The Osmosis Chain will remain frozen for 48-hours following an exploit that resulted in an estimated $5 million loss. Source
Month: June 2022
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Brazilian Judge Dismisses Bitcoin Scam Mastermind’s Attempt to Block His Extradition to South Africa – Bitcoin News
A Brazilian judge has ruled that the CEO of Mirror Trading International should remain in precautionary detention as authorities in South Africa have already furnished their Brazilian counterparts with the documentation that is required for extradition purposes. The judge also rejected Johann Steynberg’s attempts to use his Brazilian family as the basis for seeking an end to his precautionary detention. Documentation for Steynberg’s Formal Extradition A Brazilian judge recently dismissed an application by Johann Steynberg — the mastermind behind Mirror Trading International (MTI), one of South Africa’s biggest cryptocurrency scams…
South Korea Investigates Terra Labs for Alleged Bitcoin Embezzlement Following UST Collapse: Report
South Korean authorities are investigating Terraform Labs following the implosion of algorithmic stablecoin UST last month. Source
Do Kwon Turns Twitter Account To Private After LUNA Slumps
In less than a month after the deployment of the new blockchain, LUNA 2.0, the token’s price has declined by over 77%. Early this year, the Terra blockchain was hailed to be the future of cryptocurrencies, as it seemed to promise several developmental advances. Then the protocol encountered a great shocker when its UST stablecoin and LUNA crypto token crashed drastically. The Terra Blockchain Launched in 2018 by the Terraform Labs and founded by Co-founders Do Kwon and Daniel Shin, Terra was a cryptocurrency protocol used to provide access to…
Do Knwon Turns Twitter Account To Private After LUNA Slumps
In less than a month after the deployment of the new blockchain, LUNA 2.0, the token’s price has declined by over 77%. Early this year, the Terra blockchain was hailed to be the future of cryptocurrencies, as it seemed to promise several developmental advances. Then the protocol encountered a great shocker when its UST stablecoin and LUNA crypto token crashed drastically. The Terra Blockchain Launched in 2018 by the Terraform Labs and founded by Co-founders Do Kwon and Daniel Shin, Terra was a cryptocurrency protocol used to provide access to…
Attackers loot $5M from Osmosis in LP exploit, $2M returned soon after
Osmosis, a decentralized exchange (DEX) built on the Cosmos network, was halted just before 3:00 am EST on Wednesday after attackers exploited a liquidity provider (LP) bug to the tune of roughly $5 million. The bug was first identified in a Reddit post on the official Cosmos Network page. The user, Straight-Hat3855, brought attention to a “serious problem” with Osmosis (OSMO) that allowed users to arbitrarily grow LPs by 50% simply by adding and removing liquidity. The Reddit post was quickly removed, but not before malicious actors took advantage of the bug, which…
DeFi contagion? Analysts warn of ‘Staked Ether’ de-pegging from Ethereum by 50%
The next big crypto crash could be around the corner due to Lido Staked Ether (stETH), a liquid token from the Lido protocol that is supposed to be 100% pegged by Ethereum’s native token, Ether (ETH). Notably, the stETH peg could drop against ETH by 50% in the coming weeks, raising the risk of a “DeFi contagion” as Ethereum moves toward proof-of-stake (PoS), argues popular Bitcoin investor and independent analyst Brad Mills. Over 1M Ether liability risks default In detail, investors deposit ETH in Lido’s smart contracts to participate in The Merge,…
Cryptocurrency Market: Massive Sales Begin As Traders Fear For Great Loss
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