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DeFi hacks and exploits total $285M since 2019, Messari reports

Decentralized finance platforms on the Ethereum network have lost about $285 million to rogue actors since 2019.

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Decentralized finan’s rising popularity since 2019 has seen the emerging market segment become a target for hackers and opportunistic profiteers.

According to a report by crypto research company Messari, DeFi protocols have lost about $284.9 million to hacks and other exploit attacks since 2019. This figure is about 0.65% of the adjusted total value locked of the Ethereum-based DeFi market, according to data from DappRadar.

Almost half of the DeFi hacks covered in the Messari report were flash loan attacks, providing further evidence of it being the most popular exploit vector in the DeFi landscape. Indeed, many of the major DeFi “hacks” have been flash loan attacks that sometimes take advantage of temporary defects in price oracle feeds.

While crypto hacks declined in general in 2020, DeFi accounted for more than half of the attacks recorded during the year. In 2021 so far, Alpha Homora and Cream Finance made headlines after both protocols had fallen victim to rogue actors with the former suffering the single-largest hack in DeFi history, losing $37.5 million.

The Alpha Homora incident also put the quality of smart contract auditing into question, given that major smart contract auditing outfits such as Quantstamp and PeckShield reviewed the project’s codes.

DeFi hacks are not only restricted to the Ethereum chain as the Binance Smart Chain environment is also clocking similar incidents. With growing activity on BSC, DeFi protocols on the network have also fallen victim to rogue actors using familiar attack vectors.

As previously reported by Cointelegraph, Uranium Finance, a BSC-based automated market maker platform, lost $50 million to a hacker. The attacker exploited bugs in the project’s smart contract and was able to siphon funds during a planned token migration event.

Other BSC-based DeFi projects have also made the news for the wrong reasons, with the TurtleDex team stealing the 9,000 Binance Coin (BNB) tokens raised during the pre-sale event held in mid-March.

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Source: https://cointelegraph.com/news/defi-hacks-and-exploits-total-285m-since-2019-messari-reports

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Yearn Finance surges 45% as it joins dog pack with WOOFY

Yearn Finance is up nearly 45% in 24 hours, and it appears to be thanks to the team’s new dog token offering a bi-directional peg to YFI.

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Despite Dogecoin retracing from its all-time highs above $0.70, dog tokens continue to attract astonishing levels of popularity, with DeFi “blue-chip” Yearn Finance emerging as arguably the most prominent team seeking to cash in on the canine meme coin craze with the launch of its WOOFY token.

But the YFI fans jumping in early may not have fully understood the coin’s utility which saw the price sail into the stratosphere.

Whisperings of the new project began to circulate on Twitter over the past 24 hours, with users associated with Yearn hinting at a new token called WUFFY. Rumors of an airdrop for users who posted a picture of themselves being licked a dog and tag Yearn developer “Banteg” saw a flood of face-lick photos uploaded to Twitter.

As is quickly becoming the norm for new releases from the Yearn team, fans in the community raced to purchase the new token before fully understanding its utility. 

Despite WOOFY’s sole function being to offer a means to redenominate YFI holdings — with the Woofy Finance interface offering bi-directional YFI to WOOFY conversions at a ratio of 1:1 million, over-exuberant buyers pushed the price of WOOFY so high as to imply YFI’s to be $1.5 million per token.

As of this writing, YFI is trading for roughly $88,200 after gaining 43% in 24 hours.

Community sentiment appears divided regarding WOOFY, with Twitter user “BrotherMuozone” concluding that looking like “an unsavory attempt to milk vale out of the new suckers in the market,” adding the experiment actually comprises “a brilliantly timed and themed ‘unit bias a/b test’” offering insights into whether traders prefer tokens with a larger circulating supply and lower fiat price versus a low supply and high token price.

Although whether traders choose to hodl WOOFY or YFI is arbitrary, with traders’ preference for one token over the other having no impact on Yearn’s overall market cap, the introduction of WOOFY may reduce the volatility of YFI’s price by creating arbitrage opportunities between the two tokens.

As of this writing, WOOFY last changed hands for $0.09, implying a roughly 3% premium over YFI.

According to Dextools, nine of the top 10 most-viewed pairings on Uniswap V2 are dog tokens.

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Source: https://cointelegraph.com/news/yearn-finance-surges-45-as-it-joins-dog-pack-with-woofy

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Meme Coins Craze Attracting Money Behind Fall of Bitcoin

From the eyes of crypto-analysts, the ongoing craze for meme coins is the main reason behind the price struggle for Bitcoin.

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From the eyes of crypto-analysts, the ongoing craze for meme coins is the main reason behind the price struggle for Bitcoin. And, meme coins like Dogecoin and its clones are constantly sucking funds out of Bitcoin.

The Money Will Soon Reenter The Market: CEO CryptoQuant

The ongoing massive flows in the fresh funds are statistically massive. However, CryptoQuant’s CEO Ki-Young Ju believes that trends are changing at much higher rates, and tokens with true intrinsic value like BTC will recommence their position in the market. The statement reads,

“Smart money will reenter the market soon and reverse the trend.”

All of this started with Elon Musk who has always favored the meme cryptocurrency DOGE. Supported by names like Mark Cuban and Snoop Dogg that has also attracted the masses of investors in the space, it became arguably the most widely discussed topic in and outside the crypto-sphere.

However, there are crypto-whales in the market who know how to take advantage of the ongoing mania. Coins that seemingly have no value or product, are gaining people’s attention due to advertising services. In this attention-grabbing game, one can observe massive fluctuations and promises for multi-digital return.

The most recent example is a token called Shiba Inu (SHIB) whose exchange value is up tenfold in the past few days alone. This additionally enhances the snowball effect. According to analysts, the massive increase in value is also the result of most searched and viewed digital assets. Apart from the mind-blowing returns, the following data from CoinMarketCap confirms the same.

Smart Money to Go in Bitcoin Soon

CryptoQuant’s CEO argued that,

“The asset’s fundamentals are still “strong,” and on-chain data support this narrative. The market will become smart money soon, and the funds will go to major coins that have intrinsic value. The ongoing craze for meme coin is the primary reason why bitcoin’s price has been struggling.

At the same time, many altcoins see frequent new records, including the aforementioned massive surges by the meme coins. Nevertheless, CryptoQuant’s CEO. believes that this trend is about to change soon.

 As per reports, institutional investors uninterruptedly collecting cryptocurrencies, miners are refusing to sell, and smaller hoDLers are withdrawing their coins from exchanges at the same time. 

READ  Why Litecoin’s Ambitious Surge to Dethrone XRP Was Short-Lived

#‘Dogecoin Killer’ Shiba Inu #Bitcoin #CEO CryptoQuant #CryptoQuant’s CEO Ki Young Ju #SHIB #Shiba-Inu

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Source: https://www.cryptoknowmics.com/news/meme-coins-craze-attracting-money-behind-fall-of-bitcoin

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Let The Bidding Begin: The First NFT Patent?

We’ve seen a wide variety of NFT releases this year. From trading cards, to immersive 3D graphic designs. From realistic still images, to real-life engagement opportunities with star meet & greets. One thing we seemingly haven’t seen yet, until now, is patents. However, aptly noted today on Twitter by sports, entertainment, and IP lawyer and […]

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We’ve seen a wide variety of NFT releases this year. From trading cards, to immersive 3D graphic designs. From realistic still images, to real-life engagement opportunities with star meet & greets. One thing we seemingly haven’t seen yet, until now, is patents. However, aptly noted today on Twitter by sports, entertainment, and IP lawyer and University of Florida professor Darren Heitner, is what seems to be the very first patent auctioned off as an NFT.

What It Is, And What It Means

The auction was originally listed in recent weeks by True Return Systems LLC and D. Tiller Law PLLC. The patent (US Patent #10,025,797) is centered around providing an “elegant solution for maintaining blockchain’s foundational benefits while expanding applications, easing combination of ‘on chain’ and ‘off chain’ data storage”. Additionally, the patent cites potential application across a variety of industries, including health care, financial services, data sciences, and more.

The patent is currently listed for 2,250 ETH (approx $9M USD at time of writing) on OpenSea, with no bidders at the time of writing.

Related Reading | NFTs In A Nutshell: A Weekly Review

Join The Club

The road doesn’t seem to stop here, either. It was around the same time that reports were released that IBM would be working with IP specialists IPwe to represent patents as NFTs as well. As the report notes, “IBM’s blockchain group already works with corporate clients on tech efforts like tracking food supply chains using the blockchain”. Additionally, IBM said in a joint statement that the tokenization of IP “will help position patents to be more easily sold, traded, commercialized or otherwise monetized”. IPwe founder Erich Spangenberg cited that only a small percentage of the patent market is valued. IPwe has been working on a ‘Global Patent Marketplace’ powered by blockchain technology. The team with IBM Services has broadly described this as the “digitization of everything”.

ETH has been a strong performer, helped in part by the emergence of NFTs. | Source: ETH-USD on TradingView.com

The Patent’s Producers & Rights

This NFT is especially unique for a couple different reasons. Firstly, it’s seemingly the first publicly-available patent utilizing blockchain technology, and for a patent within blockchain technology rights as well. Additionally, the NFT has transferrable rights rarely seen at a comparable level. The NFT purchaser receives an executed agreement, and carries the right to sue for infringement should it occur. As the discussion around the most valuable use cases for NFTs continue to evolve, patents could find their way towards the top of the list.

True Return Systems, who have hosted the NFT, is a Connecticut-based financial technology consulting company. Their partner on the project, D. Tiller Law, is a legal firm focused on IP and technology.

Inventor Jack Fonss of True Return Systems noted in the press release that “the most impactful patents are themselves functional works of art”. If this sentiment continues to be shared with rights-holders and inventors, we could see many more patent NFTs to come.

Art and creative engagement, meet utility and innovation.

Related Reading | Dvision Network To Launch Limited Edition NFT Characters At OpenSea Auction 

Featured image from Pixabay, Charts from TradingView.com

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Source: https://bitcoinist.com/let-the-bidding-begin-the-first-nft-patent/?utm_source=rss&utm_medium=rss&utm_campaign=let-the-bidding-begin-the-first-nft-patent

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Sentiment Flippening: Why This Bitcoin Expert Doesn’t Own Ethereum

We at Bitcoinist covered the lack of decentralization of the Binance Smart Chain. And, at the moment, the BSC is Ethereum’s main competition. That sparks a question, inquiring minds want to know: how decentralized is Ethereum? Not enough, according to author, investor, YouTube star, and Bitcoin expert Preston Pysh. In a recent Twitter thread explaining […]

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We at Bitcoinist covered the lack of decentralization of the Binance Smart Chain. And, at the moment, the BSC is Ethereum’s main competition. That sparks a question, inquiring minds want to know: how decentralized is Ethereum? Not enough, according to author, investor, YouTube star, and Bitcoin expert Preston Pysh.

In a recent Twitter thread explaining why he doesn’t own ETH, Pysh started with: “First, I don’t trust the decentralization of the ETH protocol.” It’s no secret that Ethereum’s creator Vitálik Buterin and a few key developers have almost complete control over the project, but, is that the only thing that makes Ethereum a semi-centralized affair? Not according to Pysh.

ETH to BTC price chart - TradingView

ETH to BTC price chart on Bittrex | Source: ETH/BTC on TradingView.com

Running nodes and PoS in Ethereum

The author says that the process for running an Ethereum node is “not straightforward,” and that the project’s community often says that a “full node is a “spectrum,” of decentralization.” And then proceeds to describe how in November of last year the node operator Infura went down and exchanges had to temporarily stop processing Ethereum-related transactions.

Then, Pysh goes for the jugular. According to him, the Proof-of-Stake consensus mechanism that Ethereum 2.0 is planning to use, “is just like the existing fiat system.” He explains this further, “If you have a bunch of money, you stake those positions and then you have more influence over the incentives of the overall protocol.

Related Reading | 3 Trends Show Ethereum Is On Track For Strong Growth in 2021

That’s the main argument against all the newer blockchains that reject the Proof-of-Work model that Bitcoin uses. The system they came up with, PoS, clearly favors the rich and powerful and creates “gatekeepers and kingmakers.

Yeah, but, what about all the innovations?

You can say whatever you want about Decentralized Finance (DeFi) and the NFT craze, but the fact of the matter is that most of those experiments are happening on the Ethereum blockchain. And experimentation is good for the crypto ecosystem. It keeps it exciting and it can spark the next big thing. 

What does Pysh say about this? That DeFi is also happening on the Bitcoin blockchain. As an example, he uses, “Hodl-Hodl is a platform that enables P2P lending & borrowing and it doesn’t have a native token.

This might be Pysh’s weakest point, but he brings reinforcement by quoting Lyn Alden’s “An Economic Analysis of Ethereum” essay. In that piece, she’s brutal. She qualifies the whole Ethereum DeFi space as:

A big operating system powered by crypto tokens, for the purpose of moving around… crypto tokens.

A healthy banking system in the real world would consist of people depositing money, and the banks making various loans for mortgages and for business financing, to generate real-world utility.

Plus, the competition in the smart contracts space is tremendous. To illustrate that, Pysh lets “one of the greatest investors of all time” speak: 

Yeah, but, what about the rise in Ethereum’s price?

The facts are the facts: Ethereum’s bull run continues and Bitcoin’s price has been consolidating for months now. To explain this, Pysh recommends to, “go back and look at what happened during the summer of 2017. This was analogous in the previous Bitcoin bull market to what we are seeing right now.” 

Related Reading | Expert Expects Bitcoin “Decoupling” From Stocks But Not For The Reason You Think

At that time also, during Bitcoin’s consolidation period, “ETH aggressively outperformed BTC.” And he means it. The relationship between Ether and Bitcoin has never been so skewed towards the former, not even now. In fact, as the charts show, it’s not even close. 

To conclude, Preston Pysh says

The author admits he’s biased towards Bitcoin, and that he can’t see the future and wouldn’t know what it holds for Ethereum. Regardless, Pysh thinks that Bitcoin is a better solution for the problem at hand, “Sound, censorship-resistant money, w/ timeless decentralization.” And that with a, “100 trillion + bond market that’s already priced to collapse,” a massive influx of money is coming to Bitcoin. It’s not coming to Ethereum, because it’s “controlled by tech gatekeepers.

He finishes with well-wishes and an invitation, “I highly encourage you to think for yourself and invest YOUR money the way YOU see fit.  Happy investing.”  

Hear, hear.

Featured Image by Katerina Limpitsouni on unDraw - Charts by TradingView

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Source: https://bitcoinist.com/sentiment-flippening-why-this-bitcoin-expert-doesnt-own-ethereum/?utm_source=rss&utm_medium=rss&utm_campaign=sentiment-flippening-why-this-bitcoin-expert-doesnt-own-ethereum

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