TRON DAO Reserve Appoints Wintermute as the Latest Member and Whitelisted Institution
Geneva, Switzerland, 10th August, 2022, ChainwireThe TRON DAO Reserve has announced Wintermute as the ninth Member and Whitelisted Institution to mint Decentralized USD (USDD), the over-collateralized decentralized stablecoin on TRON, Ethereum, and BNB Chain.
Wintermute is a leading global algorithmic trading firm and an established player in digital asset markets. With an average daily trading volume of over $5 billion, Wintermute facilitates OTC trading and provides liquidity across both centralized and decentralized exchanges. Its mission is to enable, empower and advance a truly decentralized world for more transparent, fair, and efficient markets and products.
Being the first over-collateralized decentralized stablecoin, USDD is significantly different from other stablecoins in the crypto industry. It surpasses several massive milestones with over $2.3 billion in backing and a market cap of $725 million as of July 2022.
The TRON DAO Reserve (TDR), which governs the stablecoin, acknowledged USDD's elastic price against the USD amidst market turmoil but is committed to defending the stability of the ecosystem. The TDR is dedicating resources to fostering organic growth and maintaining full transparency. During recent volatile market events, USDD has stayed strong as expected and stabilized organically.
The simple facts of over-collateralization of transparent reserves and steady restabilization of the token value came as a natural experiment that shows how much USDD is a force to be reckoned with, especially amid various discussions of industry-wide regulation.
The appointment authorizes Wintermute to mint and burn USDD as a collaborator with the Reserve. As a Member and Whitelisted Institution, Wintermute will advise the TDR and make recommendations to enhance, develop, and supply general aid for the USDD network.
The TRON DAO Reserve website is live, and historical token issuance records are published here live on the TDR website 24/7.
About USDD
USDD is an over-collateralized decentralized stablecoin launched collaboratively by the TRON DAO Reserve and top-tier mainstream blockchain institutions. The USDD protocol runs on the TRON network, is connected to Ethereum and BNB Chain through the BTTC cross-chain protocol, and will be accessible across more blockchains in the future. USDD is pegged to the US Dollar through TRX under a Linked Exchange Rate System (LERS) and maintains its price stability under the guidance of the TRON DAO Reserve. It enables access to a stable and decentralized digital dollar system that in turn assures financial liberty for everyone.
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Raullen Chai says IoTeX and MachineFi Lab support the Ethereum merge
Citi Group calls the merge the most significant in crypto history since bitcoin launched
JP Morgan analyst say that thanks to the merge, crypto has found its floor
The news comes ahead of MachineFi Lab’s historic W3bstream launch
IoTeX and its core developer MachineFi Lab have announced they are prepared to fully support the Ethereum Merge, which could happen as soon as 19 September 2022. IoTeX is among several other blockchain projects that have come forward, announcing its solidarity with Ethereum's Proof-of-Work (PoW) to Proof-of-Stake (PoS) switch.
"The Ethereum merge is one of the most long-awaiting events recently in the crypto and blockchain space," said IoTeX CEO and Co-Founder Raullen Chai. "The entire IoTeX team and I are very excited about Ethereum's transition to a Proof-of-Stake protocol and have ensured we are technically, completely ready ahead of time to support the merge."
Chainlink announced it would not support any PoW Ethereum forks and would only support the Ethereum PoS. It called for caution, warning that PoW-deployed smart contracts could behave unexpectedly during the merge.
Tim Beiko, the Ethereum developer, leading the software development for merging the current Ethereum blockchain with the Beacon chain, a new proof-of-stake consensus layer, said Ethereum users would unlikely notice any differences in the network's operation.
Kraken Intelligence's most recent Monthly Market Recap and Outlook says investor confidence in Ethereum is rising. At the same time, ETH volatility has decreased ahead of the merge, an upgrade that makes Ethereum more environmentally friendly.
Chandler Guo, a prominent Chinese Ethereum miner, has expressed opposition to the merge announcing plans to hard fork, a move that Tron's Justin Sun has backed.
New York-based banking giant Citi Group also commented on the merge, one of the most significant events in crypto history since Bitcoin launched. The financial institution said that ETH would transition into a deflationary asset among the consequences of the merge and set it on a potential road map to greater scalability through sharding.
CoinShares released a report saying,
"institutions are flocking to Ethereum for seven straight weeks as the merge nears."Ethereum saw inflows totaling US$16m and is enjoying a near seven-consecutive-week run of inflows totaling US$159 million," the report adds. "We believe this turn-around in investor sentiment is due to greater clarity on the timing of The Merge where Ethereum shifts from proof-of-work to proof-of-stake."
According to a Business Insider article, JPMorgan analysts believe cryptocurrency has "found a floor." They argue that the "real driver has been the Ethereum merge and positive data following the launch of the Sapolia testnet in early July and Ropsten testnet in June, indicating the merge is viable in 2022." Investors highly anticipate the upcoming event, it added.
The news comes ahead of MachineFi's impending W3bstream release. Launching the world's most advanced data oracle is another milestone in the crypto space that will disrupt the IoT sector by providing a decentralized alternative for the internet connectivity of billions of intelligent devices.
As stated by Samsung Next, Draper Dragon, and Escape Velocity Ventures, MachineFi Lab investor, this new digital asset category will undoubtedly shake the Web3 reward economy. It will give back control to billions of people of their data and empower them with revenues of up to $3,000 annually, a figure that will significantly increase over time.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Crypto Daily - Crypto and Financial News 09/08/2022 US sanctions 'Tornado Cash' for laundering crypto funds for North Korea.
In Todays Headline TV CryptoDaily News:
US sanctions 'Tornado Cash' for laundering crypto funds for North Korea.
The US is sanctioning Tornado Cash, an Ethereum “mixing” service, for allegedly helping North Korea launder millions of dollars stolen in cryptocurrency hacks. Hackers tapped Tornado Cash to launder some of the funds stolen from the $622 million Ronin Network hack back in March.
Chainlink confirms support to The Merge but not Ethereum hard forks.
Chainlink, the decentralized node network that utilizes oracles to offer data from off-chain sources to blockchain smart contracts, confirmed it would support Ethereum's transition to proof-of-stake or The Merge, but not its proof-of-work hard fork.
Crypto investment risks rising, but virtual technology still worth cultivating.
The crypto trade bubble may burst, but the technology applications and innovation trends behind it will not. Basic technology developments such as AI, cognitive technology, blockchain infrastructure, and virtualized visual technology are still worthy of commitment.
BTC/USD skyrocketed 3.0% in the last session.
The Bitcoin-Dollar pair exploded 3.0% in the last session. The RSI is giving a positive signal. Support is at 22577.3073 and resistance at 23697.3073.
The RSI is currently in the positive zone.
ETH/USD exploded 3.8% in the last session.
The Ethereum-Dollar pair skyrocketed 3.8% in the last session. The MACD is giving a negative signal. Support is at 1639.9767 and resistance at 1759.1167.
The MACD is currently in the negative zone.
XRP/USD skyrocketed 1.8% in the last session.
The Ripple-Dollar pair skyrocketed 1.8% in the last session. The Stochastic indicator is giving a negative signal. Support is at 0.3637 and resistance at 0.3812.
The Stochastic indicator is giving a negative signal.
LTC/USD exploded 2.7% in the last session.
The Litecoin-Dollar pair rose 2.7% in the last session after gaining as much as 4.9% during the session. The Stochastic-RSI is giving a positive signal. Support is at 58.931 and resistance at 63.091.
The Stochastic-RSI is giving a positive signal.
Daily Economic Calendar:
US Unit Labor Costs
The Unit Labor Cost shows the total cost of employing a labor force. It can serve as an indicator of trends in production costs, share prices, and inflation. The US Unit Labor Costs will be released at 12:30 GMT, the US NFIB Business Optimism Index at 10:00 GMT, and the US Redbook Index at 12:55 GMT.
US NFIB Business Optimism Index
The NFIB Business Optimism Index results from Small Business Economic Trends data collected quarterly surveys since 1974 and monthly surveys since 1986.
US Redbook Index
The Johnson Redbook Index measures the year-over-year same-store sales growth from a sample of large general merchandise retailers.
JP Machine Tool Orders
The Machine Tool Orders show movements in tool orders by manufacturers. It indicates the state of the Japanese economy. Japan's Machine Tool Orders will be released at 06:00 GMT, Japan's Producer Price Index at 23:50 GMT, and the UK's 30-y Bond Auction at 09:30 GMT.
JP Producer Price Index
The Producer Price Index measures the average changes in prices in primary markets by producers of commodities in all states of processing.
UK 30-y Bond Auction
The auction sets the average yield on the bonds auctioned off. Bond market investors set yields, which can be used to estimate investors' outlook on future interest rates.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Circle Freezes All Blacklisted Tornado Cash Addresses As Sanctions Take Hold
The USD coin (USDC) issuer, Circle, has frozen around 75,000 USDC worth of funds linked to 44 Tornado Cash addresses listed in the US Treasury Department’s sanctions against the protocol. The issue was highlighted by a Twitter bot, USDC blacklist, which scrapes the blockchain for USDC blocklists.
Over 75,000 USDC Worth Of Funds Frozen
Crypto data aggregator Dune Analytics announced the news of the freezing, which stated that the issuer of the USDC stablecoin had frozen over 75,000 USDC worth of funds that were linked to 44 Tornado Cash addresses that were sanctioned by the US Office of Foreign Asset Control’s Specially Designated Nationals and Blocked Persons (SDN) list. Tornado Cash is a decentralized application that individuals use to obfuscate any trail of crypto transactions on the Ethereum blockchain.
Interactions With Sanctioned Addresses Prohibited
US entities and individuals are prohibited from interacting with the virtual currency mixer’s USDC and Ethereum smart contract addresses on the SDN list. Any entity or individual that interacts with Tornado Cash’s Ethereum smart contract addresses and USDC could potentially attract a fine ranging from $50,000 to $10,000,000 and imprisonment ranging from 10-30 years.
It is estimated that Tornado Cash’s smart contract addresses hold around $437 million worth of assets. These assets consist of Ethereum, Wrapped BTC, and a host of stablecoins. With the blacklist in place, issuers will now have to take steps to prevent transactions or redemptions of the assets in question.
Circle’s Blacklist Policy
Jeremy Allaire, Circle CEO, confirmed in June that USDC does feature a blacklist function to block addresses as and when legally required. USDC’s blacklist policy states that once an address is blacklisted, it can no longer receive any USDC into the address, and any funds held in that address cannot be transferred to any on-chain address. This means any funds held at the blacklisted address are effectively frozen indefinitely.
Tornado Cash co-founder Roman Semenov revealed that his Github account was also suspended following the announcements of the sanctions.
Potential Impact
At present, the impact of Tornado Cash and its inability to operate is not known. However, California-based BitGo would have to make some adjustments to restrict access to Tornado Cash to comply with the sanctions. BitGo could suspend the redeeming of Tornado Cash-linked WBTC to abide by the sanctions. Pseudo Anonymous DeFi educator BowTiedIguan stated that the sanctions on Tornado Cash apply across the board. Even interactions such as Gitcoin donations, working for the project, visiting its website, downloading and running its client, and depositing/withdrawing from associated smart contracts could be deemed a violation.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Crypto.com procures regulatory access to South Korea
Giant crypto exchange Crypto.com has secured access to the South Korean crypto market after acquiring two local companies which will provide it with EFTA and VASP registration in the country.
It was announced on Monday on its website that Crypto.com had secured very important regulatory compliance by procuring payment service provider PnLink Co., Ltd., and virtual asset service provider OK-BIT Co., Ltd.
Kris Marszalek, Co-Founder and CEO of Crypto.com said of the acquisitions:
“This is an exciting next step for Crypto.com in an important market. We are committed to working with regulators to continue to bring our products and services to market, particularly in countries like South Korea where consumers have shown strong interest and adoption of digital currencies.”
Patrick Yoon, General Manager of Crypto.com in S. Korea added:
“We believe our services can not only help further evolve and empower commerce in Korea, but also support the greater creation and development of our Web3 ecosystem. Korea is a tremendously important market for Crypto.com in advancing blockchain technology.”
It has not been disclosed by Crypto.com whether it can now offer full crypto trading services in South Korea, or whether it still needs to complete further requirements.
In spite of confidence in crypto being shaken quite dramatically in South Korea after the TerraUSD meltdown, obtaining regulatory compliance in the country is a major step for a platform like Crypto.com, given the high levels of crypto adoption in this dynamic Asian market.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Hackers Return $22 Million To Nomad After $190 Million Exploit
Nomad has announced that it has recovered $22 million after it suffered a $190 million hack. Data from Etherscan showed that Nomad had recovered around $22.4 million (11.4%) of the $190 million that was drained during the hack after the team announced a reward.
The amount recovered by Nomad is now over double the $9 million that ethical hackers returned to Nomad. Nomad saw more of the stolen funds return after the protocol announced a 10% bounty.
A $200 Million Exploit
Nomad suffered a serious hack on the 1st of August, as hackers exploited a vulnerability that made it possible to drain nearly all of the protocol’s funds, which totaled around $200 million. Hundreds of hackers, including white hat hackers who intend to return the funds to the protocol, orchestrated the attack. The attack once again brought into focus the security of cross-chain bridges. The team at Nomad confirmed the exploit, stating,
“An investigation is ongoing, and leading firms for blockchain intelligence and forensics have been retained. We have notified law enforcement and are working around the clock to address the situation and provide timely updates. Our goal is to identify the accounts involved and to trace and recover the funds.”
Source Of The Vulnerability
The cross-chain bridge had a critical vulnerability that made its way into the public domain, attracting the attention of would-be hackers. Sources have stated that Nomad developers introduced the vulnerabilityduring a routine smart contract update. Following the exploit, the Nomad team announced that it would pay a 10% bounty reward to any hacker that returned the funds to a designated return address. The team also assured the hackers that no legal action would be taken against any hacker that returned the funds.
On its part, Nomad is collaborating with law enforcement officials and agencies to investigate the hacking. It has also announced a partnership with an on-chain analytics firm, TRM Labs, to track the funds across all addresses involved in the attack.
Spate Of Crypto Hackings Continue
The Nomad exploit registered itself as the 8th-largest crypto hack of all time, as the wave of recent crypto exploits continues to rumble on. According to security firm Chain Analysis, the hack brings the amount stolen from cross-chain bridges to a staggering $2 billion. There were a total of 13 exploits related to cross-chain bridges, out of which the largest was the Ronin attack which saw $615 million stolen. Ronin is linked to the hugely popular game Axie Infinity. In another recent hack, $5.2 million worth of cryptocurrencies were stolen from around 8000 wallets connected to Solana.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Near Protocol Discloses Critical Wallet Breach
Post the attacks on Solana, Near Protocol has issued an official disclosure of details into a similar issue, which it claimed was addressed and resolved earlier in June. The security breach involves a third-party threat actor, which gained unauthorized access to seed phrases for its user's wallets.
According to Near, the breach was reported to their team by Hacxyk, a security firm working in the Web3 space. A Twitter thread by Hacxyk details how the protocol's email recovery process was exploited to leak user's seed phrases to Mixpanel, an analytics platform.
Such a process "allows anyone with access to [the] Mixpanel access log, or the Mixpanel account owner (e.g. Near devs) to have access to everyone who has clicked the link in the recovery email,”explains Hacxyk. Further, this scenario also is set up once a Mixpanel user's account is compromised as a first instance or step into the hack's procedure.
Back in June, we found a bug in @NEARProtocol wallet that was almost the same as the recent Solana wallet hack. When a Near wallet user chooses "email" as the seed phrase recovery method, the seed phrase is leaked to a third party site. https://t.co/gHWhmxE3Sm pic.twitter.com/MK31xUeAeL
— Hacxyk. (@Hacxyk) August 4, 2022
Near Protocol has stated that it has resolved the issue on the same day the it was reported by Hacxyk, with the security firm receiving a bug bounty for the breach's discovery. It was only until the security firm publicly disclosed it on Twitter that Near Protocol acknowledged that such a breach did happen.
"To date, we have found no indicators of compromise related to the accidental collection of this data, nor do we have reason to believe this data persists anywhere," Near Protocol stated.
The news of the hack follows closely on the heels of a recent attack on crypto infrastructure network Solana, in which over 5,000 wallets were compromised, initially, with the total count nearing 10,500 after analysis. Near Protocol says that the user's seed phrases were exposed in a similar procedure. In the case of Solana, roughly $6 million worth of crypto was compromised and stolen. So far, it is unclear if any crypto was taken in the Near Protocol hack.
For now, Near Protocol has advised all of its users to generate new seed phrases and create new wallets as a first safety measure. The team is also conducting an audit of its email service partners and has put in place "enhanced security measures" to prevent such a breach from happening again.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Game On for Bybit-Backed GameFi Platform, Yeeha Games
SINGAPORE, August 5, 2022 — Yeeha Games, a $50 million-funded GameFi platform, has announced its entry into the world of web3 gaming. To bridge the gap between traditional gaming and GameFi, Yeeha Games will be releasing a number of blockchain games over the next 18 months. It currently has 11 games in the pipeline, with subsequent game releases planned in the future.
Backed by Bybit, Yeeha Games provides an ecosystem that offers a wide range of quality games, as well as a marketplace where users can trade in-game assets. The global team behind the platform is 90+ people strong and consists of industry veterans from the blockchain, GameFi, and traditional gaming sectors — including Bybit, Tencent, NetEase, IGG, Animoca Brands, Unity, and TapTap.
“The GameFi industry saw incredible growth in 2021,” said Choy Wai Cheong (Choy), co-founder and COO of Yeeha Games. “But when compared to the traditional gaming market, we still see a massive untapped potential. To attract traditional gamers to web3, we must have games that appeal to them. Blockchain or not, games have to be fun to attract and retain players in the long run. Integrating blockchain elements into game genres with proven success in the traditional gaming market is a good starting point — and that’s where Yeeha Games is positioned.”
“We are excited about the future of GameFi, and how it could realize the promise of the metaverse and internet through gaming,” said Ben Zhou, co-founder and CEO of Bybit. “Other than creating a level playing field, GameFi has the potential to connect people across global communities to build up our digital and virtual worlds. Additionally, it promotes the ideology of putting power back in the hands of the people with a player-owned economy. Through this partnership, we want to demonstrate our commitment to driving technology innovations to the wider society.”
With a focus on high-quality, free-to-play games that deliver on all aspects, Yeeha Games is set to raise the bar and shape the future of blockchain gaming. Its free-to-play games serve as a bridge for players in the traditional gaming space to enter web3 gaming without the need to purchase cryptocurrencies from the get-go, allowing them to fully experience the game before purchasing their first digital assets.
Pushing boundaries of the current GameFi space, Yeeha Games seeks to introduce a broad range of game genres to the ecosystem, including but not limited to MMORPG, SLG, open world, simulation, and idle RPG card games to cater to different users. To help players transition smoothly into web3 gaming, the Yeeha Games marketplace has a built-in wallet that supports both fiat and crypto deposits. To top it off, players would also be able to make transactions gas-free across all of its platform’s game titles.
Midgard Saga, the first game in Yeeha Game’s ecosystem, is slated for release in September 2022. Midgard Saga is a casual card-based RPG that follows the adventures of a prince to save his fallen kingdom. Players will encounter heroes of various backgrounds, which they can then recruit and deploy in battles. Its idle gameplay makes it perfect for players who enjoy a real-time combat strategy game that’s light on battle mechanics.
Interested parties may find out more about upcoming game offerings on the official Yeeha Games website.
About Bybit
Bybit is a cryptocurrency exchange established in March 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. Bybit is a proud partner of Formula One racing team, Oracle Red Bull Racing, esports teams NAVI, Astralis, Alliance, Virtus.pro, Made in Brazil (MIBR) and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.
For media inquiries, please contact: [email protected]
For more information please visit: https://www.bybit.com/
For updates, please follow Bybit's social media platforms on Discord, Facebook, Instagram, LinkedIn, Reddit, Telegram, TikTok, Twitter, and YouTube
About Yeeha Games
Yeeha Games is a GameFi platform that aims to introduce traditional gamers to the expansive world of web3.
Backed by Bybit, Yeeha Games brings world-class titles to players worldwide, offering a gaming experience that truly embodies the web3 values — interoperability, compatibility, and ownership.
The $50 million-funded platform has a variety of high-quality, free-to-play games lined up for release in the next 18 months. The first game, titled Midgard Saga, would be released in September 2022.
For media inquiries, please contact: [email protected]
For more information please visit: https://yeehagames.com/
For updates, please follow Yeeha’s social media platforms on Twitter, Discord, Telegram and LinkedIn
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
Alchemy Expands Into Polkadot Ecosystem Via Astar Partnership
Web3 platform Alchemy has marked its entry into the Polkadot ecosystem, announcing a critical partnership with Astar Network, a parachain of the Polkadot network. Once the deal is finalized and implemented, Astar can utilize Alchemy’s node infrastructure.
Web3 Projects On The Astar Network
According to product manager Mike Garland, integrating Alchemy and Astar will allow developers to create Web3 projects on Astar’s network through the Alchemy application programming interface (API). Alchemy is a powerful blockchain platform that could help advance decentralized application development on Astar through reliable infrastructure and developer tooling.
“Alchemy infrastructure makes it easier for developers to build any dApp with infinite scalability, consistency, and reliability. We’re thrilled to combine forces with Astar to foster the importance of building for today and tomorrow, which marks a significant milestone for both companies, and especially the community.”
Astar also offers a smart contract service that supports dApps based on WebAssembly and the Ethereum Virtual Machine. It also offers interoperability with other Polkadot parachains and hosts several dApps, including Starlay Finance, ArthSwap, AstridDAO, Sirius Finance, Algem, and Zenlink.
Reinforcing The Astar Network
The partnership also allows developers on the Astar network to access several features, including Alchemy’s flagship offering, SuperNode, to help meet infrastructure requirements. SuperNode would function as a middleware platform for decentralized applications on Astar, allowing them to stay connected and prevent downtime.
Additionally, developers will also be able to access other features such as Alchemy’s Explorer and Mempool Visualizer, which would help developers find any bugs quickly and optimize dApp performance. Alchemy SDK would allow developers to connect an application to the blockchain easily, while Alchemy Notify would provide webhook access to alert users to different events such as mined transactions, dropped transactions, and address activity. These features would make dApp development quick and easy and reinforce Astar Network’s position as the platform to build and create the future of smart contracts for multichain.
The partnership will also enable developers to participate in dApp staking, a feature that is native to Astar. The feature allows users to vote for their favorite Astar dApps using the native ASTR token and earn rewards. According to product manager Mike Garland, this feature would allow developers to build applications on the protocol.
“Built-In” Support
Alchemy underlined its enthusiasm to support Astar because it offers built-in support for developers who are looking to build on the chain, with Garland stating,
“Jumping in and helping bootstrap that ecosystem with our product as well, I think, is going to go a long way.”
CEO and Founder of Astar Networks, Sota Watanabe, also underlined the importance of the partnership to support developers and the developer ecosystem, stating,
“Supporting the developer ecosystem is Astar’s driving motivation. By partnering with Alchemy and making their blockchain engine available to Astar developers, we will bring even more innovation and growth to the builder community.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Crypto Under Siege: ZB Exchange Loses Millions As Spate Of Hackings Continue
2022 seems to be getting worse for the crypto space as the number of crypto attacks, exploits, and scams continue to pile up, with the ZB exchange the latest to fall to hackers. According to PeckShield, the exchange has lost over $4.8 million to hackers.
As Adoptions Rise, So Do Exploits
With crypto adoption continuing to increase, the risk emanating from malicious entities is also on the rise. More and more crypto exchanges and lenders are falling victim to hackers who look to exploit even the tiniest of vulnerabilities. This despite exchanges spending millions to enhance security.
The Latest Victim: ZB Crypto Exchange
The ZB cryptocurrency exchange advertises itself as one of the most secure exchanges in the crypto space. However, the exchange, despite robust security measures in place, has become the latest entity in the crypto space to fall victim to the ongoing spate of hackings. According to the latest details available from PeckShield, the exchange has lost around $4.8 million in a coordinated attack.
“JUST IN: #Crypto exchange ZB has reportedly been exploited for over $4.8 million.”
The exchange had announced that it was pausing withdrawals just before the news broke, with the hackers transferring $4.8 million from the exchange’s hot wallet, which most observers acknowledge is a hack.
21 Different Cryptocurrencies Moved From Exchange Wallet
PeckShield published data related to the hack on its Twitter handle, revealing that 21 Different cryptocurrencies were transferred from the exchange’s hot wallet to a particular address. Confusion reigned among users as the exchange had also halted withdrawals prior to news of the exploit coming into the public domain.
The stolen cryptocurrencies were transferred to a host of decentralized exchanges and were sold for 2224 ETH. The address linked with the hack still holds the 2224 ETH in question. Another wallet address linked to the reported hack also has around $1 million worth of assets.
Pausing Withdrawals
The ZB exchange had earlier paused withdrawals after issuing a brief statement. At the time of writing, the exchange has not commented on the ongoing exploit.
“Due to the sudden failure of some core applications, it still takes time to troubleshoot the problem. Deposit and withdrawal services are now suspended. Please do not deposit any digital currency before recovery. Any change is subject to the announcement.”
Exploits On The Rise
This is the latest hacking in a long list of hacks that have occurred over the past few days. Right at the start of August, cross-chain bridge Nomad suffered an exploit, with the protocol losing nearly all its funds in the exploit, losing nearly $200 million in the attack. Only a couple of days later, the Solana ecosystem suffered a multimillion-dollar hack, with users having their funds drained from their hot wallets.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
