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Tag Archives: defi

Crypto Firm Bit Panda Seeks to Offer Traditional Commodities

Bit Panda – a financial technology firm based in Vienna, Austria – has stated that it’s going to be reverting back to the ways of traditional finance (or tradfi) in coming weeks and months and somewhat step away from the cryptocurrency and defi spaces. Bit Panda Wants a More Traditional Route The digital currency arena hasn’t been doing too well as of late. The price of bitcoin, for example, was trading at a new all-time high of about $68,000 per unit in November of last...

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How a Bot Gained and Lost Over $1 Million of ETH in One Night

On Tuesday night, an Ethereum MEV bot gained 800 ETH through the use of clever arbitrage, only to lose all of it and more to a hacker an hour later. Here’s how the situation played out on-chain: The event began with a third-party trader mistakenly losing nearly $2 million to spreads on Uniswap v2 trade. While he initially traded in 1.8 million cUSDC, he only received 518 USDC in return.  According to Flashbots Product Lead Robert Miller, this only created a “massive arbitrage...

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Alcala Resumes Operations After Printing Over $3 Billion in Stablecoins by Mistake

Some blockchain projects have to deal with hackers, and others, like Alcala, have to deal with their own developers. A “human error” a few weeks ago almost killed the whole project. Still, thanks to the mutual effort of the community and the developers, the problem has been solved —kind of. On September 26, Acala network announced the reactivation of its operations after having recovered $2.970 million in aUSD of the $3.022 million its teammistakenly printed in August. The...

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Crypto Market Maker Wintermute Hackers Drain $160M, Profanity Bug Suspected

UK-based crypto market maker Wintermute suffered a loss of approximately $160 million. In a series of tweets, the company’s founder and chief executive, Evgeny Gaevoy, revealed that the decentralized finance operations had been compromised. The centralized finance and over-the-counter verticals have not been affected. Blockchain security expert Certik recorded that $162,509,665 had been stolen over 13 transactions and speculated that the exploit could have resulted from a...

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Crypto Yields Are Starting to Pay Less Than Government Bonds

The once notoriously high yields provided by crypto lending services are now struggling to compete with more traditional, safer options. While yields for 3-month treasury bills slowly rise, AAVE’s lending rates on USDC have slumped massively since May. Rates for the two products have now crossed one another, meaning government debt is offering a better payout than its decentralized competition. High Risk, Low Reward? According to data provided by Bloomberg and Aavewatch, USDC...

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Chainalysis: Nearly $2 Billion in Crypto Has Been Stolen This Year

Blockchain analysis firm Chainalysis has put out a recent report claiming that from the beginning of the year up through July, just under $2 billion in crypto funds have been stolen by hackers and cyberthieves around the world. Chainalysis Discusses Ongoing Crypto Theft Losses from crypto hacks surged by more than 60 percent in just the first seven months of 2022 alone. Many of these funds were stolen from decentralized exchanges given that they are far less regulated...

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Ethereum Merge: Überholt Ether mit optimierter Infrastruktur Bitcoin?

Mit dem „Merge“ genannten Umstieg der Ethereum-Blockchain auf ein neues Validierungsverfahren wird ein großer Teil der Kryptowirtschaft nachhaltiger – und leistungsfähiger. Es wird nicht nur ein gewaltiger Energieverbrauch abgeschaltet. „Das Ethereum-Netzwerk wird wesentlich schneller und günstiger“ sagt Hartmut Giesen, Krypto-Experte bei der Hamburg Sutor Bank. „Ether kann deshalb mittelfristig den Bitcoin als wichtigste Kryptowährung ablösen.“ Das zeigen auch die Transaktionszahlen....

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FBI Cautions Investors About Risks of Cyberattack Against DeFi Platforms

In a public announcement on Monday, the Federal Bureau of Investigation (FBI) warned investors about security vulnerabilities in DeFi platforms. It also asked those who suspect that their investments have been stolen to approach the FBI through the Internet Crime Complaint Center (IC3) or the local FBI office. DeFi Vulnerabilities “Between January and March 2022, cybercriminals stole $1.3 billion in cryptocurrencies, almost 97 percent of which was stolen from Defi platforms,...

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What is ENS? Ethereum Name Service Explained (Updated 2022)

Back in the days, when the Internet wasn’t so mainstream, one of the main problems that users faced was that domain names hadn’t been matched up to internet protocol (IP) addresses. This made them very unfriendly towards the average Joe, who had to type in the IP address of the website they wanted to visit, as in to literally type in the numbers. Unlike traditional IPs, cryptocurrency addresses represent even longer strings of numbers and letters. If a user wants to send...

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Crypto Security and Auditing Firms are Thriving During the Bear Market

Crypto security companies are raking in a fortune despite the bear market that has bloodied firms across the rest of the industry. Zeth Couceiro – founder of crypto recruitment company Plexus Resource Solutions – recently told Bloomberg that salaries for experienced blockchain auditors can run as high as $400,000 per year.  Overwhelming Demand for Auditors According to Couceiro, the typical blockchain auditor currently gets paid about 20% more than Solidity-focused...

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