DeFi Hacks Continue: Decentralized Exchange DODO Exploited for up to $3.8M
The hacks and exploits on DeFi projects continue, and the latest victim to fall is the decentralized exchange platform – DODO. The attack targeted several V2 Crowdpools, and the stolen amount could go as high as $3.8 million.
The decentralized finance sector is no stranger to malicious attacks and harmful exploits. The decentralized exchange and liquidity provider DODO is the latest to join the growing number of victims.
As the first complaints occurred on Twitter, the project said that it had “temporarily disabled” the pool creation portal as a precautionary measure while promising that it’s working with security partners to recover the funds.
Shortly after, the DODO team explained that the attack transpired on March 8th when the undisclosed hackers exploited several V2 Crowdpool. Namely, those are WSZO, WCRES, ETHA, and FUSI. DODO managed to recover the funds in the AC pool while all remaining pools – all V1 and non-Crowdpool V2 – were safe.
PSA Regarding Recent Exploit on DODO
On March 8, Several DODO V2 Crowdpools were attacked. WSZO, WCRES, ETHA, and FUSI pools were impacted, while AC pool funds have been fully recovered.
Funds in all other pools, including all V1 pools and all non-Crowdpool V2 pools, are safe.
— DODO DEX (@BreederDodo) March 9, 2021
As far as the total stolen amount goes, the project asserted that “approximately $3.8 million, of which $1.88 million is expected to be returned, was drained as a result of these exploits.”
The post reads that one of the attackers already contacted the project and “offered to send back the funds removed from DODO pools.”
DODO said that its V2 Crowdpool had a bug that allowed the hackers to target them successfully. It worked as follows:
The bad actor creates a counterfeit token and initializes the smart contract with it by calling the init() function, then calls the sync() function and sets the “reserve” variable (representing the total balance) to 0. He calls init() again to re-initialize, this time with a “real” token, and uses a flash loan to transfer all such coins from the pools and bypass the flash loan check.
DODO found two individuals working on the exploit and noted that it’s investigating the issue with several notable industry names, such as Binance Smart Chain’s team, 1inch Exchange, PeckShield, and SlowMist.
In other recent examples of DeFi exploits, the native cryptocurrency of the project plummeted in value somewhat immediately. This was the case with PAID Network as the PAID coin crashed by more than 80% in minutes.
However, the situation with DODO doesn’t seem all that harmful for the token as far. DODO, which saw the light of day as a part of the Binance Launchpool in February, traded at $4.3 approximately at the time when news broke that the DEX was exploited.
Although it’s in the red now, DODO’s drop is significantly less harmful as it has decreased by about 7% to $4.
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Source: cryptopotato.com
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Total Number Of Bitcoins Held On Exchanges Dropped by 20% In 12 Months
Data acquired from on-chain cryptocurrency information aggregator Glassnode shows that the number of Bitcoin (BTC) held on the centralized exchanges has dropped by around 20% in the last 12 months. This data means that investors are accumulating bitcoin and then withdrawing them from exchanges into cold wallets creating a supply crunch.
#Bitcoin Balance on Exchanges taking another dive pic.twitter.com/F20tohfXsu
— William Clemente III (@WClementeIII) March 7, 2021
Glassnode also shared data on March 6 revealing that coins acquired in 2021 were not moved at a loss in the late February dip, according to on-chain analysis. Notably, long-term accumulation and the increasing popularity of DeFi yield protocols are siphoning BTC away from most of the centralized exchanges.
Based on the firm’s “Hodlwaves” metric that measures the time since coins were last moved on-chain, also suggests that there is an increasing accumulation activity. Hodlwaves data acquired on February 22 indicated that 57% of Bitcoin’s supply has not moved in over a year.
Nonetheless, over a third of the said bitcoins are yet to move in over five years, suggesting that a considerable segment of the coins may have been lost. The surging popularity of decentralized exchanges and DeFi yield protocols may also be driving the dwindling supply of bitcoin on centralized exchanges.
The total value locked (TVL) of BTC tokenization protocol Wrapped Bitcoin has surged by over $1 billion since the start of this month, according to DeFi Llama. That shows a strong demand for Bitcoin in the DeFi ecosystem.
Source: www.cryptovibes.com
South Korean Crypto Transactions Command an Average of $7 Billion per Day on Domestic Exchanges
An investigation unveiled a growing fever among crypto traders in South Korea, who actively transact cryptocurrencies every day. Local media outlets are returning to adopt the term “crypto fever” as the recent billion-dollar figures confirm such a trend.
According to the report made by Dong-A, a major South Korean newspaper, domestic crypto investors transacted around $7 billion per day in the period ranging from January 1 to February 25, 2021.
Kim Byeong-wook, a parliamentary member of the Democratic Party, compiled the numbers by extracting data from Bithumb, Upbit, Korbit, and Coinone, the most prominent local crypto exchanges.
Per the study, 42% of the average volume was traded on the KOSPI stock exchange. The newspaper pointed out that this is the first time that investors’ statistics of the four major South Korean crypto exchanges see the light.
In the same period, the study showed that users of the four exchanges transacted approximately $395 billion. Such a number is well above the 2020 figure of $315.5 billion. Dong-A detailed that South Koreans aged 20-39 are the ones who have been allocating thousands of dollars recently on crypto investments.
The newspaper explained the reasons behind the recent surge of the transaction figures in South Korea:
This investment rush began to catch fire as liquidity was backed up and global companies started to invest in cryptocurrency one after another. After Paypal, an online payment company, started making bitcoin payments, Tesla also decided to accept Bitcoin payments. Leading financial companies such as Black Rock, the world’s largest asset management company, have also announced investments in bitcoin.
Also, the study quotes domestic retail investors’ statements on the matter. One of them, aged 29, perceives cryptocurrencies as a better investment opportunity than trading stocks.
As news.Bitcoin.com reported recently, females aged 40-49 in South Korea have been actively buying bitcoin (BTC) in recent weeks. The report calls this trend the “second boom” of cryptocurrencies in South Korea, as females surveyed were mostly mothers.
What do you think about this South Korean study? Let us know in the comments section below.
https://news.bitcoin.com/south-korean-crypto-transactions-command-an-average-of-7-billion-per-day-on-domestic-exchanges/
The post South Korean Crypto Transactions Command an Average of $7 Billion per Day on Domestic Exchanges appeared first on BTC Ethereum Crypto Currency Blog.
Source: cryptomoneyteam.co
Author: By TeamMMG
Marlin (POND) Rise With Binance Listing News
Cryptocurrency exchange Binance has announced that it will list Marlin (POND). POND will initially be traded on the Binance Innovation Zone. The token price went up after the news.
What is Marlin (POND)?
Marlin is an open protocol that gives a top-performance programmable network infrastructure for DeFi and Web 3.0.
By optimizing the network layer, Marlin aims to deliver a decentralized web where applications secured via the blockchain are indistinguishable in terms of performance from Web 2.0. POND is the native utility token on the Marlin platform and is used for governance, rewards for incentivizing protocol participation, and staking to run nodes on the Marlin network.
Binance Listing
Binance will list Marlin (POND) in the Innovation Zone and will open trading for POND/USDT, POND/BUSD and POND/BTC trading pairs at 2021-03-09 8:00 AM (UTC).
Albert Brownhttps://thecryptobasic.com/
Albert Brown has obtained his master’s degree in Stock Trading And Investing. His specialty is analyzing the price actions of crypto and stock markets. Albert provides a major role in TheCryptoBasic as a crypto analyst. He is also known for his work on Twinkle Magazine and TipRanks.
Source: thecryptobasic.com
Author: By Albert Brown
Crypto derivatives exchange Bit.com adds Request For Quote (RFQ) function via Paradigm
Bit.com, a cryptocurrency derivative exchange by Matrixport, today announced a new partnership with Paradigm, a crypto OTC liquidity network. Together, the two entities are launching a fully-automated Request For Quote (RFQ) protocol on Bit.com.
Bit.com/Paradigm RFQ allows traders to simultaneously request two-way quotes from multiple dealers without revealing their identity or trade direction and then instantly execute on the best bid/offer.
Paradigm aggregates prices and displays the best bid/offer on Bit.com; execution is confirmed on Paradigm and settled within the user’s Bit.com account.
Source: www.cryptoninjas.net
