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2024-01-04 18:05:08 dYdX Reveals Post-Mortem Findings: Identifies Attacker and Considers Legal Measures

Decentralized exchange dYdX has released a post-mortem report detailing the “targeted attack” it experienced on its v3 platform in November. The attack resulted in a $9 million loss from its insurance fund, which represented approximately 40% of its total holdings.

In the report, dYdX stated that investigative efforts have successfully uncovered the identity of the attacker and that the company is currently engaged in communication with them. Furthermore, the platform is exploring potential legal actions against the perpetrator.

“dYdX is assisting law enforcement in their investigation of this matter and is assessing all legal options. dYdX is committed to taking any legal action it deems appropriate in these circumstances.”

According to the findings, the attacker executed a substantial number of 5x leveraged long positions in YFI, the native token of DeFi protocol Yearn Finance, across more than 100 wallets. By purchasing spot YFI tokens using different addresses, the attacker caused the price to surge by 215%, as revealed by dYdX. Open / Comment

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2024-01-02 16:33:37 China Raises Alarm Over Corrupt Officials Exploiting Cold Storage Cryptocurrency for Illicit Cross-Border Transactions

Official Chinese media sources have raised concerns regarding the exploitation of cryptocurrencies by corrupt officials for illicit activities. The use of cold storage methods for cryptocurrencies, in particular, has become a cause for alarm as it allows these individuals to discreetly transfer assets out of the country.

Cold storage refers to the practice of keeping cryptocurrency addresses and private keys offline, typically on hard drives or network disks, to reduce the risk of online theft and hacking. The development highlights the broader challenge faced by governments worldwide in regulating and monitoring the use of digital currencies.

Cryptocurrencies, known for their decentralized and anonymous nature, can be susceptible to abuse for unlawful activities such as money laundering and illegal fund transfers.

The use of cold storage by corrupt officials is particularly troubling as it enables the covert movement of significant sums without the usual oversight associated with traditional financial transactions. This method of transferring cryptocurrencies out of the country for transactions and redemption makes it difficult for authorities to trace and recover these assets. Open / Comment

2023-12-30 16:32:47 Crypto Miners’ Bitcoin Reserves Hit Lowest Level Since May Amidst Increased Selling Pressure

Bitcoin miner reserves have reached their lowest point since May, signaling increased selling pressure as the largest cryptocurrency records a December gain of more than 13%.

Data from CryptoQuant indicates that Bitcoin miners’ reserves have been steadily decreasing since the beginning of December. In the past 24 hours alone, miners reportedly sold around 3,000 bitcoins, bringing their total holdings to approximately 1,834,447 BTC.

On December 28, the net flow of Bitcoin stood at minus 1,524 BTC, indicating that withdrawals exceeded the new coins minted. This ongoing trend raises questions about potential selling activities by miners and their impact on the overall market dynamics.

The decline in miner reserves started in late October and has accelerated this month, reaching 1.832 million BTC from October’s high of 1.845 million. In the last 24 hours alone, miners reportedly sold approximately $129 million worth of BTC at the current trading price of $42,891. Open / Comment

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2023-12-28 18:00:09 Ready To Fight is giving away 1,000,000 tokens!

Ready To Fight is a cutting-edge platform in the boxing world, co-founded by Oleksandr Usyk. Backed by the WBC, this project brings together the sport of boxing with the Web3 universe.

RTF is currently hosting a community contest — offering everyone a chance to win a share of 1,000,000 RTF tokens! To claim a prize, participants need to be active on social media and in the mobile app. No costs involved, just your energy and passion for boxing!

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2023-12-28 16:32:46 Hong Kong to Become the Next Crypto ETF Hub as BTC ETF Anticipation Continues in US

Hong Kong is poised to become a leading hub for cryptocurrency exchange-traded funds (ETFs), particularly spot Bitcoin (BTC) ETFs, as anticipation grows for the approval of such ETFs in the United States.

Industry leaders believe that Hong Kong’s Securities and Futures Commission (SFC), which has shown a positive stance towards digital assets, sets a favorable stage for the introduction of spot Bitcoin ETFs.

Yat Siu, chairman of web3 investor Animoca Brands, said the SFC is open to widening access to digital assets, claiming that a spot Bitcoin ETF would be relatively uncontroversial.

Siu also noted that Hong Kong could take reference from the extensive public filings and applications related to ETFs in the United States, which has made significant progress in this area. Open / Comment

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2023-12-26 16:32:59 US-Approved Spot Bitcoin ETFs Could Surpass Entire $50 Billion Crypto ETP Market: BitMEX

The global market for cryptocurrency exchange-traded products (ETPs) has reached a significant milestone, currently comprising approximately 150 products with a total value of $50.3 billion in assets under management, as reported by BitMEX research.

According to the research, the potential approval of spot Bitcoin exchange-traded funds (ETFs) in the United States may significantly impact the crypto ETF market. This substantial market includes both spot and futures funds, primarily tracking the performance of leading cryptocurrencies such as Bitcoin and Ethereum.

The dominance of Bitcoin within the crypto ETP space is evident, with the total value of Bitcoin ETFs alone standing at an impressive $35.4 billion. Notable products contributing to this figure include the Grayscale Bitcoin Trust (GBTC), with assets totaling $27,077.4 million, and the Proshares Bitcoin Strat ETF (BITO), with $1,645.3 million in assets.

Beyond Bitcoin, the report provides insights into the diverse landscape of cryptocurrency ETPs. Ethereum, for instance, contributes significantly with a subtotal of $8,824.5 million, prominently featuring the Grayscale Ethereum Trust (ETHE) with $6,861.8 million in assets. Open / Comment

2023-12-24 16:32:38 Crypto Expert Chosen by Erdogan for Turkey’s Central Bank Board

Turkey President Recep Tayyip Erdoğan has appointed professor Fatma Ozkul, an expert in crypto assets and blockchain technology, to the central bank’s rate-setting committee. According to a recent report from Bloomberg, the nomination of Ozkul was announced in a decree on December 22.

Since 2012, Ozkul has been a lecturer at Istanbul’s Marmara University, with a focus on accounting, finance, and auditing. Her expertise extends to blockchain technology and digital assets, and she even authored a book on crypto asset accounting in 2022, as stated in her university profile.

Ozkul is now the latest addition to Turkey’s central bank Monetary Policy Committee, whose primary responsibility is to set the benchmark interest rate to control inflation. On December 21, the committee raised the country’s interest rate by 2.5 percentage points to 42.5% as a response to Turkey’s inflation rate surpassing 61.98% in November.

After winning Turkey’s general election in May, Erdoğan reportedly formed a new economic team, appointing former Goldman Sachs banker Hafize Gaye Erkan as the governor of the central bank. In 2022, the central bank successfully conducted the initial test of its own digital currency, the Digital Turkish Lira. Open / Comment