Day: September 21, 2023

Polygon zkEVM Successfully Completes First Major Upgrade, Introduces Dragonfruit

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Polygon (MATIC) zkEVM, a zero-knowledge scaling solution designed to be compatible with the Ethereum Virtual Machine (EVM), has achieved a significant milestone by completing its first upgrade.  The upgrade, known as the Dragonfruit Upgrade, marks a significant step forward for Polygon zkEVM since its launch in mainnet beta in March 2023. Polygon zkEVM Implements Key Improvements As an EVM equivalent ZK rollup scaling solution, Polygon zkEVM aims to ensure seamless compatibility with existing smart contracts, developer tooling, and wallets. This compatibility allows for a “smooth transition” and continued operation without…

Justin Sun’s crypto initiative raises concerns for Huobi Global

Justin Sun’s stUSDT has quickly become a high-yield darling for crypto investors, amassing $1.8 billion in investments, but the project’s success brings both operational and reputational challenges for the affiliated Huobi Global exchange. In June, Justin Sun unveiled a new project that piqued the interest of crypto investors looking for high yields. Dubbed stUSDT, the project promised a compelling 5% return on low-risk securities such as government bonds. Within a mere two and a half months, stUSDT amassed a staggering $1.8 billion in investments, showcasing its meteoric rise and its…

Whales, Fresh Wallets Accumulating, Maker (MKR) Spikes 120% In 3 Months

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On-chain data reveals that whales and new wallets are scooping more Maker (MKR), which seems to be propping the token, fanning demand. As of September, MKR is one of the top-performing tokens, adding roughly 120% in three months from June 2023 lows. When writing, MKR is changing hands above $1,300 and inching closer to July 2023 highs. Notably, MKR is up 14% in the past week of trading, driving market cap above $1.27 billion and trading volume by 36% on the last day. Fresh wallet buying more MKR: NerdBot Whales And Fresh…

Balancer blames ‘social engineering attack’ on DNS provider for website hijack

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The team behind Balancer, an Ethereum-based automated market maker, believes a social engineering attack on its DNS service provider was what led to its website’s front end being compromised on Sept. 19, leading to an estimated $238,000 in crypto stolen. “After investigation, it is clear that this was a social engineering attack on EuroDNS, the domain registrar used for .fi TLDs,” the firm explained in a Sept. 20 X post. Approximately eight hours after the first warning of the attack, Balancer said its decentralized autonomous organization (DAO) was actively addressing…

Whales Abandon Ship? Ethereum Value In Jeopardy As Major Holders Liquidate

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Ethereum (ETH), a significant player in the crypto space, has recently come under scrutiny due to some concerning on-chain activities. Notably, the number of addresses holding significant amounts of Ethereum has declined, and some long-term holders appear to be liquidating their positions, potentially posing threats to Ethereum’s value. Whale Watch: A Steep Decline In Ethereum Holdings On-chain analytics have been instrumental in offering real-time insights into crypto market trends. Recent revelations have highlighted a downturn in Ethereum’s holding patterns that might have deeper implications for the digital asset’s value and…

Balancer confirms social engineering attack caused front end issues

The decentralized finance protocol Balancer suffered an exploit attack for nearly $900,000 in just a few days after a critical vulnerability was discovered. The Balancer team said a DNS attack was the source of an issue on its interface that was discovered on Sep. 20. Per reports, hackers stole $238,000 and users were advised to avoid interacting with the project’s website. The matter was previously under investigation, as crypto.news reported following an alert from Balancer. According to a later update, the protocol’s domains have now been secured by the Balance…

OnlyFans, Patreon models turn to Web3 amid payment and censorship fears

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Adult content creators have continued to shift towards decentralized versions of OnlyFans and Patreon, after recent payment difficulties and the ever-present threat of being de-platformed. Leon Lee, founder and CEO of Only1 — a decentralized version of OnlyFans — tells Cointelegraph there has been a recent power shift from intermediaries to content creators, thanks to Web3. “The role of intermediaries are diminishing while the role and earnings of creators are increasing,” said Lee. In August, creators on Patreon reported having difficulties withdrawing their earnings from the platform as payments were…

530% Spike In Shibarium Metric Could Trigger SHIB Recovery

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Shiba Inu could be gearing up for a rally after a metric has flashed bullish. This metric has to do with the recently launched Shibarium network whose usage is continuing to rise rapidly. This time around, the Ethereum Layer 2 blockchain has seen a significant surge in the number of new verified contracts. Verified Contracts On Shibarium Record 530% Spike On Monday, September 18, the total number of new verified contracts on the Shibarium network saw an impressive increase. The figure rose 530% to mark a top 5 highest day…