DeFi News Official TheBitTimes.com

Blockchain security firm PeckShield says the funds are sent to Binance through a cross-chain bridge. Developers behind Cubiswap Finance appeared to have withdrawn around 2,000 BNB (around $425,000) from the protocol, causing its native token CUBI to lose over 60% in value. According to a blockchain security firm PeckShield, the Cubiswap protocol deployer (0x4b87…ffb5) first moved the funds a month ago, sending them to an unknown address (0x0477…8c4f). A few days ago, these funds were bridged from opBNB to BNB Chain (formerly Binance Smart Chain) and deposited into Binance. #PeckShieldAlert #slippage $CUBI @CUBISWAP on #opBNB has dropped by -65%. The address 0x0477…8c4f received ~2K $BNB from the @CUBISWAP deployer 0x4b87…ffb5 a month ago and the address bridged 1,000 $BNB to #BNBChain ~17 days ago and then deposited them into #Binance. The… pic.twitter.com/C2Yab61huE — PeckShieldAlert (@PeckShieldAlert) October 16, 2023 You might also like: opBNB la...

Criminals have moved away from using Bitcoin for money laundering, with stablecoins emerging as an alternative due to accessibility. Crime in Web3 is shifting away from Bitcoin (BTC) to stablecoins while ponzi schemes remain prevalent, according to Elliptic’s former head of technical crypto advisory. Tara Annison shared the latest insights from the murky world of cryptocurrency-related crime during a presentation on the final day of EthCC in Paris, addressing a wide variety of ways in which digitals assets are either facilitating crime or being used to launder funds. According to Annison, Bitcoin is no longer the cryptocurrency of choice to carry out illicit activities or launder money. As the cryptocurrency industry has matured, the establishment of decentralized finance (DeFi) protocols, mixing services and stablecoins present new avenues for criminals to explore. Source: Tara Annison. Criminals have shifted towards using dollar-denominated asset s, like USD Coin (USDC), as their ea...

Alex Mashinsky, the former CEO of Celsius Network, a bankrupt crypto lender, has been arrested in New York, reports on July 13 show. The arrest follows an investigation into the collapse of the crypto firm in Q3 2022. Mashinsky will be arraigned on Friday, July 14. However, people aware of the arrest reveal that the former CEO has denied any wrongdoing. Following the arrest , the United States Securities and Exchange Commission (SEC) is also suing Celsius and the former CEO for allegedly providing false information to creditors and information and lying about the firm’s financial health. Read more: Bitbuy relists XRP amid improvements in Ripple vs. SEC case Celsius was among prominent crypto firms collapsed last year. The crypto lender gained attention by offering high-interest rates on digital-asset deposits. However, following the TerraUSD stablecoin’s (UST) failure and a decline in crypto prices in 2022, Celsius found themselves in a financial hole and cou...

EIP-7281 will allow token issuers to list official bridges and limit the rate at which they can mint tokens, potentially limiting losses from bridge hacks. An Ethereum Improvement Proposal (EIP) made on July 7 seeks to standard ize how tokens are bridged between networks. The “Sovereign Bridged Token” standard , or EIP-7281, allows token issuers to create canonical bridges across multiple networks.  The proposal was co-authored by Arjun Bhuptani, founder of the Connext bridging protocol. In a July 7 social media post, Bhuptani claimed the protocol would help prevent issues like the July 6 Multichain incident , which some experts have described as a “hack.” Today's @MultichainOrg hack is a sad reminder of the systemic risks tokens face from bridges. We believe these risks stem from a single underlying problem: Token Sovereignty We're proposing ERC-7281 (aka xERC20) - an open standard to fix this.https://t.co/k9Vyd55Eb5 1/x — Arjun | ERC-7281 arc (@arjunbhuptani) July 7,...

One community member praised the bot saying that "profit is profit" while another said that the event highlights how bad the bear market is. A crypto trading bot programmed to perform arbitrage trades made various complex moves within the Ethereum blockchain, including taking a $200 million flash loan, all to secure a mere $3.24 profit.  On June 14, blockchain Analysis firm Arkham Intelligence shared a breakdown of the bot’s movements. According to the firm, the transaction was made by an arbitrage bot that uses flash loans. This morning, $200M worth of DAI was minted and burned by MakerDAO in the same block. It was part of an arbitrage transaction with a net profit of... $3? Why did this happen - and what does this mean? Details below pic.twitter.com/wWLZeC8All — Arkham (@ArkhamIntel) June 14, 2023 The Analysis firm explained that the reason the the DAI amount borrowed was high is because MakerDAO's "DssFlash" contract allows zero-fee borrowing on any a...

Security teams are investigating the cause of the attack. Reports have surfaced of tokens being lost, transaction data being erased, and even entire crypto portfolios being lost. At least $35 million worth of crypto assets have been stolen from Atomic Wallet users since June 2, according to an Analysis from on -chain sleuth ZachXBT. The five largest losses account for $17 million. According to Atomic Wallet on Twitter, the cause of the attack is being investigated. Reports have surfaced of tokens being lost, transaction histories being erased, and even entire crypto portfolios being stolen. An independent investigation carried out by pseudonymous Twitter ZachXBT, known for tracing crypto stolen funds and assisting hacked projects, has found the largest victim lost $7.95 million in Tether (USDT). "Think it could surpass $50m. Keep finding more and more victims, sadly," commented ZachXBT. Screenshot: ZachXBT's investigation into Atomic Wallet's hack. Source: ZachX...

The total value locked in DeFi protocols fell below $50 billion after nearly a month of bullish price action. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The United States Department of Justice (DOJ) is on the lookout for DeFi hackers and exploiters who have stolen millions of dollars worth of assets. The DOJ’s top crypto cop said it was a significant issue in the wake of North Korean state-sponsored hackers . The decentralized autonomous organization Bancor DAO was hit with a class-action lawsuit over its impermanent loss protection promises. As Ethereum un-staking opened on the Beacon Chain, bankrupt crypto lender Celsius moved $781 million worth of staked Ether (stETH) from staking service provider Lido as Ether (ETH) withdrawals opened. Coinbase Cloud has tapped into the Chainlink Oracle network to improve its smart contract reliability. ...

Panelists at a discussion on “Fighting the Anti-crypto Army” sought to dismiss the idea that working with lawmakers to regulate crypto should be framed as a fight. A trio of speakers in attendance at Industry Day, May 18, during the Bitcoin 2023 event in Miami held a discussion on government regulation and how the cryptocurrency industry should fight back against the “anti-crypto army.” Moderated by David Zell, cofounder of the Bitcoin Policy Institute, the panel featured Perianne Boring, Founder and CEO at Chamber of Digital Commerce, Mina Khattak, Senior director of crypto and web3 at Worldpay, and Dana Syracuse, a partner at law firm Perkins Coie. The discussion opened with Chamber of Digital Commerce’s Boring describing the current regulatory situation as “dire,” after placing part of the blame for the contentious nature of some of the discourse surrounding cryptocurrency regulation on the recent scandals in the space. “With a lot of negative headlines,” explained Boring, “there...

- Advertisement - RenQ Finance (RENQ) is a decentralized finance (DeFi) platform that has been making waves in the cryptocurrency market with its successful presale. The platform has raised over $10.9 million in its ongoing presale, which is currently in the sixth stage selling at $0.035. - Advertisement - This marks a 125% increase in value so far this year, with investors showing strong support for the project. What is RenQ Finance? RenQ Finance is a community-driven decentralized finance (DeFi) platform that aims to provide a comprehensive solution for all types of traders under one platform. It offers a multi-chain DEX, money markets for lending and borrowing, and cross-chain asset exchange networks, all with underlying support for the DeFi ecosystem. With its innovative Features , strong community support, and potential for growth, RenQ Finance has been making waves in the cryptocurrency market with its successful presale drawing attention from investors worldwide. Unique Fe...

Terra users are losing another round of funds due to a breach on the new DeFi platform Terraport Finance, which launched on March 31. The algorithmic stablecoin TerraUSD (UST) collapsed almost one year ago, but some Terra-related projects are still live and trying to overcome some issues. Terraport Finance, a decentralized finance (DeFi) exchange project based on the Terra Classic blockchain, suffered a breach on its liquidity wallet on April 10. Announcing the news on Twitter, Terraport said the hacker had drained all liquidity pools from the platform, causing losses of about $2 million worth of digital assets. “We are currently working with community members and major exchanges to secure as many of these funds as possible and blacklist wallets. All funds have been tracked,” Terraport stated. According to social media reports, the Terraport hacker has allegedly transferred the stolen funds to exchanges like Binance and MEXC Global. The investigators have urged the exchange’s security...

The Binance CEO claimed that algorithmic USD stablecoins may become more popular as well, although they “have risks.” The crypto industry will “probably” start using euro, yen, or Singapore dollar based stablecoins in the future, reducing its reliance on US dollar based stablecoins, according to a Feb. 14 statement on Twitter Spaces by Binance CEO Changpeng Zhao, also known as “CZ.” CZ gave the statement in answer to a question about the crypto industry using gold as a standard of value instead of the US Dollar. CZ agreed that it “makes sense” to use gold. However, “most people’s costs are still in fiat currencies.” For this reason, most people calculate their investment returns in dollars, which is why US Dollar backed stablecoins are “still important.” However, CZ argued that the US government’s recent actions against US dollar stablecoins will probably lead the global crypto industry to rely on other currencies such as the Euro, Yen, and Singapore Dollar to back stablecoins, as he ...

Despite a tumultuous year, DeFi, NFTs and blockchain games drove DApp usage across the industry, according to DappRadar’s 2022 report. 2022 will go down as a challenging year for the cryptocurrency and blockchain space, but the adversity faced has been strewn with plenty of positives for the decentralized application (Dapp) ecosystem. DappRadar has released its yearly report on the industry, focusing on challenges faced alongside notable technological achievements and an increasing number of active daily users. Cointelegraph highlights the main takeaways from the DApp industry in 2022, which are pertinent, considering macro factors like inflationary concerns in major economies, the collapse of industry-specific projects like Terra/Luna and FTX as well as market woes across the board. Perhaps most telling is unique active wallet data (UAW) from 2021 and 2022, demonstrating a 50% increase in the average daily UAW year on year. This is up from 1.58 million daily users in 2021 to an aver...