Forwarded from ๐ค ะัะธะฟัะพ-ัะบัั ๐ค
ะัะณะตะฝั ัะฐะทัะณััะฒะฐะตั ะบัะธะฟัะพ ะฟัะธะทั https://flash.argent.xyz?kid=1M5JBM
argent.xyz
Argent โ The best Ethereum wallet for DeFi and NFTs.
Argent gives you the best of Ethereum for a fraction of the cost. Easily buy, earn, stake and invest crypto.
Forwarded from CryptoRank Analytics
โโThe Latest Breaking News ๐ฃ
#1 FTX is creating an NFT-focused sports and entertainment marketplace โ link
#2 Bakkt has partnered with Quiznos on Bitcoin payments โ link
#3 DeFi platform dYdX is launching a governance token โ link
#4 โ HSBC UK reportedly cuts credit card payments to Binance โ link
#5 Google running crypto ads again as new policy goes into effect โ link
๐ https://cryptorank.io/news
#1 FTX is creating an NFT-focused sports and entertainment marketplace โ link
#2 Bakkt has partnered with Quiznos on Bitcoin payments โ link
#3 DeFi platform dYdX is launching a governance token โ link
#4 โ HSBC UK reportedly cuts credit card payments to Binance โ link
#5 Google running crypto ads again as new policy goes into effect โ link
๐ https://cryptorank.io/news
Currently, retail investors are dominating the market. In terms of addresses, whales have a mere concentration of 1.53%, whereas retail holders have an 88.64% dominance today. At the same time when it comes to balance, these whales only have 288k cumulatively.
Retail investors, on the other hand, hold 16.65 million BTC altogether. These are the biggest signs of retail domination which is exactly the need of the moment. If their participation grows, the next rally can be led by retail investors.
On exchanges, it can be seen that selling is active in the market. At the moment, whalesโ balance is close to its all-time high. Whale addresses possessing 100-10k BTC hold 49.1% of Bitcoinโs supply. This shows that selling from their end is close to none.
Retail investors, on the other hand, hold 16.65 million BTC altogether. These are the biggest signs of retail domination which is exactly the need of the moment. If their participation grows, the next rally can be led by retail investors.
On exchanges, it can be seen that selling is active in the market. At the moment, whalesโ balance is close to its all-time high. Whale addresses possessing 100-10k BTC hold 49.1% of Bitcoinโs supply. This shows that selling from their end is close to none.
Forwarded from CryptoVigilante
Poly Network Hack Clarification
๐ WHO DID THE HACK TARGET?
This is a big question to ask. I've seen a couple of comments like "Not your keys, not your Crypto" and likening it to BitConnect or Mt. Gox. It's similar but with a big caveat, these types of attacks don't typically target users crypto in their wallet. Custodial exchange and centralized lending will often target users crypto just sitting in a spot wallet.
When you supply liquidity to a protocol on DeFi it is not your crypto. You're keys should still be able to authorize the withdrawal of that crypto or your wallet will have a receipt of supplying like cETH or LP tokens. You are still ultimately the custodian of your own crypto in DeFi
If you've been interacting with DeFi protocols, it is highly unlikely you will wake up to a drained Metamask after one of these hacks. You are too small of a fish for those types of attacks to target. You are more likely to have to fall for a phishing scam if that is the case.
Typically hacks like this target liquidity pools. Liquidity pools often have immense value in them. You may lose crypto you have deposited in a hacked pool or farm, but often times protocols come up with solutions to reimburse any lost crypto like PancakeBunny earlier this year that suffered a flash loan attack.
Poly Network holds large liquidity pools to facilitate cross chain transfers. Holding a lot of exit liquidity on each chain. The money that was hacked from this event is likely to have been stolen from those who have large amounts of liquidity staked. This is not likely to be you farming CAKE on PCS!
Cross Chain protocols are incredibly hard to code, and they should be treated with caution when supplying liquidity to them.
๐ HOW DID THE ATTACK TAKE PLACE?
I want to keep this part simple for those not technically minded but there are currently two working theories as to how the hack took place. They both involve the private keys for the ownership of the liquidity pools.
๐ Theory 1: Leaked Key
Poly Network has a big security problem from the outset. They had a single sig key to the pools which means that only one signer would need to authorise any changes to the liquidity pool, including withdrawal of funds. This is like leaving a vault of gold with only one key. If you wanted to access this, there wouldn't be any other parties involved.
Current theories suggest that this key was leaked or hacked via another method off-chain. This is the story from early official post mortem from Poly Network
EDIT: This theory has been disproved by Poly Network, but I wrote it so I thought I'd leave it here as an example of an early working theory
๐ Theory 2: Hacked Contracts
There are two important contracts. A "manager" contract and a "data" contract. The data contract specifies the address which can submit transactions which can withdraw funds from the pool. If someone was to replace this address in the contract to theirs, they could withdraw as much from the pools as possible.
In solidity there is a concept called ownership. A smart contract can set certain functions to only execute if the owner executed them. Typically, when constructed the owner is the wallet who deployed the contract, which is typically the developer. However, in this case the owner of the "Data" contract was the "Manager" contract.
So now, if you were to call a function which could replace the address in the data contract with theirs from the manager, it would be allowed.
But here's another flaw in the design of Poly Network. The "manager" contract exists to run transactions on different chains. It has a function called verifyHeaderAndExecuteTx which verifies that a transaction exists on one chain, and if it does, runs it on another. This is needed for cross chain interoperability.
But wait... we've now got a way to run arbitrary functions from the "manager". If the attacker devises a specific input they can now freely set the most important address, the one which says who can withdraw from the pools, to theirs.
Confirmed by Poly Network
๐ WHO DID THE HACK TARGET?
This is a big question to ask. I've seen a couple of comments like "Not your keys, not your Crypto" and likening it to BitConnect or Mt. Gox. It's similar but with a big caveat, these types of attacks don't typically target users crypto in their wallet. Custodial exchange and centralized lending will often target users crypto just sitting in a spot wallet.
When you supply liquidity to a protocol on DeFi it is not your crypto. You're keys should still be able to authorize the withdrawal of that crypto or your wallet will have a receipt of supplying like cETH or LP tokens. You are still ultimately the custodian of your own crypto in DeFi
If you've been interacting with DeFi protocols, it is highly unlikely you will wake up to a drained Metamask after one of these hacks. You are too small of a fish for those types of attacks to target. You are more likely to have to fall for a phishing scam if that is the case.
Typically hacks like this target liquidity pools. Liquidity pools often have immense value in them. You may lose crypto you have deposited in a hacked pool or farm, but often times protocols come up with solutions to reimburse any lost crypto like PancakeBunny earlier this year that suffered a flash loan attack.
Poly Network holds large liquidity pools to facilitate cross chain transfers. Holding a lot of exit liquidity on each chain. The money that was hacked from this event is likely to have been stolen from those who have large amounts of liquidity staked. This is not likely to be you farming CAKE on PCS!
Cross Chain protocols are incredibly hard to code, and they should be treated with caution when supplying liquidity to them.
๐ HOW DID THE ATTACK TAKE PLACE?
I want to keep this part simple for those not technically minded but there are currently two working theories as to how the hack took place. They both involve the private keys for the ownership of the liquidity pools.
๐ Theory 1: Leaked Key
Poly Network has a big security problem from the outset. They had a single sig key to the pools which means that only one signer would need to authorise any changes to the liquidity pool, including withdrawal of funds. This is like leaving a vault of gold with only one key. If you wanted to access this, there wouldn't be any other parties involved.
Current theories suggest that this key was leaked or hacked via another method off-chain. This is the story from early official post mortem from Poly Network
EDIT: This theory has been disproved by Poly Network, but I wrote it so I thought I'd leave it here as an example of an early working theory
๐ Theory 2: Hacked Contracts
There are two important contracts. A "manager" contract and a "data" contract. The data contract specifies the address which can submit transactions which can withdraw funds from the pool. If someone was to replace this address in the contract to theirs, they could withdraw as much from the pools as possible.
In solidity there is a concept called ownership. A smart contract can set certain functions to only execute if the owner executed them. Typically, when constructed the owner is the wallet who deployed the contract, which is typically the developer. However, in this case the owner of the "Data" contract was the "Manager" contract.
So now, if you were to call a function which could replace the address in the data contract with theirs from the manager, it would be allowed.
But here's another flaw in the design of Poly Network. The "manager" contract exists to run transactions on different chains. It has a function called verifyHeaderAndExecuteTx which verifies that a transaction exists on one chain, and if it does, runs it on another. This is needed for cross chain interoperability.
But wait... we've now got a way to run arbitrary functions from the "manager". If the attacker devises a specific input they can now freely set the most important address, the one which says who can withdraw from the pools, to theirs.
Confirmed by Poly Network
Forwarded from Blockchair News
๐ Institutions are buying Bitcoin like it's late 2020 ๐
https://blockchair.com/news/institutions-are-buying-bitcoin-like-its-late-2020--0cb7d4c4f0
BTC: $46180 โช๏ธ ETH: $3214 โช๏ธ XRP: $0.89 โช๏ธ BCH: $608
https://blockchair.com/news/institutions-are-buying-bitcoin-like-its-late-2020--0cb7d4c4f0
BTC: $46180 โช๏ธ ETH: $3214 โช๏ธ XRP: $0.89 โช๏ธ BCH: $608
Blockchair
Institutions are buying Bitcoin like it's late 2020 โ Blockchair News
cointelegraph.com: The amount of Bitcoin available on derivatives exchanges hits its lowest since May 11, before the China miner rout took hold.
Forwarded from CryptoRank Analytics
โโThe Latest Breaking News ๐ฃ
#1 Kryptoin files for Ethereum ETF โ link
#2 US Immigration and Customs Enforcement plans to use Coinbase forensics tools โ link
#3 Singapore monetary authority approves crypto trading for DBS โ link
#4 Crypto crowdfunding platform DAO Maker hacked for $7M โ link
#5 Lionel Messi's move to PSG includes payment in crypto โ link
๐ https://cryptorank.io/news
#1 Kryptoin files for Ethereum ETF โ link
#2 US Immigration and Customs Enforcement plans to use Coinbase forensics tools โ link
#3 Singapore monetary authority approves crypto trading for DBS โ link
#4 Crypto crowdfunding platform DAO Maker hacked for $7M โ link
#5 Lionel Messi's move to PSG includes payment in crypto โ link
๐ https://cryptorank.io/news
Forwarded from Polygon Official Announcements (Chinmay)
Polygon EIP1559 Community Call on Thursday, 19th August!
๐ฃ Every month, our founders discuss the key highlights and all the exciting progress we've made in the previous month, this time we'll be covering an important upgrade on Polygon, The EIP1559, weโll be talking about how EIP1559 will be implemented on the Polygon chain and how it would impact Dapps and Validators.
๐ฃ Join the Polygon core contributors: Anurag Arjun, Jaynti Kanani, Delroy Bosco and Prabal Banerjee on this live discussion.
๐ 19th August, Thursday 7:30 PM IST | 2:00 PM UTC
๐ Save your spot: https://www.crowdcast.io/e/polygon-eip1559
Retweet: https://twitter.com/0xPolygon/status/1426150802830233609?s=20
๐ฃ Every month, our founders discuss the key highlights and all the exciting progress we've made in the previous month, this time we'll be covering an important upgrade on Polygon, The EIP1559, weโll be talking about how EIP1559 will be implemented on the Polygon chain and how it would impact Dapps and Validators.
๐ฃ Join the Polygon core contributors: Anurag Arjun, Jaynti Kanani, Delroy Bosco and Prabal Banerjee on this live discussion.
๐ 19th August, Thursday 7:30 PM IST | 2:00 PM UTC
๐ Save your spot: https://www.crowdcast.io/e/polygon-eip1559
Retweet: https://twitter.com/0xPolygon/status/1426150802830233609?s=20
Crowdcast
Polygon EIP1559 Community Call - Crowdcast
Register now for Polygon's event on Crowdcast, scheduled to go live on Thursday August 19, 2021 at 7:30 pm IST.
Forwarded from DeFi Crypto Ann
BTC: $150k
ETH: $11.5k
By Feb 2022
Not financial advice.
ETH: $11.5k
By Feb 2022
Not financial advice.
Forwarded from CryptoRank Analytics
โโThe Latest Breaking News ๐ฃ
#1 Dutch central bank says Binance not in compliance with rules โ link
#2 Japanese exchange Liquid hacked, hacker in possession of $74 million in crypto assets โ link
#3 Coinbase names Mitsubishi UFJ as banking partner in exchangeโs Japanese expansion โ link
#4 VanEck adds to ETF applications with Ether futures filing โ link
#5 Chinaโs central bank targets crypto-linked firms in Shenzhen โ link
๐ https://cryptorank.io/news
#1 Dutch central bank says Binance not in compliance with rules โ link
#2 Japanese exchange Liquid hacked, hacker in possession of $74 million in crypto assets โ link
#3 Coinbase names Mitsubishi UFJ as banking partner in exchangeโs Japanese expansion โ link
#4 VanEck adds to ETF applications with Ether futures filing โ link
#5 Chinaโs central bank targets crypto-linked firms in Shenzhen โ link
๐ https://cryptorank.io/news
Forwarded from Blockchair News
๐ Is Facebook ready to launch a cryptocurrency wallet? ๐
https://blockchair.com/news/is-facebook-ready-to-launch-a-cryptocurrency-wallet--ab2e95cdd0
BTC: $44860 โช๏ธ ETH: $3018 โช๏ธ XRP: $1.13 โช๏ธ BCH: $632
https://blockchair.com/news/is-facebook-ready-to-launch-a-cryptocurrency-wallet--ab2e95cdd0
BTC: $44860 โช๏ธ ETH: $3018 โช๏ธ XRP: $1.13 โช๏ธ BCH: $632
Blockchair
Is Facebook ready to launch a cryptocurrency wallet? โ Blockchair News
en.cryptonomist.ch: A few hours ago, David Marcus published a long blog post on Medium
The post Is Facebook ready to launch a cryptocurrency wallet? appeared first on The Cryptonomist.
The post Is Facebook ready to launch a cryptocurrency wallet? appeared first on The Cryptonomist.
Forwarded from CryptoRank Analytics
โโThe Latest Breaking News ๐ฃ
#1 All Binance Users Now Required to Complete KYC Registration โ link
#2 Coinbase is adding $500 million of crypto to its balance sheet โ link
#3 Wells Fargo has registered a private bitcoin fund โ link
#4 Galaxy Digital and Bloomberg collaborate to create a DeFi index โ link
#5 BlackRock joins Fidelity and Vanguard as a bitcoin mining investor โ link
๐ https://cryptorank.io/news
#1 All Binance Users Now Required to Complete KYC Registration โ link
#2 Coinbase is adding $500 million of crypto to its balance sheet โ link
#3 Wells Fargo has registered a private bitcoin fund โ link
#4 Galaxy Digital and Bloomberg collaborate to create a DeFi index โ link
#5 BlackRock joins Fidelity and Vanguard as a bitcoin mining investor โ link
๐ https://cryptorank.io/news
Forwarded from Blockchair News
๐ Brazilโs central bank president endorses crypto regulation ๐
https://blockchair.com/news/brazils-central-bank-president-endorses-crypto-regulation--2243d90019
BTC: $46989 โช๏ธ ETH: $3214 โช๏ธ XRP: $1.24 โช๏ธ BCH: $660
https://blockchair.com/news/brazils-central-bank-president-endorses-crypto-regulation--2243d90019
BTC: $46989 โช๏ธ ETH: $3214 โช๏ธ XRP: $1.24 โช๏ธ BCH: $660
Blockchair
Brazilโs central bank president endorses crypto regulation โ Blockchair News
cointelegraph.com: Central bank head Roberto Campos Neto recognized the demand for greater crypto regulation as the country evolves in the market.
Forwarded from CryptoRank Analytics
โโThe Latest Breaking News ๐ฃ
#1 MicroStrategy splashes $177M on Bitcoin, now holds almost 109,000 BTC โ link
#2 Paxos (PAX) will rebrand their stablecoin to Paxos Dollar USDP โ link
#3 Crypto exchange Kraken hunting new EU license after brexit โ link
#4 FTX acquire naming rights to Cal Golden Bears' football pitch for $17.5m USD โ link
#5 Kraken, DeFi staples donate $1.5M to fund Ethereum 2.0 โ link
๐ https://cryptorank.io/news
#1 MicroStrategy splashes $177M on Bitcoin, now holds almost 109,000 BTC โ link
#2 Paxos (PAX) will rebrand their stablecoin to Paxos Dollar USDP โ link
#3 Crypto exchange Kraken hunting new EU license after brexit โ link
#4 FTX acquire naming rights to Cal Golden Bears' football pitch for $17.5m USD โ link
#5 Kraken, DeFi staples donate $1.5M to fund Ethereum 2.0 โ link
๐ https://cryptorank.io/news
