Tag: finance

Kokomo Finance Exit Scam Sees Developers Make Away with $4M Worth of Tokens

The Kokomo Finance protocol has been found to be an elaborate exit scam after developers used wrapped Bitcoin to steal user funds worth $4M. According to reports, developers behind crypto lender Kokomo used Wrapped Bitcoin (wBTC) to perpetuate a $4 million exit scam. A CoinDesk report alleges developers pulled off the scam over the weekend after manipulating tokens to steal millions in user funds. The report further stated that these developers attacked the smart contract of wrapped Bitcoin token cBTC, from KOKO’s primary address. KOKO is the native digital currency of…

$4M ‘exit scam’ suspected as Kokomo Finance flies off radar, token plunges

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Optimism-based lending protocol Kokomo Finance has been suspected of a $4 million “exit scam” that has seen user funds plucked out from the platform via a smart contract loophole. Blockchain security firm CertiK alerted its followers to the “exit scam” in a March 26 Twitter post, noting that the Kokomo Finance (KOKO) token has plummeted 95% in value in a matter of minutes. CertiK also noted that Kokomo Finance removed all social media accounts immediately following the alleged rug pull too. Kokomo Finance has either deactivated or deleted its Twitter…

Euler Finance hacker returns ethereum worth $102m

In a surprising turn of events, the exploiter of Euler Finance has reportedly returned 51,000 ether (ETH) to the DeFi lending protocol. According to BlockSec, a blockchain security firm working with Euler Labs, the exploiter has also returned a further 7,737 ETH, bringing the total returned funds to 58,737 ETH. All told, Euler has gotten back ETH worth about $102 million at current rates. It is a remarkable development after the Euler hack on Mar. 13, 2023. The hack was one of the largest flash loan attacks in DeFi history, resulting in…

Euler Finance exploiter returns over 58,000 stolen Ether

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The hacker behind the $196 million exploit on lending protocol Euler Finance has returned the majority of the stolen assets, according to on-chain data.  In a transaction on March 25, the exploiter returned 51,000 Ether (ETH) worth around $88 million at the time of writing. A second transfer of 7,737 ETH was made on the same day, worth over $13 million. Previously, on March 18, the hacker sent 3,000 ETH to the protocol, worth nearly $5.4 million at the time. The exploiter still controls some of the stolen assets. the…

Shares of Deutsche Bank, Other Euro Lenders Tumble – Finance Bitcoin News

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Deutsche Bank shares plunged on Friday, along with the stocks of other European banks, amid investor concerns over the stability of the global banking sector. The drop comes in the aftermath of the recent emergency rescue of Credit Suisse and follows losses in U.S. banks on Thursday. Deutsche Bank Credit Default Swaps Jump to 4-Year High Shares of European banks, most notably Deutsche Bank, fell before the weekend amid persisting concerns among investors about the state of the banking industry on the Old Continent, across the Pond and beyond. Having…

Arbitrum airdrop hype grips DeFi world: 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 significant developments over the last week. The much-awaited airdrop of layer-2 scalability protocol Arbitrum has dominated headlines throughout the week. The hype around the token has led to exploits, fake airdrops and even a significant surge in volume for other layer-2 protocols. Apart from the Arbitrum hype, the Euler Finance hack has also seen some new developments. The person or group behind the attack returned a portion of the funds…

Digital Euro Key for European Payment Autonomy, ECB President Lagarde Says – Finance Bitcoin News

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The digital euro has an important role in preserving the payment autonomy of Europe, the head of the eurozone’s monetary authority emphasized. The new currency, which is still under development, is meant to be sovereign and safe, cheap and widely available, Christine Lagarde assured during a discussion devoted to central bank digital currencies. Payment Cards and Apps Now Are Not Necessarily European, Lagarde Points Out A digital euro has a key role to play in safeguarding Europe’s payment autonomy, President of European Central Bank (ECB) Christine Lagarde was quoted as…

Yellen Says US Could Back All Deposits at Smaller Banks if Needed to Prevent Contagion – Finance Bitcoin News

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U.S. Treasury Secretary Janet Yellen says the federal government could guarantee all deposits of smaller banks if they “suffer deposit runs that pose the risk of contagion.” The government recently protected all deposits of Silicon Valley Bank and Signature Bank after they failed. U.S. Government Ready to Guarantee More Deposits if Needed U.S. Treasury Secretary Janet Yellen said in a speech to the American Bankers Association Tuesday that the government is ready to provide additional deposit guarantees if the banking crisis worsens. Following the failures of several major banks, including…