Categories
News

The largest NFT Rug-Pull on Solana Scams Investors for $1.3M

Big Daddy Ape Club, a promising NFT project on the Solana blockchain, turned out to be a classic rug pull scamming their investors for 9,136 SOL, worth around $1.3 million. 

Big Daddy Ape Club presented itself with a collection of 2222 ape-themed collectible NFTs that were listed on the Solanart NFT marketplace. On Jan 11 BDAC developers finalized the project by conducting an exit scam. Investors kept sending SOL but haven’t received their NFTs in return while BDAC Discord was locked a few hours before the mint.

Prior to their Solanart listing, the developers behind Big Daddy Ape Club have passed Civic’s identity screenings at the end of December to earn a “Verified by Civic Pass” badge. Civic is a decentralized identity verifying company based in San Francisco. Right now, the company is cooperating with law enforcement to track down the scammers.

Categories
News

Bitcoin Drops to its August 2021 Levels, Russia Wants to Ban it

Bitcoin has fallen down to below $39,000 despite the small gains during the week. After reaching and passing the level of $43,000 on Thursday, the largest cryptocurrency plummeted and almost reached a six-month low. As usual, Bitcoin took down the prices of all other crypto assets with itself, bringing down the total market cap to $1.83 trillion. Just for comparison, the total market cap on November 8 – when the market was at the peak of its pump, was $2.93 trillion. Bitcoin has fallen down to below $39,000 despite the small gains during the week. After reaching and passing the level of $43,000 on Thursday, the largest cryptocurrency plummeted and almost reached a six-month low. As usual, Bitcoin took down the prices of all other crypto assets with itself, bringing down the total market cap to $1.83 trillion. Just for comparison, the total market cap on November 8 – when the market was at the peak of its pump, was $2.93 trillion. 

So far, Bitcoin has lost more than 14% since the beginning of the year, and some link its Thursday drop to Russia’s central bank’s proposal on banning the use and mining of cryptocurrencies. Undoubtedly, this proposal affected the value of the digital asset, as the country is one of the world’s leading crypto mining locations. According to data from the Cambridge University, Russia is the third biggest miner in the world following USA and Kazakhstan, and the largest facilities mining crypto are located in the country’s north, and in Siberia, where the temperatures are low and the power is cheap.

Even though Russia is proposing a ban on cryptocurrencies, the country is planning to release its digital ruble, backed by the central bank via a prototype of the platform in early 2022. Following a period of testing, Russia will make its final decision on the official launch of the digital asset to the broad market.

Categories
News

Secret Network Will Spend $400M to Expand Its Privacy-Oriented Ecosystem 

Secret Network, a decentralized privacy-oriented platform built on Cosmos SDK, will spend $400 million in funding to build up its ecosystem and boost up user adoption. The top crypto investment companies like Alameda Research, DeFiance Capital, CoinFund, and HashKey have acquired SCRT positions and joined the network as critical stakeholders.

According to the announcement from Secret Labs, $225 million will be allocated into the Secret Ecosystem Fund aiming to bring more dApps, network utilities, and tools to Secret Network. This effort is funded by over 25 investors and partners of the platform.

Another portion of funds denominated in SCRT will fill a $175M accelerator pool. It is meant to provide grants and incentives to the community in order to accelerate user activity on the platform.

Secret Network claims to be the first blockchain with data privacy by default. It utilises additional encryption mechanics upon traditional smart-contract maintaining that no sensitive user data is visible on the blockchain. The latest big news for the platform was the launch of Quentin Tarantino’s collection of seven NFTs that came in form of hand-written chapters of the director’s Pulp Fiction movie.

Secret Network’s native toke, SCRT is currently trading at $8.72, almost 15% down from its ATH of $10.38 from October 2021.

Categories
News

Multichain Is Still Being Exploited. Hacker Offers to Return the Stolen Money

Although Multichain claimed to have fixed the recent exploit, it seems to be going on in full power, with users reporting their funds continuing to get stolen by one or more hackers. The total amount of lost funds currently sits at nearly $3M.

In a blockchain transaction equaling to $200,000, a hacker claiming to be a “Whitehat” offered to return 80% of the funds to its owner while keeping the rest as “tips” for “saving” the victim’s money. Although it is unknown whether this hacker sits behind any of the other thefts, or will actually fulfil their intentions, Multichain has replied to their message in hopes of the stolen assets to be returned.

One user claiming to have lost nearly $1M even reached out to the hacker offering him a “tip” of $150k if they return the stolen funds. According to Tal Be’ery, ZenGo’s co-founder, the stolen crypto has been returned to its owner and the “tip” has been accepted.

Multichain has suffered the critical vulnerability on Monday, January 17. The company has since addressed the problem as “reported and fixed”. However, on January 19 – two days later, the platform reminded its users to revoke approvals of the affected tokens. Comments on recent tweets by Multichain have been turned off, confusing its users even more.

Clients of the company have been expressing their dissatisfaction with the way Multichain manages the crisis in the official Telegram group of the platform and have voiced concerns of the lack of support provided.

Categories
News

USDC Has Surpassed Tether on Ethereum for the First Time

USD Coin, or USDC, is no longer the second-largest by market cap, at least on Ethereum. The total supply of USDC on the Ethereum network has surpassed that of its main counterpart, Tether’s USDT.

According to Etherscan, there are now over 40.6 billion USDC stablecoins on Ethereum, against 39.8 billion USDT.

However, Tether stays the most popular stablecoin with a total supply of 78.5 billion, compared to USDC’s 45.7 billion tokens. USDC is live across 21 chains and L2 networks, while nearly half of all minted tethers exist on the Tron network.

Another centralized stablecoin solution, Binance’s BUSD, holds third place by market capitalization with 14.2 billion tokens.

USDC stablecoin was launched in 2018 by a collaborative effort of Circle and Coinbase, while Tether, which is being backed by Bitfinex exchange, has been favored by the cryptocurrency space since 2016.

Categories
News

Is Microsoft About to Jump Into The Metaverse?

In the biggest deal in the history of gaming, Microsoft has announced the acquisition of Activision Blizzard. The merger will go on for a year and will cost $69B when finalized “in the 2023 fiscal year”. This move will put Microsoft as the third-largest player among all gaming companies in terms of revenue.

Among the growth of services provided by Microsoft, the acquisition of Activision Blizzard is said to “provide building blocks for the metaverse”. Microsoft has previously explored the possibilities created by the metaverse with an update for Microsoft Teams providing users with digital avatars and immersive spaces to meet in the metaverse.

In an interview with Bloomberg TV in November 2021, the company’s CEO Satya Nadella expressed Xbox’s aim to work on integrating the metaverse into its gaming lines, without going into further details. Microsoft is only one of the major players stepping into the metaverse niche this year, following Nike’s submitted application for trademarks of the iconic logo and slogan for use if “online virtual worlds”, and Facebook’s official announcement of diving into what appears to be 2022’s biggest trend – metaverse projects.

Categories
News

Crypto.com Suffers an Exploit

On Monday, all users of the popular cryptocurrency exchange Crypto.com were required to sign back into their accounts and rest their two-factor authentication. The company announced via their official Twitter, that following reports of suspicious activity withdrawals were paused “shortly”.

Today, the company’s CEO Kris Marszalek tweeted a short recap of the incident, sharing his satisfaction that no customer funds were lost and the downtime of withdrawals was only around 14 hours.

However, some users have shared they lost some of their assets during the attack, but were compensated by the company later on. As reported by beincrypto.com, Ben Baller – a crypto enthusiast and entrepreneur is one of them, claiming to have lost 4.25 ETH.

The popular blockchain security and data analytics company PeckShield tweeted today that according to their estimations the hack suffered by Crypto.com might not be that small after all. According to a list of wallets compiled by the company, which was also confirmed by CertiK, over 4.5k ETH have been stolen from the exchange with half of them currently being washed through TornadoCash. The total loss is currently estimated to be around $15M.

Crypto.com is the most prominent digital bank in the Asia-Pacific region and has been at the center of some big marketing moves during last year, such as buying and renaming the home of the Los Angeles Lakers and launching their own Visa Card. The Monday incident didn’t affect the price of its native token – CRO which has kept its value during the last day more or less at the same level around $0.45 according to coingecko.com

Categories
News

Multichain’s Exploit is Still Ongoing, Users Need to Take Action

Multichain announced its users are required to login to the app and remove approvals for six tokens if they have ever approved them, following the discovery of a “critical vulnerability”. Although there are no technical details given at the moment, the company says no action is needed for users who haven’t approved WETH, PERI, OMT, WBNB, MATIC, or AVAX.

Today the security engineer Samczsun tweeted a warning that the exploit is still ongoing, and it was also confirmed by PeckShield, which provided the address at which the stolen funds are currently held. At the time of writing, the amount of ETH at the address is 455.5 tokens and is worth a bit less than $1.5M.

Apparently, the news didn’t reach all users of the protocol which need to take action quick enough, as Multichain confirmed that the total of 445 weth are affected and currently being exploited.

At the time of preparing this article, there are no more details shared on the incident, but the DeFiTeller team is following the topic and will provide important updates when available.

Categories
News

Polygon Launched Ethereum’s EIP-1559 Upgrade to Burn MATIC

Polygon, one of the largest L2 scaling networks on Ethereum, is following its parent chain in implementing its EIP-1559 upgrade. This upgrade has already gone live on Polygon’s mainnet at block 23850000 on Jan 17 after being successfully tested on the Mumbai testnet. EIP-1559 brings gas prediction and fee-burning mechanism onto Polygon.

Now, Polygon burns a small amount of MATIC fees each time anyone makes a transaction. The upgrade, that will make MATIC a deflationary asset, was implemented as an effort to improve “fee visibility”. The team expects that deflationary pressure will benefit both validators and delegators because they receive rewards in MATIC.

Additionally, EIP-1559 changes the mechanism of fee calculation by removing the first-price auction method. While this feature improves cost estimations it does not push down gas fees on the network.

According to the team’s estimations, 0.27% of the total 10 billion supply will be burnt each year. There’s currently around 6.8 billion MATIC in circulation. The price of MATIC is now $2.1, down 10% from yesterday. However, this drop is more likely caused by an overall market downturn.

Categories
News

Major Coins Show Slow Recovery, While Some Altcoins Surged over the Weekend

Bitcoin and ether seem to show a slight recovery from the New Year 2022 dump. BTC is now trading at 42,859, up 2.5%  from the past seven days, while Ether has gained 3.8% in a week, reaching $3,275. But while the major coins’ prices climbed up slowly, mostly remaining stagnant, some altcoins have shown a two-digit growth over the past week.

The most notable surge over the weekend was shown by NEAR, a layer-1 chain native token, which has hit yet another all-time high at $20.44 on Sunday. Currently, NEAR is trading at $19.16, up 41.6% from the last week.

Source: Trading View

Terra is balancing on the $82 per token, up almost 10% for the last week. Still, its LUNA token is 20% down from its all-time high from December. Polygon’s MATIC managed to hit a $2.4 mark with a weekly growth at 12.4%. Cardano is on the rise too with $1.56 per token, up 11.9% for the last 24 hours and 32.3% for the past seven days.

Cosmos (ATOM), FTX Token (FTT), Fantom (FTM), Monero (XMR), and Harmony (ONE) are also among the largest gainers over the seven-days results.