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$50M Drained From Uranium Finance: Hack or Rug Pull?

Another security breach on a DeFi project running on Binance Smart Chain sees $50 million allegedly stolen from Uranium Finance.

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$50 million worth of various cryptocurrencies has disappeared from the automated market maker platform running on the Binance Smart Chain – Uranium Finance. While the team behind the project claims the funds were stolen, the cryptocurrency community speculates of a possible rug pull.

$50M Gone From Uranium Finance

The DeFi project took it to Twitter today to explain the exploit which targeted its v2.1 token migration event. More specifically, Uranium argued that the hackers took advantage of bugs in the project’s balance modifier logic. This enabled them to inflate the balance by a factor of 100 and ultimately to drain roughly $50 million.

On-chain data indicates that the stolen funds include 80 BTC, 1,800 ETH, 26,500 DOT, 638,000 ADA, 112,000 u92 (the project’s native coin), and 5.7 million USDT.

As of writing these lines, most of the stolen funds are still located in a contract created by the hacker with over $37 million in BNB and BUSD.

The perpetrators have reportedly employed the services of Tornado Cash – an Ethereum privacy instrument – to move 2,400 ETH (worth nearly $6 million). Etherscan shows that all transactions were made in batches of 100 ETH.


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Uranium reassured its users that the project is “in contact with Binance Security Team and in the process of escalating this.”

More to the Story?

The ever-vocal crypto community questioned Uranium’s narrative saying the project was indeed exploited. With history showing countless rug pulls, especially in DeFi, numerous people suggested that this could have been an inside job.

The Binance Smart Chain also attracted some heat with the growing number of rug pulls conducted on projects running on top of the network lately.

Additionally, Uranium’s case breached another widely-discussed topic within the community – should the organizations behind the so-called decentralized platforms indeed interfere. Lex Moskovski, the CEO at Moskovski Capital, offered an intriguing outlook on the matter:

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Source: https://cryptopotato.com/50m-drained-from-uranium-finance-hack-or-rug-pull/

Blockchain

ICX Technical Analysis: Look Out for the Downside Scenario of $2.2460

In the case of an uptrend in ICX, the first resistance price will have to break is $2.5087, if the candle closes above this level. Then you can take a long position with a target of $2.7670. Keeping the stop loss of $2.2460.

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The ICON (ICX) helps two independent blockchain Bitcoin and Ethereum connect and transact with each other. It can function like this by opening up the cross-chain with an interoperability layer which is ICON. The following ICX technical analysis will predict the price movements for the next two days:

Past Performance

In the past seven days, ICX has traded between $2.13 and $3.08, which is also a 30-day-high. The price has fallen steeply in the past 24 hours, but volume has risen by 133% in the given time frame.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/05/icx-technical-analysis-look-out-for-the-downside-scenario-of-2-2460.png

Link: https://www.tradingview.com/x/ewaI829E/ 

Day Ahead And Tomorrow

In the past 24 hours, ICX has fallen by almost 19% from its daily high, which was $2.86. At the time of press, ICX was trading at $2.24, the gains of the previous hours were booked causing the prices to fall marginally.

READ  Top Best Cryptocurrency Exchanges in 2019

The MACD did go above half-line but due to the declining bar, it was pulled down. The traders who look out for such observations should short the position from this level.

RSI being the leading indicator is traveling around the equilibrium. It will remain in the equilibrium phase for a while before indicating any strong reversal. RSI is in a bearish zone around 48%, and it still has some potential to go towards the oversold zone. Shorting the position from this level would work.

ICX Technical Analysis 

According to the trend, the Fibonacci retracement level to look out for in the downside scenario is $2.2460. If this support is broken, a trader can short the position and target the $1.9216 level – which is the next support level.

In the case of an uptrend, the first resistance price that will have to break is $2.5087. If the candle closes above this level, then you can take a long position with a target of $2.7670. Keeping the stop loss of $2.2460.

READ  ICX Technical Analysis: Wait and Watch, Price Surpasses the Pivot Point or Falls Below $1.93

#ICON #ICX

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/icx-technical-analysis-look-out-for-the-downside-scenario-of-2-2460

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Blockchain

Crypto Exchange Binance Briefly Suspended Withdrawal Services

Binance temporarily suspended withdrawals from its platform amid what it called “large volume increases” for Ethereum and XLM tokens.

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Binance, the world’s largest cryptocurrency exchange by volume, temporarily suspended withdrawals from its platform amid what it called “large volume increases” for Ethereum and XLM tokens.

Binance Briefly Suspends Withdrawal Services

Binance, the largest cryptocurrency exchange, briefly suspended withdrawals on May 10.

The exchange officially notified on Twitter that it had stopped withdrawals, and then about half an hour later said they had resumed.

The exchange tweeted at 7:10 a.m. eastern time that withdrawals would be suspended on the platform, meaning that while the platform is down, trading won’t be processed. As of 7:34 a.m., the exchange later said that withdrawals are now resumed.

Bloomberg reports that the withdrawals could be likely due to the result of increased trading volumes.

READ  Fastcompany.com’s 100 Best Workplace For Innovators, Ripple Is At 97th Position

Per Bloomberg, Binance has been attracting more than 300,000 user registrations per day as of February 2021. Given the increased interest of altcoins like DOGE among newbies coupled with growing institutional interest in Bitcoin, it’s likely that this average has gone up in recent months.

ETH and XLM Withdrawals Suspended Amid Surging Prices

Binance cryptocurrency exchange reported on facing technical difficulties with altcoins such as ETH and XLM withdrawals due to a large increase in volume that resulted in issues with users from cashing out their crypto from the exchange.

The increased volumes in ETH and XLM come due to the surging price of the altcoins with Ethereum reaching a new all-time high above the $4,100 level.

Meanwhile, Stellar Lumens (XLM), has also surged to the highest level last seen back in early January 2018, $0.74, according to data shared by CoinMarketCap. The last time XLM reached an all-time high was $0.90 seen back on January 4, 2018.

READ  Crypto Market Update: Bitcoin and Ethereum Show Bearish Signs

It has become increasingly common for crypto exchanges to deal with trading disruptions or withdrawal errors especially with thousands of new users flocking to the crypto platforms hoping to sell higher during price spikes.

#Binance #ETH #Ethereum #Stellar #XLM

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/crypto-exchange-binance-briefly-suspended-withdrawal-services

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Blockchain

Crypto Exchange Binance Briefly Suspended Withdrawal Services

Binance temporarily suspended withdrawals from its platform amid what it called “large volume increases” for Ethereum and XLM tokens.

Avatar

Published

on

Table of Contents

Rate this post

Binance, the world’s largest cryptocurrency exchange by volume, temporarily suspended withdrawals from its platform amid what it called “large volume increases” for Ethereum and XLM tokens.

Binance Briefly Suspends Withdrawal Services

Binance, the largest cryptocurrency exchange, briefly suspended withdrawals on May 10.

The exchange officially notified on Twitter that it had stopped withdrawals, and then about half an hour later said they had resumed.

The exchange tweeted at 7:10 a.m. eastern time that withdrawals would be suspended on the platform, meaning that while the platform is down, trading won’t be processed. As of 7:34 a.m., the exchange later said that withdrawals are now resumed.

Bloomberg reports that the withdrawals could be likely due to the result of increased trading volumes.

READ  CEO Hoskinson Discusses What Silicon Valley Can Offer Cardano

Per Bloomberg, Binance has been attracting more than 300,000 user registrations per day as of February 2021. Given the increased interest of altcoins like DOGE among newbies coupled with growing institutional interest in Bitcoin, it’s likely that this average has gone up in recent months.

ETH and XLM Withdrawals Suspended Amid Surging Prices

Binance cryptocurrency exchange reported on facing technical difficulties with altcoins such as ETH and XLM withdrawals due to a large increase in volume that resulted in issues with users from cashing out their crypto from the exchange.

The increased volumes in ETH and XLM come due to the surging price of the altcoins with Ethereum reaching a new all-time high above the $4,100 level.

Meanwhile, Stellar Lumens (XLM), has also surged to the highest level last seen back in early January 2018, $0.74, according to data shared by CoinMarketCap. The last time XLM reached an all-time high was $0.90 seen back on January 4, 2018.

READ  XLM Prices in a Bear Hug at $0.247

It has become increasingly common for crypto exchanges to deal with trading disruptions or withdrawal errors especially with thousands of new users flocking to the crypto platforms hoping to sell higher during price spikes.

#Binance #ETH #Ethereum #Stellar #XLM

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/crypto-exchange-binance-briefly-suspended-withdrawal-services

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SHIB Token Surges by 1946.11% within a Week

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Today, despite the fact that most mainstream cryptocurrencies have fallen back, the SHIB token has proven to be the exception, rising by 123.63% in the past 24 hours. Within a week, SHIB token has surged by an impressive 1946.11%.

SHIB is the native token of the SHIBA INU network and is the first ERC-20 token to be listed and incentivized on ShibaSwap decentralized exchange.

Binance crypto exchange elaborated on SHIB token and said:

“SHIBA INU (SHIB) is an experiment in decentralized community building and another meme coin similar to Dogecoin.”

SHIB was officially launched in August 2020, when the decentralized finance market was making huge strides and growing exponentially. The founder of SHIB token Ryoshi issued a total of 1,000 trillion SHIB. 50% of the tokens were locked into Uniswap to provide liquidity, while the remaining 50% was allocated to Ethereum co-founder Vitalik Buterin.

SHIBA INU was launched on OKEx, Huobi Global, and Binance on May 8, 9, and 10 respectively. The cryptocurrency rapidly became popular within the crypto sector.

SHIB is also whimsically known as the ‘Doge Killer’ as SHIB, due to its relatively low price, is attracting Dogecoin investors.

The popularity of Shiba Inu Coins gained massive traction due to the following reasons:

Firstly, SHIB token’s initial starting price is relatively low. Therefore, investors can spend a small amount of funds and still gain hundreds of thousands of SHIB. For new-entry investors, the entry barrier is relatively low.

Secondly, due to the extremely high FOMO (Fear of Missing Out) sentiment in the bull market, SHIB token quickly gained a lot of traction. Investors, fearing that they were missing out on an incredibly opportunity, jumped on the chance to invest in SHIB, as they did not want to miss out on any chance of getting rich.

The third reason why SHIB surged by so much in so little time is due to billionaire Elon Musk’s endorsement of Dogecoin. Elon Musk tweeted on May 7 that he was looking for a Shiba pup, sending SHIB higher.

Shiba Inu (SHIB) has now entered the top 20 rankings of CoinMarketCap and is currently ranked No.17. It may well be a trader’s response to the hype surrounding Dogecoin (DOGE).

At the time of writing, SHIB is trading at $0.00003225.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/shib-token-surges-1946.11-within-week

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