Day: October 12, 2023

Alameda Research lost $190M to scams and ‘questionable’ blockchains: Whistleblower

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FTX’s sister hedge fund, Alameda Research, lost at least $190 million of its trading funds due to arguably avoidable scams, according to a former engineer at the firm. In an Oct. 12 post to X titled “The Hacks,” former Alameda Research engineer turned whistleblower Aditya Baradwaj claims that the firm’s “breathtaking” agility led to “major security incidents” as often as every few months. Incident #1: An Alameda trader got phished while trying to complete a DeFi transaction by accidentally clicking a fake link that had been promoted to the top…

ADA Price Hints At Potential Correction, Buy The Dip?

Cardano’s price started a fresh decline below $0.250. ADA is testing important support at $0.2450 and might start a recovery wave. ADA price started a fresh decline below the $0.255 and $0.250 levels against the US dollar. The price is trading below $0.250 and the 100 simple moving average (4 hours). There is a key declining channel forming with resistance near $0.2480 on the 4-hour chart of the ADA/USD pair (data source from Kraken). The pair must stay above the $0.2420 support to start a fresh increase in the near…

BAD Idea AI joins forces with Tangem

BAD Idea AI has partnered with Tangem, a leader in secure hardware wallets, to launch limited-edition $BAD-branded hardware wallets. The partnership aims to provide a faster, lower-cost, and more accessible remittance option for the 18 million Filipino users of BAD Idea AI and their families and loved ones abroad. BAD Idea AI users can now deposit funds directly into their accounts through Tangem, which supports more than 70 leading cryptocurrencies. This allows them to trade, send, and transact in crypto more efficiently and securely. BAD Idea AI CEO Christopher Johnson…

Stellar initiates security audits for imminent Soroban smart contracts platform

The Stellar Development Foundation is set to enhance its blockchain offerings with Soroban, a new smart contract platform, currently in testnet phase, emphasizing heightened security and seamless integration. The Stellar (XLM) blockchain, known for fast international transactions, is about to introduce something new. This is called Soroban, a platform for smart contracts that’s being tested right now. What makes Soroban special is its use of WebAssembly (WASM), which is designed to work well with regular websites and blockchain systems. Product update! Today, @CertoraInc & @StellarOrg have teamed up to boost…

Decentralized finance yet to pose ‘meaningful risk’ to stability — EU regulator

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Decentralized finance (DeFi) is yet to pose a meaningful risk to overall financial stability but does require monitoring, according to the European Union’s financial markets and securities regulator. On Oct. 11, the European Securities and Markets Authority (ESMA) released a report titled Decentralized Finance in the EU: Developments and Risks. Aside from discussing the nascent ecosystem’s benefits and risks, the regulator concluded it is yet to pose a sizeable risk to financial stability. “Crypto-assets markets, including DeFi, do not represent meaningful risks to financial stability at this point, mainly because of…

Litecoin celebrates milestones amid declining prices

The Litecoin Network shared news it had just processed its 180 millionth transaction. In contrast only 39 million transactions were recorded last year. Mixed signals Litecoin, one of the first altcoins, created to help complete cryptocurrency transactions quicker and at a cheaper rate, shared an update that so far in 2023, the network has processed 51 million transactions, setting a new record. The price of Litecoin has been consistently following a downward trend since the most recent halving on Aug. 2 with many “crypto whales” selling off their holdings in the pre-halving price spike…

Chainlink is best asset that shows growing tokenization for RWA

The tokenization of real-world assets is gaining momentum in the crypto sphere, with Chainlink’s LINK highlighted as a potential key player in this emerging landscape. The world of cryptocurrency is no longer limited to abstract digital assets; the tokenization of real-world assets (RWAs) such as private equity, credit, and bonds is a burgeoning narrative. Tokenization, by placing these traditional assets on blockchain platforms, promises a more transparent, cost-effective, and easily accessible mode of financial transactions. A report released on October 11 by research firm K33 Research indicates that Chainlink’s native…

WOO Network to sever ties with Three Arrows Capital after share buyback

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Crypto exchange WOO Network is set to sever all remaining ties with bankrupt Three Arrows Capital, after reaching a settlement to buy back shares and tokens previously acquired by the crypto hedge fund. According to an Oct. 11 blog post, WOO reached a settlement agreement with Teneo — the firm tasked with liquidating the 3AC estate — to purchase more than 20 million WOO tokens and additional shares that the hedge fund had acquired during WOO’s series A funding round in Nov. 2021. “We are pleased to clear the uncertainty…

Stars Arena recovers 90% of stolen funds after offering $257K bounty

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Web3 social media platform Stars Arena says it has recovered nearly all of the crypto stolen from an Oct. 7 exploit — minus a 10% bounty to the person responsible. In an Oct. 11 X (Twitter) post, Stars Arena said around 90% of the 266,000 Avalanche (AVAX) exploited, at the time worth around $3 million, was returned after reaching an agreement to give a 27,610 AVAX bounty worth nearly $257,000 to the exploiter. The bounty also included compensation for 1,000 AVAX worth over $9,000 seemingly lost by the exploiter in…