FTX is among the most popular crypto exchanges in the world. With over 10 billion USD traded each day through the platform, many crypto-natives wonder if the platform is worth using. The main concern of crypto traders around the world when choosing an exchange is its safety. Today, we’ll be looking at whether or not […]
Merkle Science, a predictive crypto risk and intelligence platform, announced it has now extended support to over 1,2000 ERC-20 tokens. This additional coverage allows users to have better visibility over a substantial portion of the DeFi space, allowing them to monitor flows of funds across some of the most popular DeFi tokens and stablecoins. Some […]
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In late March, Ronin bridge, an Ethereum sidechain built for the widely popular play-to-earn (P2E) NFT game Axie Infinity to handle surging demand from gamers, was hacked for over 173,600 Ether (ETH) and 25.5 million USD — a combined value of over $600 million. The company’s official report regarding the hack noted that the hackers managed to get access to validator nodes, which resulted in the compromise of five validator nodes, a threshold also required to approve a transaction. Currently, the Ronin chain consists of nine validator nodes, and the hacker managed to get access to four of them and a third-party validator run by Axie DAO. This Axie DAO node was the root cause of the exploit last year. The DAO gave its access to Sky Mavis, the developers behind the game to sign off on transactions on its behalf. Because the access was never revoked, hackers leveraged it to their benefit by turning it into backdoor access, leading to a multi-million dollar hack. In the aftermath of the exploit, the Ronin bridge was closed, and all the deposits and withdrawals were halted for investigation purposes. In response to the hack, Axie Infinity co-founder and COO Aleksander Leonard Larsen said at the time that they would be adding several new validators to the Ronin Network to decentralize the network further. The game developers also promised to increase the number of validator nodes from nine to 21 in the future. The Inevitable Future In the end, Sky Mavis managed to raise $150 million from crypto exchange Binance and other investors to reimburse the affected users. But not every project can afford to bail out its users, and according to data from Dune Analytics, funds worth more than $21 billion are locked on Ethereum bridges. Moreover, bridge hacks are becoming quite common in the cryptocurrency industry. Data from Chain Analysis suggests weakness in bridges has led to more than $1 billion stolen in cryptocurrency over a year across seven different incidents. While many believe bridges are the single most significant potential point of failure in crypto, others say that’s not true. “Bridges are an incredibly critical piece of infrastructure at this point,” Kanav Kariya, president of Jump Crypto, said in an interview after the $300 million hack of Wormhole bridge. “We are strongly moving toward a multi-chain world.” Ethereum co-founder Vitalik Buterin has warned that bridges have “fundamental security limits,” although he is optimistic about a “multi-chain blockchain future.” Meanwhile, popular commentator “ChainLinkGod” has asserted that “the implementation and adoption of cross-chain smart contracts and token bridges are inevitable,” and “given that it’s going to happen regardless, the goal shouldn’t be to avoid cross-chain, but have protections in place.” A Decentralized, Non-custodial Bridge This is why DotOracle, the first decentralized, non-custodial liquidity bridge on the Casper Network is more secure. After all, the more decentralized a blockchain bridge, the more secure it is. To ensure the decentralization and security of the bridge, the DotOracle bridge will have about 15 validator nodes which will be further increased in phase 2 after the mainnet version becomes stable. DotOracle is a decentralized network of independent nodes designed to be censorship-resistant. It can continue providing its service as long as two-thirds of the network nodes are online. The project is primarily building a decentralized oracle and cross-chain liquidity network (bridge) on the Casper Network, the future-proof, proof-of-stake blockchain built off the Casper CBC specification. Casper is designed to fast-track enterprise and developer adoption of blockchain technology today and to meet user needs in the future. Transferring Assets Securely DotOracle offers fast asset transfer confirmation with a highly secure distributed consensus protocol PBFT. Meanwhile, the non-custodial service is provided through the Elliptic Curve (EC) Multisignature scheme, which means users have complete control over their assets during the transfer. Another feature of DotOracle is bonded network with slashing, meaning any nodes must deposit an amount of DTO token to the DotOracle smart contracts. A violation of the mechanism leads to the burning of the token deposit, which discourages validator misbehavior. This robust penalty slashing mechanism is implemented to incentivize every node to follow the protocol to be rewarded in DTOs by providing proper service to users. DTO is a governance token with a total supply of 100 million. Validators are rewarded in DTO for providing the service to DotOracle. Anyone can operate a node, but to become a validator node, one must deposit a minimum of 500,000 DTO to DotOracle smart contracts. Recently, DotOracle launched the testnet of its multi-chain bridge that aims to transfer digital assets back and forth between different blockchains in a fast, decentralized, secure way. This coming quarter, the team will launch its mainnet that will allow you to transfer assets between all the chains supported by DotOracle Network, including Casper Network, MoonBeam Polkadot, Ethereum, Binance Smart Chain, Polygon, Fantom, Avalanche, Tomochain.
Phishing scams are not new in the digital space, and cybercriminals are increasingly employing them in the crypto space. For example, multiple reports on Friday have revealed that scammers targeted users of crypto data tracking platforms CoinGecko and Etherscan. On Friday, CoinGecko, and Etherscan warned users against possible phishing exploits on their platforms. Consequently, both […]
Etherscan warned against an ongoing phishing attack and Coingecko followed with the warnings so the investigations are now underway to platforms being connected to the compromise of Coinzilla, the advertising, and marketing agency so let’s read more today in our latest cryptocurrency news. The popular analytics platforms Etherscan alongside CoinGecko issued an alert against the […]
To many crypto enthusiasts, Monero is the synonym for privacy. Monero (XMR) is an open-source, decentralized cryptocurrency that was created in April 2014. This crypto…
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Crypto Project Saved Hundreds of Wallet Users from Losing their Crypto Assets The number of fraud cases in the crypto sphere has been rising lately, with a new multi-million dollar scam being reported nearly every week. This April, the CoinLoan team managed to detect and prevent one of such massive swindles, thus saving hundreds of […]
The fiat monetary system ultimately disincentivizes productivity and the creation of real value and instead attributes wealth to rent-seekers.
Flagged as a “significant threat” to the United States national security, Bitcoin mixer Blender.io has become the first crypto entity to be sanctioned by the Treasury Department. According to a press release, the platform has “failed” to implement Anti-Money Laundering (AML) and Counter-Terrorism policies. Related Reading | BitMEX Founders Ordered By US Court To Pay $30 […]
Using Bitcoin to achieve financial freedom is a spectrum which can be analogous to climbing a ladder. There are many steps to achieve full sovereignty.
DeFi exploits have become a recurring theme this year, with nearly $1 billion lost already in just a little over the first quarter. Blockchain analytics and security group BlockSec revealed a new DeFi exploit of about $80 million. Rari Capital Attacked In Fresh Exploit According to a BlockSec report via their Twitter handles, DeFi platform […]
Hackers are at it again, and this time they hit it big time. According to a tweet from smart contract research company BlockSec, decentralized finance platform Fei Protocol and Rari Capital are the latest victims of cybercriminals. Fei Protocol issued a $10 million bounty to hackers in an attempt to negotiate and recover a significant […]
Per a report from a local news media, the CEO of an unnamed South Korean crypto exchange platform was arrested for his alleged connection to an espionage operation. The executive was acting as an intermediary between a North Korean agent and elements in the South Korean army, the report claims. Related Reading | Illegal Crypto Exchange […]
The BAYC Instagram profile was hacked and $2.8 million in ETH got stolen so let’s have a closer look at today’s latest cryptocurrency news. The Bored ape Yacht Club – BAYC Instagram account was hacked and used to share a link to the scam that stole the ETH NFTs from connected wallets. In total, 91 […]