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Wrapped Bitcoin(WBTC)

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$26,586.69
(-0.31%)
1.00203674 BTC
Market Cap (Rank#17)
$4,332,959,780
163,307 BTC
Vol 24h
$1,411,127
53.1846 BTC
Circulating Supply
162,974.76
Max Supply
119,893
25 days agocryptodaily
Core Quickswap Members Launch 50x Leverage on Kava Chain
Georgetown, Cayman Islands, August 30th, 2023, Chainwire Multiple core contributors of Quickswap, celebrated for their success on Polygon, have launched their next venture: Kinetix Finance on Kava Chain. Kava Chain is a Layer-1 Cosmos-Ethereum interoperability blockchain. The Kinetix Finance perpetual exchange is tailored for users eager to leverage trade without the limitations of traditional centralized exchanges. Kinetix's innovative Perpetual Market allows users to leverage trade on the Kava Chain. The Perpetual Market meets the rising demand for decentralized trading solutions, offering users leveraged exposure to crypto assets like KAVA, axlETH, axlWBTC, ATOM, and USDt all while ensuring utmost transparency and security. "The Perpetual Market is not just another trading platform — it is a reflection of Kinetix's dedication to providing decentralized solutions that empower our users. With this platform, we're offering a unique, secure, and efficient way to leverage trade on the Kava Chain," said Kinetix team lead Alexi Atlas. At the heart of Kinetix's Perpetual Market is the distinctive liquidity pool system, KLP. LPs can offer any of the initial five supported assets: KAVA, axlETH (ETH), axlBTC (BTC), ATOM, and USDT. In return for contributing these tokens, participants receive KLP, a special liquidity token representing the entire basket. This decentralized structure, combined with the protocol's AMM, facilitates leverage trading, allowing users to borrow based on the value of their collateral. “Kinetix's Perpetual Market boasts a suite of features tailored to cater to sophisticated DeFi users. Its decentralized nature guarantees that positions of any size can be taken with clarity and safety,” said Scott Stuart, Kava Chain Co-founder. “And the KLP token is a nod to traditional liquidity pool systems, ensuring familiarity and ease of use for traders.” For more updates, follow Kava Chain and Kinetix Finance on X (fka Twitter). About Kava Kava Chain is a secure, lightning-fast Layer-1 blockchain that combines the developer power of Ethereum with the speed and interoperability of Cosmos in a single, scalable network. Committed to fostering innovation and growth, Kava Chain is a trusted choice for developers and users worldwide. About Kinetix Kinetix Finance is building a DeFi Hub featuring perpetual futures trading and the most sophisticated trading instruments on Kava, connecting the major building blocks of decentralized finance. Your best trade, every trade. Contact Media ManagerGuillermo [email protected]
38 days agocryptodaily
TRON DAO Ventures Invests $2 Million in CRV and Curve to Launch on TRON and BTTC
Geneva, Switzerland, August 17th, 2023, ChainwireTRON DAO Ventures, the investment arm of TRON DAO, has recently bought $2 million worth of CRV tokens. As part of this strategic partnership, Curve will launch on both the TRON and the BTTC networks.Curve is a decentralized exchange acclaimed for its automated market makers (AMMs) tailored for stablecoin trading. Having experienced an exponential surge in the latter half of 2020, it once established itself as the epitome of DeFi platforms. Currently, Curve ranks as the world's second-largest decentralized exchange (DEX) and the largest DEX for stablecoin trading.The recent hack targeting the platform has led to a chain reaction in the DeFi space. TRON founder Justin Sun promptly expressed his support for Curve after the incident, stating, "Curve is an essential DeFi infrastructure for the blockchain industry. Our thoughts are with the team and the users affected. As a community, let's support and strengthen the security measures to protect our decentralized ecosystem."Amidst the volatile market on August 1, TRON forged a partnership with Curve, introducing a stUSDT pool on the platform. stUSDT, the world's first rebase real-world asset (RWA) protocol on the TRON blockchain, is hailed as the Web3 world's version of Yu'E Bao (once China’s largest money market fund). According to Defillama, the TVL on stUSDT has already exceeded $700 million.Following that, TRON DAO Ventures announced its investment in Curve, underscoring TRON's ecosystem support not only through collaboration but also through financial backing. Meanwhile, Curve will integrate with the TRON and the BTTC networks as part of the partnership.The collaboration among TRON, BTTC, and Curve is set to generate crucial synergies for the industry. Curve, a foundation infrastructure in the DeFi domain, offers significant advantages in terms of reduced financial costs and time inefficiencies while also supporting prominent public blockchains like Ethereum, Arbitrum, and Avalanche. This collaboration is poised to help further develop TRON's DeFi ecosystem. Meanwhile, as a major driver of DeFi innovation, TRON will share its most secure and cutting-edge products with Curve.The integration between Curve and BTTC will also fuel the growth of DeFi ecosystems, especially DEX platforms. As the industry's first heterogeneous cross-chain interoperability protocol, BTTC has supported cross-chain functionality between TRON, Ethereum, and BNB Chain upon its release. It will also introduce zero-knowledge (ZK) proof technology later this year, which enables users to build dApps seamlessly across different blockchains, promoting an inclusive ecosystem open to everyone.With the backing of TRON and BTTC, Curve anticipates a rapid rebound, and users are bound to witness a more vibrant DeFi ecosystem in the crypto industry.About TRON DAOTRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of August 2023, it has over 179.07 million total user accounts on the blockchain, more than 6.26 billion total transactions, and over $13.01 billion in total value locked (TVL), as reported on TRONSCAN.In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. Most recently in October 2022, TRON was designated as the national blockchain for the Commonwealth of Dominica, which marks the first time a major public blockchain partnered with a sovereign nation to develop its national blockchain infrastructure. On top of the government’s endorsement to issue Dominica Coin (“DMC”), a blockchain-based fan token to help promote Dominica’s global fanfare, seven existing TRON-based tokens - TRX, BTT, NFT, JST, USDD, USDT, TUSD, have been granted statutory status as authorized digital currency and medium of exchange in the country.TRONNetwork | TRONDAO | Twitter | YouTube | Telegram | Discord | Reddit | GitHub | Medium | ForumAbout CurveFounded by Michael Egorov and launched in January 2020, Curve Finance positions itself as a DEX built on an AMM model. It focuses on the trading of stablecoins (USDT, USDC, DAI), synthetic assets/derivatives/staking assets (wBTC, renBTC, stETH), etc. In addition to its stronghold Ethereum, Curve also extended its presence across other chains such as Fantom, Polygon, Avalanche, Arbitrum, and Optimism.ContactHayward [email protected]
38 days agocryptodaily
TRON DAO Ventures Invests $2 Million in CRV and Curve to Launch on TRON and BTTC
Geneva, Switzerland, August 17th, 2023, ChainwireTRON DAO Ventures, the investment arm of TRON DAO, has recently bought $2 million worth of CRV tokens. As part of this strategic partnership, Curve will launch on both the TRON and the BTTC networks.Curve is a decentralized exchange acclaimed for its automated market makers (AMMs) tailored for stablecoin trading. Having experienced an exponential surge in the latter half of 2020, it once established itself as the epitome of DeFi platforms. Currently, Curve ranks as the world's second-largest decentralized exchange (DEX) and the largest DEX for stablecoin trading.The recent hack targeting the platform has led to a chain reaction in the DeFi space. TRON founder Justin Sun promptly expressed his support for Curve after the incident, stating, "Curve is an essential DeFi infrastructure for the blockchain industry. Our thoughts are with the team and the users affected. As a community, let's support and strengthen the security measures to protect our decentralized ecosystem."Amidst the volatile market on August 1, TRON forged a partnership with Curve, introducing a stUSDT pool on the platform. stUSDT, the world's first rebase real-world asset (RWA) protocol on the TRON blockchain, is hailed as the Web3 world's version of Yu'E Bao (once China’s largest money market fund). According to Defillama, the TVL on stUSDT has already exceeded $700 million.Following that, TRON DAO Ventures announced its investment in Curve, underscoring TRON's ecosystem support not only through collaboration but also through financial backing. Meanwhile, Curve will integrate with the TRON and the BTTC networks as part of the partnership.The collaboration among TRON, BTTC, and Curve is set to generate crucial synergies for the industry. Curve, a foundation infrastructure in the DeFi domain, offers significant advantages in terms of reduced financial costs and time inefficiencies while also supporting prominent public blockchains like Ethereum, Arbitrum, and Avalanche. This collaboration is poised to help further develop TRON's DeFi ecosystem. Meanwhile, as a major driver of DeFi innovation, TRON will share its most secure and cutting-edge products with Curve.The integration between Curve and BTTC will also fuel the growth of DeFi ecosystems, especially DEX platforms. As the industry's first heterogeneous cross-chain interoperability protocol, BTTC has supported cross-chain functionality between TRON, Ethereum, and BNB Chain upon its release. It will also introduce zero-knowledge (ZK) proof technology later this year, which enables users to build dApps seamlessly across different blockchains, promoting an inclusive ecosystem open to everyone.With the backing of TRON and BTTC, Curve anticipates a rapid rebound, and users are bound to witness a more vibrant DeFi ecosystem in the crypto industry.About TRON DAOTRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of August 2023, it has over 179.07 million total user accounts on the blockchain, more than 6.26 billion total transactions, and over $13.01 billion in total value locked (TVL), as reported on TRONSCAN.In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. Most recently in October 2022, TRON was designated as the national blockchain for the Commonwealth of Dominica, which marks the first time a major public blockchain partnered with a sovereign nation to develop its national blockchain infrastructure. On top of the government’s endorsement to issue Dominica Coin (“DMC”), a blockchain-based fan token to help promote Dominica’s global fanfare, seven existing TRON-based tokens - TRX, BTT, NFT, JST, USDD, USDT, TUSD, have been granted statutory status as authorized digital currency and medium of exchange in the country.TRONNetwork | TRONDAO | Twitter | YouTube | Telegram | Discord | Reddit | GitHub | Medium | ForumAbout CurveFounded by Michael Egorov and launched in January 2020, Curve Finance positions itself as a DEX built on an AMM model. It focuses on the trading of stablecoins (USDT, USDC, DAI), synthetic assets/derivatives/staking assets (wBTC, renBTC, stETH), etc. In addition to its stronghold Ethereum, Curve also extended its presence across other chains such as Fantom, Polygon, Avalanche, Arbitrum, and Optimism.ContactHayward [email protected]
48 days agocryptodaily
OPNX Launches Bid To Acquire 75% Of Crypto Lender Hodlnaut
OPNX, the newly launched crypto exchange by founders of the now-defunct Three Arrows Capital (3AC), has reportedly launched a bid to take over struggling crypto lender Hodlnaut. If the bid is approved, the deal could see an injection of around $30 million worth of FLEX tokens into Hodlnaut. A White Knight Investor For Hodlnaut? According to a report in Bloomberg, the OPNX exchange has made an offer to acquire 75% of the struggling crypto lender. The bid comes at a critical time for Hodlnaut, which is undergoing a restructuring plan under the supervision of a Singapore court. The deal would see a significant capital injection into Hodlnaut and would partially cover outstanding claims and creditor payouts. If the deal is approved, creditors will receive 30% of their claims in FLEX tokens and other cryptocurrencies. This offer also gives them a direct stake in the future potential of the entity being acquired. Alternatively, creditors also have the choice of opting for a pro-rata payment, allowing them to recover about 95% of the available corporate asset pool. According to OPNX, this option prioritizes the immediate financial recovery and stability of creditors. However, the bid is subject to approval from Hodlnaut’s creditors, who effectively hold the fate of the acquisition in their hands. The creditors’ decisions could also have a significant impact on the larger crypto-lending ecosystem. Unclear If Deal Goes Through So far, it remains to be seen if Hodlnaut’s creditors will accept the deal. Back in April, a significant majority of the struggling crypto lender’s creditors indicated their desire to liquidate the company. In a letter from the interim judicial manager (IJM), users representing 55.38% of creditors having claims of around 228.3 million Singaporean dollars ($170 million) have indicated that they prefer liquidation rather than restructuring. However, at the time, there was no source of fresh capital for the company. “There appears to be no indication of a white knight investor to date, and hence no prospect of any fresh capital injection.” Meanwhile, only users with around 2.42% of claims supported looking into the restructuring option. However, all of these claims belonged to company directors. A mediation proposal was also opposed by the major creditors of the company, including Samtrade Custodian and SAM Fintech, and the Algorand Foundation. Algorand has a $35 million exposure to Hodlnaut. The Hodlnaut Fiasco Hodlnaut halted all withdrawals in August 2022, as the turmoil in the crypto markets led to a significant liquidity crisis for the crypto lender. Eventually, the company entered into judicial management, temporarily protecting it against legal action. Following this, the company entered into a court-based restructuring process, shedding light on the extent of its financial difficulties. The company had stated at the time, “We are aiming to avoid a forced liquidation of our assets as it […] will require us to sell our users’ cryptocurrencies such as BTC, ETH, and WBTC at these current depressed asset prices.” With Hodlnaut struggling with the complexities of financial rehabilitation and creditor interests, founders Zhu Juntao and Simon Lee proposed selling the business as an alternative to liquidation, arguing it would result in a more favorable outcome for creditors. Furthermore, regulatory concerns have also compounded troubles, with figures associated with Hodlnaut and OPNX facing reprimands in Dubai for operating OPNX without the necessary local licenses. The OPNX Exchange And Its 3AC Connection The FLEX token is the native token of the CoinFLEX exchange, founded by Sudhu Arumugam and Mark Lamb. Arumugam and Lamb are also the co-founders of OPNX, a crypto claims trading marketplace. Other co-founders of OPNX include Kyle Davies and Su Zhu, who founded the now-bankrupt crypto hedge fund Three Arrows Capital. Creditors are pursuing both Zhu and Davies in the US over bankruptcy proceedings. The legal team representing creditors filed a motion urging that Davies be held in contempt of court for wilfully ignoring a subpoena connected to the firm’s bankruptcy proceedings. Creditors have alleged that Davies is purposely delaying asset recovery. However, the motion does not apply to co-founder Su Zhu, who, thanks to his Singaporean nationality, is not subject to the jurisdiction of US courts. 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.
48 days agocryptodaily
OPNX Launches Bid To Acquire 75% Of Crypto Lender Hodlnaut
OPNX, the newly launched crypto exchange by founders of the now-defunct Three Arrows Capital (3AC), has reportedly launched a bid to take over struggling crypto lender Hodlnaut. If the bid is approved, the deal could see an injection of around $30 million worth of FLEX tokens into Hodlnaut. A White Knight Investor For Hodlnaut? According to a report in Bloomberg, the OPNX exchange has made an offer to acquire 75% of the struggling crypto lender. The bid comes at a critical time for Hodlnaut, which is undergoing a restructuring plan under the supervision of a Singapore court. The deal would see a significant capital injection into Hodlnaut and would partially cover outstanding claims and creditor payouts. If the deal is approved, creditors will receive 30% of their claims in FLEX tokens and other cryptocurrencies. This offer also gives them a direct stake in the future potential of the entity being acquired. Alternatively, creditors also have the choice of opting for a pro-rata payment, allowing them to recover about 95% of the available corporate asset pool. According to OPNX, this option prioritizes the immediate financial recovery and stability of creditors. However, the bid is subject to approval from Hodlnaut’s creditors, who effectively hold the fate of the acquisition in their hands. The creditors’ decisions could also have a significant impact on the larger crypto-lending ecosystem. Unclear If Deal Goes Through So far, it remains to be seen if Hodlnaut’s creditors will accept the deal. Back in April, a significant majority of the struggling crypto lender’s creditors indicated their desire to liquidate the company. In a letter from the interim judicial manager (IJM), users representing 55.38% of creditors having claims of around 228.3 million Singaporean dollars ($170 million) have indicated that they prefer liquidation rather than restructuring. However, at the time, there was no source of fresh capital for the company. “There appears to be no indication of a white knight investor to date, and hence no prospect of any fresh capital injection.” Meanwhile, only users with around 2.42% of claims supported looking into the restructuring option. However, all of these claims belonged to company directors. A mediation proposal was also opposed by the major creditors of the company, including Samtrade Custodian and SAM Fintech, and the Algorand Foundation. Algorand has a $35 million exposure to Hodlnaut. The Hodlnaut Fiasco Hodlnaut halted all withdrawals in August 2022, as the turmoil in the crypto markets led to a significant liquidity crisis for the crypto lender. Eventually, the company entered into judicial management, temporarily protecting it against legal action. Following this, the company entered into a court-based restructuring process, shedding light on the extent of its financial difficulties. The company had stated at the time, “We are aiming to avoid a forced liquidation of our assets as it […] will require us to sell our users’ cryptocurrencies such as BTC, ETH, and WBTC at these current depressed asset prices.” With Hodlnaut struggling with the complexities of financial rehabilitation and creditor interests, founders Zhu Juntao and Simon Lee proposed selling the business as an alternative to liquidation, arguing it would result in a more favorable outcome for creditors. Furthermore, regulatory concerns have also compounded troubles, with figures associated with Hodlnaut and OPNX facing reprimands in Dubai for operating OPNX without the necessary local licenses. The OPNX Exchange And Its 3AC Connection The FLEX token is the native token of the CoinFLEX exchange, founded by Sudhu Arumugam and Mark Lamb. Arumugam and Lamb are also the co-founders of OPNX, a crypto claims trading marketplace. Other co-founders of OPNX include Kyle Davies and Su Zhu, who founded the now-bankrupt crypto hedge fund Three Arrows Capital. Creditors are pursuing both Zhu and Davies in the US over bankruptcy proceedings. The legal team representing creditors filed a motion urging that Davies be held in contempt of court for wilfully ignoring a subpoena connected to the firm’s bankruptcy proceedings. Creditors have alleged that Davies is purposely delaying asset recovery. However, the motion does not apply to co-founder Su Zhu, who, thanks to his Singaporean nationality, is not subject to the jurisdiction of US courts. 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.
53 days agonulltx
WrappedBitcoin (WBTC) Sees Largest Transaction Volume, Impacts Bitcoin Price
Today’s surge in WrappedBitcoin (WBTC) activity, driven by two significant 2,000 $WBTC moves, has led to a drop in exchange supply. This decrease in available WBTC on exchanges suggests increased demand and potential interest from investors and traders. The surge in on-chain transaction volume, reaching its highest level in over a month, indicates a heightened […]
74 days agocryptodaily
Struct Finance Transforms DeFi Landscape on Avalanche With the Launch of Tranche-based BTC.B-USDC Vaults
Tortola, British Virgin Islands, July 12th, 2023, ChainwireIn its ongoing journey to reshape the crypto investing landscape, Struct Finance, a DeFi platform that enables investors to engage with tailored interest rate products linked to digital assets, is thrilled to announce the launch of the BTC.B-USDC Vaults.The tranche-based BTC.B-USDC Interest Rate Product was made possible by effectively leveraging Avalanche’s BTC.B (Bridged Bitcoin) for DeFi applications. The new vault beautifully complements Struct Finance’s Genesis USDC Vaults, heralding an exciting era in DeFi yield opportunities. Struct Finance built the new vault on top of GMX's Liquidity Provider Token (GLP) to generate predictable yields for BTC in the form of fixed returns, and USDC in the form of variable returns, while still leveraging a secure asset and minimizing volatility and exposure to other risks.“Our BTC.B-USDC Vaults represent an innovative application of Bitcoin in DeFi. We're taking full advantage of Avalanche's Bridged Bitcoin (BTC.B) to bring about a fresh wave of opportunities in the digital asset space,” said Ersin Dalkali, the Co-founder of Struct Finance.While Bitcoin continues to dominate the market, its inherent lack of a DeFi layer has traditionally made native yield generation quite challenging. Avalanche has unlocked new possibilities for Bitcoin in DeFi with BTC.B (Bridged Bitcoin). Unlike WBTC that relied on centralized bridges, BTC.B is minted via Avalanche Core — a decentralized bridge — and can be trustlessly bridged across networks using the Layer Zero bridge.At present, Bitcoin investments in prominent lending pools yield between 0.2–0.5%. Even the stable swap pools offering wBTC-BTC.B products only manage to deliver returns of about 2%. Struct’s BTC.B-USDC product shatters these limitations, offering significantly higher yields.The purpose of BTC.B is to empower BTC holders to explore DeFi opportunities on the Avalanche blockchain, without the need to acquire secondary tokens or rely on centralized bridges. BTC.B represents BTC coins transferred to the Avalanche blockchain in the form of ERC-20 tokens. With over 6000 BTC bridged and a fully diluted value of $180 million, BTC.B is carving a niche for itself in the crypto arena.The Bitcoin ETF applications by BlackRock, WisdomTree, and Invesco – three of the world’s leading asset managers – are not just a mere submission. It is a signal that the traditional financial realm is ready to embrace Bitcoin on a new level. Recently, the US Securities and Exchange Commission (SEC) gave the green light to a 2X leveraged Bitcoin ETF, sparking an enthusiastic wave of speculation and anticipation for approval of a spot Bitcoin ETF.Delta hedgingAmid the highly volatile crypto industry, Struct Finance’s Interest Rate Products allow anyone to split and repackage the risk of any yield-bearing DeFi assets in different parts to fit their risk profile through an innovative process called “tranching.” Every Interest Rate Product is a single vault split into two portions, or tranches that have different return configurations:A Fixed-return Tranche for conservative investors looking for consistent returnsA Variable-return Tranche for investors with a higher risk appetite seeking superior returnsThe yield from the underlying asset flows into the fixed tranche first to ensure predictable returns. The remainder is then allocated to the variable tranche, which gets enhanced exposure to the underlying yield-bearing asset. Compared to the fixed tranche, the variable tranche might accrue more yield, less yield, or no yield.As part of its BTC.B-USDC Vaults, Struct Finance has implemented a unique approach to managing investment risk: delta hedging. While the fixed tranche takes center stage with its high yield, the variable side of the product offers an additional layer of intriguing complexity and potential.Upon deployment of funds into the vault, the BTC.B in the fixed tranche gets converted into GMX’s GLP token, setting up a position that’s short Bitcoin against GLP and contributing a negative delta. In contrast, the USDC on the variable side is converted into GLP, which inherently carries a positive delta.This innovative delta-hedged product design achieves a fine balance between the positive and negative delta forces. It results in a robust strategy that allows investors to confidently navigate the crypto market’s inherent volatility.This artful interplay of the fixed and variable sides within the vaults opens the doors for investors to tap into the potential of Bitcoin investments like never before. By catering to a diverse range of risk appetites, Struct Finance ensures that both retail and institutional investors can tailor their strategies to maximize their returns, regardless of market conditions.About Struct FinanceStruct Finance is at the forefront of the DeFi revolution, with a vision to transform the design and utility of financial products. It empowers users to design their own financial instruments, harnessing the power of tokenized, yield-bearing positions to unlock a world of diverse investment opportunities. Moreover, its cutting-edge financial products adopt a tranche-based system, smartly distributing yield between different investor classes. This balanced approach guarantees a steady yield for risk-averse investors while also offering the prospect of heightened returns to the more adventurous. Initially available on Avalanche, Struct Finance plans to go multichain in the near future.For more information, visit: Website | Twitter | Discord | TelegramDisclaimer: This release is for informational purposes only and should not be construed as financial promotion.ContactMiguel [email protected]
76 days agocryptodaily
DeFi Platform Arcadia Finance Hacked for $455K
Another day, another DeFi hack. Arcadia Finance has reportedly been the victim of an exploit which allowed hackers to drain roughly $455,000. Decentralised finance (DeFi) platform Arcadia Finance has reportedly become the latest victim of a hack. Blockchain investigating firm PeckShields reported the exploit and said it was due to “the lack of untrusted input validation.” #PeckShieldAlert Our community contributor has detected that @ArcadiaFi has been exploited on both #Ethereum and #Optimism for ~$455KThe exploiter on #Ethereum was frontrun by 0x5C75e94dD0Ab9c10BFd1B8073DafEF031D3c050dhttps://t.co/blGx5IEAkkThe exploiter on #optimism… pic.twitter.com/WDzF0XVcmL — PeckShieldAlert (@PeckShieldAlert) July 10, 2023 PeckShields alerted about a code vulnerability that allowed a hacker to drain funds worth about $455,000 from Ethereum (darcWETH) and Optimism (darcUSDC) vaults. According to the firm, the code vulnerability lacked a validation mechanism to cross-check unverified inputs. It added, “There is a lack of reentrancy protection, which allows for the instant liquidation to bypass the internal vault health check.” PeckShields also reported the exploiter transferred roughly 179 ETH by bridging 148 ETH and swapping 59,000 USDC to crypto mixer Tornado Cash. Arcadia TVL Drops 76% Following the hack, DeFiLlama reported that Arcadia’s Total Value Locked (TVL) dropped by a staggering 76%, from $605,000 to $145,000. The exploit on Arcadia Finance comes only days after a $130 million hack on Multichain’s MPC bridge platform. Observers noted $102 million worth of crypto was withdrawn from the Multichain Fantom bridge on the Ethereum side. $666,000 worth of Dogecoin (DOGE) and $5 million from Moonriver were also removed. An additional 7214 Wrapped Ether tokens, 1024 Wrapped Bitcoin, and $58 million worth of USDC tokens were drained from the Fantom bridge’s Ethereum smart contract. Arcadia Acknowledges Exploit Arcadia Finance acknowledged the exploit on their protocol but has yet to provide further information. The platform informed its users this morning that it had contacted the hacker. We have initiated contact with the attacker. https://t.co/dh74gG90n6 https://t.co/O39Slsc1z5We will continue to work with our security partners, law enforcement, and the broader community to resolve this as best we can. Our number one priority is recovering funds for Arcadia… — Arcadia Finance (@ArcadiaFi) July 10, 2023 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.
79 days agocryptodaily
$130M Worth Of Outflows From Multichain Spark Fears Of Exploit
The Multichain MPC bridge platform has seen abnormally large outflows, fueling concerns that the platform could be a target for a multi-million dollar exploit. According to the available information, over $130 million worth of crypto has been moved out from the bridge platform. Huge Outflows From Multichain The outflows first came to light on the 6th of July, when observers noticed that $102 million worth of crypto was withdrawn from the Multichain Fantom bridge on the Ethereum side. Additionally, $666,000 worth of Dogecoin and $5 million from Moonriver were also withdrawn. Additionally, 7214 Wrapped Ether (WETH) tokens worth $13.6 million, 1024 Wrapped Bitcoin (WBTC) worth $31 million, and $58 million worth of the USDC stablecoin were withdrawn from the Fantom bridge’s Ethereum smart contract. The total value of the cryptocurrency removed by the end of the day stood at over $100 million. Additionally, the Dogecoin bridge’s Ethereum contract saw a withdrawal of around $666,000, which accounts for over 86% of its total deposits. As a result, the bridge currently has only around $100,000 worth of assets remaining. Over $5.8 million worth of USDT and USDC were also withdrawn from the Multichain Moonriver contracts on Ethereum, with the Moonriver bridge contracts now having only around $700,000 remaining on them. Possible Exploit? Several on-chain investigators took to Twitter to warn the community that the event could be a possible exploit. Curve Finance was among the first to warn users that Multichain was, in all probability, hacked and that they should revoke all approvals. “Multichain likely hacked. Exit all multichain assets. Good idea to revoke approvals to multichain bridge if you had any.” Blockchain security firm PeckShield tagged Multichain in a Twitter post, highlighting the Phantom chain transactions and urging the team to take a closer look. Another commentator remarked that the entire fiasco looked like another massive hack, while On-chain investigator Spreek posted the Dogecoin transactions, urging the team to look at the transactions. However, Multichain did not respond to the tweets in question. Meanwhile, Fantom Foundation CEO Michael Kong stated that the Fantom team was looking into the issue. Multichain Finally Responds Multichain finally responded to users in a later tweet, stating that the movement of funds was indeed abnormal, and the team was “unsure of what was happening and is currently investigating the issue.” Multichain stated on Twitter, “The lockup assets on the Multichain MPC address have been moved to an unknown address abnormally. The team is not sure what happened and is currently investigating. It is recommended that all users suspend the use of Multichain services and revoke all contract approvals related to Multichain.” Multichain’s Growing Issues Multichain is a multi-party computation (MPC) bridging network, enabling users to bridge assets between chains. When a user wishes to bridge an asset, Multichain first confirms if the assets have been locked on the first chain. Once confirmed, the network mints the derivative assets on the second chain. When a user wishes to make a withdrawal, the process repeats itself, but in reverse. It will first confirm if the derivative assets have been destroyed on the second chain before releasing the locked assets back on the first chain. Multichain’s team claims that the cryptographic keys controlling the entire process are split into shards and then distributed throughout the network. This should, theoretically, prevent any entity from making unauthorized withdrawals. However, Multichain has been in the news for all the wrong reasons after suffering unspecified technical problems over the past few weeks. The team announced on the 31st of May that the CEO had gone missing, with the network suffering a multitude of problems due to unforeseeable circumstances, leading to significant transaction delays. Binance also announced that it was halting the withdrawal of some Multichain derivative tokens due to network issues on Multichain. 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.
89 days agocryptodaily
Chibi Finance Executes $1M Rug Pull
Chibi Finance, an Arbitrum-based yield farming optimizer, reportedly conducted a major exit scam earlier today. CertiK, a blockchain security firm, confirmed that the developers behind Chibi Finance had stolen approximately $1 million worth of various tokens, according to their analysis of blockchain data shared to the CryptoDaily Editorial team. This factor led to the price of the CHIBI token to plummet by 98%. The Scam and its Execution Chibi Finance's exit scam unfolded as the developers, having gained control of the platform's smart contracts, proceeded to steal a significant amount of users' funds. The scam was orchestrated using a malicious contract set up by the deployer of Chibi Finance. By establishing this malicious contract as the _gov address, the developers gained the ability to invoke the panic function. This function enabled them to trigger an emergencyWithdraw of funds to the exit scammer's address. Approximately 256,012.95 USDC, 94.67 WETH, 4.25520843 WBTC, 115,049 USDT, and 89,563.95 ARB were siphoned off from the project's contracts. The stolen assets were subsequently swapped for 555 ETH, which were then bridged from the Arbitrum network to the Ethereum network. These funds were ultimately laundered through Tornado Cash, a privacy-focused Ethereum mixing service frequently used to obscure transactional activity. Aftermath and Indications of Fraud In the immediate aftermath of the scam, the price of the CHIBI token plummeted, registering a staggering 98% drop. Adding to the distressing developments, Chibi Finance also deactivated its Twitter account and took down its official website, thereby leaving no room for doubt about the fraudulent nature of the operation. The exit scam came as a shock to the users of Chibi Finance, which had launched around April 2023 and had promoted itself as a yield-optimizing service on the Arbitrum chain. In addition to auto-compounded yields, Chibi Finance had touted several other features typically associated with yield farming. The platform had undergone its first audit on May 31 and had recently reported $500k in Total Value Locked (TVL), with ambitions to reach $1 million. As recent as June 26, Chibi Finance announced that it had been listed on CoinGecko. Scams on the Arbitrum Network: A Growing Concern This exit scam is unfortunately not an isolated incident. CertiK reports that over $14 million has been lost to scams on the Arbitrum network across 12 different instances in 2023 alone. The growing number of such fraudulent activities underlines the need for greater vigilance and more stringent security measures in the decentralized finance (DeFi) space. These scams, commonly referred to as "rug pulls," typically involve developers gaining legitimacy on social media, hyping up their projects, and raising substantial amounts of money. Once the project's tokens are offered to the public, the developers abruptly withdraw the liquidity, leaving the token holders high and dry. This incident serves as a cautionary tale, underscoring the importance of thorough due diligence and careful assessment of risk when investing in DeFi projects, especially those operating on relatively new platforms such as Arbitrum. The security and integrity of smart contracts remain crucial factors to consider, and potential investors are advised to be wary of any red flags that may indicate possible fraudulent intentions. 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.
90 days agocryptodaily
Celsius Lenders Allege Wintermute Helped Firm In Wash Trading
Creditors of bankrupt crypto lender Celsius have amended their lawsuit to include Wintermute, alleging that the firm assisted executives of the lending firm by facilitating wash trading and fraudulently manipulating trading volumes. Wintermute Caught In Legal Quagmire According to the new court filing, Wintermute Trading Ltd has been added as a new defendant in the ongoing class action lawsuit against Celsius Network. Celsius creditors recently amended the lawsuit filed in the United States District Court for the District of New Jersey, alleging that executives from the bankrupt crypto lender had engaged Wintermute to facilitate wash trading and inflate the trading volume on the platform. According to the filing, this was done between March 2021 and June 2022, when the firm froze withdrawals. Wash trading is a type of market manipulation where a company creates the illusion that an asset is trading at a higher volume than it actually is. “Defendant Wintermute and the Executive Defendants engaged in a scheme that artificially inflated the trading volume of the CEL tokens sold and marketed by Celsius.” The filing also stated that the alleged scheme was discovered through publicly available internal conversations between executives from Celsius. Furthermore, it was also reported that Celsius did not have any measures to prevent improper or malicious wash trading. “The supposed controls were virtually non-existent, and those that did exist did not monitor for or protect against “wash trading” or self-dealing.” Before it filed for bankruptcy, Celsius allegedly transferred $160 million of wrapped bitcoin to third-party wallets. It is alleged that Wintermute controlled several of these wallets. According to blockchain intelligence firm Arkham, Celsius also ended up moving around $20 million worth of wrapped Ethereum (WETH) into a Wintermute-controlled wallet. Wintermute itself was caught up in a hacking fiasco in September 2022, when the protocol suffered a breach and ended up losing around $160 million across 90 assets held in the company’s portfolio. Following the hack, the Wintermute CEO had to reassure users, lenders, and partners that the company remained solvent. Fahrenheit Acquires Celsius Assets The developments come after it was reported that Celsius assets had been acquired through an auction. According to reports published on the 25th of May, crypto consortium Fahrenheit had acquired the Celsius assets after a successful bid. The assets were previously valued at $2 billion. As a result of the successful bid, the Fahrenheit consortium acquired Celsius Network’s staked cryptocurrencies, institutional loan portfolio, mining units, and several other alternative investments made by the lender. The acquisition comes nearly a year after Celsius filed for Chapter 11 bankruptcy in July 2022. 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.
130 days agocryptopotato
Bankrupt Crypto Lender Celsius Moved Nearly $900M of ETH Within a Week: Data
In March, the company transferred to convert Wrapped Bitcoin (wBTC) tokens into Bitcoin.
147 days agonulltx
Crypto Users Sets To Enjoy Amazing Utilities On Sparklo (SPRK) Despite Trust Wallet Token (TWT) And Wrapped Bitcoin (wBtc) Developments
If you’re a cryptocurrency user, you’re probably used to constantly seeing new developments and updates. But one project worth paying attention to is Sparklo (SPRK). Despite the recent developments with Trust Wallet Token (TWT) and Wrapped Bitcoin (wBtc), Sparklo is set to offer its users some unique utilities that could change how they invest in […]
153 days agocoindesk
Wrapped Bitcoin Token Goes Live on Cardano Testnet
The anetaBTC project aims to attract bitcoin liquidity to the Cardano ecosystem.
177 days agocoindesk
Bitcoin Drops Below $28K as Options Expire, Traders Borrow WBTC From Aave
WBTC is the largest tokenized version of bitcoin and can be swapped on a 1:1 basis for BTC.

About Wrapped Bitcoin?

The live price of Wrapped Bitcoin (WBTC) today is 26,586.69 USD, and with the current circulating supply of Wrapped Bitcoin at 162,974.76 WBTC, its market capitalization stands at 4,332,959,780 USD. In the last 24 hours WBTC price has moved -43.63 USD or -0.00% while 2,195,024 USD worth of WBTC has been traded on various exchanges. The current valuation of WBTC puts it at #17 in cryptocurrency rankings based on market capitalization.

Learn more about the Wrapped Bitcoin blockchain network and how it works or follow the price of its native cryptocurrency WBTC and the broader market with our unique COIN360 cryptocurrency heatmap.

Wrapped Bitcoin (WBTC) is the first token backed 1:1 with Bitcoin.
Wrapped Bitcoin Price26,586.69 USD
Market Rank#17
Market Cap4,332,959,780 USD
24h Volume1,411,127 USD
Circulating Supply162,974.76 WBTC
Max Supply119,893 WBTC
Yesterday's Market Cap4,338,678,962.97 USD
Yesterday's Open / Close26,665.41 USD / 26,621.78 USD
Yesterday's High / Low26,691.76 USD / 26,588.71 USD
Yesterday's Change
0.00% ( 43.63 USD )
Yesterday's Volume2,195,023.61 USD
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