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Martin Young

Articles by Martin Young

Dracula Protocol Details SushiSwap Smart Contract Bug

7 days ago

Yield farming aggregator and DeFi clone Dracula Protocol has released details on a smart contract bug in rival DeFi protocol SushiSwap.
The protocol was started in protest at SushiSwap which it claims was an unfair launch resulting in ‘vicious dumping’ on ordinary retail investors which eventually led to a massive price crash.
“When Sushi entered the market, centralized exchanges and major corporations listed and supported the project, despite its lack of ingenuity or novel ideas.”
Dracula Protocol aimed to combat this type of behavior by ‘exploiting and punishing whale-baked farms’ with a second-layer ‘vampire’ concept according to an introductory blog post. Essentially, this is pretty much what SushiSwap did to Uniswap back in late August.
Dracula has released another

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Bitcoin Accumulation Building With 14% of Supply Currently Held

8 days ago

The research added that around 14% of the total supply is currently held in accumulation addresses. The findings by on-chain analytics firm Glassnode report that there has been a steady up trend in Bitcoin accumulation since the beginning of 2019.
The chart overlays price action and the two do not appear to be correlated as prices have been sideways on that long time frame. The balance in accumulation addresses fell sharply during the massive bull run in 2017 as long term holders took profits and new capital entered the markets.

#Bitcoin accumulation has been on a constant upwards trend for months.
2.6M $BTC (14% of supply) are currently held in accumulation addresses.
Accumulation addresses are defined as addresses that have at least 2 incoming txs and have never spent

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Bitcoin Hashrate Hits New All-Time High as Price Pushes for $11,000

14 days ago

Bitcoin’s hashrate, or computing horsepower, has hit its highest ever level indicating that the network has never been in better shape in terms of security.Hashrate HighThe new milestone of 170 exahashes per second was noted by on-chain analytics provider Glassnode which added that it is a 40% increase since the halving in May.#Bitcoin hash rate hits a new ATH and touches 170 exahash for the first time in history on the hourly chart (24h MA).That is an increase of around 40% since the halving in May, substantially adding to the security of the network.Live chart: https://t.co/lpSkIAtfFm pic.twitter.com/Wl1MUODHdZ— glassnode (@glassnode) October 8, 2020The hashrate high is not correlated with prices, however, which remain stuck in a range bound channel.Bitinfocharts.com confirms the new

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Yearn Finance (YFI) to Revamp Vaults as Liquidity Tumbles 26% in a Month

17 days ago

Yearn Finance has become the hottest thing in DeFi over the past couple of months when it introduced high yielding liquidity vaults boasting three-figure annual returns.Since then, liquidity has fallen back, and collateral has been shifted to better yielding pools resulting in a slump in earnings. According to Defipulse.com, Yearn liquidity has fallen 26% over the past 30 days.The best example of this is the yETH vault, which, when launched, promised over 90% APY in ETH for those that deposited into the vault. At the time, it was described as a ‘black hole’ for Ethereum, which would also be a boost for ETH prices.Today there is still almost 100,000 ETH in the vault according to Yearn stats, but earnings have plummeted to a paltry 1% or so. yETH is not the only vault to see earnings slump,

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Has The Binance Effect Been Good or Bad For CoinMarketCap?

18 days ago

For a number of years, CoinMarketCap (CMC) has been the industry’s premier analytics website for data on the top tokens and exchanges. There were a number of competitors but CMC was still the chosen source despite major discrepancies in the data it published.CEO of the FTX derivatives exchange and Alameda Research, Sam Bankman-Fried (SBF) has opened a dialogue on whether the Binance acquisition has been beneficial to the website.1) Unpopular take: @cz_binance partially saved @CoinMarketCap.— SBF (@SBF_Alameda) October 4, 2020Saving CMCThe opening statement claims that Binance actually saved the analytics outlet but it has also strengthened its competition. Rival website CoinGecko has now caught up with CMC because of a reputation bias, claims SBF.“A perception of bias did the damage. But

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Will Bitcoin Drop Lower on Trump’s Positive Covid-19 Test News?

21 days ago

Following a positive Covid-19 test result from one of Donald Trump’s closest aides, the POTUS himself took the test which produced the same result for him and the First Lady. He tweeted the news a couple of hours ago.Tonight, @FLOTUS and I tested positive for COVID-19. We will begin our quarantine and recovery process immediately. We will get through this TOGETHER!— Donald J. Trump (@realDonaldTrump) October 2, 2020Global stock markets have already reacted in a heavy slide, and crypto markets appear to be following them downwards at the time of writing.Bitcoin Dumps to Weekly LowBitcoin fell 2.5% as the news broke dropping from $10,660 to $10,390 according to Tradingview.com. However, there was a larger fall when the BitMEX news broke a few hours before that.BTC price –

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NFT Farming Craze MEME Sees Token Prices Top $1,000

September 21, 2020

The majority of recent DeFi food flavored tokens have been backed by very little, and consequently end up as just pump and dump schemes.Today’s DeFi flavor is pineapple and the protocol is doing something a little different by enabling farmers to mine non-fungible tokens (NFTs) for crypto collectibles.Non‑fungible tokens are a special type of token on the Ethereum network using the ERC-721 and ERC-1155 standards that create verifiable digital scarcity.Farming Non-FungiblesMeme enables users to stake tokens to farm limited edition NFTs, or crypto art, which can then be resold on the open market on platforms such as SuperRare or OpenSea. The first exclusive digital artist collaboration with Sven Eberwein was announced over the weekend and they’re proving to be very popular. Earlier today,

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First Official Ethereum 2.0 Proposal For Phase 0 Launch Just Submitted

September 16, 2020

That is until today when the lead developer has submitted the first official proposal for the Phase 0 stage of the migration to Ethereum 2.0.Phase 0 EIP SubmittedEthereum developer Danny Ryan has submitted the first Ethereum Improvement Proposal (EIP) 2982 to the Github repository. This marks the first official step to getting Phase 0, or Beacon Chain, nearer to [email protected] has submitted an EIP for eth2 phase 0 👀https://t.co/eqvEDiT3FT pic.twitter.com/NHM3DJ8i4D— Anthony Sassano | sassal.eth 👨‍🌾 🏴 (@sassal0x) September 16, 2020The proposal stated that the early phases of ETH 2.0 are to be executed without any breaking consensus changes on the current Ethereum mainnet. In other words, there will be two separate blockchains, the old proof-of-work, and the new

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Yearn Finance (YFI) Surged to $35,000 Following Coinbase Pro Listing Announcement

September 11, 2020

YFI took the crypto world by storm last month when it did the unthinkable and surged higher than Bitcoin’s price at the time.Since its launch in mid-August, the DeFi token pumped monumentally to top out at around $39,000. It is a prime example of demand through scarcity as the big draw for this asset is the fact that there are only 30,000 in existence.Since that giddy height, YFI retreated back to around $18,500 on September 5th. The news that Coinbase Pro will be listing the token has given it a new lease of life and the bulls are running again.Coinbase Pro Pumps are BackIn a move remnant of the crypto exchange induced altcoin pumps back in 2017, YFI has surged over 63% since late trading on Wednesday. From a low of around $22,000, the DeFi token skyrocketed to top out at $35,000 on

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Ethereum Flips Bitcoin For Average Weekly Transfer Value

September 10, 2020

This year has certainly been a test of the Ethereum network, pushing it to its limits under unprecedented loads. Users have been disgruntled with sky-high gas fees, but other on-chain metrics have been good for the overall Ethereum ecosystem.Economic Activity SurgesA recent report by analytics firm CoinMetrics has revealed that Ethereum has flipped Bitcoin in terms of seven-day average weekly transfer, which has now reached $3.08 billion compared to $3.01 for BTC.ETH’s 7-day average adjusted transfer value has flipped BTC’s.On September 5th, ETH’s 7-day average adjusted transfer value reached $3.08B, compared to $3.01B for BTC.Read more in this week’s SOTN:https://t.co/6JXE5YEN8p pic.twitter.com/N3wcNUeunH— CoinMetrics.io (@coinmetrics) September 9, 2020It added that this is the first time

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YFI Founder: USDT and USDC Will Soon Be Available on Layer Two

September 8, 2020

Stablecoins, which make up a huge chunk of those steep fees, could all switch to Layer 2 for some relief, according to one industry expert.Yearn Finance founder, Andre Cronje, has suggested that USDC and USDT will soon be available on Layer 2 as stablecoins make the transition away from Ethereum.USDC and USDT will soon both be available on L2.This will allows non-congested transfers of USDC and USDT.This is great if you do payments in USDC and USDT.From my experience USDT and USDC are trade instruments. Not currency. How much will really move to L2?— Andre Cronje (@AndreCronjeTech) September 7, 2020The comment comes in the wake of a massive month for Ethereum transactions, which saw them surge to record levels in terms of amount and average cost. Cronje added that he considers stablecoins

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CeFi Chases DeFi as Huobi Launches Liquidity Mining

September 7, 2020

Centralized exchanges are facing the harsh reality of losing out to DeFi protocols that don’t have as many costs involved with transacting. The only way to get back in the game is to launch their own DeFi products to lure customers back, and liquidity farming is the most popular activity in the industry at the moment.Huobi Hunting DeFiThe Singapore-based crypto exchange, Huobi Global, has just announced a DeFi liquidity mining campaign beginning today, September 7. The incentive is the first phase of the campaign which allows users to stake its native Huobi Token, HT.🚀#Huobi Liquidity Mining Launched!Yield HT / HPT – Earn DeFi Tokens!⛽️ZERO Gas Fees$10,000,000 USDT worth of #crypto availableOne-Click and DONE!Details 👇— Huobi (@HuobiGlobal) September 7, 2020The announcement added that

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$4000 To $1 In 5 Minutes: DeFi HOTDOG and Pizza Present Free Fall on Their First Day

September 3, 2020

The latest two DeFi protocols to pump and dump worthless tokens have been Hotdog and Pizza as the food meme trend continues. They are essentially clones of other defi platforms, some of which are clones themselves.The latest is a Uniswap clone called Hotdog that, just like SushiSwap, promised better APYs and shares in governance tokens. Yield farmers, dubbed degens from the word degenerate, flocked to the platform in hopes of similar gains that SushiSwap made.DeFi Pump and DumpHOTDOG tokens skyrocketed to as high as $6,000 in just a few hours, according to charts on Uniswap.info. It appears that the early adopters then sold off after the dump, which induced an epic dump smashing the token back to a dollar in just an hour.In the course of 5 minutes, the HOTDOG tokens took a deep dive from

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120,000% APY On The New Trending DeFi KIMCHI But There’s a Catch

September 2, 2020

Named after the fermented Korean dish, Kimchi is a fork of the wildly popular SushiSwap protocol that was forked from Uniswap late last week. Launched on Tuesday, September 1, Kimchi has already accrued almost $250,000 in liquidity in less than 24 hours, according to its dashboard.In the first few hours after its launch, the protocol offered APYs upward of 120,000% on the KIMCHI/TEND pool, and more than 70,000% on the other KIMCHI pools. Even though these numbers have since decreased, they are still particularly considerable.Kimchi Finance Dashboard. Source: Kimchi FinanceA Clone of a Clone of a Clone?Kimchi is the latest crypto clone to join the DeFi food party. It offers a similar platform to SushiSwap, which has taken liquidity from Uniswap to offer greater rewards, which include a

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ETH Fees at a New ATH, Binance To The Rescue?

September 1, 2020

The crypto industry is scrambling to find a solution for the unfeasibly high gas fees that make smaller transactions on the Ethereum network financially unviable. The 2020 DeFi boom and explosion in yield farming platforms have strained the Ethereum network so much that whales and minnows alike are now fighting for block space to get their transactions through.Binance Chain to The Rescue?In a tweet on Tuesday, September 1, Binance CEO Changpeng Zhao hinted at a solution without giving anything away.Madness. Luckily, we might have a solution… – Tweeted Zhao.The mysterious message may hint at leveraging the company’s own Binance Chain to compete with Ethereum, which it has been trying to do since inception in April 2019. The world’s leading crypto exchange migrated its own Binance Coin (BNB)

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SUSHI Price Recovers 1200% As The Protocol Tops $1 Billion in Total Value Locked

September 1, 2020

Launched just last week as a fork of Uniswap, SushiSwap has gained traction as the hottest thing in DeFi at the moment. It aimed to build on the popular token swapping protocol but offer a native token as a reward to liquidity providers.Uniswap only offers a 0.3% share of its trading fees to those that deposit collateral on the platform. Clearly, this isn’t enough for avaricious yield farmers who, over the past few days, have been moving their liquidity over to SushiSwap.Sushi TVL Tops a Billion BucksSushiSwap uses Uniswap liquidity pool tokens as an earning mechanism for its own 13 liquidity pools. In what has been termed ‘vampire mining,’ liquidity farmers have been loading up these pools so much that the total value locked has now exceeded $1.1 billion according to the Zippo sushi

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Analyst: Why Bitcoin Should be Priced in Gold Instead of USD

August 29, 2020

It has long been questioned as to why Bitcoin is priced in U.S. dollars when they are two entirely different entities. One is an inherently weak currency that has been continuously devalued for almost 50 years, and the other is a mathematically finite digital store of value.In a recent blog post by entrepreneur, Sylvain Saurel pointed out that the purchasing power of $1,000 in August 1971 has lost more than 85% of its value in 2020, and is not even worth $150 today.“Pricing Bitcoin in the U.S. dollar will, therefore, tend to boost the Bitcoin price more rapidly due to the effects of the monetary inflation,”Those lofty $1 million Bitcoin price predictions are likely to arrive quicker as the greenback is increasingly devalued. Most are familiar with this now-famous chart (and this does not

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Coinbase Launches USD Coin 2.0 to Delegate Gas Fees

August 28, 2020

Centre Consortium members Circle and Coinbase have just launched an upgraded version of their popular USDC dollar-pegged stablecoin. Going live on August 27, USDC 2.0 aims to tackle high gas fees by allowing developers to delegate it to other wallets or take fees in USDC instead.Removing ETH From The PictureThe official announcement explained that most users need to keep a balance of Ether in their wallets to make transactions. It added that this resulted in unnecessary complexity:“This complexity presents a barrier to mainstream adoption and broad usage of digital dollar stablecoins for internet payments.”To address the problem, USDC 2.0 will introduce what it terms as “gasless sends,” which enables wallet developers to ‘abstract away’ the complexity of gas fees. It would allow them to

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Analysis: The Current Bitcoin Bullish Cycle Could Last Until 2022

August 26, 2020

A brief glimpse at the Bitcoin price chart over the past decade clearly shows that we are in what appears to be the early days of the fourth bull market cycle. The asset has experienced multiple boom-and-bust cycles in its brief history, and three can be clearly identified with tops and bottoms.600 Days Into Current CycleIn a recent report by CoinMetrics, these cycles have been overlaid in an effort to attempt estimation at the length of the current cycle.The current cycle began when Bitcoin last hit a low, which was in December 2018 when it fell to around $3,200. Since then, it has been grinding higher and closing in on its previous all-time high, despite a pandemic induced global market crash in mid-March, which drove prices back below $5k briefly.Bitcoin cycles. Source: coinmetricsThe

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How YFI is Returning $20 Million Annualized for Token Holders

August 25, 2020

Two months ago, Yearn was one relatively unknown decentralized lending aggregator among many emerging projects in the DeFi sector. From less than $10 million in total value locked into the protocol, it has exploded by over 7,500% to today’s TVL levels of $763 million.What’s more, its native governance token YFI has seen similar gains in prices that have now surpassed those for Bitcoin itself.Big Returns for YFI HoldersRecent research by Messari crypto has delved into the surge in popularity of the platform and the yields it could potentially return to token holders and liquidity farmers.Over the past several days, YFI has produced cash for token holders at an annualized rate of $21 millionAt its current market capitalization of $390 million it implies ~20x price-to-sales ratio, among the

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$1 Billion Value Locked: Curve (CRV) Founder Takes 71% of Voting Power

August 24, 2020

The ethos behind DeFi has driven a move to full community governance in a democratic and transparent environment. However, as Curve Finance recently discovered, things do not always pan out as planned.In its first governance vote, Curve proposed a new liquidity pool for earning Compound’s COMP tokens and a couple of incentives for liquidity providers. However, according to Curve, only 6.7% of its native CRV token has been locked up for voting rights.Curve voting power is calculated by multiplying the number of tokens by the lock time, with the maximum being four years. So, the longer they’re locked in, the greater the voting rights. These two factors have led to a couple of heavy-laden addresses holding the majority of the voting rights, one of them belonging to the founder.Curve Founder

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Barstool Sports’ Dave Portnoy Dumps Bitcoin After Claiming a $25,000 Loss

August 22, 2020

The Barstool Sports founder turned stock trader appears to have been prematurely stung by the highly volatile world of Bitcoin trading.Portnoy, who has recently expressed a lack of knowledge on crypto, tweeted a video on August 21, stating that he was ‘getting killed on Bitcoin right now.’$25,000 LossIn a follow-up tweet, the stock trader added that he just lost $25,000 and needed time to ‘figure it out’ just like the stock market.I currently own zero bitcoins. I will wait and watch. I lost 25k. Just like with the stock market it took my brain time to figure it out. I know this. The Link Marines are weak and the orchid flowers do die in the crypto world. I may or may not be done. #bitcoin— Dave Portnoy (@stoolpresidente) August 21, 2020Portnoy went on to mention Chainlink supporters, also

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Yearn Finance (YFI) Just Broke a Record Not Seen Since ZCASH Launch In 2016

August 18, 2020

DeFi tokens are leading crypto markets to their highest levels in terms of total market capitalization for over a year.One of the top-performing digital assets at the moment is YFI, as it surges over 70% on the day to reach an all-time high at $12,821. It has become the only cryptocurrency since 2016 to have ever flipped Bitcoin’s dollar value.YFI/USDT. Source: BinanceThe token is the basis of the Ethereum based DeFi yield aggregator Yearn.Finance, which allows users to earn interest and maximize returns on crypto collateral while saving on transaction fees and research time.Supply and DemandIn a shrewd move, the platform released the entire supply of 30,000 YFI at once, while the founder, Andre Cronje, did not keep any $YFI for himself or the team. Scarcity breeds demand it seems, and in

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DeFi Tokens Defying Market Dump on YAM Farming Frenzy

August 12, 2020

The big boys on crypto markets such as Bitcoin, Ethereum, and XRP may be slumping today, but DeFi tokens are still on fire. Five of the top six performing tokens in the top one hundred are related to DeFi, and there is a good reason for that.Enter the YamA new yield farming opportunity called Yam Finance has been launched promising huge returns and a revolutionary and fair financial farming ecosystem. Since it launched late on Tuesday, August 11, yield farmers have been loading up on DeFi tokens to stake on the platform to earn YAM.According to the official blog post, Yam is an experimental protocol with an ‘elastic supply; token, which aims to seek eventual price stability and a peg to the US dollar. With 5 million tokens available, it will take an allocation of 10% and put it into a

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Average Ethereum Fees Surge to $3 on High DeFi Demand

August 11, 2020

Anyone that has used Ethereum for anything recently will have noticed a surge in gas fees. The DeFi boom of 2020 is largely responsible for this as demands on the creaking network increase. Ethereum and ERC-20 tokens make up the foundations of DeFi, and it has become painfully evident that the network cannot take the load.Average Ethereum fees have surged to just under $3 as of August 10, according to Bitinfocharts.com. Aside from a spurious spike in June, this is the highest they have been since mid-2018.Ethereum TX Fees. Source: BitinfochartsWhat’s worrying is that this time around, it has not been just a single spike, but a gradual increase which indicates that they will not be going back down in a hurry. The median transaction fee chart paints a similarly grim picture with an increase

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ETH Price Skyrockets 15% to $450 on Uniswap Following One $18-Million Transaction

August 11, 2020

Following what appears to be the actions of a single whale, the price of ETH skyrocketed to just under $450 according to the Uniswap v2 ETH/USDC price ticker in late trading on August 10. This represented an increase upwards of 15%.The trade involved a series of swaps totaling almost $18 million in USDT to purchase just over 40,000 ETH. Within a couple of hours, the price of Ethereum had returned to its range-bound channel at around $395.ETH/USD Chart, Uniswap V2. Source: UniswapRealt Platform COO, David Hoffman, postulated that it was either a single part of a greater DeFi arbitrage transaction or someone wanting a non-KYC long position on Ethereum.Big Transaction, Big PriceDeveloper Adam Tyree Finch added that the transaction resulted in the loss of around $2 million due to slippage, and

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Dai Supply Hits Record $400 Million on DeFi Momentum

August 10, 2020

Demand for stablecoins has surged this year, mainly on the back of the DeFi sector, which has seen countless crypto earning opportunities arise. MakerDAO’s stablecoin, Dai, has just reached a milestone $400 million supply following the minting of a further $10 million.This 10 million DAI mint brings the total DAI supply to over 400 million 🚀 https://t.co/5yH4a464B8— Anthony Sassano | sassal.eth 👨‍🌾 (@sassal0x) August 10, 2020Surging Dai DemandSince the beginning of July, Dai market capitalization has surged over 200% as demand soared along with DeFi collateral lockup. Liquidity mining with Dai has become more attractive over the past couple of months as a result of Compound’s June thirtieth distribution patch, according to Messari research.Before this, investors could earn high interest by

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Hester ‘Crypto Mom’ Peirce Wins Second Term Commissioning U.S. SEC

August 7, 2020

The move has been seen as extremely positive for the crypto industry as her nickname is ‘crypto mom’. The Senate Banking Committee cleared Peirce’s nomination on Wednesday, extending her term until 2025.Pro Crypto SEC CommissionerPeirce is very pro-crypto and fintech innovation, commenting last month that it is “going to be here to stay and I would like us to set up a regulatory framework that works well for crypto”. She has also stated that she wants to try to work on the Commission’s attitude toward innovation, especially where crypto is concerned, according to Forbes.The SEC has five Commissioners serving five-year terms who are appointed by the President of the United States with the advice and consent of the Senate. According to the official SEC website, Peirce was originally sworn in

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Ethereum Classic Suffers Another 51% Attack, Buterin Suggests Switch to PoS

August 6, 2020

Ethereum Classic has been in the wars again with a second 51% attack within a week. This incursion has brought the security of the network under the spotlight again, though ETC prices remain largely unmoved at the time of writing.Earlier today, August 6, Etherchain.org tweeted that its Ethermine affiliated mining pool had disabled ETC pool payouts after more than 4,000 blocks had been reorganized.Today another large 51% attack occurred on the #ETC which caused a reorganization of over 4000 blocks. Until further notice ETC pool payouts are disabled and we encourage all our miners to switch to our #ETH pool at https://t.co/f8Px6gGJiM in the meantime.— Bitfly (@etherchain_org) August 6, 2020This type of attack occurs when a group of miners controls more than 50% of the network’s mining hash

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DeFi Protection Platform Opyn Loses $370k in ‘Double Exercise’ Attack

August 5, 2020

A few hours ago, the Opyn DeFi platform discovered a vulnerability in one of its ETH Put contracts, which enabled an attacker to make off with $371,000 worth of crypto assets.The Ethereum based decentralized insurance platform allows users to protect themselves from risks they may face in decentralized finance markets. It operates with an options protocol that allows DeFi users to create put and call options.In simple terms, a put option is a contract that gives an investor the right, but not the obligation, to sell the asset, whereas a call option gives the investor the right, but not the obligation, to buy at a specific price or time.‘Double Exercise’ AttackOpyn uses ‘oTokens,’ or oETH, for options, and in this case, a ‘double exercise’ was carried out by the attacker to steal the

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