Tag: DeFi

KyberSwap attacker used ‘infinite money glitch,’ Australia’s tax agency won’t clarify DeFi rules: Finance Redefined

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The attacker who stole $46 million from the KyberSwap protocol has used a complex strategy described by a DeFi expert as an “infinite money glitch.” With the exploit, the attackers tricked the platform’s smart contract into believing it had more liquidity available than it did. Australia’s tax regulator has failed to clarify its rules on DeFi despite Cointelegraph reaching out for answers.…

KyberSwap attacker used ‘infinite money glitch’ to drain funds: DeFi expert

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The attacker who drained $46 million from KyberSwap relied on a “complex and carefully engineered smart contract exploit” to carry out the attack, according to a social media thread by Ambient exchange founder Doug Colkitt.  Colkitt labeled the exploit an “infinite money glitch.” According to him, the attacker took advantage of a unique implementation of KyberSwap’s concentrated liquidity feature to “trick” the contract into believing it had more liquidity than it did in reality. 1/ Finished a preliminary deep dive into the Kyber exploit, and think I now have a…

Launching a DeFi company? 9 tips for choosing the best locale

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In this era of digital and remote business operations, it’s not uncommon to hear that choosing the location of a company’s headquarters isn’t as important a decision as it used to be. However, if an entrepreneur is launching a decentralized finance company, they’d be wise to set that advice aside. Launching in a relatively young industry with unsettled regulatory environments and unique talent needs means choosing a headquarters locale is actually a critical decision. So what are the details to consider and the checkboxes to tick for an entrepreneur researching…

6 Questions for Alex O’Donnell about the future of DeFi

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Umami Labs CEO Alex O’Donnell grew up on the outskirts of Philadelphia before attending Temple University to study literature and economics. That path led him to devote seven years of his life as a financial journalist at Reuters, where he specialized in M&As IPOs. He said his academic focus created a “pretty natural synthesis” when it came ot financial journalism. However, he said he became “disenchanted” with his industry while he was cooped up at home during the Covid-19 pandemic. “There really was a three-way alliance between journalists, government officials…

3 metrics DeFi traders can watch in order to spot the next crypto bull market

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The decentralized finance (DeFi) market has been one of the most exciting and volatile sectors in the crypto outside of Bitcoin (BTC). In 2020, the DeFi sector experienced a bull market that saw the total value locked (TVL) in decentralized finance protocols surge from $1 billion to over $100 billion. However, the DeFi market has also been prone to significant corrections. In 2021, the DeFi market experienced a correction that saw the TVL fall from $100 billion to $40 billion. Despite the volatility of the DeFi market, there are ways…

Sushi to test Bitcoin swaps and Opyn DeFi protocol founders cave to CFTC pressure: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. A new DeFi report has highlighted that a significant amount of crypto lost to exploits was due to traditional Web2 flaws and security issues, such as centralization of information, which makes it easier to exploit. Decentralized exchange (DEX) platform Sushi is set to begin testing for Bitcoin (BTC) swaps on 30 blockchains using the interoperability platform ZetaChain. The two founders of the…

DeFi Group Aave Companies Rebrands to Avara to Increase Its Web3 Appeal

Avara is hoping to create extensive access and usability for blockchain technology. Aave Companies have rebranded to Avara as a way of repositioning itself to attract a wider Web3 audience. According to Stani Kulechov, founder and CEO of the company, the move is necessary due to the growing list of offerings by Aave (now Avara). Kulechov believes that an umbrella brand such as Avara would help streamline the group’s growing list of infrastructure products. Those include liquidity protocol Aave, Lens Protocol, Sonar, and the GHO stablecoin. But more importantly, the…

Sushi taps into ZetaChain to begin testing native Bitcoin DeFi swaps

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DeFi platform Sushi has partnered with interoperability platform ZetaChain to explore the possibility of native Bitcoin (BTC) swaps for its users across 30 different blockchain networks. Sushi’s deployment of its decentralized exchange (DEX) on ZetaChain is touted to enable trading of BTC without wrapping across several blockchains in what the team describes as a “native, decentralized and permissionless manner.” The integration is set to include Sushi’s v2 and v3 automated market makers and Sushi’s cross-chain swap, SushiXSwap. ZetaChain core contributor Ankur Nandwani told Cointelegraph that the partnership can bring Bitcoin’s…

Ethereum-Based Blockchain Kinto Aims to Bring Real-World Assets (RWA) to Decentralized Finance (DeFi) with Fresh Investment

Kinto secured $1.5 million in a pre-seed investment earlier this year from Kyber Capital Crypto, according to a press release on Tuesday. It received another $3.5 million recently in a round led by Kyber Capital Crypto, Spartan Group and Parafi. SkyBridge Capital, Kraynos, Soft Holdings, Deep Ventures, Modular, Tane and Robot Ventures also participated in the round. Source link