Tag: finance

Ethical hacker retrieves $5.4M for Curve Finance amid exploit

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A white hat hacker has managed to take around 2,879 Ether (ETH), worth around $5.4 million, from an exploiter and returned it to the decentralized finance (DeFi) protocol Curve Finance amid the recent hack.  On July 30, several stablepools on Curve Finance were exploited due to malfunctioning reentrancy locks on several versions of the Vyper programming language. The losses from Curve Finance are estimated to be around $47 million. However, DeFi protocols that were using the vulnerable versions of Vyper were also exploited, exposing the DeFi ecosystem to a stress…

Ethereum logs $1M MEV block reward amid Curve Finance exploit

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The recent Curve Finance exploit has reportedly led to one of the largest ever maximal extractable value (MEV) reward blocks of 584.05 Ether (ETH).  On July 31, Ethereum core developer “eric.eth” reported that “today has produced some of the largest MEV reward blocks in Ethereum’s history,” adding it was caused by the exploit of Curve Finance stable pools on July 30. Data shows a larger MEV reward block of 692 ETH was recorded in March. “A bot notices an incoming hack in the mempool, reproduces the tx [transaction] and front…

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…

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…

Another week of DeFi hacks, but ZK-proof development heats up: 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 past week in DeFi was dominated by exploits and hacks, with three DeFi platforms losing nearly $39 million. Alphapo’s hot wallets were exploited for over $32 million, Era Lend was drained for $3.4 million, and the decentralized finance protocol Conic Finance was exploited for almost $3.5 million. In better news, the DeFi ecosystem was buzzing with developments in zero-knowledge-proof (ZK-proof) scaling…

FTX Founder Sam Bankman-Fried Maybe Hasn’t Escaped Campaign Finance Charges

Bankman-Fried is currently set to go on trial on Oct. 2 on seven different charges, including conspiracy to commit wire fraud and wire fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering. He is then set to go on trial again in March of next year on another five charges, including conspiracy to commit bank fraud, conspiracy to operate an unlicensed money transmitter and conspiracy to bribe foreign government officials. Source

Borroe Finance empowers small businesses to scale, grow revenue

Borroe Finance is a crypto project behind ROE. It aims to transform how small businesses receive funding and expand in web3.  The platform empowers businesses to unlock their true potential, scale up, and thrive using artificial intelligence (AI) and blockchain.  Struggles of small businesses in web3 Though the web3 revolution has presented opportunities for small businesses, there have been challenges. Many ventures encounter short-term liquidity issues, capping growth. Meanwhile, traditional financing institutions have been slow to grasp the dynamics of the web3 industry, resulting in slow, inefficient, and expensive funding options.…