Tag Archives: defi

PolyNetwork, an interoperability protocol enabling atomic-cross chain transactions between multiple major blockchains, was just exploited to steal $600 million worth of investor’s crypto on Polygon, Binance Smart chain, and Ethereum What Exactly Happened? As reported by CryptoPotato earlier today, PolyNetwork announced that they had been attacked at 8:38 am EST. They immediately listed the addresses to which the anonymous hacker had transferred their funds on the ETH, BSC,...

The interoperability protocol PolyNetwork has been exploited on Binance Smart Chain, Polygon, and Ethereum. The perpetrators have set a record within the decentralized finance space by swiping more than $600 million from at least three wallet addresses.  Earlier on August 10th, PolyNetwork announced on its Twitter account that it had experienced a security breach.   Important Notice:We are sorry to announce that #PolyNetwork was attacked on @BinanceChain @ethereum and...

The Securities and Exchange Commission has targeted the Cayman Island-based Blockchain Credit Partners (BCP), along with Gregory Keough and Derek Acree, for selling unregistered securities from February 2020 to February 2021. $30 Million Trough Token Sales According to a recent press release, the executives allegedly used smart contracts to sell two types of tokens that the SEC considered securities. More precisely, those were mTokens, which could be bought with “specific...

Ampleforth – the algorithmic stablecoin with elastic supply – has been introduced in Aave’s lending ecosystem. Ampleforth (AMPL) Now Included in Aave While most stablecoins have a stable peg, Ampleforth (AMPL) is doing things differently. It’s designed in a way where the algorithm chases a target price and readjusts the overall supply. If the price is above the target, the total supply would increase and vice-versa: if the current price is below the target, the supply will...

The cross-chain DeFi protocol THORChain suffered another major hack for $8 million. Last week the protocol was drained with a further $8.3 million in a separate attack. THORChain Got Hit Again The decentralized cross-chain exchange THORChain experienced a “sophisticated attack” on its ETH Router. The protocol announced on Twitter that this time the perpetrators drained around $8 million worth of Ether: “THORChain has suffered a sophisticated attack on the ETH Router, around...

The Acala Foundation has recently announced the launch of its decentralized exchange (DEX), Karura Swap on the Kusama and Polkadot ecosystem, with its so-called “first trustless trading pair” KSM/KAR already available for trading. Over $3.4M in TLV In a Friday announcement, Acala noted that the KSM/KAR pair currently has over $3 million in Total Value Locked (TVL) and will now be traded on the Karura Swap platform. KSM and KAR are the native tokens of Kusama and Karura...

Wyre, a blockchain payments provider, announced today that developers around the world are now able to provide USDC stablecoin to customers in the Polygon ecosystem. The feature was made possible through a partnership with Polygon. Wyre Integrates With Polygon Wyre said in a press release shared with CryptoPotato that the integration of its Checkout API with Polygon will allow developers to quickly and easily provide a fiat-to-USDC on-ramp for their users. Meanwhile, the...

Tether, the company behind the biggest stablecoin by means of total market cap – USDT – has announced that CREAM Finance has become the first DeFi protocol to support their Euro-pegged EURt token. According to a recent press release, CREAM Finance – a well-known DeFi protocol, has become the first to integrate Tether’s EURt stablecoin into its lending platform. Users on the platform will be able to access EURt for lending and for borrowing. Meanwhile, they can also do so...

As Ethereum gas fees soared to record highs during the 2021 bull market, rendering many decentralized finance (DeFi) protocols unusable for casual users, several projects were forced to deploy on other chains. This created a huge surge in demand for cross-chain mechanisms – called bridges – able to securely transfer user assets from one chain to another. Cross-chain bridges can generally be divided into centralized custodial bridges (CCB) and Decentralized non-custodial...

Grayscale announced the release of its latest product called Decentralized Finance (DeFi) Fund to enable institutional investors to receive exposure to assets from that particular space. Some of the tokens represented in the fund will be Uniswap (UNI), Aave (AAVE), and Compound (COMP). Launched in 2013, Grayscale has become the largest digital asset manager with nearly $30 billion of AUM as of now. While its flagship product tracks the performance of Bitcoin, the firm has...