Bitfinex will pay up to $ 400 million for the return of bitcoins stolen from it in 2016
Cryptocurrency exchange Bitfinex today announced a reward for “anyone who can help connect it with the hackers responsible for the unauthorized transfer of nearly 120,000 bitcoins in August 2016,” as well as the hackers themselves.
We are talking about assets stolen from the exchange during a hacker attack several years ago. On the morning of August 2, 2016, hackers entered the Bitfinex system and with the help of 2,072 transactions withdrew 119,755 bitcoins from its wallets.
Four years later, the company continues to search for these assets. In total, she managed to return about 27 bitcoins with the assistance of US law enforcement agencies. All this time, stolen assets have been moving between the attackers' wallets, including transactions worth several tens of millions of dollars over the past week.
Under the terms of the Bitfinex offer, the informant will receive 5% of the refunded amount for ensuring contact with hackers, while the hackers themselves will receive 25%. According to the calculations of the exchange, the value of the funds to be restored, excluding those returned earlier, is equal to $ 1.344 billion. Thus, the maximum amount of remuneration is 30% or $ 403,288,427.
To confirm that the assets belong to the hacker, the exchange will ask him to send a transfer in 1 satoshi to the address indicated by it. Bitfinex's offer could be interesting for hackers, as four years later they are still trying unsuccessfully to hide the traces of the assets, and all of their transactions are closely monitored, including by specialized blockchain transaction analysis companies.
“This is a dark page in the history of our exchange. We are pleased to offer the award as further evidence of our intention to regain lost property, ”adds Bitfinex.
Cryptocurrency exchange Bitfinex today announced a reward for “anyone who can help connect it with the hackers responsible for the unauthorized transfer of nearly 120,000 bitcoins in August 2016,” as well as the hackers themselves.
We are talking about assets stolen from the exchange during a hacker attack several years ago. On the morning of August 2, 2016, hackers entered the Bitfinex system and with the help of 2,072 transactions withdrew 119,755 bitcoins from its wallets.
Four years later, the company continues to search for these assets. In total, she managed to return about 27 bitcoins with the assistance of US law enforcement agencies. All this time, stolen assets have been moving between the attackers' wallets, including transactions worth several tens of millions of dollars over the past week.
Under the terms of the Bitfinex offer, the informant will receive 5% of the refunded amount for ensuring contact with hackers, while the hackers themselves will receive 25%. According to the calculations of the exchange, the value of the funds to be restored, excluding those returned earlier, is equal to $ 1.344 billion. Thus, the maximum amount of remuneration is 30% or $ 403,288,427.
To confirm that the assets belong to the hacker, the exchange will ask him to send a transfer in 1 satoshi to the address indicated by it. Bitfinex's offer could be interesting for hackers, as four years later they are still trying unsuccessfully to hide the traces of the assets, and all of their transactions are closely monitored, including by specialized blockchain transaction analysis companies.
“This is a dark page in the history of our exchange. We are pleased to offer the award as further evidence of our intention to regain lost property, ”adds Bitfinex.
Coinbase Names Technical Criteria For Selecting ERC20 Tokens For Listing On The Exchange
The American cryptocurrency exchange Coinbase has revealed a list of the main technical factors that a project must satisfy to qualify for the listing of its ERC20 token on the platform.
According to the publication, there are four main factors: the availability of verified source code, the use of industry-standard libraries, the limited role of privileged contributors, and a simple and modular design.
As explained by Coinbase Blockchain Security Engineer Nadir Akhtar, verified source code is a paramount requirement for listing. It encourages developers to upload code to trusted platforms like Etherscan or Github.
Also, Coinbase recommends using ready-made smart contract standards and not writing all the code from scratch, as this increases the risks of the token. In particular, developers can use the OpenZeppelin smart contract repository.
At the same time, the administrator's rights in the smart contract should be limited. If a contract allows its creator to stop transactions, change user account balances, or completely change the logic of a token, the likelihood of listing such an asset on Coinbase decreases.
Among other things, Coinbase pays attention to the presence of third-party audits, detailed documentation, code compliance with the latest version of the Solidity language, and testing tools for finding bugs. The exchange notes that one mistake by developers can result in multi-million dollar losses.
The American cryptocurrency exchange Coinbase has revealed a list of the main technical factors that a project must satisfy to qualify for the listing of its ERC20 token on the platform.
According to the publication, there are four main factors: the availability of verified source code, the use of industry-standard libraries, the limited role of privileged contributors, and a simple and modular design.
As explained by Coinbase Blockchain Security Engineer Nadir Akhtar, verified source code is a paramount requirement for listing. It encourages developers to upload code to trusted platforms like Etherscan or Github.
Also, Coinbase recommends using ready-made smart contract standards and not writing all the code from scratch, as this increases the risks of the token. In particular, developers can use the OpenZeppelin smart contract repository.
At the same time, the administrator's rights in the smart contract should be limited. If a contract allows its creator to stop transactions, change user account balances, or completely change the logic of a token, the likelihood of listing such an asset on Coinbase decreases.
Among other things, Coinbase pays attention to the presence of third-party audits, detailed documentation, code compliance with the latest version of the Solidity language, and testing tools for finding bugs. The exchange notes that one mistake by developers can result in multi-million dollar losses.
Police searched the office of the Korean crypto exchange Bithumb as part of a fraud case
On September 2, South Korean police officers came to search the office of the country's largest crypto exchange, Bithumb. This is reported by the local edition of Seoul co kr.
According to him, the visit to Bithumb's Seoul office is related to the fraud case and the withdrawal of assets abroad. Bithumb Holdings CEO Lee Jong Hoon is believed to be involved.
According to the city authorities, this is an investment fraud with the BXA token. It was released last year during negotiations to sell the Bithumb stake. Investors claim that Lee Jong Hoon sold them Blockchain Exchange Alliance (BXA) tokens on a presale worth about 30 billion won ($ 24 million).
According to The News Asia, after the breakdown of the negotiations, Bithumb, contrary to its own promise, did not list BXA, due to which the investment in the token plummeted. About 300 investors took part in the campaign. One of them said that he invested a million dollars in the token sale, but after the change of Bithumb's plans, these assets did not cost even $ 10,000.
Earlier it became known that the police came to the offices of another Korean exchange - Coinbit. Its management is suspected of falsifying 99% of the trades.
Last week it was reported that the court rejected a petition by the heads of the Komid exchange to reduce the terms of imprisonment. They have also been accused of fraud by falsifying data on their platform.
In June, Korean media reported that Bithumb was planning an initial public offering (IPO).
On September 2, South Korean police officers came to search the office of the country's largest crypto exchange, Bithumb. This is reported by the local edition of Seoul co kr.
According to him, the visit to Bithumb's Seoul office is related to the fraud case and the withdrawal of assets abroad. Bithumb Holdings CEO Lee Jong Hoon is believed to be involved.
According to the city authorities, this is an investment fraud with the BXA token. It was released last year during negotiations to sell the Bithumb stake. Investors claim that Lee Jong Hoon sold them Blockchain Exchange Alliance (BXA) tokens on a presale worth about 30 billion won ($ 24 million).
According to The News Asia, after the breakdown of the negotiations, Bithumb, contrary to its own promise, did not list BXA, due to which the investment in the token plummeted. About 300 investors took part in the campaign. One of them said that he invested a million dollars in the token sale, but after the change of Bithumb's plans, these assets did not cost even $ 10,000.
Earlier it became known that the police came to the offices of another Korean exchange - Coinbit. Its management is suspected of falsifying 99% of the trades.
Last week it was reported that the court rejected a petition by the heads of the Komid exchange to reduce the terms of imprisonment. They have also been accused of fraud by falsifying data on their platform.
In June, Korean media reported that Bithumb was planning an initial public offering (IPO).
Tether and Bitfinex Asks Court to Dismiss Market Manipulation Claim
Tether, the issuer of the USDT stablecoin, and iFinex, the parent company of cryptocurrency exchange Bitfinex, are asking the court to dismiss a market manipulation claim that was filed against them last October. Coindesk reports.
A petition filed by attorneys for Tether and iFinex on Thursday, September 3, said the plaintiffs were unable to prove their claims.
Plaintiffs allege that Tether issued $ 3 billion in unsecured USDT tokens over a five-year period, which Bitfinex used to buy cryptocurrencies to support price increases during market downturns. According to the lawsuit, this allegedly led to a sharp increase in the total market capitalization of cryptocurrencies to $ 795 billion at the end of 2017.
The plaintiffs are five crypto traders. They claim to have bought the cryptocurrency at inflated prices and suffered serious losses. The lawsuit is collective and "represents anyone in the United States who could suffer losses due to the inflated prices of cryptocurrencies."
The defendants' lawyers argue that Tether's accusations of issuing its USDT stablecoins without any collateral are unfounded, and the plaintiffs were unable to prove that cryptocurrency prices were inflated at the time due to manipulation by companies. The lawyers also ask the court to dismiss the charges of anti-competitive and monopolistic behavior, since the lawsuit does not explain exactly how the defendants tried to claim dominance in the market.
In August, cryptocurrency exchanges Bittrex and Poloniex asked the court to move to summary judgment in this case due to the fact that the plaintiffs were unable to prove their claims. These exchanges were included in the legal proceedings as defendants in June 2020.
Two more lawsuits have been filed against iFinex and Tether, alleging that USDT is not adequately backed up. The first lawsuit was filed by the New York Attorney General's Office in April 2019. The second class action lawsuit was filed in November 2019.
Tether, the issuer of the USDT stablecoin, and iFinex, the parent company of cryptocurrency exchange Bitfinex, are asking the court to dismiss a market manipulation claim that was filed against them last October. Coindesk reports.
A petition filed by attorneys for Tether and iFinex on Thursday, September 3, said the plaintiffs were unable to prove their claims.
Plaintiffs allege that Tether issued $ 3 billion in unsecured USDT tokens over a five-year period, which Bitfinex used to buy cryptocurrencies to support price increases during market downturns. According to the lawsuit, this allegedly led to a sharp increase in the total market capitalization of cryptocurrencies to $ 795 billion at the end of 2017.
The plaintiffs are five crypto traders. They claim to have bought the cryptocurrency at inflated prices and suffered serious losses. The lawsuit is collective and "represents anyone in the United States who could suffer losses due to the inflated prices of cryptocurrencies."
The defendants' lawyers argue that Tether's accusations of issuing its USDT stablecoins without any collateral are unfounded, and the plaintiffs were unable to prove that cryptocurrency prices were inflated at the time due to manipulation by companies. The lawyers also ask the court to dismiss the charges of anti-competitive and monopolistic behavior, since the lawsuit does not explain exactly how the defendants tried to claim dominance in the market.
In August, cryptocurrency exchanges Bittrex and Poloniex asked the court to move to summary judgment in this case due to the fact that the plaintiffs were unable to prove their claims. These exchanges were included in the legal proceedings as defendants in June 2020.
Two more lawsuits have been filed against iFinex and Tether, alleging that USDT is not adequately backed up. The first lawsuit was filed by the New York Attorney General's Office in April 2019. The second class action lawsuit was filed in November 2019.
QuadrigaCX Lenders Hired Blockchain Analysis Firm To Investigate Exchange Activities
Canadian law firm Miller Thomson, representing the lenders of the now-closed crypto exchange QuadrigaCX, hired auditing firm Kroll to investigate the loss of $ 190 million in user assets in early 2019.
The financial problems of QuadrigaCX became known after the sudden death of the founder of the exchange, Gerald Cotten, in December 2018. Cotten was allegedly the only person who had access to the exchange's cold wallets. An investigation by the Ontario Securities Commission (OSC) revealed that Cotten opened accounts under pseudonyms with fake balances and traded with Quadriga clients. When the prices of cryptoassets fell and users were withdrawing funds, Cotten covered the losses with deposits from other clients.
In a September 8 statement, Miller Thomson announced that Kroll will work in partnership with blockchain analytics firm Coinfirm. Kroll and Confirm will need to analyze the transaction data of the exchange. Due to the ongoing investigation by law enforcement agencies, the details of the companies' activities in this case will not be publicly disclosed.
Miller Thomson also said in a statement that the company has sent requests for information about the Panamanian company Crypto Capital, which provided payment services to QuadrigaCX before the crash.
“There is currently insufficient evidence to suggest that Crypto Capital owed Quadriga any funds at the date of bankruptcy,” says Miller Thomson. However, if there is any new information on this case, the auditing company Ernst & Young, which manages the bankruptcy proceedings of the exchange, "will consider the possibility of returning Quadriga's funds."
The statement says that the payment of compensation to users of the exchange may take a long time. "The most significant impact on the speed at which funds will be disbursed will have a CRA [IRS] audit of Quadriga's tax liabilities," said Miller Thomson.
Due to the coronavirus pandemic, the CRA declined to name the completion date of the audit.
Canadian law firm Miller Thomson, representing the lenders of the now-closed crypto exchange QuadrigaCX, hired auditing firm Kroll to investigate the loss of $ 190 million in user assets in early 2019.
The financial problems of QuadrigaCX became known after the sudden death of the founder of the exchange, Gerald Cotten, in December 2018. Cotten was allegedly the only person who had access to the exchange's cold wallets. An investigation by the Ontario Securities Commission (OSC) revealed that Cotten opened accounts under pseudonyms with fake balances and traded with Quadriga clients. When the prices of cryptoassets fell and users were withdrawing funds, Cotten covered the losses with deposits from other clients.
In a September 8 statement, Miller Thomson announced that Kroll will work in partnership with blockchain analytics firm Coinfirm. Kroll and Confirm will need to analyze the transaction data of the exchange. Due to the ongoing investigation by law enforcement agencies, the details of the companies' activities in this case will not be publicly disclosed.
Miller Thomson also said in a statement that the company has sent requests for information about the Panamanian company Crypto Capital, which provided payment services to QuadrigaCX before the crash.
“There is currently insufficient evidence to suggest that Crypto Capital owed Quadriga any funds at the date of bankruptcy,” says Miller Thomson. However, if there is any new information on this case, the auditing company Ernst & Young, which manages the bankruptcy proceedings of the exchange, "will consider the possibility of returning Quadriga's funds."
The statement says that the payment of compensation to users of the exchange may take a long time. "The most significant impact on the speed at which funds will be disbursed will have a CRA [IRS] audit of Quadriga's tax liabilities," said Miller Thomson.
Due to the coronavirus pandemic, the CRA declined to name the completion date of the audit.
Mastercard Launches Central Banks Digital Currency Testing Platform
Mastercard has launched a platform for testing central bank digital currencies (CBDC). According to a September 9 press release, the platform will allow banks and financial services to simulate the issuance and distribution of CBDCs and evaluate the use cases for such digital currencies.
“Central banks are expanding research into digital currencies in a variety of areas, from increasing financial inclusion to modernizing the payments ecosystem,” said Raj Dhamodharan, executive vice president of digital assets and blockchain products at Mastercard. "The new platform will support central banks and help them make decisions about the further development of the economies of countries."
According to the company, the test platform could be used to test how CBDCs can “interact with existing payment networks and infrastructures” and how consumers can use digital currencies to buy goods and services.
In July, Visa also announced its readiness to support digital currency initiatives. Visa says it is working directly with policymakers and NGOs to “help build dialogue” around the CBDC.
Mastercard has launched a platform for testing central bank digital currencies (CBDC). According to a September 9 press release, the platform will allow banks and financial services to simulate the issuance and distribution of CBDCs and evaluate the use cases for such digital currencies.
“Central banks are expanding research into digital currencies in a variety of areas, from increasing financial inclusion to modernizing the payments ecosystem,” said Raj Dhamodharan, executive vice president of digital assets and blockchain products at Mastercard. "The new platform will support central banks and help them make decisions about the further development of the economies of countries."
According to the company, the test platform could be used to test how CBDCs can “interact with existing payment networks and infrastructures” and how consumers can use digital currencies to buy goods and services.
In July, Visa also announced its readiness to support digital currency initiatives. Visa says it is working directly with policymakers and NGOs to “help build dialogue” around the CBDC.
Tether will move 1 billion USDT from Tron blockchain to Ethereum
Stablecoin issuer Tether intends to move 1 billion USDT, or about 7% of the circulating volume, from the Tron blockchain to Ethereum. The operation will be carried out in two tranches tomorrow, September 15th.
“Tether will partner with a third party to execute two swaps for 1 billion USDT. The overall USDT supply will not change in the process, ”the company says.
Typically, a stablecoin swap is done to match supply with demand across different blockchains. In the past, Tether has hired third-party cryptocurrency exchanges, in particular Binance, for these purposes.
This is the second major transfer of USDT from Tron to Ethereum. The company also moved USDT 1 billion last month.
The latest transaction indicates that USDT continues to attract increased demand from Ethereum users. At the same time, Tether is trying to reduce the load on the cryptocurrency network by adding support for alternative solutions like the OMG Network and Solana. USDT is also available on Algorand, EOS, Liquid Network and Omni systems.
Earlier, the company announced that it was able to return 1 million USDT to a user who mistakenly sent assets to the address of the wrong contract.
Stablecoin issuer Tether intends to move 1 billion USDT, or about 7% of the circulating volume, from the Tron blockchain to Ethereum. The operation will be carried out in two tranches tomorrow, September 15th.
“Tether will partner with a third party to execute two swaps for 1 billion USDT. The overall USDT supply will not change in the process, ”the company says.
Typically, a stablecoin swap is done to match supply with demand across different blockchains. In the past, Tether has hired third-party cryptocurrency exchanges, in particular Binance, for these purposes.
This is the second major transfer of USDT from Tron to Ethereum. The company also moved USDT 1 billion last month.
The latest transaction indicates that USDT continues to attract increased demand from Ethereum users. At the same time, Tether is trying to reduce the load on the cryptocurrency network by adding support for alternative solutions like the OMG Network and Solana. USDT is also available on Algorand, EOS, Liquid Network and Omni systems.
Earlier, the company announced that it was able to return 1 million USDT to a user who mistakenly sent assets to the address of the wrong contract.
European Union to establish full regulation of cryptoassets by 2024
Within a few years, the European Union will establish new rules in the field of blockchain and cryptoassets in order to increase the availability of cross-border payments based on them, writes Reuters, citing documents at its disposal.
The European Commission intends to establish a strategy that would promote wider use of digital finance, while 78% of payments in the eurozone are still made in cash. The need for cashless payments became especially evident during the coronavirus pandemic, the publication said.
According to the authors' intention, it is necessary to present a bill explaining how the existing rules apply to cryptoassets, as well as establish new rules to close possible gaps in regulation.
“By 2024, the EU must introduce a comprehensive regulatory framework that will expand the use of distributed ledger technology and cryptoassets in the financial sector. Among other things, it must provide answers to the risks associated with such technologies, ”the department notes.
The new rules must be approved within four years so that consumers can start using financial services as soon as possible after identification and checks related to anti-money laundering, the authors of the document note.
“By 2024, the principles of certification and universal licensing should be applied in all regions with significant potential for digital finance,” they write, adding that instant payment systems should become the “new normal” by the end of 2021.
Earlier there were details of what requirements under the new legislation the European Commission is going to impose on issuers of stablecoins.
Within a few years, the European Union will establish new rules in the field of blockchain and cryptoassets in order to increase the availability of cross-border payments based on them, writes Reuters, citing documents at its disposal.
The European Commission intends to establish a strategy that would promote wider use of digital finance, while 78% of payments in the eurozone are still made in cash. The need for cashless payments became especially evident during the coronavirus pandemic, the publication said.
According to the authors' intention, it is necessary to present a bill explaining how the existing rules apply to cryptoassets, as well as establish new rules to close possible gaps in regulation.
“By 2024, the EU must introduce a comprehensive regulatory framework that will expand the use of distributed ledger technology and cryptoassets in the financial sector. Among other things, it must provide answers to the risks associated with such technologies, ”the department notes.
The new rules must be approved within four years so that consumers can start using financial services as soon as possible after identification and checks related to anti-money laundering, the authors of the document note.
“By 2024, the principles of certification and universal licensing should be applied in all regions with significant potential for digital finance,” they write, adding that instant payment systems should become the “new normal” by the end of 2021.
Earlier there were details of what requirements under the new legislation the European Commission is going to impose on issuers of stablecoins.
Hello everyone, a small overview of the market for today, BTC is trading at $ 10,370, dominance has remained at the same 58.4% level.
Yesterday was marked by a slight drop in the entire market along with American indices, today the trend can be continued, NASDAQ is trading at the premarket already below yesterday's close. The only motive for at least some growth in BTC remains short squeeze, which may be now, after we knocked down longs. And so the outflow of capital from risky assets is still ahead of the fall in BTC, and this difference may soon be leveled.
The second target of the fall was achieved ($ 10220), only $ 9900 remains, nothing changes in my shorts, I keep the rest further, but I move the SL to $ 10700. You can also try a short-term long for a crossover of $ 10,550.
Of the altcoins, yesterday I drew attention to XRP, the coin behaves rather weakly in the medium term, there are plans to try short on it with the addition, there is a breakdown of the accumulation zone downward and there is practically no support from buyers.
Yesterday was marked by a slight drop in the entire market along with American indices, today the trend can be continued, NASDAQ is trading at the premarket already below yesterday's close. The only motive for at least some growth in BTC remains short squeeze, which may be now, after we knocked down longs. And so the outflow of capital from risky assets is still ahead of the fall in BTC, and this difference may soon be leveled.
The second target of the fall was achieved ($ 10220), only $ 9900 remains, nothing changes in my shorts, I keep the rest further, but I move the SL to $ 10700. You can also try a short-term long for a crossover of $ 10,550.
Of the altcoins, yesterday I drew attention to XRP, the coin behaves rather weakly in the medium term, there are plans to try short on it with the addition, there is a breakdown of the accumulation zone downward and there is practically no support from buyers.
Uniswap has uploaded version 3 of the interface to github. This is probably part of a big update. Also, it looks like Uniswap v3 will move from http to IPFS.
https://github.com/Uniswap/uniswap-interface/releases/tag/v3.0.0
https://github.com/Uniswap/uniswap-interface/releases/tag/v3.0.0
Investors lost $ 15 million by investing in a new DeFi project from creator yearn. finance before its release
Investing before being audited turned out to be not the worst way to put money at risk in DeFi projects. Now users start investing even before the official release and get the expected result.
Creator of the popular yearn DeFi protocol. finance André Cronier on Monday night posted a teaser for his new project eminence on Twitter. finance and, in his own words, went to bed. He was soon awakened by a burglary message.
Eminence is conceived as an economic game, and there are at least three weeks before its full release. Nevertheless, some users discovered the project contract and, wanting to join earlier than others, contributed substantial amounts to it.
“In accordance with my usual methodology, I have launched preparatory contracts for ETH to continue development on it. This is my usual real-world testing process, ”writes Cronje.
He states that the organizers began to upload images to showcase the clans in a future game, but the presented version of the contract was not final and was not intended for a wide range of users.
“We published the first Spartans clan and I went to bed. At three in the morning I was awakened by a message and found that: a) almost $ 15 million had been contributed to contracts; b) the contracts were exploited for the full amount; c) $ 8 million was sent to my account for yearn deployment, ”he adds.
According to Cronje, the exploit turned out to be very simple and consisted of issuing and burning EMN tokens. He also said that after the incident he began to receive threats. In this regard, he intends to distribute among users the $ 8 million that the hacker sent him, based on a snapshot of the blockchain before the attack.
Despite these developments, Cronje is not going to give up work on Eminence and will continue to develop the project on the Ethereum mainnet. “I have more than a hundred contracts running, of which more than half are likely to have vulnerabilities. Please wait for the official announcement, he added. - Do not use random contracts that I launch, unless I write about them on Medium. The contracts launched yesterday were for my personal use only. "
On Twitter, you can find posts where users discuss Cronier's new project, which does not have a website, graphical interface or a Discord channel, with an unclear purpose, but which has already managed to collect several million dollars in its contracts and attract hundreds of holders.
“Everyone wants to get into the next big project from André, so people started coming under the influence of FOMO when they found out about it,” writes FTX CEO Sam Bankman-Fried. "The news spreads, people are confused, hurt, angry, impressed, and more all at once."
The daily trading volume of Eminence (EMN) on Uniswap amounted to almost $ 12 million. After the developer's explanations, the EMN rate fell from $ 0.01 to zero. According to Cronje, GLI and EMN tokens are for testing purposes only and will not be used in the finished project.
Investing before being audited turned out to be not the worst way to put money at risk in DeFi projects. Now users start investing even before the official release and get the expected result.
Creator of the popular yearn DeFi protocol. finance André Cronier on Monday night posted a teaser for his new project eminence on Twitter. finance and, in his own words, went to bed. He was soon awakened by a burglary message.
Eminence is conceived as an economic game, and there are at least three weeks before its full release. Nevertheless, some users discovered the project contract and, wanting to join earlier than others, contributed substantial amounts to it.
“In accordance with my usual methodology, I have launched preparatory contracts for ETH to continue development on it. This is my usual real-world testing process, ”writes Cronje.
He states that the organizers began to upload images to showcase the clans in a future game, but the presented version of the contract was not final and was not intended for a wide range of users.
“We published the first Spartans clan and I went to bed. At three in the morning I was awakened by a message and found that: a) almost $ 15 million had been contributed to contracts; b) the contracts were exploited for the full amount; c) $ 8 million was sent to my account for yearn deployment, ”he adds.
According to Cronje, the exploit turned out to be very simple and consisted of issuing and burning EMN tokens. He also said that after the incident he began to receive threats. In this regard, he intends to distribute among users the $ 8 million that the hacker sent him, based on a snapshot of the blockchain before the attack.
Despite these developments, Cronje is not going to give up work on Eminence and will continue to develop the project on the Ethereum mainnet. “I have more than a hundred contracts running, of which more than half are likely to have vulnerabilities. Please wait for the official announcement, he added. - Do not use random contracts that I launch, unless I write about them on Medium. The contracts launched yesterday were for my personal use only. "
On Twitter, you can find posts where users discuss Cronier's new project, which does not have a website, graphical interface or a Discord channel, with an unclear purpose, but which has already managed to collect several million dollars in its contracts and attract hundreds of holders.
“Everyone wants to get into the next big project from André, so people started coming under the influence of FOMO when they found out about it,” writes FTX CEO Sam Bankman-Fried. "The news spreads, people are confused, hurt, angry, impressed, and more all at once."
The daily trading volume of Eminence (EMN) on Uniswap amounted to almost $ 12 million. After the developer's explanations, the EMN rate fell from $ 0.01 to zero. According to Cronje, GLI and EMN tokens are for testing purposes only and will not be used in the finished project.
Nothing is eternal under the Moon
If there are no claims, this does not mean that the regulators are not doing their job. And it seems we completely forgot about EtherDelta (plus a couple of other DEXs, such as aphelion, which quickly closed their exchanges) and how the SEC can surprise.
Not so long ago, back in 2018 EtherDelta was a fairly popular DEX, through which millions of transactions went. Then they also shouted about decentralization and freedom from censorship.
But the SEC did not think so and quickly identified the service as an exchange trading in unregistered securities. At that time, the creator of EtherDelta was fined $ 388,000. It would be foolish to believe that the regulator wanted some money. Rather, it is a reminder of long arms, wide possibilities and understanding of what is happening.
DeFi and this whole decentralized bunch are very good, and probably useful for the market, but with the news about the lawsuit on Bitmex, you need to remember that we are in a market with billions of turnover that are supposedly out of regulation. Or maybe the authorities see and regulate everything perfectly? Are there fools sitting there who milk the trillion dollar financial market?
Some kind of very selective nonsense, don't you think?
If there are no claims, this does not mean that the regulators are not doing their job. And it seems we completely forgot about EtherDelta (plus a couple of other DEXs, such as aphelion, which quickly closed their exchanges) and how the SEC can surprise.
Not so long ago, back in 2018 EtherDelta was a fairly popular DEX, through which millions of transactions went. Then they also shouted about decentralization and freedom from censorship.
But the SEC did not think so and quickly identified the service as an exchange trading in unregistered securities. At that time, the creator of EtherDelta was fined $ 388,000. It would be foolish to believe that the regulator wanted some money. Rather, it is a reminder of long arms, wide possibilities and understanding of what is happening.
DeFi and this whole decentralized bunch are very good, and probably useful for the market, but with the news about the lawsuit on Bitmex, you need to remember that we are in a market with billions of turnover that are supposedly out of regulation. Or maybe the authorities see and regulate everything perfectly? Are there fools sitting there who milk the trillion dollar financial market?
Some kind of very selective nonsense, don't you think?
DeFi blown away?
As far as we remember, the growth of defi projects began with Compound. People actively began to get a loan secured by certain assets, plus COMP tokens. It all grew into Yield Farming. You stake old verified tokens and get new ones that you can sell on the market or later and stake them at higher APYs. Some projects offered 6000% per annum (like Pearl). Free money. Of course, this caused a stir. People love freebies, especially since there are almost no risks.
So many projects appeared in one month that there are simply no buyers for these useless tokens, so there is no point in going to farm. At the same time, if you look at DefiPulse, the amount of funds deposited is growing, already $ 11 billion. People prefer to receive a lot less APY, but without the risk of staking proven cryptocurrencies and receiving tokens of fundamentally strong projects such as UniSwap, Curve, etc. Therefore, DeFi is not going anywhere, moreover, the market is only growing.
I can compare this with the release of new iPhones. When on the first day there is a huge queue before the opening of stores, people resell the places in the queue, overpay for phones. Someone starts to produce Chinese counterfeits and sell them successfully. But over time, many already have these iPhones, few will surprise them, and the owners of Chinese copies begin to throw them away, since they have no functionality, and among friends it is no longer fashionable. But the real new iPhones did not become less cool from the recession of the excitement. Moreover, over time, most owners of older iPhones will use these newer versions because they are more convenient and functional.
Also, it was with the ICO itself. It has not disappeared anywhere and is still successfully used. DeFi is not going anywhere. This is the foundational cryptocurrency. Not a bubble. And the speculative component was and will be. Prices are falling for useless projects. The main DeFi - Bitcoin, feels great and confident, despite the negative news background in the world (quarantine, elections, etc.). The market is only at the initial stage and a lot of interesting things await us.
As far as we remember, the growth of defi projects began with Compound. People actively began to get a loan secured by certain assets, plus COMP tokens. It all grew into Yield Farming. You stake old verified tokens and get new ones that you can sell on the market or later and stake them at higher APYs. Some projects offered 6000% per annum (like Pearl). Free money. Of course, this caused a stir. People love freebies, especially since there are almost no risks.
So many projects appeared in one month that there are simply no buyers for these useless tokens, so there is no point in going to farm. At the same time, if you look at DefiPulse, the amount of funds deposited is growing, already $ 11 billion. People prefer to receive a lot less APY, but without the risk of staking proven cryptocurrencies and receiving tokens of fundamentally strong projects such as UniSwap, Curve, etc. Therefore, DeFi is not going anywhere, moreover, the market is only growing.
I can compare this with the release of new iPhones. When on the first day there is a huge queue before the opening of stores, people resell the places in the queue, overpay for phones. Someone starts to produce Chinese counterfeits and sell them successfully. But over time, many already have these iPhones, few will surprise them, and the owners of Chinese copies begin to throw them away, since they have no functionality, and among friends it is no longer fashionable. But the real new iPhones did not become less cool from the recession of the excitement. Moreover, over time, most owners of older iPhones will use these newer versions because they are more convenient and functional.
Also, it was with the ICO itself. It has not disappeared anywhere and is still successfully used. DeFi is not going anywhere. This is the foundational cryptocurrency. Not a bubble. And the speculative component was and will be. Prices are falling for useless projects. The main DeFi - Bitcoin, feels great and confident, despite the negative news background in the world (quarantine, elections, etc.). The market is only at the initial stage and a lot of interesting things await us.
Tesla factory employees can buy bitcoin at work
Tesla CEO Elon Musk said that multiple reports about the installation of a bitcoin terminal on the territory of his company's "Gigafactory" in Nevada are untrue.
“I don’t think this is accurate information,” he wrote in a comment on Twitter.
Upon further investigation, it turned out that the company's employees still have the opportunity to buy bitcoin, although not through an independent terminal. Will Reeves, CEO of the startup Fold, was the first to draw attention to the likely presence of the LibertyX bitcoin terminal in the factory building. Reeves' observations gave rise to speculation about Tesla's interest in bitcoin.
Subsequently, a representative of LibertyX, in a conversation with Finbold, explained that they did not install new devices on the territory of the Tesla plant, but its employees, since August, have been able to access the relevant services by installing software on third-party ATMs.
“LibertyX has partnered with two of the largest ATM manufacturers (Genmega and Hyosung) to pre-install bitcoin software on traditional ATMs. When the operator activates this feature, consumers can start buying Bitcoin with debit cards at ATMs around the country. We have already launched on 5,000 terminals and are planning to add support for more than 100,000 over the next years, ”he explained.
Earlier, Musk said he was holding 0.25 BTC. He also denied information that he uses Ethereum in his projects.
Tesla CEO Elon Musk said that multiple reports about the installation of a bitcoin terminal on the territory of his company's "Gigafactory" in Nevada are untrue.
“I don’t think this is accurate information,” he wrote in a comment on Twitter.
Upon further investigation, it turned out that the company's employees still have the opportunity to buy bitcoin, although not through an independent terminal. Will Reeves, CEO of the startup Fold, was the first to draw attention to the likely presence of the LibertyX bitcoin terminal in the factory building. Reeves' observations gave rise to speculation about Tesla's interest in bitcoin.
Subsequently, a representative of LibertyX, in a conversation with Finbold, explained that they did not install new devices on the territory of the Tesla plant, but its employees, since August, have been able to access the relevant services by installing software on third-party ATMs.
“LibertyX has partnered with two of the largest ATM manufacturers (Genmega and Hyosung) to pre-install bitcoin software on traditional ATMs. When the operator activates this feature, consumers can start buying Bitcoin with debit cards at ATMs around the country. We have already launched on 5,000 terminals and are planning to add support for more than 100,000 over the next years, ”he explained.
Earlier, Musk said he was holding 0.25 BTC. He also denied information that he uses Ethereum in his projects.
60% of all Ethereum coins have not moved in over a year, according to glassnode data. Bitcoin has a slightly higher rate - 63%.
Altcoin Monero Refreshes High After Activating Oxygen Fork
On October 17, the Monero (XMR) developers reported on the successful update of the project's network. Fork Oxygen Orion was announced back in September this year.
The team said in a statement that the updated version of the network will become more productive. It will integrate tools that increase the anonymity of transactions. A key element of the fork is the compact linkable spontaneous anonymous group (CLSAG) feature.
The Monero blog notes that with this option, the transaction processing speed has increased by 10%. Moreover, the acceleration of operations did not affect their confidentiality in any way.
The developers emphasized:
CLSAG allows for smaller and faster transactions with maximum security.
Holders of altcoin XMR have been warned in advance of the upcoming fork. In addition, the developers urged the owners of hardware wallets to regularly update the software to its latest version.
The Monero cryptocurrency has responded positively to the activation of the Oxygen Orion. The coin began to rise in price at the beginning of October. The increase in capital inflows into XMR has led many analysts to predict an increase in the price of altcoin to $ 120 and above.
Ahead of the fork, the coin skyrocketed to $ 128, the highest since late July 2018. After the update, there was a slight correction and today Monero is trading at $ 122.3. XMR has a market cap of just over $ 2.168 billion.
On October 17, the Monero (XMR) developers reported on the successful update of the project's network. Fork Oxygen Orion was announced back in September this year.
The team said in a statement that the updated version of the network will become more productive. It will integrate tools that increase the anonymity of transactions. A key element of the fork is the compact linkable spontaneous anonymous group (CLSAG) feature.
The Monero blog notes that with this option, the transaction processing speed has increased by 10%. Moreover, the acceleration of operations did not affect their confidentiality in any way.
The developers emphasized:
CLSAG allows for smaller and faster transactions with maximum security.
Holders of altcoin XMR have been warned in advance of the upcoming fork. In addition, the developers urged the owners of hardware wallets to regularly update the software to its latest version.
The Monero cryptocurrency has responded positively to the activation of the Oxygen Orion. The coin began to rise in price at the beginning of October. The increase in capital inflows into XMR has led many analysts to predict an increase in the price of altcoin to $ 120 and above.
Ahead of the fork, the coin skyrocketed to $ 128, the highest since late July 2018. After the update, there was a slight correction and today Monero is trading at $ 122.3. XMR has a market cap of just over $ 2.168 billion.