Month: July 2023

Curve Finance pools exploited in over $24M due to reentrancy vulnerability

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Several stable pools on Curve Finance using Vyper were exploited on July 30, with losses reaching $24 million at the time of writing. According to Vyper, its 0.2.15, 0.2.16 and 0.3.0 versions are vulnerable to malfunctioning reentrancy locks.  “The investigation is ongoing but any project relying on these versions should immediately reach out to us,” Vyper wrote on X. We’re running a large white hat rescue operation. Please reach out if you think you’re affected as a project. https://t.co/tssWcRHg35 — sudo rm -rf –no-preserve-root / (@pcaversaccio) July 30, 2023 According…

DOGE, MKR, OP and XDC gather strength as Bitcoin price remains range-bound

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Bitcoin (BTC) has been stuck in a narrow range for the past several days. A minor positive is that the range has formed near the recent local high. This suggests that the bulls are not rushing to the exit as they anticipate another leg higher. Bitcoin’s consolidation has pulled its market dominance to 48% from over 50% on June 30. This shows that market participants have been gradually shifting their focus to select altcoins, which are starting to move up. Crypto market data daily view. Source: Coin360 However, an altcoin…

zkSync Era’s Kannagi Finance rug pulls and steal $2.13m

Kannagi Finance, a decentralized yield aggregator, has rug pulled with an estimated $2.13 million of investor funds.  According to the blockchain security company, Peckshield, Kannagi Finance erased its digital footprint after bolting with more than $2 million worth of investors’ funds. Its official website, along with social media and communication channels, are offline. A rug pull refers to a form of scam where developers of a cryptocurrency project unexpectedly pulls liquidity from a pool, leading to sharp losses. German blockchain security firm, SolidProof, audited Kannagi’s smart contract. However, it has…

Alibaba, silver, gold, Bitcoin, Ethereum: Mike Novogratz’s ideal portfolio

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Galaxy Digital’s founder Mike Novogratz shared what an ideal investment portfolio would look like for a young and high-risk tolerance investor during an interview with Bloomberg Wealth, saying that he’d invest in the Chinese giant Alibaba, silver, gold, Bitcoin (BTC), and Ethereum (ETH). “If they were young and had a high-risk tolerance, I’d be buying Alibaba stock. I’d be buying silver, gold, Bitcoin and Ethereum. That’d be my portfolio,” he said in allusion to someone investing $100,000. For those with lower risk tolerance, he recommended allocating only 30% of a…

SEC Chair Gary Gensler Blasts Crypto Exchanges, Avoids Issue of Appeal in Landmark Ripple Ruling

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U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler is once again sounding the alarm on crypto exchanges, saying that the platforms are not working in the best interests of their users.  In a new Bloomberg interview, Gensler says that companies issuing crypto tokens are not being 100% honest with their investors.   The SEC chair zeroes in on crypto exchanges, saying that the centralized platforms are operating in an unacceptable manner by taking advantage of their users. “A lot of investors should be aware, it’s not only a highly speculative…

Base’s TVL spikes 48X on BALD meme coin frenzy

The total value locked (TVL) of Base, an Optimism-based layer-2 platform for Ethereum, is surging, increasing by 48X, partially attributed to the frenzy surrounding the BALD meme coin.  As of July 30, Base’s TVL stands at $46.18 million, surpassing competitors Mantle and Apex, and closing in on Polygon’s zkEVM, which has a TVL of $56 million. Base TVL: L2Beat The BALD meme coin, inspired by Brian Armstrong, the founder of Coinbase, has played a significant role in driving the transaction count on Base.  Since launching on July 29, BALD prices have…

US passes military spending bill, aims to curb crypto money laundering

The U.S. Senate has approved the 2024 National Defense Authorization Act (NDAA). The bill included a provision to strengthen regulatory scrutiny of financial institutions involved in crypto trading, particularly mixers and anonymity-enhancing tokens, focusing on enhancing oversight and transparency of crypto transactions. Bipartisan senators unite to propel crypto regulation The bipartisan group of U.S. Senators, including Kirsten Gillibrand, Cynthia Lummis, Elizabeth Warren, and Roger Marshall, had proposed this amendment. They highlighted that this step taken by Congress is one of the most significant actions regarding crypto assets regulations in the U.S.…

Here’s How Long The Majority Of New Ethereum Wallets Are Used Before They’re Dumped

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Ethereum is currently the leader in decentralized finance, non-fungible tokens, and smart contracts, and it continues to maintain its position as the dominant cryptocurrency in the altcoin market. This has led to Ethereum having the highest rate of creation of new addresses when compared to the other blockchains. However, data suggests most of these new addresses are dumped just after a few days.  New Ethereum Wallets Are Used for Only a Short Time Ethereum is second to Bitcoin in terms of unique addresses. Ycharts estimates put the number of unique…

InQubeta taking over crypto channels on Telegram, TON edges BNB and ETH

In the competitive crypto market, Toncoin (TON) is a worthy contender whose activity has surpassed (BNB) and Ethereum (ETH), thereby attracting considerable investor interest. However, a new player, InQubeta, has gained significant attention in crypto-focused Telegram channels, generating discussions and curiosity among investors.  This article delves into the reasons behind the growing popularity of the InQubeta crypto artificial intelligence (AI) project. InQubeta  is dominating crypto Telegram channels InQubeta, a platform aiming to democratize investments in AI startups, is popular in the crypto scene. Its native token, QUBE, dominates crypto-centric Telegram channels…

Bitcoin due key MACD bull flag repeat as BTC price freezes at $29.3K

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Bitcoin (BTC) further reduced volatility ahead of the July 30 weekly close as traders eyed an exciting long-term bull signal. BTC/USD 1-hour chart. Source: TradingView BTC price makes weekend “slower than ever” Data from Cointelegraph Markets Pro and TradingView followed sideways BTC price action over the weekend, with BTC/USD sticking in a tiny $150 range. #Bitcoin Trading within a $10 range for the past 1.5 hours. Weekends are slower than ever lately. pic.twitter.com/FmZLL82wrk — Daan Crypto Trades (@DaanCrypto) July 29, 2023 Conditions throughout the week had remained calm, despite a…