Binance CEO explains 127K BTC transfer, points at proof-of-reserve audit.
A few weeks ago, Binance CEO declared that exchanges moving large amounts of crypto to prove their wallet address is not good news.
Cryptocurrency exchange Binance is moving large amounts of cryptocurrency as part of its proof-of-reserve (PoR) audits, according to the CEO.
Binance sent 127,351 Bitcoin, or more than $2 billion, to an unknown wallet on Nov. 28, Whale Alert reported on Monday. According to on-chain data, the transaction occurred at 10:00 am UTC, costing Binance just a 0.000026 BTC fee.
The huge Bitcoin transaction has immediately triggered some FUD in the community, with many noting that Binance has moved an amount that is an entire fortune in one single transaction.
Binance CEO Changpeng Zhao subsequently took to Twitter to announce that the massive transaction is part of Binance’s PoR audit process. He also called the community to keep calm and ignore the FUD, stating:
“The auditor requires us to send a specific amount to ourselves to show we control the wallet. And the rest goes to a change address, which is a new address. In this case, the input tx is big, and so is the change."
The CEO also referred to an old post on Twitter that he posted four years ago, calling on the crypto community to “learn about blockchain transactions” and “change addresses.”
“We will be moving some funds between our cold wallets. A tell tale sign of a new cold wallet on Binance is two small transfers from and back an existing wallet, then a large transaction. No need to be alarmed,” Zhao wrote in a tweet in October 2018.
In response to growing FUD in his comments, Binance CEO posted another tweet, arguing that investors that “believe FUD all the time,” are also “likely to be poor.”
The latest Binance transaction has apparently raised eyebrows of investors as Zhao himself declared that exchanges moving large amounts of crypto to prove their wallet address is not good news. On Nov. 13, Zhao wrote on Twitter the following statement:
“If an exchange have to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems. Stay away. Stay SAFU.”
A few weeks ago, Binance CEO declared that exchanges moving large amounts of crypto to prove their wallet address is not good news.
Cryptocurrency exchange Binance is moving large amounts of cryptocurrency as part of its proof-of-reserve (PoR) audits, according to the CEO.
Binance sent 127,351 Bitcoin, or more than $2 billion, to an unknown wallet on Nov. 28, Whale Alert reported on Monday. According to on-chain data, the transaction occurred at 10:00 am UTC, costing Binance just a 0.000026 BTC fee.
The huge Bitcoin transaction has immediately triggered some FUD in the community, with many noting that Binance has moved an amount that is an entire fortune in one single transaction.
Binance CEO Changpeng Zhao subsequently took to Twitter to announce that the massive transaction is part of Binance’s PoR audit process. He also called the community to keep calm and ignore the FUD, stating:
“The auditor requires us to send a specific amount to ourselves to show we control the wallet. And the rest goes to a change address, which is a new address. In this case, the input tx is big, and so is the change."
The CEO also referred to an old post on Twitter that he posted four years ago, calling on the crypto community to “learn about blockchain transactions” and “change addresses.”
“We will be moving some funds between our cold wallets. A tell tale sign of a new cold wallet on Binance is two small transfers from and back an existing wallet, then a large transaction. No need to be alarmed,” Zhao wrote in a tweet in October 2018.
In response to growing FUD in his comments, Binance CEO posted another tweet, arguing that investors that “believe FUD all the time,” are also “likely to be poor.”
The latest Binance transaction has apparently raised eyebrows of investors as Zhao himself declared that exchanges moving large amounts of crypto to prove their wallet address is not good news. On Nov. 13, Zhao wrote on Twitter the following statement:
“If an exchange have to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems. Stay away. Stay SAFU.”
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FTX’s Bankman-Fried to face market manipulation probe, Do Kwon chimes in.
As part of a broader inquiry into FTX’s collapse, federal prosecutors are looking at the role that FTX and Alameda may have played in the fall of Terra.
United States federal prosecutors have reportedly begun investigating whether the collapse of the Terra ecosystem was in fact triggered by market manipulation tactics by former FTX CEO Sam Bankman-Fried.
According to a Dec. 7 report from The New York Times (NYT), the prosecutors — as part of a broader inquiry into FTX’s own collapse — are investigating whether Bankman-Fried’s empire intentionally caused a flood of “sell” orders on Terra’s algorithmic stablecoin TerraUSD Classic (USTC), formerly TerraUSd (UST).
The sudden increase in UST sell orders were said to make it difficult to match them with corresponding “buy” orders, which in turn forced more downward price pressure on UST, causing it to depeg from its intended 1:1 ratio with the U.S. dollar.
The events also led to the fall of Terra’s native token, Terra Classic (LUNC), formerly LUNA, as the two cryptocurrencies were designed to be linked.
But while no one has been able to precisely determine the root cause behind the collapse of LUNC and USTC in May, it is known that the majority of the USTC sell orders came from Bankman-Fried’s trading firm Alameda research, according to the NYT.
A person with knowledge on the matter also told NYT that Alameda Researched also placed a big bet on the price of LUNC falling.
Like with most comments Bankman-Fried has shared since FTX’s collapse, the former CEO claimed that he was “not aware of any market manipulation and certainly never intended to engage in market manipulation,” according to NYT.
“To the best of my knowledge, all transactions were for investment or for hedging,” he added.
Responding to the recent report, Terraform Labs CEO Do Kwon shared his thoughts on the matter to his 1 million Twitter followers in a Nov. 8 tweet, who suggested it was time for Genesis Trading come clean about an alleged $1 billion loan in UST to “SBF or Alameda” shortly before Kwon’s Terra ecosystem crashed.
Kwon also stated that a large currency contraction that UST underwent in Feb. 2021 was started by Alameda “when they sold 500mm UST in minutes to drain its curve pools during the MIM crisis.”
As part of a broader inquiry into FTX’s collapse, federal prosecutors are looking at the role that FTX and Alameda may have played in the fall of Terra.
United States federal prosecutors have reportedly begun investigating whether the collapse of the Terra ecosystem was in fact triggered by market manipulation tactics by former FTX CEO Sam Bankman-Fried.
According to a Dec. 7 report from The New York Times (NYT), the prosecutors — as part of a broader inquiry into FTX’s own collapse — are investigating whether Bankman-Fried’s empire intentionally caused a flood of “sell” orders on Terra’s algorithmic stablecoin TerraUSD Classic (USTC), formerly TerraUSd (UST).
The sudden increase in UST sell orders were said to make it difficult to match them with corresponding “buy” orders, which in turn forced more downward price pressure on UST, causing it to depeg from its intended 1:1 ratio with the U.S. dollar.
The events also led to the fall of Terra’s native token, Terra Classic (LUNC), formerly LUNA, as the two cryptocurrencies were designed to be linked.
But while no one has been able to precisely determine the root cause behind the collapse of LUNC and USTC in May, it is known that the majority of the USTC sell orders came from Bankman-Fried’s trading firm Alameda research, according to the NYT.
A person with knowledge on the matter also told NYT that Alameda Researched also placed a big bet on the price of LUNC falling.
Like with most comments Bankman-Fried has shared since FTX’s collapse, the former CEO claimed that he was “not aware of any market manipulation and certainly never intended to engage in market manipulation,” according to NYT.
“To the best of my knowledge, all transactions were for investment or for hedging,” he added.
Responding to the recent report, Terraform Labs CEO Do Kwon shared his thoughts on the matter to his 1 million Twitter followers in a Nov. 8 tweet, who suggested it was time for Genesis Trading come clean about an alleged $1 billion loan in UST to “SBF or Alameda” shortly before Kwon’s Terra ecosystem crashed.
Kwon also stated that a large currency contraction that UST underwent in Feb. 2021 was started by Alameda “when they sold 500mm UST in minutes to drain its curve pools during the MIM crisis.”
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Nomad Bridge Prepares Relaunch Plan After $190 Million Exploit – Partial Refunds for Users?
Cross-chain messaging protocol Nomad, which was exploited for $190 million back in August, is preparing to relaunch and provide partial refunds to affected users.
In a recent blog post, the Nomad protocol team announced that the project had upgraded the Nomad protocol to fix the vulnerability that caused the hack and to allow users to bridge back madAssets and access a pro-rata share of recovered funds.
The team added that they implemented a redesign for the token bridge and the “first people to bridge back their madAssets would receive canonical tokens on a one-to-one basis until there were no canonical tokens left.”
Furthermore, the team has implemented protocol changes to give users the ability to bridge back and access a pro-rata share of recovered funds, ensure the tokens accessed from bridging back are in the original token and provide a mechanism for impacted users to access future recovered funds.
"Given the scope of these changes, a full audit of the smart contracts was completed along with an additional re-review of any remediations with our auditors. We expect to be able to share a summary of the audit publicly in the upcoming weeks," the team said.
Meanwhile, users need to complete the Know Your Customer (KYC) verification process via CoinList in order to apply for reimbursements. Nomad has said that the process is crucial in order to verify the payments adhere to the compliance norms.
Users will get an NFT that accounts for the proportional share of recovered funds on Ethereum after completing the KYC process. Moreover, the NFTs are non-transferable and will allow users to receive the remaining funds that are recovered in the future.
As reported, Nomad, which allows users to send and receive tokens between different blockchains, was drained of around $190 million earlier this year after experiencing a security exploit that allowed bad actors to spoof messages.
At the time, Sam Sun, Head of Security at Paradigm, the hack was possible because "the Nomad team initialized the trusted root to be 0x00" during an upgrade, which had the "side effect of auto-proving every message."
"This is why the hack was so chaotic - you didn't need to know about Solidity or Merkle Trees or anything like that," Sun added. "All you had to do was find a transaction that worked, find/replace the other person's address with yours, and then re-broadcast it."
Cross-chain messaging protocol Nomad, which was exploited for $190 million back in August, is preparing to relaunch and provide partial refunds to affected users.
In a recent blog post, the Nomad protocol team announced that the project had upgraded the Nomad protocol to fix the vulnerability that caused the hack and to allow users to bridge back madAssets and access a pro-rata share of recovered funds.
The team added that they implemented a redesign for the token bridge and the “first people to bridge back their madAssets would receive canonical tokens on a one-to-one basis until there were no canonical tokens left.”
Furthermore, the team has implemented protocol changes to give users the ability to bridge back and access a pro-rata share of recovered funds, ensure the tokens accessed from bridging back are in the original token and provide a mechanism for impacted users to access future recovered funds.
"Given the scope of these changes, a full audit of the smart contracts was completed along with an additional re-review of any remediations with our auditors. We expect to be able to share a summary of the audit publicly in the upcoming weeks," the team said.
Meanwhile, users need to complete the Know Your Customer (KYC) verification process via CoinList in order to apply for reimbursements. Nomad has said that the process is crucial in order to verify the payments adhere to the compliance norms.
Users will get an NFT that accounts for the proportional share of recovered funds on Ethereum after completing the KYC process. Moreover, the NFTs are non-transferable and will allow users to receive the remaining funds that are recovered in the future.
As reported, Nomad, which allows users to send and receive tokens between different blockchains, was drained of around $190 million earlier this year after experiencing a security exploit that allowed bad actors to spoof messages.
At the time, Sam Sun, Head of Security at Paradigm, the hack was possible because "the Nomad team initialized the trusted root to be 0x00" during an upgrade, which had the "side effect of auto-proving every message."
"This is why the hack was so chaotic - you didn't need to know about Solidity or Merkle Trees or anything like that," Sun added. "All you had to do was find a transaction that worked, find/replace the other person's address with yours, and then re-broadcast it."
Australian 'token mapping' consultation paper to release in early 2023: Treasurer.
The consultation paper will give an insight into how certain crypto assets should be regulated alongside frameworks for company licensing, asset custody and consumer protections under token mapping.
Australian Treasurer Jim Chalmers has revealed that the government will release a consultation paper in early 2023 as part of its token mapping initiative.
The crypto sector has received greater attention from Australian regulatory and enforcement agencies since the FTX implosion, with the government emphasizing the importance of providing greater consumer protection laws as soon as possible.
In a Dec. 14 statement, Chalmers noted that the Anthony Albanese-led government is “taking action to improve the regulation of crypto service providers and ensure additional safeguards for Australians.”
As part of that process, Chalmers revealed the consultation paper will cover how certain crypto assets should be regulated alongside frameworks for company licensing, asset custody and consumer protections under its previously announced token mapping exercise.
“The next steps in the Government’s ongoing ‘token mapping’ work will include the release of a consultation paper in early 2023 to inform what digital assets should be regulated by financial services laws, and the development of appropriate custody and licensing settings to safeguard consumers.”
“Following the release of token mapping, the Government will consult on a custody and licensing framework next year before introducing legislation,” he added.
The latest comments from Chalmers add to a promise from the Treasury in mid-November that it will develop and enact a robust regulatory framework for crypto in 2023.
The focus on crypto is also part of a push to “modernize Australia’s financial system,” with the government set reform regulations on financial market infrastructure — particularly in relation to the Australian Securities Exchange's clearing system, payments systems and the buy now, pay later sector.
Australia’s government has been largely pro-crypto but has reiterated the importance of allowing for innovation while keeping the public safe.
On Dec. 8, the Reserve Bank of Australia published a stablecoin-focused report that suggested regulators are “undertaking significant work” figuring out how to safely integrate them into the financial ecosystem.
The consultation paper will give an insight into how certain crypto assets should be regulated alongside frameworks for company licensing, asset custody and consumer protections under token mapping.
Australian Treasurer Jim Chalmers has revealed that the government will release a consultation paper in early 2023 as part of its token mapping initiative.
The crypto sector has received greater attention from Australian regulatory and enforcement agencies since the FTX implosion, with the government emphasizing the importance of providing greater consumer protection laws as soon as possible.
In a Dec. 14 statement, Chalmers noted that the Anthony Albanese-led government is “taking action to improve the regulation of crypto service providers and ensure additional safeguards for Australians.”
As part of that process, Chalmers revealed the consultation paper will cover how certain crypto assets should be regulated alongside frameworks for company licensing, asset custody and consumer protections under its previously announced token mapping exercise.
“The next steps in the Government’s ongoing ‘token mapping’ work will include the release of a consultation paper in early 2023 to inform what digital assets should be regulated by financial services laws, and the development of appropriate custody and licensing settings to safeguard consumers.”
“Following the release of token mapping, the Government will consult on a custody and licensing framework next year before introducing legislation,” he added.
The latest comments from Chalmers add to a promise from the Treasury in mid-November that it will develop and enact a robust regulatory framework for crypto in 2023.
The focus on crypto is also part of a push to “modernize Australia’s financial system,” with the government set reform regulations on financial market infrastructure — particularly in relation to the Australian Securities Exchange's clearing system, payments systems and the buy now, pay later sector.
Australia’s government has been largely pro-crypto but has reiterated the importance of allowing for innovation while keeping the public safe.
On Dec. 8, the Reserve Bank of Australia published a stablecoin-focused report that suggested regulators are “undertaking significant work” figuring out how to safely integrate them into the financial ecosystem.
Crowdfunding gets leg up from Lightning Addresses on Bitcoin.
Lightning Addresses allow individuals to crowdfund on Bitcoin at the speed of the Lightning Network and without a node.
The Lightning Network strikes again. In a small yet significant development for Bitcoin, a new type of BTC address has been introduced: the “Lightning Address.” These unique identifiers are specifically designed for use on the Lightning Network, a layer-2 payment protocol that operates on top of the Bitcoin blockchain.
A user-friendly addition to ways in which Bitcoin users can send, receive and even raise money, Lightning addresses can be custodial, or users can connect to their own nodes. Crowdfunding is among the most popular real-world use for Lightning Addresses.
Cointelegraph spoke to MetaMick, the chief executive officer of Geyser Fund, and Stelios Rammos, CTO, to better understand how to use Lighting Addresses and why crowdfunding is a low-hanging fruit for this technology. Geyser Fund is a crowdfunding platform similar to GoFundme but using Bitcoin and Lightning.
Lightning Addresses are “Email-like identifiers that make it possible for users to send value to each other via lightning. They are easy to memorize and are reusable (unlike bolt11 lightning addresses),” explained MetaMick, the chief technology officer of Geyser Fund. Cointelegraph tried out the service and managed to raise money in no time:
First developed by Andre Neves and Fiatjaf (the developer behind Nostr), Lightning wallet addresses can be created on custodial solutions such as Wallet of Satoshi, CoinCorner or BitRefill, and quickly synced to Geyser Fund:
“You just link up your wallet to Geyser, and all donations go through directly in your wallet.”
Crowdfunding has long been an area of Bitcoin and cryptocurrency interest. Thanks to Bitcoin's censorship-resistant and self-sovereign properties, it is one of the most efficient ways of sending money online.
The first widespread use case for using Bitcoin to raise money was the 2011 Wikileaks campaign, where Julian Assange raised thousands of Bitcoin when access to banking services was cut off.
Lightning Addresses allow individuals to crowdfund on Bitcoin at the speed of the Lightning Network and without a node.
The Lightning Network strikes again. In a small yet significant development for Bitcoin, a new type of BTC address has been introduced: the “Lightning Address.” These unique identifiers are specifically designed for use on the Lightning Network, a layer-2 payment protocol that operates on top of the Bitcoin blockchain.
A user-friendly addition to ways in which Bitcoin users can send, receive and even raise money, Lightning addresses can be custodial, or users can connect to their own nodes. Crowdfunding is among the most popular real-world use for Lightning Addresses.
Cointelegraph spoke to MetaMick, the chief executive officer of Geyser Fund, and Stelios Rammos, CTO, to better understand how to use Lighting Addresses and why crowdfunding is a low-hanging fruit for this technology. Geyser Fund is a crowdfunding platform similar to GoFundme but using Bitcoin and Lightning.
Lightning Addresses are “Email-like identifiers that make it possible for users to send value to each other via lightning. They are easy to memorize and are reusable (unlike bolt11 lightning addresses),” explained MetaMick, the chief technology officer of Geyser Fund. Cointelegraph tried out the service and managed to raise money in no time:
First developed by Andre Neves and Fiatjaf (the developer behind Nostr), Lightning wallet addresses can be created on custodial solutions such as Wallet of Satoshi, CoinCorner or BitRefill, and quickly synced to Geyser Fund:
“You just link up your wallet to Geyser, and all donations go through directly in your wallet.”
Crowdfunding has long been an area of Bitcoin and cryptocurrency interest. Thanks to Bitcoin's censorship-resistant and self-sovereign properties, it is one of the most efficient ways of sending money online.
The first widespread use case for using Bitcoin to raise money was the 2011 Wikileaks campaign, where Julian Assange raised thousands of Bitcoin when access to banking services was cut off.
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Dungeon Master takes you to the other side of adventures! This time, YOU are in charge of a dungeon and rewards, sending cute wombats on perilous quests.
✅Hide NFT loot and open your dungeons for the wombats to lurk around and seek it. The bigger is the mining power of hidden NFTs, the more points the wombats will get. It is in your best interest, Dungeon Master, that they earn a lot — these points translate into your crypto rewards at the end of each season!
✅Build on your LAND.
Powered by LAND NFTs, your dungeon provably belongs to yourself and no one else. You can start running a dungeon with only a 3x3 LAND patch. First available on WAX and Polygon.
✅ Game Page: https://dungeon.wombat.app/
✅They are doing a land drop on WAX on Dec, 29th.
Note: The land sale is conducted on the whitelist basis. They will have contests for those, but you can get WL if you have at least 50k WOMBAT tokens staked, either on WAX or Polygon.
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💠Website: https://www.wombat.app/dungeon-worlds
💠Game Page: https://dungeon.wombat.app/
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⚔️Velhalla built for speed, which has just been fast-tracked into Velas’ $100 million grant program, will bring an ease of use, efficiency, and unique look and flair to the crypto metaverse market.
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👉Learn more about Velhalla: Medium
#VELHALLA OFFICIAL LINKS
🌍Website: Official Website
📢Telegram Official: Velhalla Official Channel
📣 Gold and BTC are both stores of value, says billionaire Mark Cuban
Mark Cuban, billionaire entrepreneur and owner of Dallas Mavericks, mocks gold buyers stating they are “dumb as f***” and confessed his love for bitcoin.Mark Cuban said he sees gold and bitcoin as important stores of value.
Cuban also claimed he wouldn’t mind if bitcoin went down further. He explained that he sees any crash in crypto prices as an opportunity to accumulate. However, despite owning some BTC, Cuban admitted that it did not make up a greater part of his portfolio. Cuban went on to dismiss Maher on stage when he learned the host was using gold as a hedge.
Mark Cuban, billionaire entrepreneur and owner of Dallas Mavericks, mocks gold buyers stating they are “dumb as f***” and confessed his love for bitcoin.Mark Cuban said he sees gold and bitcoin as important stores of value.
Cuban also claimed he wouldn’t mind if bitcoin went down further. He explained that he sees any crash in crypto prices as an opportunity to accumulate. However, despite owning some BTC, Cuban admitted that it did not make up a greater part of his portfolio. Cuban went on to dismiss Maher on stage when he learned the host was using gold as a hedge.
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VAULTEUM - The First Crowdfunding Trade Platform Compounded With Internal Decentralized Perpetual Exchange
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✅ Buy Back & Burn $VAULT On Every Profitable Trade
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✅ Binance Live AMA & Biggest Buy Contest On Launch Day
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Website : https://arabianknightsnft.com
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Justin Sun Rejected The News Huobi Will Lay Off 40% Of Its Workforce In 2023
Huobi’s recent company has been performing very well, according to Justin Sun, Huobi’s global consultant, and it is a vital phase of development. Huobi intends to cancel the year-end bonus and reduce the team size from 1,200 to 600 to 800 personnel, as well as renegotiate the wage structure of high-paid staff.
Huobi, on the other hand, refuted the report. “The Huobi layoff plan shared by the media is incorrect,” stated Huobi’s global consultant Justin Sun in an internal response. It is difficult to survive a bear market, yet Huobi has done it. The bear market is on fire. Huobi’s business has been growing exceptionally well recently, and its daily new arrivals have risen to the top of the industry. It is a vital development era, and I believe it will be even better in 2023.”.
Huobi’s recent company has been performing very well, according to Justin Sun, Huobi’s global consultant, and it is a vital phase of development. Huobi intends to cancel the year-end bonus and reduce the team size from 1,200 to 600 to 800 personnel, as well as renegotiate the wage structure of high-paid staff.
Huobi, on the other hand, refuted the report. “The Huobi layoff plan shared by the media is incorrect,” stated Huobi’s global consultant Justin Sun in an internal response. It is difficult to survive a bear market, yet Huobi has done it. The bear market is on fire. Huobi’s business has been growing exceptionally well recently, and its daily new arrivals have risen to the top of the industry. It is a vital development era, and I believe it will be even better in 2023.”.
🚀Artyfact airdrop
✔️ Audit: CertiK
🏆 Task: ➕ 3 BUSD for 530 random participants each.
👨👩👧 Referral: ➕ 1100 BUSD for top 15 referrers.
➡️ Airdrop bot for Artyfact
↪️ Join Artyfact Telegram group & Telegram channel.
↪️ Follow Artyfact on Twitter, like and retweet the pinned post.
↪️ Subscribe to Artyfact Discord channel.
↪️ Enter your information to the airdrop bot.
🔐 All airdrop steps should be completed.
✏️ Notes: Airdrop will end on January 25, 2022. Total airdrop pool is 2990 BUSD. 30 participants from Discord channel will be selected randomly to get an extra reward of 10 BUSD. Top 15 referrers will be rewarded as follows;
1st place: 325 BUSD
2nd place: 200 BUSD
3rd place: 150 BUSD
4th place: 100 BUSD
5th place: 75 BUSD
6th to 15th place: 25 BUSD each.
ℹ️ Distribution date: January 25, 2023.
✔️ Audit: CertiK
🏆 Task: ➕ 3 BUSD for 530 random participants each.
👨👩👧 Referral: ➕ 1100 BUSD for top 15 referrers.
➡️ Airdrop bot for Artyfact
↪️ Join Artyfact Telegram group & Telegram channel.
↪️ Follow Artyfact on Twitter, like and retweet the pinned post.
↪️ Subscribe to Artyfact Discord channel.
↪️ Enter your information to the airdrop bot.
🔐 All airdrop steps should be completed.
✏️ Notes: Airdrop will end on January 25, 2022. Total airdrop pool is 2990 BUSD. 30 participants from Discord channel will be selected randomly to get an extra reward of 10 BUSD. Top 15 referrers will be rewarded as follows;
1st place: 325 BUSD
2nd place: 200 BUSD
3rd place: 150 BUSD
4th place: 100 BUSD
5th place: 75 BUSD
6th to 15th place: 25 BUSD each.
ℹ️ Distribution date: January 25, 2023.
Certik
Artyfact - CertiK Skynet Project Insight
Keep up with the latest security insights for Artyfact: Audits, Skynet Scores, Team Verified, Honors, On-Chain Monitoring, Bug Bounty and more.
$3.9 billion lost in the cryptocurrency market in 2022.
The report from Immunefi revealed hacks to have been the main cause of related losses.
Immunefi, a bug bounty and security services platform for the Web3 ecosystem, published a report on Jan. 6 revealing that the crypto industry lost a total of 3.9 billion dollars in 2022.
According to the report, hacks were found to be the main cause of the losses, accounting for 95.6% of the total, with fraud, scams, and rug pulls comprising the remaining 4.4%. Immunefi also found that decentralized finance (DeFi) was the most targeted sector, suffering 80.5% in losses, compared to centralized finance (CeFi) which suffered a loss of 19.5%. According to the report:
“DeFi has suffered $3,180,023,103 in total losses in 2022, across 155 incidents. This number represents a 56.2% increase compared to 2021, when DeFi lost $2,036,015,896, in 107 incidents.”
BNB and Ethereum were the most targeted chains, with BNB Chain surpassing Ethereum to become the most targeted in 2022. In Q4 of 2022, the industry suffered losses of approximately 1.6 billion dollars, with DeFi being the main target at 57.6% and CeFi at 42.4%.
“By proactively identifying and addressing vulnerabilities, we can protect the community from harm and build trust in the field. As we make the industry safer, everything else can flourish.”
On Jan 5th, Cointelegraph reported in the Finance Redefined newsletter that December DeFi exploits were the lowest in 2022, according to on-chain monitoring and bug bounty company, CertiK. It appears cryptocurrency hackers and exploiters may have slowed down for the 2022 holidays.
In December 2022, $62 million worth of funds were stolen from decentralized finance (DeFi) protocols. Although this figure was lower than in previous months, cybersecurity experts warned that the ecosystem will not see a decrease in exploits, flash loans, or exit scams in 2023.
The report from Immunefi revealed hacks to have been the main cause of related losses.
Immunefi, a bug bounty and security services platform for the Web3 ecosystem, published a report on Jan. 6 revealing that the crypto industry lost a total of 3.9 billion dollars in 2022.
According to the report, hacks were found to be the main cause of the losses, accounting for 95.6% of the total, with fraud, scams, and rug pulls comprising the remaining 4.4%. Immunefi also found that decentralized finance (DeFi) was the most targeted sector, suffering 80.5% in losses, compared to centralized finance (CeFi) which suffered a loss of 19.5%. According to the report:
“DeFi has suffered $3,180,023,103 in total losses in 2022, across 155 incidents. This number represents a 56.2% increase compared to 2021, when DeFi lost $2,036,015,896, in 107 incidents.”
BNB and Ethereum were the most targeted chains, with BNB Chain surpassing Ethereum to become the most targeted in 2022. In Q4 of 2022, the industry suffered losses of approximately 1.6 billion dollars, with DeFi being the main target at 57.6% and CeFi at 42.4%.
“By proactively identifying and addressing vulnerabilities, we can protect the community from harm and build trust in the field. As we make the industry safer, everything else can flourish.”
On Jan 5th, Cointelegraph reported in the Finance Redefined newsletter that December DeFi exploits were the lowest in 2022, according to on-chain monitoring and bug bounty company, CertiK. It appears cryptocurrency hackers and exploiters may have slowed down for the 2022 holidays.
In December 2022, $62 million worth of funds were stolen from decentralized finance (DeFi) protocols. Although this figure was lower than in previous months, cybersecurity experts warned that the ecosystem will not see a decrease in exploits, flash loans, or exit scams in 2023.
DCG Has Shut Down A $3.5 Billion Asset Management
DCG has shut down its wealth management division, citing the prolonged crypto winter that is hampering business operations, according to The Infomation. Before that, HQ had more than $3.5 billion in assets under management.
It is known that the management division of Genesis’ parent company is called HQ. Prior to the announcement of the closure, the business also had more than $3.5 billion in assets under management, as of December 2022. The business served as a bridge to Grayscale products in offering Investment advice for clients. HQ operates anonymously, so not much information is currently available about this company.
DCG has shut down its wealth management division, citing the prolonged crypto winter that is hampering business operations, according to The Infomation. Before that, HQ had more than $3.5 billion in assets under management.
It is known that the management division of Genesis’ parent company is called HQ. Prior to the announcement of the closure, the business also had more than $3.5 billion in assets under management, as of December 2022. The business served as a bridge to Grayscale products in offering Investment advice for clients. HQ operates anonymously, so not much information is currently available about this company.
📣 Cosmos-based e-Money discontinues euro-backed stablecoin
Cosmos-based electronic payment system e-Money has stopped issuing its euro-backed stablecoin EEUR citing bear market conditions. They can exchange their tokens for USDC or Cosmos-native assets like atom and osmo.
Customers who wish to redeem amounts larger than 100,000 EEUR can do so directly for euros, the announcement added. These users will have to pass through customer identification checks and the process will take up to five business days. e-Money stated that unwinding its stablecoin project was a difficult decision. “Given the current market conditions, that effort has unfortunately reached a stage where it is prudent and responsible to wind it down,” the project stated.
Cosmos-based electronic payment system e-Money has stopped issuing its euro-backed stablecoin EEUR citing bear market conditions. They can exchange their tokens for USDC or Cosmos-native assets like atom and osmo.
Customers who wish to redeem amounts larger than 100,000 EEUR can do so directly for euros, the announcement added. These users will have to pass through customer identification checks and the process will take up to five business days. e-Money stated that unwinding its stablecoin project was a difficult decision. “Given the current market conditions, that effort has unfortunately reached a stage where it is prudent and responsible to wind it down,” the project stated.