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The Trade and Logistics Information Pipeline (TLIP) leverages IOTA technology to streamline post-Brexit trade between the EU and UK by facilitating real-time data sharing. (Read More)
The announcement comes shortly after GME stock rose above the $30 mark.
Consensys CEO Joseph Lubin told Cointelegraph that crypto might be the hardest thing in software history in terms of potential threats, vulnerabilities and complexity.
Most of the newly launched tokens function as exit liquidity for insiders capitalizing on the lack of retail access due to their high initial fully diluted valuation.
Discover powerful AI tools you can use directly from your smartphone to enhance productivityfrom research and image generation to coding, video creation, social media management, and website development.
The amount of money lost through hacks and exploits in the cryptocurrency sector surged to the highest level year-to-date in July at USD $303 million. The security platform focusing on blockchain technology, Certik, released an update about the losses today (Monday).
According to the company, the blockchain bridging platform Multichain reported the highest losses, worth USD $125 million, from exploits. Multichain ceased operations in July, and its CEO Zhaojun was reportedly arrested by law enforcement agencies in China.
Losses from Exit Scams
The highest amount lost through attacks on flash loans was USD $3.2 million on Conic Finance, while the most amount lost through exit scams was USD $1.9 million on Kannagi Finance. The total losses year-to-date from exploits, exit scams, and flash loans are USD $580 million, USD $123 million, and USD $255 million, respectively.
On top of that, the total losses year-to-date due to hacks and exploits have reached USD 961 million. The amount lost to exploits is USD $285 million, while that lost to flash loans and exit scams is USD $8.7 million and USD $8.6 million, respectively.
#CertiKStatsAlert ?? Combining all the incidents in July we’ve confirmed ~$303M lost to exploits, hacks and scams. The most lost in a single month in 2023.Exit scams were ~$8.6MFlash loans were ~$8.7M Exploits were ~$285MSee more details below ?? pic.twitter.com/GtdsxsSohc
— CertiK Alert (@CertiKAlert) July 31, 2023The latest data arrived when Curve Finance, a decentralized finance platform, is counting losses worth millions of dollars from an exploit reported last weekend. The cryptocurrency exchange Huobi confirmed the incident, saying Curve Finance could have lost USD $52 million. The funds are believed to have been siphoned through a vulnerability in the DeFi platform's smart contract coding language, Vyper.
Hackers Steal over $300M in Q2
At the beginning of July, Finance Magnates reported that hackers stole USD $313 million in the second quarter of the year. The amount did not change much compared to USD $320 million lost during the first quarter. The money lost through exit scams alone doubled to USD $70 million.
Also referred to as a ‘rug pull’, an exit scam is a situation where an individual or a company creates a cryptocurrency project, promotes it until it achieves a certain monetary value, and then disappears, leaving investors with worthless tokens. Besides that, hacks and exploits involve a situation where hackers infiltrate a network and steal data or digital assets.
This article was written by Jared Kirui at www.financemagnates.com.
In the wake of Binance’s departure from Canada, cryptocurrency exchange Bybit has announced its exit from the nation as well, citing “recent regulatory development” as the reason. Effective May 31, Bybit stated that it would cease accepting applications from Canadian residents. Bybit to Pause Operations in Canada According to a Tuesday announcement, Bybit is withdrawing [...]
The post Bybit Follows Binance’s Footsteps, Exits Canadian Market Amid Regulatory Concerns appeared first on Crypto Breaking News.
CertiK has confirmed that OrdiZK, a self-described "ETH, BTC, and SOL" bridge, has conducted an exit scam, stealing roughly $1.4 million.
Here, we dig into the details of Bitvavo's German market exit and its potential impact on the crypto landscape.
Ethereum will sunset the Holesky testnet by September 2025 due to validator exit issues, replacing it with the Hoodi testnet for the Pectra upgrade.
The recent TON coin price drop has created a favorable opportunity for investors looking to enter the market. Pavel Durov, the founder of France’s TON project, highlighted this as a great entry zone for those interested in getting involved with the coin. The TON project aims to revolutionize the way people interact and transact online, [...]
The post Toncoin Enters Prime Buying Zone Following Pavel Durov’s Exit from France, Sparking TON Price Rally appeared first on Crypto Breaking News.
Kokomo Finance, an open-source and noncustodial lending protocol on Optimism, is suspected of an exit scam worth $4 million. The protocol allegedly plucked user funds via a smart contract loophole, causing the Kokomo Finance token to plummet 95% in value. Blockchain security firm CertiK alerted its followers to the situation, noting that Kokomo Finance removed all social media accounts following the incident. (Read More)
According to several reports, Chibi Finance, the decentralized finance (defi) platform built on top of Arbitrum, allegedly executed an exit scam on its users. Blockchain intelligence firm Peckshield provided a detailed account, revealing that approximately $1 million worth of cryptocurrency assets were illicitly withdrawn and converted into Ethereum. Chiba Finance Becomes 12th Defi Platform on [...]
The post Chibi Finance Exit Scam: $1 Million Cryptocurrency Heist Rocks Defi Platform on Arbitrum appeared first on Crypto Breaking News.
Kokomo Finance's social media presence and websites are offline, while the price of the KOKO token fell more than 95% within a matter of minutes.
On-chain detective ZachXBT believes that the project has “likely exit scammed” after bridging $31.6 million to multiple addresses on Tron and Ethereum.
One of the few US banks to serve the crypto industry, the Metropolitan Commercial Bank, has today announced that it is ending crypto-related services. The bank said that the move was because of the recent developments in the crypto industry. The move was announced by the New York bank’s parent company Metropolitan Bank Holding (NYSE: ... Read more
<p>The post Metropolitan Bank Holding (MCB) exits the crypto market | Invezz first appeared on CCNC.</p>
The crypto exchange said it will deregister from Japan’s Financial Services Agency as a crypto asset exchange operator from Jan. 31.
<p>Freeway, a cryptocurrency staking platform, has paused withdrawals citing <a href="https://www.financemagnates.com/cryptocurrency/eth-is-best-performing-asset-in-july-as-crypto-volatility-decline-continues-report/" target="_blank">crypto and forex market volatility</a>. The sudden move of the project is signaling another rug-pull in the crypto space.</p><p>The cryptocurrency project offers 'Superchargers' with an annual yield of up to 43 percent. It takes deposits in both fiat and cryptocurrencies, putting them in regulated brokerage accounts.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">As all of you will be aware, there has been unprecedented volatility in Foreign Exchange and Cryptocurrency markets in recent times. <a href="https://t.co/9aHsWbm1So">pic.twitter.com/9aHsWbm1So</a></p>— Freeway (@FreewayFi) <a href="https://twitter.com/FreewayFi/status/1584213303399567361?ref_src=twsrc%5Etfw">October 23, 2022</a></blockquote><p>According to the announcement on October 23, the platform is halting buys and deposits too. Further, the project will “not be buying Supercharger simulations until our new strategies are implemented.”</p><p>Freeway is a lesser-known project in the broader cryptocurrency market. The sudden event also resulted in around an 80 percent price drop in the native Freeway (FWT) token of the platform. Before the crash, the project had a market cap of less than $70 million, which came down to only $10 million.</p><p>The project's website claims that it had $160 million in total locked value.</p><p>A Small Yet Significant Crypto Project</p><p>However, the project does not have any significant whales holding its tokens. Most of its 4,342 token holders received <a href="https://www.financemagnates.com/thought-leadership/lyo-airdrop-on-lyotrade-free-token-to-start-trading/" target="_blank">airdrops</a> and kept the holdings primarily ideal.</p><p>In the latest announcement, the platform said it is exploring new strategies by diversifying assets and managing “exposure to future market fluctuations and volatility.” However, it did not provide any details.</p><p>“We will notify you when we are ready to recommence partial Supercharger simulation purchases (buy-backs) and then again as we can recommence full Supercharger simulation purchases as well as on platform Freeway Token (FWT) Deposits and Buys,” the project said.</p><p>However, an enormous red flag of the project came as its administrator started to pull down details of the team.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Never forget these scammers (although I'll be surprised if at least one of them doesn't get plastic surgery) <a href="https://t.co/Y0Ene9LBG9">pic.twitter.com/Y0Ene9LBG9</a></p>— FatMan (@FatManTerra) <a href="https://twitter.com/FatManTerra/status/1584249387680960513?ref_src=twsrc%5Etfw">October 23, 2022</a></blockquote><p>“The whole team are working very hard with the intention to recommence partial Supercharger simulation purchases (buy-backs) and then to again be able to recommence full Supercharger simulation purchases,” the moderator of the project added.</p> This article was written by Arnab Shome at www.financemagnates.com.
Exodus Wallet, who this summer conducted their tokenized Reg A+ public offering, (the first ever public stock offering directly inside a cryptocurrency wallet, using only cryptocurrency for shares), has announced their Q2 earnings report, and the numbers are impressive. Revenue for the second quarter came in at $27.7 million, demonstrating a 17% increase sequentially and growth […]
The post Exodus Wallet Boast Impressive Q2 Numbers appeared first on CryptosRus.
Arbitrum-based decentralized exchange (DEX) Swaprum has allegedly conducted a rug-pull on its users, with $3 million worth of customer deposits being swiped from the platform. A rug-pull or exit scam occurs when a seemingly legitimate project ropes in a certain amount of investment or user deposits before promptly shutting everything down, pulling the capital and [...]
The post $3M worth of customer funds swiped via alleged Swaprum DEX rug pull appeared first on Crypto Breaking News.
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