Day: May 28, 2023

Jimbo, a DeFi protocol, hacked for $7.5m in a slippage-related flaw

Jimbo, a decentralized finance (DeFi) protocol allowing users to earn interest on their digital assets, is the latest to suffer an attack resulting in the loss of 4,090 ethereum (ETH), worth $7.5 million, a Peckshield update on May 28 shows. The protocol deployed on Arbitrum, an Ethereum layer-2 platform, approximately three weeks ago. Jimbo Protocol hacked The incident occurred due to weakness causing liquidity-shifting procedures to lack slippage control. Slippage refers to the difference between the expected price of a transaction and the price at which it is executed. This…

Institutions seek detailed blockchain analytics for crypto adoption — Elliptic

As more institutions explore digital assets, the need for on-chain analytics platforms has never been higher.  Compliance experts, investigators and regulators employ these blockchain analytical tools to better understand the patterns and entities in cryptocurrency transactions. To learn more about the tools and how they fit into broader cryptocurrency adoption, Cointelegraph sat down with Tom Robinson, the co-founder and chief scientist at analytics firm Elliptic; and Eray Akartuna, a senior cryptocurrency threat analyst at Elliptic. Cointelegraph: What are the typical use cases you see for on-chain analytics for institutional clients?…

DigiToads is an undervalued crypto that can surpass dogecoin in value

There’s an undeniable thrill in identifying a diamond in the rough. In cryptocurrency’s vast, unpredictable realm, such diamonds are far from scarce. DigiToads (TOADS) is making significant progress under the radar. This up-and-coming contender is preparing to compete against some of the most well-known names in the industry, such as dogecoin (DOGE).  As various experts share their predictions, a popular belief is emerging that DigiToads, despite being underestimated, has the potential to match or even exceed the value of dogecoin.  If you want to be part of the next big…

Tornado Cash governance control set to be restored as voters approve proposal

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The governance tokenholders of Tornado Cash will soon regain control over the protocol’s operations, thanks to an unexpected proposal put forward by the attacker. This development allows the community to regain authority and steer the protocol toward recovery and improved security measures. On May 26, the proposal to restore control to the original governance tokenholders of Tornado Cash passed successfully. A total of 517,000 token votes favored the proposal, with none opposing it. This resolution brings a swift conclusion to a governance takeover that, fortunately, did not impact the protocol…

Arbitrum-based Jimbos Protocol hacked, losing $7.5M in Ether

Adding to the existing number of protocol hacks in the crypto industry, Jimbos Protocol has not escaped the sights of the attackers as it has suffered an attack resulting in a loss of a large amount of funds. According to PeckShield, a blockchain security unit, 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 ETH, equivalent to approximately $7.5 million. Specifically, the attacker took advantage of the lack of slippage control of liquidity conversions.…

Beijing releases white paper for web3 innovation and development

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Beijing, the capital city of China, has reportedly unveiled a white paper with the objective of fostering innovation and advancing the web3 industry. The Zhongguancun Forum witnessed the release of the “Web3 Innovation and Development White Paper (2023)” by the Beijing Municipal Science & Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park. According to the local news outlet, The Paper, the document recognizes web3 technology as an “inevitable trend for future Internet industry development.” With the goal of establishing Beijing as a prominent global innovation hub for…

The Hong Kong Police Force launch new metaverse platform, ‘CyberDefender’

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The cyber security unit of the Hong Kong Police Force have launched CyberDefender, a new metaverse platform designed to educate the public of the potential dangers associated with Web3 and the metaverse. According to a May 27 statement, the Cyber Security and Technology Crime Bureau (CSTCB) of the Hong Kong Police Force unveiled a new metaverse platform, CyberDefender, in an effort to prepare its citizens for the “challenges ahead in the digital age” with a focus on technology crime prevention. “Exploring the Metaverse” event in the CyberDefender metaverse on May…

Binance and Gulf Energy’s Partnership Secures License for Regulated Crypto Exchange in Thailand

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Gulf Binance, a collaboration between cryptocurrency exchange Binance and Gulf Innova, the innovation arm of Gulf Energy, has secured a digital asset operator license in Thailand. The Ministry of Finance in Thailand granted the license, giving Gulf Binance the green light to proceed with its plans to establish a regulated cryptocurrency exchange and brokerage. According to a press release, the platform is expected to be launched by the end of this year. The strategic partnership between Binance and Gulf Energy’s Gulf Innova aims to leverage Binance’s expertise in the crypto…

Biden strikes ‘tentative’ U.S. debt ceiling deal: Report

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The United States president Joe Biden and Republican Kevin McCarthy have reportedly reached a “tentative” agreement to raise the federal government’s $31.4 trillion debt ceiling. According to a May 28 Reuters report, which cited two sources familiar with the negiotations, Biden and McCarthy engaged in a 90-minute phone call on May 27, which resulted in reaching “a tentative deal” to raise the U.S. debt ceiling, in an effort to avoid a default. “The White House and negotiators for House Republicans have reached an agreement in principle to avert a debt…