SHIELD(XSH)

In a promising turn of events, blockchain security company PeckShield has reported a significant recovery of funds from cryptocurrency hacks. The firm’s latest statistics reveal that over $674 million has been recovered from more than 600 hacks, marking a notable improvement from previous years. PeckShield’s data for 2023 highlights a […]

[PRESS RELEASE – Paris, France, January 12th, 2024] Decentralized messaging turns StrongBox® into a comprehensive privacy hub for data storage and communication. With fully encrypted data that is never stored on centralized servers, Serenity Shield creates a service for web2 and web3 users alike. Serenity Shield, a multi-chain project delivering secure data storage and digital […]

[PRESS RELEASE – Istanbul, Turkey, December 21st, 2023] Serenity Shield, a multi-chain project offering secure and confidential data storage and crypto inheritance solutions, has just received an investment from Castrum Capital, one of Turkey’s largest VC and incubators specializing in AI. Whereas both parties agree not to disclose the investment amount publicly, this partnership marks […]

Serenity Shield enters Eurasia with investment from Castrum Capital

[PRESS RELEASE – France, Paris, November 22nd, 2023] Serenity Shield is marking a significant milestone in digital asset security by announcing the launch of StrongBox®️ DApp on the mainnet. The StrongBox®️ DApp, a trailblazer in blockchain-based security, offers a transformative solution for individuals, families, and businesses seeking robust protection for any form of digital assets […]

Blockchain security firm PeckShield reported that assets like stablecoins, ETH, SHIB, LINK and more were transferred from the bridge. Withdrawals and deposits have been suspended, and Justin Sun has said HTX will fully compensate users for any losses.

Senators Richard Blumenthal and Josh Hawley's framework emphasizes that technology companies cannot rely on liability protections to shield them from legal actions.

[PRESS RELEASE – New Delhi, India, September 10th, 2023] The Constitution Club of India, New Delhi, was abuzz with innovation and insights on September 1, 2023, as industry leaders convened for the transformative conference on blockchain’s potential in revolutionizing public utilities, especially within the telecoms sector. The event, which precedes the G20 summit in India, […]

Cronos tapped Google Cloud, Amazon Web Services, CertiK, PeckShield and various other firms to participate as mentors in the accelerator program.

Cronos Labs has also signed up Google Cloud, Amazon Web Services and blockchain security specialists PeckShield and Certik as mentors for the program.

[PRESS RELEASE – Paris, France, September 4th, 2023] Serenity Shield, a front-runner in technological innovation and disruptive solutions, proudly announces its win for “Best Technology Company” at the illustrious 6th edition of the Burj CEO Awards. The accolade was presented during a grand ceremony aboard a luxurious Norwegian Cruise Lines Mediterranean cruise. The Burj CEO […]

Low-cap meme coins are rising in popularity once more, with XShiba Inu (XSHIBA) being the latest dog-themed token to see a massive pump. XSHIBA’s value surged over 575% in the past 24 hours as speculators flock to get involved. Among the array of new meme coin contenders, Sonik Coin (SONIK) is also attracting significant investor […]

Magnate Finance, a lending and borrowing protocol that operates on the Ethereum Layer-2 network Base, has apparently orchestrated a rug pull, stealing millions from users of the protocol. The rug pull had been predicted by on-chain sleuths, including ZachXBT, who cited several previous actions of the project’s founders. Details Of The Rug Pull Magnate Finance has also effectively cleared its entire digital presence, having deleted its Telegram group on the 25th of August. It also took its website offline, rendering it inaccessible on the same day. The protocol later deleted its X (formerly Twitter) account as well, effectively erasing its entire digital and social media presence. Mere hours after deleting its entire social media presence, Magnate Finance developers manipulated the price oracle of the protocol. This let them remove all assets within the protocol, removing around $6.4 million of the total value locked (TVL) in the protocol, effectively collapsing the project. Security firm PeckShield called this occurrence a classic rug pull and also conducted an investigation into the situation. The security firm stated that the developers behind the project transferred around $1.34 million worth of DAI tokens to a new address. Later, they bridged around $1 million of the stolen funds to the BNB Smart Chain. The firm also tracked five different wallets, all of which were linked to the Magnate Finance scammers. PeckShield added that the scammers had manually manipulated the price oracle, allowing them to drain funds. A majority of the stolen funds went to several Ethereum Layer-2 platforms, such as Optimism and Arbitrum, along with the BNB Smart Chain using Stargate. Around 295 ETH and 1.3 million DAI tokens are currently held on the Base chain. ZachXBT Had Warned Of Potential Exit Scam The Magnate Finance rug pull came to light after a warning issued by on-chain investigator ZachXBT. ZachXBT had issued a warning that the developers behind the Magnate Finance protocol could orchestrate an exit scam. The on-chain investigator reached this conclusion after discovering that the Magnate Finance deployer address was linked to a previous exit scam involving a project called Solfire. Solfire defrauded its users of around $4.8 million. “Community Alert: Magnate Finance on Base will likely exit scam in the near future currently with over $6.4M TVL. The deployers address is directly linked to the Solfire $4.8M exit scam.” The Problem Of Exit Scams Exit scams and rug pulls have become a considerable problem in the decentralized finance (DeFi) ecosystem, with scammers using them as their preferred tactic. The Magnate Finance rug pull is the second rug pull this month, with the SwirlLend rug pull occurring earlier. SwirlLend, another protocol on Base, stole around $460,000 in an exit scam, with some funds also stolen on Linea. PeckShield, in an analysis of the rug pull, stated that the SwirlLend team drained $290,000 worth of crypto assets from Base and a further $170,000 worth of assets from Linea. Like Magnate Finance, SwirlLend has also completely erased its digital presence, with its social media accounts on Twitter and Telegram deleted and the website rendered inaccessible. The scourge of rug pulls, and exit scams is evident from the total value of cryptocurrencies lost to them in the first half of 2023. According to blockchain security firm Beosin, phishing scams and rug pulls have resulted in the loss of a staggering $655 million so far. “Total losses from hacks, phishing scams, and rug pulls in #Web3 amounted to a staggering $655.61M in H1 2023. Out of this, 108 attacks resulted in a loss of ~$471.43M. Phishing scams accounted for around $108M of losses, while 110 #rugpulls resulted in a total loss of ~$75.87M.” Growing Problems On Base Chain Coinbase’s Layer-2 blockchain has faced several problems since it commenced operations. RocketSwap, a project on Base, fell victim to a brute force attack, which saw around 471 ETH, valued at about $865,000 stolen. The protocol outlined an emergency plan following the attack and would also attempt to reach out to the hackers to negotiate a return of the stolen assets. Another project on Base, the decentralized exchange LeetSwap, also had to suspend trading operations thanks to fears of a potential exploit. The decentralized exchange tweeted that it had detected a security vulnerability and had to stop trading for further investigations. Additionally, Coinbase and Base are also dealing with the aftermath of an SEC lawsuit. 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.

Magnate Finance, a lending and borrowing protocol that operates on the Ethereum Layer-2 network Base, has apparently orchestrated a rug pull, stealing millions from users of the protocol. The rug pull had been predicted by on-chain sleuths, including ZachXBT, who cited several previous actions of the project’s founders. Details Of The Rug Pull Magnate Finance has also effectively cleared its entire digital presence, having deleted its Telegram group on the 25th of August. It also took its website offline, rendering it inaccessible on the same day. The protocol later deleted its X (formerly Twitter) account as well, effectively erasing its entire digital and social media presence. Mere hours after deleting its entire social media presence, Magnate Finance developers manipulated the price oracle of the protocol. This let them remove all assets within the protocol, removing around $6.4 million of the total value locked (TVL) in the protocol, effectively collapsing the project. Security firm PeckShield called this occurrence a classic rug pull and also conducted an investigation into the situation. The security firm stated that the developers behind the project transferred around $1.34 million worth of DAI tokens to a new address. Later, they bridged around $1 million of the stolen funds to the BNB Smart Chain. The firm also tracked five different wallets, all of which were linked to the Magnate Finance scammers. PeckShield added that the scammers had manually manipulated the price oracle, allowing them to drain funds. A majority of the stolen funds went to several Ethereum Layer-2 platforms, such as Optimism and Arbitrum, along with the BNB Smart Chain using Stargate. Around 295 ETH and 1.3 million DAI tokens are currently held on the Base chain. ZachXBT Had Warned Of Potential Exit Scam The Magnate Finance rug pull came to light after a warning issued by on-chain investigator ZachXBT. ZachXBT had issued a warning that the developers behind the Magnate Finance protocol could orchestrate an exit scam. The on-chain investigator reached this conclusion after discovering that the Magnate Finance deployer address was linked to a previous exit scam involving a project called Solfire. Solfire defrauded its users of around $4.8 million. “Community Alert: Magnate Finance on Base will likely exit scam in the near future currently with over $6.4M TVL. The deployers address is directly linked to the Solfire $4.8M exit scam.” The Problem Of Exit Scams Exit scams and rug pulls have become a considerable problem in the decentralized finance (DeFi) ecosystem, with scammers using them as their preferred tactic. The Magnate Finance rug pull is the second rug pull this month, with the SwirlLend rug pull occurring earlier. SwirlLend, another protocol on Base, stole around $460,000 in an exit scam, with some funds also stolen on Linea. PeckShield, in an analysis of the rug pull, stated that the SwirlLend team drained $290,000 worth of crypto assets from Base and a further $170,000 worth of assets from Linea. Like Magnate Finance, SwirlLend has also completely erased its digital presence, with its social media accounts on Twitter and Telegram deleted and the website rendered inaccessible. The scourge of rug pulls, and exit scams is evident from the total value of cryptocurrencies lost to them in the first half of 2023. According to blockchain security firm Beosin, phishing scams and rug pulls have resulted in the loss of a staggering $655 million so far. “Total losses from hacks, phishing scams, and rug pulls in #Web3 amounted to a staggering $655.61M in H1 2023. Out of this, 108 attacks resulted in a loss of ~$471.43M. Phishing scams accounted for around $108M of losses, while 110 #rugpulls resulted in a total loss of ~$75.87M.” Growing Problems On Base Chain Coinbase’s Layer-2 blockchain has faced several problems since it commenced operations. RocketSwap, a project on Base, fell victim to a brute force attack, which saw around 471 ETH, valued at about $865,000 stolen. The protocol outlined an emergency plan following the attack and would also attempt to reach out to the hackers to negotiate a return of the stolen assets. Another project on Base, the decentralized exchange LeetSwap, also had to suspend trading operations thanks to fears of a potential exploit. The decentralized exchange tweeted that it had detected a security vulnerability and had to stop trading for further investigations. Additionally, Coinbase and Base are also dealing with the aftermath of an SEC lawsuit. 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.

Shiba Inu's much-anticipated Shibarium network, a layer-2 solution built on Ethereum, is gearing up for a fresh launch after encountering initial setbacks. The developers are diligently addressing the issues that plagued its debut, with hopes of a smoother second attempt. Network Improvement Efforts Underway Following a problematic launch that left the network stalled and funds trapped on a bridge, Shiba Inu's lead developer, Shytoshi Kusama, has provided an update on the project's progress. Kusama revealed that the team has been diligently working to optimize the network, stating, "After two days of testing and tweaking parameters to achieve 'ready' state Shibarium is now enhanced and optimized." This involved the implementation of fail-safe measures to prevent a recurrence of the previous outage. To bolster Shibarium's stability, the development team has introduced a series of further safeguards, including rate limiting at the RPC (Remote Procedure Call) level and an automatic server reset mechanism. These measures are expected to counteract the impact of sudden surges in traffic, which contributed to the network's initial troubles. Testing Success and Initial Hiccups During its testing phase, Shibarium demonstrated its potential by facilitating an impressive 22 million transactions across millions of wallets over four months. However, the official launch encountered severe disruptions. The network suffered an 11-hour transaction stall, leaving funds stranded due to an overload triggered by an unexpected influx of transactions. As reported by blockchain security firm PeckShield, around $1.7 million worth of ETH was stuck in the Shibarium Bridge as a result of the network failure. The development team clarified that the launch failure was not due to a bridge issue, as initially speculated. Instead, the network was overwhelmed by an unprecedented surge in user transactions, causing server failures. The influx of transactions far exceeded the servers' capacity to process them efficiently. Steps Toward Redemption The network has been temporarily closed to the public as the team focuses on resolving the underlying issues. Validators responsible for processing network transactions are now being gradually onboarded to pave the way for the network's reopening. This controlled approach aims to ensure a smoother experience upon relaunch. Shytoshi Kusama's recent update indicates that Shibarium's comeback is on the horizon. Additional validators are poised to join the network, expanding its operational capacity. However, the incident had a short-term impact on SHIB token prices, with a 4.3% drop in the past 24 hours, according to CoinGecko data. 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.

Shiba Inu's much-anticipated Shibarium network, a layer-2 solution built on Ethereum, is gearing up for a fresh launch after encountering initial setbacks. The developers are diligently addressing the issues that plagued its debut, with hopes of a smoother second attempt. Network Improvement Efforts Underway Following a problematic launch that left the network stalled and funds trapped on a bridge, Shiba Inu's lead developer, Shytoshi Kusama, has provided an update on the project's progress. Kusama revealed that the team has been diligently working to optimize the network, stating, "After two days of testing and tweaking parameters to achieve 'ready' state Shibarium is now enhanced and optimized." This involved the implementation of fail-safe measures to prevent a recurrence of the previous outage. To bolster Shibarium's stability, the development team has introduced a series of further safeguards, including rate limiting at the RPC (Remote Procedure Call) level and an automatic server reset mechanism. These measures are expected to counteract the impact of sudden surges in traffic, which contributed to the network's initial troubles. Testing Success and Initial Hiccups During its testing phase, Shibarium demonstrated its potential by facilitating an impressive 22 million transactions across millions of wallets over four months. However, the official launch encountered severe disruptions. The network suffered an 11-hour transaction stall, leaving funds stranded due to an overload triggered by an unexpected influx of transactions. As reported by blockchain security firm PeckShield, around $1.7 million worth of ETH was stuck in the Shibarium Bridge as a result of the network failure. The development team clarified that the launch failure was not due to a bridge issue, as initially speculated. Instead, the network was overwhelmed by an unprecedented surge in user transactions, causing server failures. The influx of transactions far exceeded the servers' capacity to process them efficiently. Steps Toward Redemption The network has been temporarily closed to the public as the team focuses on resolving the underlying issues. Validators responsible for processing network transactions are now being gradually onboarded to pave the way for the network's reopening. This controlled approach aims to ensure a smoother experience upon relaunch. Shytoshi Kusama's recent update indicates that Shibarium's comeback is on the horizon. Additional validators are poised to join the network, expanding its operational capacity. However, the incident had a short-term impact on SHIB token prices, with a 4.3% drop in the past 24 hours, according to CoinGecko data. 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.

After a long history of blocking crypto-related exchange-traded funds, news around the blockchain is that the SEC will not block or oppose ETF applications. Officials and sources close to the matter have stated that approvals could come as early as October, but the SEC has yet to comment on the matter. Let’s find out more. Ethereum The United States Securities Commission (SEC) is all set to greenlight the first exchange-traded funds (ETFs) based on Ether (ETH) futures in a big win for the crypto space. Former United States President Donald Trump’s latest public financial disclosure has revealed that he owns around $250,000 to $500,000 worth of Ethereum (ETH). Global payment giant Visa has completed a test for an innovative solution on the Ethereum blockchain, which will allow its users to pay on-chain gas fees using a Visa debit or credit card. DeFi Binance has officially announced the launch of its opBNB Mainnet, a notable addition to the burgeoning decentralized scaling solutions sector. Ethereum layer-2 solution Arbitrum is set to “cliff unlock” over 1 billion worth of $ARB on March 16, 2024, and finally start ARB’s staggered unfreezing over the next four years. Prominent decentralized exchange Uniswap has confirmed that it has fired a prominent developer over his involvement in a $25,000 memecoin rug pull. Altcoins Trading-focused blockchain Sei’s latest SEI token launch did not go over as well as expected after being plagued with delays and problems with the token giveaway. Following negative downward price action since November 2021, the $BNB token has reached the point where a slide under the critical $220 level could lead to a calamitous -5x crash down to below $50. Blockchain security firm PeckShield has reported that around $1.7 million worth of ETH is stuck in the Shibarium Bridge after its launch failed to create a meme coin rally. Technology Vitalik Buterin, co-founder of Ethereum, provided an analytical dive into X's Community Notes tool via a post on his personal website. Business The Stellar Development Foundation (SDF) has made a strategic investment in MoneyGram International, which resulted in obtaining a coveted seat on the firm’s Board of Directors. GSR, the oldest market maker in the crypto space, is feeling the full impact of the ongoing bear market, with multiple top executives, including the CFO, departing the company. Crypto media outlet CoinDesk has cut its editorial staff by 45% as its parent company DCG prepares to introduce strategic investors. Coinbase has announced its official entry into the Canadian market in a strategic move that involved the integration of Interac payment rails. Regulation According to a notice published by the regulatory authority, Dubai’s Virtual Asset Regulatory Authority has hit digital asset exchange OPNX and its founders nearly $2.8 million. According to hedge fund manager Mark Yusko, banks take $7 trillion out of the system every year. In a major development, the Coinbase cryptocurrency exchange (COIN) has received regulatory approval to list crypto futures in the United States. From October 1st onwards, PayPal will temporarily halt its cryptocurrency sales in the United Kingdom, mainly because of the shifting regulatory environment in the UK. Republican members of the House Financial Services Committee are demanding that SEC Chair Gary Gensler explain how Prometheum got approval from the SEC. FTX founder Sam Bankman-Fried is in the news once again after a recent development revealed that he had allegedly used stolen customer funds to donate over $100 million to political campaigns. Cryptocurrency custodian Prime Trust and some affiliates filed for Chapter 11 bankruptcy on Monday after Nevada regulators placed it into receivership in June. Singapore’s central bank has announced the release of a revised regulatory framework to ensure stability for single-currency stablecoins regulated in the city-state. The SEC has taken decisive action against Crowe U.K. LLP, a pro-crypto London-based audit firm, over the auditing of music streaming service Akazoo. The Federal Deposit Insurance Corporation has included crypto in its annual risk review for the first time, stating that crypto presents key risks and that it needs closer supervision. NFT Coca-Cola has launched its new exclusive NFT collection, “Masterpiece,” on Coinbase’s Layer-2 network during the “Onchain Summer” festival. NFT marketplace OpenSea will be sunsetting its on-chain royalty enforcement tool, Operator Filter. Web3 Polygon Labs has partnered with Korean telecommunications company SK Telecom to develop a complete Web3 ecosystem. Singapore-based Web 3 gaming firm Affyn has entered a strategic partnership with Grand Prix Season Singapore to present a metaverse event to the fans. Security Base project RocketSwap has devised an emergency plan to recover from a brute force hack that siphoned away around 471 ETH, valued at around $865,000, on the 14th of August. DeFi platform Zunami Protocol has become the latest protocol to be hacked after confirming on Sunday that bad actors hacked its liquidity pool on Curve. 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.

After a long history of blocking crypto-related exchange-traded funds, news around the blockchain is that the SEC will not block or oppose ETF applications. Officials and sources close to the matter have stated that approvals could come as early as October, but the SEC has yet to comment on the matter. Let’s find out more. Ethereum The United States Securities Commission (SEC) is all set to greenlight the first exchange-traded funds (ETFs) based on Ether (ETH) futures in a big win for the crypto space. Former United States President Donald Trump’s latest public financial disclosure has revealed that he owns around $250,000 to $500,000 worth of Ethereum (ETH). Global payment giant Visa has completed a test for an innovative solution on the Ethereum blockchain, which will allow its users to pay on-chain gas fees using a Visa debit or credit card. DeFi Binance has officially announced the launch of its opBNB Mainnet, a notable addition to the burgeoning decentralized scaling solutions sector. Ethereum layer-2 solution Arbitrum is set to “cliff unlock” over 1 billion worth of $ARB on March 16, 2024, and finally start ARB’s staggered unfreezing over the next four years. Prominent decentralized exchange Uniswap has confirmed that it has fired a prominent developer over his involvement in a $25,000 memecoin rug pull. Altcoins Trading-focused blockchain Sei’s latest SEI token launch did not go over as well as expected after being plagued with delays and problems with the token giveaway. Following negative downward price action since November 2021, the $BNB token has reached the point where a slide under the critical $220 level could lead to a calamitous -5x crash down to below $50. Blockchain security firm PeckShield has reported that around $1.7 million worth of ETH is stuck in the Shibarium Bridge after its launch failed to create a meme coin rally. Technology Vitalik Buterin, co-founder of Ethereum, provided an analytical dive into X's Community Notes tool via a post on his personal website. Business The Stellar Development Foundation (SDF) has made a strategic investment in MoneyGram International, which resulted in obtaining a coveted seat on the firm’s Board of Directors. GSR, the oldest market maker in the crypto space, is feeling the full impact of the ongoing bear market, with multiple top executives, including the CFO, departing the company. Crypto media outlet CoinDesk has cut its editorial staff by 45% as its parent company DCG prepares to introduce strategic investors. Coinbase has announced its official entry into the Canadian market in a strategic move that involved the integration of Interac payment rails. Regulation According to a notice published by the regulatory authority, Dubai’s Virtual Asset Regulatory Authority has hit digital asset exchange OPNX and its founders nearly $2.8 million. According to hedge fund manager Mark Yusko, banks take $7 trillion out of the system every year. In a major development, the Coinbase cryptocurrency exchange (COIN) has received regulatory approval to list crypto futures in the United States. From October 1st onwards, PayPal will temporarily halt its cryptocurrency sales in the United Kingdom, mainly because of the shifting regulatory environment in the UK. Republican members of the House Financial Services Committee are demanding that SEC Chair Gary Gensler explain how Prometheum got approval from the SEC. FTX founder Sam Bankman-Fried is in the news once again after a recent development revealed that he had allegedly used stolen customer funds to donate over $100 million to political campaigns. Cryptocurrency custodian Prime Trust and some affiliates filed for Chapter 11 bankruptcy on Monday after Nevada regulators placed it into receivership in June. Singapore’s central bank has announced the release of a revised regulatory framework to ensure stability for single-currency stablecoins regulated in the city-state. The SEC has taken decisive action against Crowe U.K. LLP, a pro-crypto London-based audit firm, over the auditing of music streaming service Akazoo. The Federal Deposit Insurance Corporation has included crypto in its annual risk review for the first time, stating that crypto presents key risks and that it needs closer supervision. NFT Coca-Cola has launched its new exclusive NFT collection, “Masterpiece,” on Coinbase’s Layer-2 network during the “Onchain Summer” festival. NFT marketplace OpenSea will be sunsetting its on-chain royalty enforcement tool, Operator Filter. Web3 Polygon Labs has partnered with Korean telecommunications company SK Telecom to develop a complete Web3 ecosystem. Singapore-based Web 3 gaming firm Affyn has entered a strategic partnership with Grand Prix Season Singapore to present a metaverse event to the fans. Security Base project RocketSwap has devised an emergency plan to recover from a brute force hack that siphoned away around 471 ETH, valued at around $865,000, on the 14th of August. DeFi platform Zunami Protocol has become the latest protocol to be hacked after confirming on Sunday that bad actors hacked its liquidity pool on Curve. 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.

Blockchain security firm PeckShield has reported that around $1.7 million worth of ETH is stuck in the Shibarium Bridge after its launch failed to create a meme coin rally, as was widely expected. The much-hyped and highly anticipated Shibarium Network went live late on Wednesday. ETH Stuck In Limbo Blockchain security firm PeckShield broke the news in a post on social media platform X. The firm stated that around $1.7 million worth of ETH was stuck in the Shibarium Bridge. The news comes shortly after Shibarium, a chain that was designed to facilitate the optimum utilization of dog-themed tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), Bone ShibaSwap (BONE), TREAT, and the much-hyped Doge killer LEASH. Many expected the launch of Shibarium to push the price of these meme coins into orbit. However, things did not go as planned and went sideways quite quickly, with the value of the tokens plummeting. Tokens such as TREAT were down 10%, while the BONE and LEASH tokens were down 17% and 25%, respectively, over the past 24 hours. While the developments have, no doubt, left many new users disappointed. However, recovery is possible as network users adapt and reconcile with the changes. SHIB Plunges By Over 9% The Shiba Inu (SHIB) token dropped nearly 10% as users began reporting widespread bridging issues after the Shibarium network went live on Wednesday. Available data showed that transactions on the network had been stalled for hours, with users transferring around 954 ETH worth $1.7 million and $750,000 worth of BONE tokens to the contract. Additionally, users were also blocked from sending messages on community forums on Discord after reports of the issue began to surface. The Shibarium Mainnet The Shibarium mainnet is an Ethereum Layer-2 scaling solution launched by Shiba Inu on the 16th of August. The launch was initiated after months of testing and participation from millions of users. In the end, around 21 million wallets were created. Shibarium uses a new consensus mechanism called the Proof-of-Participation, which selects validators based on the proportion of the quantity of their holdings in the associated crypto asset. This helps avoid the computational costs typically associated with Proof-of-Work consensus mechanisms. The new Layer-2 solution will interact with the Ethereum blockchain and provide a more scalable and cost-effective transaction platform. Significant Traction Prior to launch, Shiba Inu’s lead developer, who uses the pseudonym Shytoshi Kusama, stated that the new Layer-2 solution has already gained significant traction from new projects interested in building on it. According to a post by the developer on X, over 100 companies are already using the Layer-2 network. Kusama has also noted that people in the tech and blockchain industry are discussing an “everyday app.” However, they added that such innovations must be conducted from a community and decentralized perspective. They further added that Shibarium incorporates both of these principles without compromising on decentralization, interoperability, and user-centric design. Kusama elaborated that while the validator and delegator aspects of the new Layer-2 solution will keep it decentralized, its true innovation lies in the governance, framework, and charter that help govern the nascent ecosystem’s technology, community, and innovative aspects. “By using Shibarium for governance in this system, alongside self-sovereign identity to ensure quality membership (Shibizenship), the metaverse as our territory, and the ability to partner with other like-minded states, we have effectively shattered what nationhood is and rebuilt it upon the Shib ethos of decentralization!” Shibarium will utilize the Heimdall validator and Bor block production nodes, similar to that of the Polygon ecosystem. 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.

From October 1st onwards, PayPal will temporarily halt its cryptocurrency sales in the United Kingdom. This decision can be attributed to the shifting regulatory environment in the UK. The underlying motive behind this suspension appears to be twofold. Firstly, it underscores PayPal’s commitment to adhering strictly to local regulations. By suspending sales temporarily, the company is ensuring that it remains in compliance with the UK's dynamic regulatory framework on cryptocurrency transactions. This move demonstrates a precautionary measure to prevent any potential regulatory discord. Secondly, the pause can be seen as a measure to safeguard users. As the UK refines its stance on crypto activities, there might be potential uncertainties and implications for users. By taking this proactive step, PayPal aims to shield its clientele from potential pitfalls and uncertainties until the regulatory landscape is clearer. A significant driver behind these changes in the UK is the Financial Conduct Authority (FCA). The body has been proactive, focusing on establishing clearer guidelines and stricter regulations for cryptocurrency operations. The Authority’s stated goal is to bring clarity to the sector, protect investors, and mitigate the inherent risks associated with digital assets. In the US, PayPal has a lot more challenges on its plate. The recent supervisory letter issued by the Federal Reserve was a warning to banks that are doing business with crypto companies, or who are thinking of such a move. The letter reminds the banks of exactly what their due diligence entails, and adds that all Federal Reserve controlled banks must first gain permission from the Fed before engaging with any crypto-related entity. 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.

Blockchain security firm PeckShield estimates the protocol suffered more than $2.1 million from the price manipulation attack.

According to the blockchain security firm, Aave protocol's Earning Farm was compromised by a reentrancy attack on Aug. 9.

Zug, Switzerland, August 4th, 2023, ChainwireD8X's pre-seed round features Polygon Ventures, Axelar Network, Swissborg Ventures and othersD8X, an institutional-grade decentralized exchange (DEX) for derivatives on Polygon zkEVM, announced a $1.5 million pre-seed round with support from Polygon Ventures and other notable investors. The capital will help D8X launch a decentralized derivatives trading platform in the second half of 2023 that provides a white-labeling solution to trading partners seeking access to powerful derivatives products.The pre-seed round for D8X includes additional participation from Axelar Network, Swissborg Ventures, Cogitent Ventures, Veris Ventures, G1 Ventures, Pragma Ventures, CryptoDiscover and others.“DeFi is reshaping the future of finance. Projects like D8X are building the infrastructure that will help legacy finance to leap into web3,” said Polygon Co-Founder Sandeep Nailwal.Bridging CeFi to DeFiD8X's founders bet on centralized players wanting to offer decentralized crypto derivatives to their clients without having to hire experts to develop in-house market-making and trading engines. D8X provides a white-label solution to partners who act as brokers and earn fees by running their own front ends powered by the D8X trade engine and shared liquidity.Financial Engineering On ChainD8X’s sophisticated on-chain solutions curb costs and offer products that are competitive with centralized exchanges, such as cost-efficient hedging, a prerequisite for building a highly functional derivative trading space. Contract trading allows other DeFi protocols to efficiently hedge on-chain. Their perpetuals can be calibrated for a wide range of assets and support—as a first in DeFi—linear, inverse and quanto perpetuals. At launch, a liquidity pool in Lido's staked ETH (stETH) will enable liquidity providers to earn the Lido yield while simultaneously participating in the DEX’s earnings.D8X is the first business-to-business (B2B) DEX built on Polygon’s zkEVM, harnessing the power of zero-knowledge proofs to cut transaction fees, increase security and scale operations across the Polygon and Ethereum networks.“D8X is part of a driving force of innovation and community in Polygon’s 2.0 zero-knowledge space,” said Polygon Director of Growth Hamzah Khan.D8X is a fully decentralized DEX following regulatory guidance from Switzerland’s financial market regulator FINMA.“We thank all our investors for believing in D8X's vision to bring truly decentralized derivatives as white-labeling solutions to institutions. With best-in-class financial engineering and risk management, D8X is changing the way decentralized derivatives are traded,” said D8X co-founder Caspar Sauter.The production codebase of D8X was audited by PeckShield and an earlier version was audited by Hacken.About D8XD8X is a Polygon Ventures-supported institutional-grade perpetual futures DEX with a financial engineering approach that elevates the way perpetual futures can be traded on-chain. Think of a powerful and decentralized trading platform on Polygon zkEVM that offers white-labeling to institutions. D8X’s pricing mechanism adapts to changing market conditions protecting liquidity providers and profitable traders in volatile periods, resulting in superior DeFi trading conditions.D8X | Twitter | GitHub | DocsContactPR DirectorPatrick [email protected]

According to initial analysis by Peckshield, the root cause for Conic Finance’s hack was the new CurveLPOracleV2 contract.