won (approximately US$7.22 million) in investments. Notably, major Korean companies, venture capital funds, and industry giants such as SK, Netmarble, DSC Investment, E&INVESTMENT, and Schmidt were among the backers who recognized the immense potential of Superblock and its innovative protocols. Superblock’s inception in 2021 laid the foundation for the development of Over Protocol, a powerful L1 blockchain solution that offers lightweight full nodes. This unique and game-changing feature enables seamless and efficient interactions within the blockchain.

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21 Jul 2023 13:15

🔵 Since the “Shapella” upgrade in April 2023, which allowed staked ETH to be withdrawn, the amount of ETH staked has increased by 26.37% and the number of validators has increased by 26.63% — link

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20 Jul 2023 16:15

💰 Sui Network Sets New Transaction Record With 99% Contribution from Sui 8192 Game Chain

Sui Network has achieved a remarkable milestone, with on-chain data revealing that the number of daily transactions has surged to an unprecedented 28.63 million, marking a new all-time high since the launch of its mainnet. The Sui Network’s skyrocketing daily transaction volume showcases the platform’s growing popularity and adoption within the blockchain community. The network’s ability to handle such a massive number of transactions further highlights its scalability and efficiency, fostering a seamless user experience.

The blockchain game Sui 8192 has played a pivotal role in this surge, capturing the attention and engagement of users. Its innovative gameplay and interactive features have attracted a significant user base, resulting in a staggering number of transactions being conducted within the game ecosystem. The dominance of Sui 8192, accounting for approximately 99% of the total daily transactions on the Sui Network, underscores the game’s popularity and its significant contribution to the platform’s overall transaction volume. The game has succeeded in creating an immersive experience for players, fueling engagement and driving the network’s growth.

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23 Aug 2023 14:10

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21 Aug 2023 12:05

📣 Zetachain Raises $27 Million to Develop a 'Chain to Manage Them All'

Zetachain, an interoperability-focused blockchain project, has raised $27 million in a Series A funding round. Blockchain.com, Human Capital, Vy Capital, Sky9 Capital, Jane Street Capital, VistaLabs, CMT Digital, Foundation Capital, Lingfeng Capital, GSR, and others participated in the round. Funds will be used to launch the mainnet of the chain and also to grow its decentralized app ecosystem. Zetachain wants to tackle the isolation problem that affects blockchains.

Zetachain’s solutions are still in testnet stages, there are already more than 27,000 decentralized application contracts used in several applications in various fields, including decentralized finance (defi), non-fungible tokens (NFTs), universal Web3 social, identity, and gaming protocols. Zetachain claims that 1.7 million users have participated on its testnet, with over 13 million transactions completed. With its design approach, the company expects that fees, slippage, and complexity will be reduced for the average user to reach global audiences and introduce them to crypto. For them, solving the fragmentation problem is “critical to enabling Web3 apps and services to reach a larger audience in the hundreds of millions.”

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19 Aug 2023 14:53

💰 Celsius Nears Asset Sale To Fahrenheit Consortium Amidst Legal Turbulence

Crypto lending firm Celsius, which faced bankruptcy proceedings last year, has received the green light from a judge to proceed with a voting process concerning the sale of its assets to the Fahrenheit consortium. The proposed plan aims to offer creditors a restitution range spanning from 67% to 85% of their holdings, with a major portion of the reimbursements planned in Bitcoin and Ethereum. Scheduled between August 24 and September 22, the voting procedure will involve a consortium led by notable entities like Arrington Capital and U.S. Bitcoin Corp.

The firm’s ex-CEO, Alex Mashinsky, faced fraud charges that led to his arrest in July. However, the company itself remained unindicted. Moreover, Celsius asserts that its plans to reimburse its customers will not be hindered by the $4.7 billion fine imposed on it by the Federal Trade Commission. A legal case was brought forward by former director James in January, which foreshadowed an unveiled indictment last month. This indictment alleged that between 2018 and June 2022, Mashinsky masterminded a comprehensive scheme to mislead Celsius customers, artificially inflating the value of its proprietary token, CEL. Mashinsky, however, has categorically denied these charges. Earlier proposed plans by Celsius involved creating a new entity owned by the creditors.

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17 Aug 2023 18:45

🆘 RocketSwap Exploiter Creates Liquidity With LoveRCKT Cause Its Price Crash 90%

After the recent RocketSwap incident, wherein the decentralized exchange on the Base Layer 2 network fell victim to a hack, new developments have come to light. According to security firm PeckShield, the perpetrator swiftly moved the stolen assets from the Base blockchain to Ethereum, promptly creating a memecoin named LoveRCKT. The exploiter behind the RocketSwap breach, whose labeled address was linked to the incident, efficiently launched LoveRCKT within an hour.

In an unexpected twist, LoveRCKT was paired with 400 ETH of liquidity on Uniswap, even though it was established by the hacker. Traders flocked in, causing the price of LoveRCKT to triple within a single day. RocketSwap’s team, meanwhile, has conducted a thorough investigation into the breach. They attribute the hack to a combination of oversights, including the use of offline signatures during launchpad deployment and the storage of private keys on the server. Shockingly, they have already removed a substantial amount of liquidity, comprising 57.83 trillion LoveRCKT and 35 ETH. This rapid sequence of events resulted in LoveRCKT’s value crashing by 90%. Despite social media speculation about a potential rug pull, the team maintains that a third-party hacker is the sole culprit.

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15 Aug 2023 09:47

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13 Aug 2023 16:31

🪙 Bitdeer’s Q2 Revenue Surges, Mining Successes, And Global Expansion In Focus

Bitdeer has released its unaudited financial results and operational updates for the second quarter of 2023, providing insights into its performance and growth strategies. According to the report, Bitdeer witnessed total revenue of $93.8 million during the second quarter, marking a 5% year-over-year increase. This uptick was attributed to amplified revenue from self-mining and hosting services, driven by an elevated self-mining hash rate and expanded hosting capacity.

Despite this revenue surge, the company reported a net loss of $40.4 million for the quarter, chiefly due to a substantial listing fee of $33.2 million linked to its transaction with Blue Safari Group Acquisition Corp., along with share-based payment expenditures amounting to $9.6 million. On a more positive note, Bitdeer managed to achieve an adjusted profit of $2.3 million, a figure that underscores the resilience of its distinctive business model. Adjusted EBITDA stood at $18.7 million, demonstrating the company’s ongoing commitment to optimizing its operations. Bitdeer’s operational endeavors also showcased promising developments. The company successfully produced 758 BTC during the second quarter, reflecting a noteworthy year-on-year growth of 45.5%.

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09 Aug 2023 15:12

🪙 Binance’s Latest Reserve Proof Report Reveals Shift From USDC To BTC And ETH

In its recent Proof of Reserve (PoR) disclosure on August 8th, Binance unveiled a significant reduction in its USDC balance from $3.4 billion on March 1 to $23.9 million on May 1. According to analyst Aleksandar Djakovic, the decline in USDC holdings coincided with Binance’s strategic move to purchase approximately 100,000 BTC and 550,000 ETH, amounting to about $3.5 billion, between March 12 and May 1.

The revelation of Binance’s USDC reserves and subsequent asset reallocation has generated significant attention within the crypto community. Notably, the topic gained prominence after Brian Armstrong, CEO of Coinbase, mentioned during the company’s Q2 earnings call that Binance had converted USDC to another stablecoin. As the cryptocurrency landscape evolves, major exchanges are continuously reassessing their asset management strategies. The shift from a substantial USDC balance to acquiring significant amounts of BTC and ETH illustrates Binance’s proactive approach to aligning its reserves with the evolving market trends. This strategic move not only diversifies the firm’s holdings but also positions the exchange to leverage the potential benefits of BTC and ETH.

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06 Aug 2023 11:13

🔴 Avalanche Blockchain Usage Grew in Second Quarter: Nansen

Usage of Avalanche, the seventh-largest smart contract platform, more than doubled in the second quarter, even as users committed less of their cash to the system. Daily transactions on Avalanche C-Chain, an implementation of the Ethereum Virtual Machine, grew to just under 500,000 from roughly 200,000, and the number of daily active addresses ranged between about 25,000 and 117,000, settling around 95,000 at the end of the quarter, blockchain analytics firm Nansen said in a research report.

At the same time, DefiLlama data show the total value locked on the layer-1 blockchain slid almost 20% to $695 million in the period, moving similarly to the price of Avalanche's native token AVAX. Interoperability protocol LayerZero and Stargate, a cross-chain bridge that leverages LayerZero’s technology, both played a role in Avalanche’s growth as two of the top entities by users and transactions on the C-Chain, “which could indicate a potential airdrop opportunity,” Nansen said. Despite the crypto bear market, “the steady increase of active addresses, coupled with the rise in daily transactions, is indicative of healthy growth within the ecosystem and showcases the flourishing community supporting Avalanche,” said the report.

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03 Aug 2023 20:04

💰 FTX Creditors Frustrated With Exchange’s Exit Plan To Get Out Of Bankruptcy

According to Cointelegraph, FTX creditors said they were “deeply disappointed” by the exchange’s draft bankruptcy exit plan and claimed the plan was ignored by FTX’s restructuring team. In a July 31 court filing, the FTX’s Official Committee on Unsecured Creditors (UCC) said that despite repeated requests and promises from the group, they “did not call or meeting” with FTX to discuss its draft Chapter 11 plan. On August 1, FTX creditors tweeted that FTX had submitted a restructuring plan. Primary information includes.

The proposed FTX restructuring plan indicates that in addition to establishing a “foreign exchange company,” the current FTX team is also considering the creation of a new trust company called “FTX Ventures Trust”. The trust will hold FTX’s investments in private startups as well as digital tokens that FTX does not plan to sell shortly after exiting bankruptcy. The trust’s purpose is to manage these long-term investments and distribute cash from them over time. FTX has yet to decide whether the trust will be owned by FTX’s bankruptcy assets or be traded separately after the bankruptcy. The goal is to find a way to maximize the value of these illiquid investments that FTX administrators cannot easily sell after bankruptcy.

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01 Aug 2023 15:24

🟠 Binance Founder CZ Hints At New Stablecoin Partners Amid FDUSD Trading Halt

Binance, one of the world’s leading cryptocurrency exchanges, is set to announce new stablecoin partners soon, according to Binance founder Changpeng Zhao (CZ). During a recent AMA session, CZ revealed that alongside First Digital USD (FDUSD), the platform has plans to collaborate with additional stablecoin projects. While specific details are being kept under wraps for now, CZ assured users that Binance remains committed to supporting multiple cryptocurrencies, further enhancing the platform’s robust and diverse offerings.

In light of recent technical issues, Binance temporarily suspended trading for FDUSD to ensure utmost protection for users and maintain the integrity of the trading process. The precautionary measure aims to rectify the technical issues promptly and diligently, safeguarding users’ assets and providing a seamless trading experience. All trading activity involving FDUSD were temporarily paused as of July 26, 2023 at 09:45 (UTC), and any pending orders on FDUSD pairings were automatically canceled during this period. The halt in trading activities took effect. Trading pairs BNB/FDUSD, FDUSD/BUSD, and FDUSD/USDT that are spot-based are among those that have been impacted. The platform remains committed to promptly resolving the technical issues and has set a timeline for the trading halt.

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29 Jul 2023 14:56

🇧🇷 $160 Million Ponzi Braiscompany Scammers Arrested By Brazilian Police

Brazilian authorities have arrested the main suspects involved in Braiscompany’s crypto fraud in an effort to protect investors and expose fraudulent activities. The detentions occurred in Foz do Iguaçu, near the Brazil-Argentina border, when the suspects are believed to have tried to flee the country. According to the report, those arrested were Arthur and Sabrina Lima, a couple suspected of being deeply involved in Braiscompany’s activities. Brazilian law enforcement has arrested three individuals believed to be involved in the activities of the now-defunct cryptocurrency brokerage, Braiscompany.

Police opened an investigation into the company, codenamed Operation Halving, earlier this year. And in an official statement, officials said that the latest phase of the operation has seen officials seize some $28.7 million worth of property in raids. Click on company-related addresses in São Paulo and Aracaju. One of the properties appears to be an office equipped with computer terminals and desks. Braiscompany came under closer scrutiny after investors voiced their inability to withdraw funds from the platform in December 2022. Earlier this year, the company, known for making promises to investors monthly interest of up to 8% on fiat or Bitcoin deposits, closed amid allegations of fraudulent activity. Following the closure, the company’s executives were suspected of fleeing with around $160 million in customer funds, prompting authorities to label the company a possible crypto pyramid scheme.

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26 Jul 2023 09:24

🆘 ZkSync’s Largest Lender EraLend Suffered A $3.4M Attack

In a recent security breach, EraLend, the largest lending protocol operating on the Ethereum scaling blockchain zkSync, fell victim to a read-only reentrancy attack, resulting in a substantial loss of $3.4 million. According to blockchain security firm CertiK, the attack exploited a vulnerability in EraLend’s smart contract code, allowing the attacker to withdraw more funds than authorized within a single transaction. As a result of the exploit, the total amount of locked capital on EraLend dropped from $18.5 million to $7.7 million, as reported by DefiLlama.

The vulnerability that the attacker took advantage of involved a read-only function, typically considered safe due to its inability to modify the contract’s state. These functions perform view actions, such as calculating token balances, without altering any data. However, the hacker manipulated this function through a reentrancy exploit, repeatedly calling it to drain assets from EraLend. The exploit focused on a faulty price oracle that EraLend relied on, ultimately allowing the attacker to siphon off significant funds from the protocol. Era Lend addressed the incident promptly, suspending all borrowing operations and warning users against depositing USDC (USD Coin) until the issue is resolved. The team is actively working with cybersecurity firms and partners to investigate the attack and implement necessary security measures.

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23 Jul 2023 15:41

🚨 Conic Finance Confirms Other Liquidity Pools Not Affected By Hack

In the latest announcement from Conic Finance, the DeFi protocol provided a detailed status update regarding the recent exploit that led to the loss of over 1,700 Ether (ETH), valued at over $3.2 million. The re-entrancy attack is a well-known vulnerability in smart contracts that allows attackers to repeatedly call a protocol, tricking it into transferring assets. In this case, the attacker took advantage of a discrepancy in the price data provided by the oracle, enabling them to manipulate the pricing system and withdraw the stolen funds.

Conic Finance has been proactively addressing the issue and is deploying a fix to the affected contract to prevent further exploits. The protocol has confirmed that the exploit cannot be performed again on the ETH Omnipool, and user withdrawals are secure. Additionally, they assured the community that no other Conic Omnipools were affected by this particular issue. The incident highlights the significance of oracle systems in DeFi, as they provide real-time price data for various assets. However, they also present a potential attack vector for hackers seeking to exploit vulnerabilities in the system. This exploit came shortly after another DeFi platform, Sturdy Finance, suffered a similar oracle manipulation attack that resulted in an $800,000 loss.

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21 Jul 2023 12:45

📣 Blockchain Venture Fund LBank Labs Invests In Symbolic Capital To Fuel Web3 Innovation

LBank Labs, at the forefront of blockchain venture funding, announced its investment in Symbolic Capital. This strategic collaboration is poised to ignite innovation and provide robust support for the expansion of highly-scalable Web3 infrastructures worldwide. LBank Labs, known for its protocol and exchange-agnostic approach, is committed to supporting projects through direct funding, acceleration, incubation, and extensive networking.

Besides direct investments in projects, the team aims to build a strong fund network via investing in global top funds to support portfolios from the network in both financial and resource value-add. Czhang Lin, IC board member of Labs, is also personally LPs to NGC, Blockchain Founders Fund and Lemniscap, where Eric He, Co-Founder of LBank, is LP to SevenX Ventures fund I, II and FOF, and IOSG Ventures. As investors, LBank Labs is committed to fueling the growth of highly-scalable Web3 infrastructures and empowering innovative startups worldwide. The strategic investment in Symbolic Capital solidifies LBank Labs’ dedication to building the future of crypto and supporting the mass adoption of decentralized applications.

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19 Jul 2023 09:16

🇬🇧 UK Financial Conduct Authority Plans To Strengthen Regulations On Crypto Promotions

The UK Financial Conduct Authority (FCA) has announced its intention to enhance regulations surrounding financial promotions on social media platforms. The proposed guidance aims to modernize the information provided by firms when advertising financial products or services online, taking into account the evolving landscape of social media advertising in the financial industry. One of the key objectives of the new guidance is to support the FCA’s Consumer Investments Strategy, which aims to reduce the number of retail consumers investing in high-risk investments.

In addition to addressing illegal and non-compliant financial promotions, the FCA will also focus on curbing promotions by financial influencers that may harm consumers. This includes a particular emphasis on influencers promoting cryptocurrency assets on social media platforms. To tackle these issues, the FCA plans to collaborate with the Advertising Standards Authority to increase oversight and scrutiny of illegal financial promotions and advertising practices. The regulators also aim to educate both consumers and influencers about the risks associated with promoting financial products. Starting from October 8, the FCA will implement several measures, including banning incentives for investing in cryptocurrencies such as “refer a friend” bonuses.

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