Tag: finance

US authorities are investigating former FTX exec for potential campaign finance violations: Report

boss

Prosecutors in New York are reportedly looking into former FTX Digital Markets co-CEO Ryan Salame for potential violations of campaign finance law in the United States. According to a July 11 report from The New York Times, Salame and his girlfriend Michelle Bond — a Republican candidate who ran to represent New York’s 1st congressional district in 2022 — may have exceeded the federal limits on contributions during her campaign. Authorities are reportedly investigating financial ties between Salame and Bond dealing with her congressional campaign, which did not move beyond…

Arbitrum-based Rodeo Finance exploited for second time, $1.5M stolen

boss

Arbitrum-based decentralized finance (DeFi) protocol Rodeo Finance was exploited for $1.53 million on July 11. The DeFi protocol was exploited using a code vulnerability in its Oracle, leading to a loss of over 810 Ether (ETH). According to data shared by blockchain analytic firm PeckShield, the exploiter later bridged the stolen funds from Arbitrum to Ethereum and swapped 285 ETH for unshETH. The exploiter then deposited the ETH on Eth2 staking. Finally, the exploiter routed the stolen ETH using the popular mixer service Tornado Cash, which exploiters often use as…

Arcadia Finance loses $455m in defi protocol hack

Arcadia Finance, a decentralized finance (defi) protocol, has suffered a major setback, falling victim to a code exploit, resulting in a significant loss of approximately $455,000.  The breach was initially detected by blockchain security firm PeckShield, which identified a coding oversight related to untrusted input validation as the root cause of the vulnerability. Exploiting this coding loophole, a hacker managed to drain funds from Arcadia’s Ethereum and Optimism vaults, putting the defi protocol in a precarious position. The company confirmed the breach on Twitter and suspended the affected contracts to…

Arcadia Finance hacker used reentrancy exploit, team demands return of funds

boss

The Arcadia Finance attacker used a reentrancy exploit to drain $455,000 from the decentralized finance (DeFi) protocol, according to a July 10 post-mortem report issued by the app’s development team. A “reentrancy exploit” is a bug that allows an attacker to “reenter” a contract or interrupt it during a multi-step process, preventing the process from being completed correctly. The team has sent a message to the attacker demanding the return of funds within 24 hours and threatening police action if the hacker fails to comply. Post Mortem of ongoing situation,…

DeFi protocol Arcadia Finance hacked on Ethereum and Optimism for $455k

boss

A hacker drained approximately $455,000 from non-custodial decentralized finance (DeFi) protocol Arcadia Finance by exploiting a code vulnerability. Blockchain investigator PeckShield alerted about the hack on Arcadia Finance, pointing out the cause as “the lack of untrusted input validation.” The code supposedly lacked a validation mechanism to cross-check unverified inputs. This loophole allowed the hacker to drain funds worth roughly $455,000 from Ethereum (darcWETH) and Optimism (darcUSDC) vaults collectively. Arcadia Finance code required no validation of untrusted input. Source: PeckShield Arcadia Finance has not yet responded to Cointelegraph’s request for…

Union Finance unveils permissionless credit protocol at ETHBarcelona

Jacob Shiach, CEO of Union Finance, introduced Union Finance’s permissionless credit protocol, which aims to facilitate decentralized lending by leveraging trust and coordination among individuals, DAOs, and contracts. Shiach presented a speech on uncollateralized lending and leveraging friendships for fun and profit at the ETHBarcelona conference. During the conference, Shiach discussed various aspects of credit and its role in financial and real economies. He emphasized the importance of time travel, scalability, technology, and lifeline credit in driving economic growth and making more efficient decisions. He also highlighted the complexities of…

DeFi ‘circuit breaker’ could slash hack losses by 70%: Finance Redefined

boss

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. Amid the growing number of hacks in the DeFi ecosystem, a smart contract developer has made a new Ethereum request for comment (ERC) proposal to introduce a circuit breaker that could cut losses from hacks by 70%. In another exploit scare, Some Multichain contracts on Ethereum suffered withdrawals of more than half of their deposits, causing on-chain sleuths to fear an exploit…

Pendle Finance Expands to BNB Chain

Pendle offers users yields in the form of tradable digital tokens, with some strategies offering as much as 82% annualized yields on ether (ETH) and ether derivative tokens. These have a maturity period that ends in late 2023 or early 2024. LSDs are tokens created by DeFi protocols, such as Lido, to reward users who stake ETH on their platform. Source

Chibi Finance $1M alleged rug pull: How it happened

boss

On June 26, decentralized finance (DeFi) aggregator Chibi Finance was exploited by its own deployer account, and $1 million worth of cryptocurrency was drained from its contracts in an apparent rug pull or exit scam. The protocol’s official user interface disappeared, producing a 404 error, and all social media for the app was taken down. After the funds were drained, they were swapped for Wrapped Ether (WETH) and bridged to Ethereum, where they were afterward sent to Tornado Cash by the attacker. The price of the Chibi Finance (CHIBI) governance…

Over $204M lost to DeFi hacks and scams in Q2: Finance Redefined

boss

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 second quarter of 2023 saw over $208 million exploited and hacked from DeFi protocols, and with just $4.5 million of funds recovered, total losses to exploits were over $204 million. The DeFi ecosystem is an ever-growing industry with billions of dollars in daily trading volume. Still, it remains niche to a small population in the crypto industry and out of reach…