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Binance Smart Chain based DeFi Project Uranium Suffers $50M Loss due to Hack, SlowMist Analyzes Incident

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SlowMist, which focuses on blockchain ecosystem security, and has served major digital asset firms such as Huobi, OKEx, Binance, imToken (with around 1,000 commercial customers), notes that according to updates from the SlowMist Zone, the DeFi project Uranium on the Binance Smart Chain (BSC) was “hacked” with “a loss of 50 million U.S. dollars.”

The SlowMist security team claims that they “immediately intervened” in the analysis and have shared it here:

Attack analysis

As noted by SlowMist, this problem “occurred on the pair contract” of the Uranium project. The swap function “part of the contract logic” refers to the logic of PancakeSwap, a decentralized or non-custodial exchange (DEX) built on BSC.

The swap function allowing users to lend funds via flash loans, SlowMist explained while adding that “when this function checks the contract balance according to the constant product formula, there is a problem of accuracy processing errors, resulting in the balance calculated in the final contract being 100 times larger than the actual balance of the contract.”

In this particular case, SlowMist explained, if the attacker happens to use a flash loan to borrow funds, they are only required to “return 1% of the loan amount to pass the inspection and steal the remaining 99% of the balance, resulting in project losses.”

While sharing the summary of the incident, SlowMist noted:

“At present, Uranium official has issued a document confirming the theft, and recommends that users contact the official to calculate the loss. The SlowMist security team recommends that users pay attention to risks when participating in DeFi projects, participate cautiously, and choose reliable project parties that have undergone security audits to participate in DeFi to avoid financial losses.”

Reference link:

https://bscscan.com/tx/0x5a504fe72ef7fc76dfeb4d979e533af4e23fe37e90b5516186d5787893c37991

As noted in the update, SlowMist Technology is a company that specializes in blockchain or distributed ledger technology (DLT) ecosystem security. SlowMist has worked with various projects across the globe through “the security solution that integrated the threat discovery and threat defense while tailored to local conditions.”

SlowMist’s security solutions include security audit, threat intelligence (BTI), bug bounty, defense deployment, security consultant, and variou other services. SlowMist says it’s “equipped with cryptocurrency anti-money laundering (AML), false top-up scanner, vulnerability scanner, and vulnerability monitoring (Vulpush), hacked project archives (SlowMist Hacked), smart contract firewall (FireWall.X), Safe Staking and other SAAS security products.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/04/174705-binance-smart-chain-based-defi-project-uranium-suffers-50m-loss-due-to-hack-slowmist-analyzes-incident/

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Grayscale Files Registration Statement with the SEC

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Grayscale, a large digital asset manager that offers publicly listed funds that hold crypto, has filed a registration statement with the Securities and Exchange Commission for the Grayscale Digital Large Cap Fund.

The Fund is an investment vehicle that allows investors to participate in asset allocations that incorporate digital assets by using the Fund’s shares.

Grayscale states that this move reflects Grayscale’s commitment to move Grayscale Digital Large Cap Fund forward through the product pipeline as part of Grayscale’s roadmap to launching digital currency ETFs (exchange-traded funds).

The Form 10 may be viewed here.

The investment objective of the Fund is for the shares to reflect the value of the fund components held by the Fund as determined by reference to the Digital Asset Reference Rates, less the Fund’s expenses and other liabilities. The Fund seeks to hold Fund Components that have market capitalizations that collectively constitute at least 70% of the market capitalization of the entire digital asset market. The Fund intends to hold a market capitalization-weighted portfolio that is reviewed for rebalancing on a quarterly basis to meet the Target Coverage Ratio.

The filing with the SEC is voluntary and if it were to become effective, would designate Grayscale Digital Large Cap Fund as an SEC reporting company.

Shares in the Fund currently trade on OTC Markets, which is an ATS and subject to slightly different rules than a regulated exchange.

Recently, the SEC issued a staff statement cautioning investors who purchase shares in mutual funds that have exposure to Bitcoin futures. Grayscale does not currently invest in futures.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/05/175323-grayscale-files-registration-statement-with-the-sec/

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

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MoneyLion, a U.S.-based consumer digital finance platform, announced on Thursday it has teamed up with insurance broker NFP to provide its members with direct access to insurance and financial wellness offerings. MoneyLion reported that the offerings are to help its members support their financial journeys. According to MoneyLion, the partnership allows members to shop for and buy insurance products and solutions through the MoneyLion all-in-one financial platform.

MoneyLion also reported the launch of MoneyLion Marketplace, a platform that matches MoneyLion members with category-leading brands, offers, and value-add resources that are tailored to their personal needs. Dee Choubey, MoneyLion Co-Founder and CEO, shared more details about the partnership and marketplace launch by stating:

“Knowing what type and how much insurance to buy can be a daunting experience for many people, and yet it is a critical foundation for any financial plan. As a leader in digital technology, insurance underwriting and customer service, Nationwide is a natural fit to help our members evaluate the insurance options that are right for them.”

Brett Woodward, Managing Director of NFP Personal Risk, then added:

“Through this partnership, we’ll be able to leverage the MoneyLion Marketplace platform to connect the needs of clients with a range of solutions through an easy-to-use interface. This is a great combination of expertise, innovation and collaboration that delivers meaningful value to MoneyLion members.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/05/175322-moneylion-joins-forces-with-nfp-to-provide-nationwide-insurance-financial-wellness-offerings-to-members/

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

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Our Mayberry, a U.S.-based e-commerce platform, announced on Thursday it raised $1.2 million through its convertible note seed round. According to Our Mayberry, investment groups from medical services and restaurant industries led the round. Founded in 2019, Our Mayberry describes itself as an online e-commerce platform that connects businesses and nonprofits to create mutually beneficial marketplaces where consumers can make purchases that support the causes they champion.

“A platform where causes and business partner to do great things!”

While sharing more details about the platform, Our Mayberry CEO, Shawn Tacey, stated:

“Our Mayberry gives businesses the ability to both scale and do good unlike any other platform or service. We process hundreds of thousands of dollars in transactions each month for service businesses like law firms, medical services companies and architects.  Other values-driven platforms simply don’t include these types of businesses, but we do.”

Our Mayberry also reported that it is currently operating in 6 states, and has generated growing interest from national nonprofits, including Rotary International and Habitat for Humanity Tacey went on to add:

“Our Mayberry’s model represents the next step in the evolution of both business marketing and fundraising. We’re focused on weaving this new system of commerce into everyday life, and we believe this will go a long way in helping to rebuild and strengthen our communities.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/05/175321-u-s-based-e-commerce-platform-our-mayberry-secures-1-million-through-convertible-note-seed-round/

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UK’s Property Investment Marketplace CrowdProperty Launches Independent Australia Division

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Property investment marketplace CrowdProperty has reportedly launched its Australia-based division in order to support property development in the country.

David Ingram has been appointed as the Chief Executive for CrowdProperty’s business operations in Australia.

CrowdProperty has issued over £100 million in loans to UK-based property developers. As noted in the announcement, CrowdProperty Australia will be run as a separate or independent business unit (and won’t depend on CrowdProperty UK). The new venture reportedly has its own local investors and board of directors as well.

Mike Bristow, CrowdProperty UK CEO and CrowdProperty Australia board member, stated:

“The model that we have proven with great success in the UK is a perfect fit for the Australian market. We’re a company founded by people who have long experience developing property and working in the finance sector, built entirely around the customer.”

Ingram is notably the founder of Australia-based Fintech firm Split It. He will now be tasked with establishing a business that takes advantage of CrowdProperty UK’s technology stack and industry experience.

Ingram will be a part of a professional team including CrowdProperty CMO and Co-founder Ian Bell, COO and Director Tony Zulli. Ingram will also be working with Property Director Daniel He and Head of Marketing and Growth Jamie Millar.

Ingram remarked:

“We know that property developers can spend up to six months waiting to secure finance for a project, with lenders often changing the terms of the loan at the very last minute CrowdProperty can take that process down to a matter of a few weeks, with no hidden fees nor surprises that plague more traditional funding options. Our solution matches investor capital more directly to the developer using it to add value, enabling greater returns, meeting the major needs of both sides of the marketplace.”

As reported in March 2021, CrowdProperty had hired Rupert Lowe MRICS as Business Development Manager. Lowe joined alongside five other CrowdProperty appointments so far in 2021 and a total of 21 new appointments in the past 12 months since lockdown 1.0 began (as reported in March).

CrowdProperty stated, earlier this year, that significant growth in the team reflects strong origination, lending, and business growth through 2020, ever growing applications for property project finance. The investment platform says it is seeing over £250 million of funding applications received each month.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/05/175305-uks-property-investment-marketplace-crowdproperty-launches-independent-australia-division/

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