Crypto Retro

2023-06-03 23:00:03 Uniswap scam alert: Fraudsters impersonate executives and create fake website

Uniswap and its foundation have no association with the scam as efforts are being made to combat it.

Hayden Adams, the creator of the Uniswap protocol and CEO of Uniswap Labs, recently expressed his surprise on Twitter regarding a scam where individuals created a fake Uniswap website.

In a tweet, Adams indicated his astonishment at the elaborate nature of the scam, emphasizing that it required a significant amount of effort. He further disclosed that the scammers had incorporated Chinese community content into their scheme and even included links directing users to the legitimate Uniswap app on their deceptive website.

To add an extra layer of credibility to their scheme, the scammers went to great lengths by organizing an hour-long Zoom recording showcasing individuals pretending to be high-ranking executives from Uniswap. This orchestrated video presentation aimed to deceive viewers into believing the authenticity of the scam. Upon viewing the video, Adams expressed his bewilderment, stating, “Video is nuts. No idea who any of those people are.“

To dispel any misconceptions, Adams made it clear that neither Uniswap nor the Uniswap Foundation had any form of association or involvement with the video in question, or the individuals who appeared in it. Open / Comment

2023-05-31 21:31:09 US Regulator Issues Warning for Firms Providing Clearings Services for Crypto

A US regulator warned firms on Tuesday of the risks that come with the clearing of digital assets.
The US Commodity Futures Trading Commission issued an advisory titled, “Review of Risks Associated with Expansion of DCO Clearing of Digital Assets.”

Derivatives clearing organizations, or DCOs, are registered with the CFTC and provide clearing services for products such as futures contracts, options or swaps.

The regulator said it had “observed increased interest by DCOs and DCO applicants in expanding the types of products cleared and business lines, clearing models, and services offered by DCOs, including related to digital assets.”

The agency specifically notes risks, including cyber, that can be associated with digital assets.

For DCOs that involve the “physical delivery of digital assets,” the regulator said its staff “will emphasize reviews of physical settlement arrangements, including whether DCOs have adequately identified and managed risks and obligations associated with digital assets and whether DCO rules clearly state the obligations of the DCO, if any, with respect to physical deliveries involving digital assets.” Open / Comment

2023-05-28 20:01:26 Arbitrum-based Jimbos Protocol hacked, losing $7.5M in Ether

Adding to the growing number of decentralized finance (DeFi) protocol hacks in the crypto industry, Jimbos Protocol is the latest to suffer an attack resulting in a significant loss of funds.

According to blockchain security firm PeckShield, Jimbos Protocol — the liquidity protocol of the Arbitrum system — was hacked on the morning of May 28. The attack resulted in the loss of 4,000 Ether worth approximately $7.5 million at the time.

Specifically, the attacker took advantage of the lack of slippage control on liquidity conversions. The protocol’s liquidity is invested in a price range that doesn’t need to be equal, creating a loophole where attackers can reverse swap orders for their own gain.

Although launched less than 20 days ago, Jimbos Protocol aimed to address liquidity and volatile token prices through a new testing approach. However, the protocol’s mechanism was not adequately developed, leading to a logical vulnerability creating favorable conditions for attackers. As a consequence, the price of the underlying token, Jimbo (JIMBO), has plummeted by 40%. Open / Comment

2023-05-25 21:31:15 Terraform Labs’ Do Kwon’s Bail Revoked in Montenegro Court

A court spokesperson said a high court in Montenegro’s capital overturned the earlier decision and Kwon remains in jail.

This also applies to Terraform Labs’ former Chief Financial Officer Han Chong-joon.
The case was sent to the High Court in Podgorica, the country’s capital, earlier this week, after prosecutors appealed against the bail terms to release Kwon and Han for $436,000 each.

Kwon had been on the run for months after the demise of Terra, which was behind the algorithmic stablecoin TerraUSD that fell into a tailspin last year.

Kwon and Chong-joon were accused of forgery by Montenegro prosecutors last month for allegedly using false passports from Belgium and Costa Rica. Open / Comment

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2023-05-22 21:15:12 US university gets $20M to create new AI institute

According to a report from a local news publication, Carnegie Mellon University in Pittsburgh, Pennsylvania received the funding for its new AI Institute for Societal Decision Making.

The institute will foster the improvement of AI tools to assist in decision-making procedures in social circumstances, such as natural disasters and public health events. Aarti Singh, a professor at the university’s machine learning department, will serve as the institute’s director.

She said one of the primary goals will be to create AI that is “human-centric.”

“We need to develop AI technology that works for the people… It’s actually built on data that is vetted, algorithms that are vetted, with feedback from all the stakeholders and participatory design.” Open / Comment

2023-05-19 22:00:37 Texas proof-of-reserve bill passes through the Senate

Legislation that could require exchanges to maintain reserves “in an amount sufficient to fulfill all obligations to customers” has made it one step closer to becoming law in Texas. On May 15, the bill passed a vote in the state Senate and now awaits only the governor’s signature.

Texas House Bill 1666, amending the Texan finance code, passed through the state’s House of Representatives earlier this year. After three readings in the Senate, the text of the bill hasn’t experienced any significant changes from the previous draft.

Under the amendments, digital asset providers serving more than 500 customers in the state, with at least $10 million of customer funds, would be restricted from comingling the customer funds with any other type of operational capital, and using customer funds for any further transactions besides the original transaction demanded by the customer. Open / Comment

2023-05-16 22:15:00 ​ Libra-related Sui blockchain fixes critical bug that put ‘billions’ at risk

The vulnerability was located in a file that translates human-readable code into machine language for storage.

The Sui blockchain network quietly fixed a bug that could have put “billions of dollars” at risk, according to a May 16 announcement from Zellic, the security firm hired to audit the network’s security.

The bug was in a dependency of the bytecode verifier, which ensures that the human-readable Move language used to write smart contracts on Sui is correctly transcribed into machine code during deployment. Had the bug not been fixed, it could have “allowed attackers to bypass multiple security properties, leading to potentially significant financial damages,” the announcement said.

In a statement to Cointelegraph, Mysten Labs confirmed that the the bug has been fixed in the SUI version of MOVE.

Zellic claimed that the bug may have also been present in other Move-based networks, including Aptos and Starcoin. However, they stated that the Aptos version of it was eliminated with a patch on April 10, according to the Zellic team.

In a conversation with Cointelegraph, a representative from the Move-based 0L network stated that the bug does not affect its version of Move. On May 15, 0L added a series of tests to their GitHub, which it says proves the exploit is not possible on the 0L version. The Starcoin team told Cointelegraph that their version was eliminated on April 5. Open / Comment

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