Crypto Sale

2024-04-13 16:01:31 Ex-Amazon engineer sentenced to 3 years in prison for $12m crypto hack

A former Amazon software engineer Shakeeb Ahmed was sentenced to three years in prison for exploiting smart contracts.

The breaches in 2022 resulted in the theft of over $12 million in different cryptocurrencies. The trial was the first-ever sentencing for a cyberattack on smart contracts.

Ahmed admitted in December 2023 to manipulating smart contracts. By inserting fraudulent pricing data into the platforms’ contracts, the engineer generated approximately $12 million in unearned profits, which he subsequently withdrew as cryptocurrency.

While the prosecutors chose not to disclose one of the affected platforms, evidence in the indictment suggests it was Crema Finance. The other platform involved was Nirvana Finance, which ceased operations following the hack in July 2022.

Before the incident, Ahmed had led Amazon’s bug bounty program, where he identified and fixed security loopholes in its software. The prosecution, highlighting the novelty of this case involving smart contract hacking, had recommended a four-year prison term.

They acknowledged Ahmed’s cooperation and his restitution of the majority of the stolen funds but emphasized the need for his imprisonment to serve as a deterrent and underscore the gravity of his offenses.

On the other hand, Ahmed’s defense argued for probation instead of prison time, citing his compromised mental health during the time of the hacks and the fact that the stolen funds were largely untouched except for covering a relative’s medical expenses. Ahmed, originally from Saudi Arabia, had his legal team plea for leniency based on the following factors. Open / Comment

2024-04-12 21:22:26 It won`t get any better

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Guys, the project is sponsored by several European funds.

And there is more…

IVEX expected investment amount has already exceeded threefold!!!

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2024-04-12 15:35:54 Mayan, a cross-chain auction protocol, raises $3 million in a seed funding round co-led by Borderless Capital

Mayan, a startup creating a cross-chain auction protocol, has raised $3 million in seed funding. The round was co-led by 6th Man Ventures (6MV) and Borderless Capital, with participation from Solana Ventures, Hash3, Big Brain Holdings, Arrington Capital, Wormhole Cross-Chain Ecosystem Fund, Solana co-founder Anatoly Yakovenko, and Wormhole Labs co-founder Saeed Badberg. Open / Comment

2024-04-11 15:43:00 EU securities watchdog: 10 exchanges dominate 90% crypto trades

The crypto market appears to be highly concentrated, as only 10 exchanges process around 90% of all trades, according to a recent study done by the European securities regulator.

A recent study conducted by the European Securities and Markets Authority (ESMA) has unveiled a significant concentration within the crypto trading landscape, raising concerns about its potential implications for market stability. According to the study titled “Crypto assets: Market structures and EU relevance,” only 10 crypto exchanges handle approximately 90% of all trades, with Binance accounting “for almost half of global trading volumes.”

Collectively, Binance, UPbit, and OKX control over 60% of the market share, with Bybit experiencing a 380% increase in trading volume year-over-year, while Coinbase saw a 44% decline for the same period, the study shows. ESMA warns that such concentration carries potential risks, expressing significant concerns about the potential fallout of a major asset or exchange failure on the broader crypto ecosystem. Open / Comment

2024-04-10 15:31:00 Representative McHenry Aims for Digital Asset Bill Passage

Representative Patrick McHenry, chair of the United States House Financial Services Committee, expressed hope for the passage of legislation on digital assets before the end of his political career. He highlighted the need for federal laws to define and regulate digital assets, emphasizing the importance of providing clarity in this evolving space. Open / Comment

2024-04-09 16:13:34 1intro Introduces $INTRO Token, 1DEX, 1LBP & 1DIPLOY

1intro has unveiled its core initiatives, which include 1DEX, 1LBP, and 1DEPLOY. 1DEX is an AI-powered decentralized exchange with advanced trading tools and automatic liquidity shifting. 1LBP provides customizable liquidity bootstrapping pools for equitable token distribution, while 1DEPLOY is a no-code platform for launching Solana tokens. The project is also introducing its governance token $INTRO, with details set to be announced soon.

1intro is a platform at the intersection of finance and innovation, focusing on AI-enhanced liquidity. They are developing a platform for Liquidity Bootstrapping Pools (LBPs) and a decentralized exchange (Dex) that aims to be intelligent and user-centric. Open / Comment

2024-04-08 15:05:17 The dYdX community has approved a proposal to stake $60 million from its treasury in order to bolster security measures

The decentralized derivatives exchange dYdX community voted to stake 20 million dYdX Chain tokens, valued at approximately $60 million, with Cosmos staking provider Stride. This move aims to enhance the economic security of the network and promote stake diversity within the community. Open / Comment

2024-04-07 16:29:10 Anza Network aims to fix Solana congestion

“The short version is: significant progress has been made to overcome the current congestion challenges, and we expect to begin releasing fixes next week,” the Solana-focused software development firm confirmed. “In collaboration with other core contributors, we have analyzed the root cause, and evaluated several potential changes.”

The latest development comes in the wake of Solana network congestion incidents, marking the second such occurrence within a 48-hour span that has led to transaction delays and failures for Solana users.

Anza, on Friday, April 5, blamed the cause of the congestion on a combination of QUIC implementation issues and the behavior of the Agave validator client. Anza engineers, along with other core contributors, are making concerted efforts to diagnose and rectify these bottlenecks.

The latest measures are part of a series of improvements that are expected to unfold over the coming months to boost Solana’s network efficiency.

The urgency of the issue was underscored by an alarming trend on April 4, when Solana experienced a failure rate of 75% for all non-vote transactions amid a surge in network activity, as per Dune Analytics. The spike was largely attributed to the growing interest in meme coins on the platform.

The high failure rate has sparked a debate within the Solana community, with many expressing dissatisfaction over the worsening service quality.

Helius CEO Mert Mumtaz, a notable Solana proponent, offered a perspective suggesting that the issue of transaction failures was exacerbated by “bot spam,” rather than an inherent network instability affecting genuine user transactions.

Mumtaz’s claim sheds light on the challenges facing Solana, which have been exacerbated by the blockchain’s popularity, especially in the context of meme coin transactions. Open / Comment

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2024-04-05 15:08:15 Coinbase International set to list ORDI and WLD perpetual futures

Coinbase’s institutional client-facing subsidiary has revealed plans to list perpetual future contracts for the BRC-20 token Ordinals and Worldcoin on April 11.

In an April 5 X post, Coinbase International Exchange said that it would list perpetual futures products for ORDI and WLD as early as April 11, making them available to institutional investors on both Coinbase International and Coinbase Advanced.

ORDI and WLD have seen significant price movement and trading volume in recent months.

Worldcoin quickly became one of the top coins for crypto investors seeking exposure to the AI business, rising from $2.20 on Feb. 7 to as high as $11.70 on March 10, according to CoinMarketCap data.

Worldcoin aims to become the world’s largest privacy-preserving human identification and financial network, granting ownership to everybody. Worldcoin was founded by Sam Altman, Max Novendstern, and Alex Blania in 2019. Its native token, WLD, is designed as a utility token with governance qualities, allowing users to influence the protocol’s future direction.

ORDI skyrocketed 1,640% from $5 on Nov. 1, 2023, to a high of $87 on March 5, as a frenzy for Ordinals-related assets began late last year.

ORDI is a cryptocurrency based on the Bitcoin protocol that offers text and images as NFTs and tokens. The Ordinals protocol writes information to each Satoshi, including text, images, audio, and video; the majority of ORDI tokens have been airdropped to users. Open / Comment