Connect with us

Blockchain

$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.

Avatar

Published

on

$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.


ADVERTISEMENT

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:

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/50m-drained-from-uranium-finance-hack-or-rug-pull/

Blockchain

Sotheby’s Closes $12.9M Banksy Auction, First Paid in Crypto

Avatar

Published

on

Celebrated auction house Sotheby’s has accepted payment in cryptocurrency for the first time.

According to a recent tweet, Sotheby’s sold Banksy’s “Love is in the Air” for $12.9 million. The auction took place over 14 minutes between four different prospective buyers. This is the first artwork purchased with crypto since Sotheby’s announced it would be accepting bitcoin (BTC) and ethereum (ETH) as payment.

However, it was not revealed which cryptocurrency was used as payment in the auction. In a poll on Twitter, 35% believed the winners used ethereum to buy the Banksy piece, followed closely by bitcoin.

The art world accepting crypto

This event marks another milestone in the increasing integration of cryptocurrencies into the art world. Although this auction was for a physical piece of art, auction houses have been increasingly taken with non-fungible tokens (NFTs).

Last month, Sotheby’s hosted its first NFT auction. Over the course of three days, it sold the work of digital artist Pak for $16.8 million. The collection, known as “The Fungible,” was sold through NFT marketplace Nifty Gateway. The sale achieved at least two records, including the most number of bids for an auction item on Nifty Gateway.

Meanwhile, rival auction house Christie’s sold its first NFT artwork in March. The auction house sold digital artist Beeple’s NFT collection for a substantial $69 million. This sale made it the first auction house to close on an NFT. More recently, Christie’s sold nine NFTs from the CryptoPunks series for a total of nearly $17 million.

eBay also recently announced that the online retailer would allow the sales of NFTs on its platform. This would include trading cards, images, or video clips. Although not technically an auction house, eBay pioneered the online auction platform. This came days after eBay CEO Jamie Iannone included cryptocurrencies among the new payments platforms the company is exploring.  

Despite rising stratospherically in the first quarter of this year, recent data suggest that NFT mania is leveling off. This clearly hasn’t stopped continued interest from auction and retailer platforms. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

Follow Author

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/sothebys-closes-12-9m-banksy-auction-crypto/

Continue Reading

Blockchain

Ethereum Miners Are Earning More than Bitcoin Miners: Report

Ethereum miners reportedly are earning more than Bitcoin miners over the past few days due to Ether’s soaring prices while BTC seems currently stagnated.

Avatar

Published

on

Table of Contents

Rate this post

Ethereum miners are reportedly earning more than Bitcoin miners over the past few days. One of the reasons for this is that the price of Ether has risen significantly over the last few months while the price of the leading cryptocurrency Bitcoin is still stagnated.

Ethereum Miners Earning More than Bitcoin Miners

Data from the Block’s Dashboard indicates that Ethereum miners are now making $77 million in daily revenue as of 10th May, compared to the $67 million that Bitcoin miners are earning.

The data have been calculated based on the average of the last seven days, even though a noticeable pattern has been seen over the past few months.

READ  Northern Data and Japan’s SBI Crypto Announces Strategic Partnership

For instance, in early February and late April, Ethereum miners saw a surge in their mining revenue.

A key reason for this is due to Ethereum’s rising price. After starting the year at $730, Ethereum is now worth currently worth above $4,000. Another reason is due to the network’s soaring transaction fees.

Ethereum miners usually earn their revenue in a mix of transaction fees known as gas paid in Ether and block subsidies for generating new ETH.

On May 10, the Ethereum network minted roughly $89 million in transaction fees, the highest in its history.

A reason for this is that gas fees have been rising over the past few days. In less than ten days, the average transaction fee spiked from around $8 to $64 on May 10, the highest transaction fees ever recorded on the network.

READ  Italian Town Creates Ducati to Support Local Economy During COVID-19

Ethereum Miners to Accept the EIP 1559

Currently, 40% of the Ethereum miners’ revenue is coming from gas fees. But with the Ethereum Improvement Proposal (EIP) 1559 coming into effect in July, a portion of the fees will be sent to the network itself instead of miners.

To put it simply, From July, there will be two fees, per the EIP 1599, a base fee and an inclusion fee rewarded to miners. The base fee will be burned, and only the inclusion fee will go to the miners with the intention to reduce transaction fees for users.

#Bitcoin Mining #Crypto Mining #Ethereum #Ethereum fees #Ethereum Mining

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/ethereum-miners-are-earning-more-than-bitcoin-miners-report

Continue Reading

Blockchain

Dvision Network set to migrate to Binance Smart Chain through the bridge 

Dvision has already announced their readiness to launch on BSC in their blog post and also started a countdown in their website, which pinpoints to the official launch of the bridge on 20th May.As part of the development, Dvision Network will be integrating a BEP20 version of its token.  The blockchain-based NFT Metaverse platform will […]

Avatar

Published

on

Dvision has already announced their readiness to launch on BSC in their blog post and also started a countdown in their website, which pinpoints to the official launch of the bridge on 20th May.As part of the development, Dvision Network will be integrating a BEP20 version of its token. 

The blockchain-based NFT Metaverse platform will also launch a bridge that will connect Ethereum and Binance Smart Chain ecosystems. In addition, users will be able to swap the DVI ERC20 token to an equivalent BEP20 token via the multichain bridge. 

Multichain bridge via the partnership with Curvegrid. 

The multichain bridge is built in partnership with Curvegrid. It should be noted that Dvision and Curvegrid announced a strategic alliance several months ago, and this is the first significant outcome of the collaboration between the blockchain projects. 

The migration to Binance Smart Chain will occur via the asset portal bridge “Looking Glass” built on the Curvegrid MultiBaas blockchain middleware. This blockchain architecture will ensure a smooth and convenient cross-chain transfer of DVI from ERC-20 to BEP-20 and vice-versa.

DVI stated that the decision to integrate with Binance Smart Chain is in line with its existing roadmap. The VR blockchain platform believes that BSC is an ecosystem that can lead the next generation of decentralized applications.  

Binance Smart Chain is also highly scalable and supports smart contracts with fast confirmation speed and low transaction fees. The migration to BSC will also help Dvision to develop advance smart contract capabilities ensuring that users can take advantage of the speed and low transaction fees of BSC-based products. 

Dvision Network is also looking at the current trend in the crypto space, which has swung in BSC favor. Binance Smart Chain has outpaced Ethereum in daily transaction volume and will only continue to grow in size. 

Ethereum and BSC compatibility 

Dvision Network also noted that the BEP20 DVI token would not replace the existing ERC20 DVI token. Both tokens will co-exist, and the bridge will help users to swap between the two ecosystems. This will ensure that DVI is a truly multichain token, and holders will use the token to perform transactions on both the BSC and Ethereum ecosystems. 

Dvision Network has already made several tests on the bridge and will integrate a user-friendly interface for the launch expected in May. Dvision will provide more information on the use cases of DVI on the BSC ecosystem before the launch. Dvision Network has officially announced on its Twitter handle, that the bridge is going to be available on 20th May, roughly a week from now. 

A major development for Dvision Network

The launch of the multichain bridge is a significant milestone for Dvision Network in its quest to become the leading NFT Metaverse platform. Dvision recently released a limited edition for NFT characters and auctioned it on the popular OpenSea Marketplace. 

The NFT launch was successful and exposed the virtual reality platform to a new market of NFT enthusiasts. Dvision Network continues to expand its use cases with the DVI token.

About Dvision Network

Dvision Network provides web-based real-time streaming 3D VR metaverse service so that users can easily experience metaverse contents such as fairs and games. On the Division platform, anyone can easily create NFT items without any development-related expertise. Division’s NFT trading system enables monetization by directly connecting creators and consumers without intermediaries. This serves to connect the virtual world to reality.

All these products are powered by the Dvision Network utility token DVI, listed on several exchanges, including Uniswap, Bithumb, Coinone, and Hoo.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/dvision-network-set-to-migrate-to-binance-smart-chain-through-the-bridge/?utm_source=rss&utm_medium=rss&utm_campaign=dvision-network-set-to-migrate-to-binance-smart-chain-through-the-bridge

Continue Reading

Blockchain

Dvision Network set to migrate to Binance Smart Chain through the bridge 

Dvision has already announced their readiness to launch on BSC in their blog post and also started a countdown in their website, which pinpoints to the official launch of the bridge on 20th May.As part of the development, Dvision Network will be integrating a BEP20 version of its token.  The blockchain-based NFT Metaverse platform will […]

Avatar

Published

on

Dvision has already announced their readiness to launch on BSC in their blog post and also started a countdown in their website, which pinpoints to the official launch of the bridge on 20th May.As part of the development, Dvision Network will be integrating a BEP20 version of its token. 

The blockchain-based NFT Metaverse platform will also launch a bridge that will connect Ethereum and Binance Smart Chain ecosystems. In addition, users will be able to swap the DVI ERC20 token to an equivalent BEP20 token via the multichain bridge. 

Multichain bridge via the partnership with Curvegrid. 

The multichain bridge is built in partnership with Curvegrid. It should be noted that Dvision and Curvegrid announced a strategic alliance several months ago, and this is the first significant outcome of the collaboration between the blockchain projects. 

The migration to Binance Smart Chain will occur via the asset portal bridge “Looking Glass” built on the Curvegrid MultiBaas blockchain middleware. This blockchain architecture will ensure a smooth and convenient cross-chain transfer of DVI from ERC-20 to BEP-20 and vice-versa.

DVI stated that the decision to integrate with Binance Smart Chain is in line with its existing roadmap. The VR blockchain platform believes that BSC is an ecosystem that can lead the next generation of decentralized applications.  

Binance Smart Chain is also highly scalable and supports smart contracts with fast confirmation speed and low transaction fees. The migration to BSC will also help Dvision to develop advance smart contract capabilities ensuring that users can take advantage of the speed and low transaction fees of BSC-based products. 

Dvision Network is also looking at the current trend in the crypto space, which has swung in BSC favor. Binance Smart Chain has outpaced Ethereum in daily transaction volume and will only continue to grow in size. 

Ethereum and BSC compatibility 

Dvision Network also noted that the BEP20 DVI token would not replace the existing ERC20 DVI token. Both tokens will co-exist, and the bridge will help users to swap between the two ecosystems. This will ensure that DVI is a truly multichain token, and holders will use the token to perform transactions on both the BSC and Ethereum ecosystems. 

Dvision Network has already made several tests on the bridge and will integrate a user-friendly interface for the launch expected in May. Dvision will provide more information on the use cases of DVI on the BSC ecosystem before the launch. Dvision Network has officially announced on its Twitter handle, that the bridge is going to be available on 20th May, roughly a week from now. 

A major development for Dvision Network

The launch of the multichain bridge is a significant milestone for Dvision Network in its quest to become the leading NFT Metaverse platform. Dvision recently released a limited edition for NFT characters and auctioned it on the popular OpenSea Marketplace. 

The NFT launch was successful and exposed the virtual reality platform to a new market of NFT enthusiasts. Dvision Network continues to expand its use cases with the DVI token.

About Dvision Network

Dvision Network provides web-based real-time streaming 3D VR metaverse service so that users can easily experience metaverse contents such as fairs and games. On the Division platform, anyone can easily create NFT items without any development-related expertise. Division’s NFT trading system enables monetization by directly connecting creators and consumers without intermediaries. This serves to connect the virtual world to reality.

All these products are powered by the Dvision Network utility token DVI, listed on several exchanges, including Uniswap, Bithumb, Coinone, and Hoo.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/dvision-network-set-to-migrate-to-binance-smart-chain-through-the-bridge/?utm_source=rss&utm_medium=rss&utm_campaign=dvision-network-set-to-migrate-to-binance-smart-chain-through-the-bridge

Continue Reading
Nano Technology34 seconds ago

Polarization-sensitive photodetection using 2D/3D perovskite heterostructure crystal

Nano Technology1 min ago

With a zap of light, system switches objects’ colors and patterns: “Programmable matter” technique could enable product designers to churn out prototypes with ease

Nano Technology1 min ago

Graphene key for novel hardware security

Nano Technology2 mins ago

180 Degree Capital Corp. Reports +14.2% Growth in Q1 2021, $10.60 Net Asset Value Per Share as of March 31, 2021, and Developments From Q2 2021

Nano Technology3 mins ago

Tiny, Wireless, Injectable Chips Use Ultrasound to Monitor Body Processes

Start Ups10 mins ago

Don’t wait for legislation banning NDAs: Write ethical policies now

Crowdfunding37 mins ago

Grayscale Files Registration Statement with the SEC

Gaming48 mins ago

PS5 DualSense Midnight Black and Cosmic Red Controllers Revealed, Available in June

Blockchain50 mins ago

Sotheby’s Closes $12.9M Banksy Auction, First Paid in Crypto

Blockchain52 mins ago

Ethereum Miners Are Earning More than Bitcoin Miners: Report

Blockchain53 mins ago

Dvision Network set to migrate to Binance Smart Chain through the bridge 

Blockchain53 mins ago

Dvision Network set to migrate to Binance Smart Chain through the bridge 

Blockchain55 mins ago

Why ‘it’s only a matter of time’ before Litecoin does this

Blockchain55 mins ago

Why ‘it’s only a matter of time’ before Litecoin does this

Crowdfunding56 mins ago

MoneyLion Joins Forces With NFP to Provide Nationwide Insurance & Financial Wellness Offerings to Members

ZDNET60 mins ago

Microsoft just achieved something few ever thought possible

Payments1 hour ago

VTB implements machine learning management system

AR/VR1 hour ago

Drum-based Rhythm Game ‘Smash Drums’ to Release on Quest Next Month

Start Ups1 hour ago

The Briefing: Cyral Lands $26M For Cloud Security, Impress Raises $50M, And More

Payments1 hour ago

Swissquote to use Marqeta API for all-in-one banking app

Nano Technology1 hour ago

With a zap of light, system switches objects’ colors and patterns: “Programmable matter” technique could enable product designers to churn out prototypes with ease

Nano Technology1 hour ago

Graphene key for novel hardware security

AR/VR1 hour ago

Clash of Chefs VR Serves Up a Tasty Meal on Oculus Quest This Summer

AR/VR1 hour ago

Clash of Chefs VR Serves Up a Tasty Meal on Oculus Quest This Summer

Nano Technology1 hour ago

Tiny, Wireless, Injectable Chips Use Ultrasound to Monitor Body Processes

Crowdfunding1 hour ago

U.S.-Based E-Commerce Platform Our Mayberry Secures $1.2 Million Through Convertible Note Seed Round

Aerospace1 hour ago

Additive is the answer!

Nano Technology1 hour ago

Graphene key for novel hardware security

HRTech1 hour ago

The Chromebook turns 10: Cheap, safe, powerful — and still gaining on Windows

Nano Technology1 hour ago

Tiny, Wireless, Injectable Chips Use Ultrasound to Monitor Body Processes

Trending