DeFi

Analysis of recent DeFi hacks and security breaches

Published

8 months ago

18 May, 2024

Analysis of recent DeFi hacks and security breaches

The past week has seen a series of high-profile cyberattacks against giant players in the cryptocurrency industry, with a particular focus on DeFi platforms, crypto hedge funds and other blockchain-based services.

Join us in this week’s Crypto Hacking Report, focusing on the types of attacks, their implementation methods, and the evaluation of response actions before and after the lifecycle of these attacks.

1. Sonne Finance Million Flashlash Loan Attack

Sonne Finance, a typical lending/borrowing platform, was built on Compound and deployed on Optimism, a layer 2 chain. However, there came a time flash loan attack which affected their protocol.

The attackers took advantage of protocol bugs and bypassed the flash loan feature to drain over $20 million in seconds. Through these loans, the hackers managed to manipulate the protocol’s liquidity pools and thus created massive financial damage that could only be stopped after being detected.

Sonne Finance, in cooperation with its White Hat hacker community and Blockchain security experts, is close to tracking down the stolen funds and fixing the errors that were exploited.

2. BlockTower Capital: partial funding leak

Blocktower Capital, a leading player in crypto financial investment, managing assets worth approximately $1.7 billion, has fallen victim to a massive violation in their security system.

A major setback was losing half of his main hedge fund to the actions of fraudsters. The exact amount of scam funds is hidden, nevertheless, the fraud has surely forced the company to consider hiring Blockchain forensic analysts for further investigation.

3. ALEX Lab: $4.3 million loss due to private key storage weaknesses

ALEX Lab, a Bitcoin DeFi application, lost $4.3 million of tokens. The attack specifically attacked BTC’s bridge service and consumed $300,000,000 worth of Bitcoin, $3.3 million worth of stablecoins, and $75,000 worth of Sugar Kingdom tokens (SKO).

After the detected breach, ALEX Lab cooperates with experts to carry out its implementations and modifications of its key management systems.

4. Perdy Finance: $464,000 Contract Vulnerability Exploit

Perdy Finance, the DEX on the Aribtrum chain, has been attack due to a contract default – resulting in a $464,000 breach of their loan pool.

Hackers discovered a vulnerability in Perdy Finance smart contracts allowing them to steal considerable values, leaving the system and authorities to face this problem. They only knew what to do when the problem was detected and by then the assets were already exhausted.

Perdy Finance had shut down operations to identify and resolve contractual issues and losses caused by these security breaches. To identify and fix smart contract flaws, they coordinated with blockchain security auditors and collaborated for a successful smart contract.

5. Pump. fun: embezzlement of $2 million from a former employee

There was a huge compromise of the SOL token in Pump.fun when a former employee of the platform stole over 2 million dollars value of digital assets. The employee had benefited from the leadership role which granted him unrestricted access to guarding the safe.

This exploit used flash loans on the Solana lending protocol to borrow SOL, swap them for different coins so that their values on the bond curves reached 100%, then sell the coins to get the liquidity they use to repay flash loans.

Pump. cheap has resumed fee-free trading for the immediate next seven days in an effort to restore user confidence. The site outlined its commitment to loading seed liquidity pools on Raydium for affected coins and providing consumers with assets in return.

Indeed, the events that have unfolded over the past seven days have once again brought to the forefront the multifaceted and dynamic nature of cyber risks leading to the crypto sphere.

The range of illustrious exploits from flash loans to intrusion threats and contract vulnerabilities has revealed the importance of constantly improving security practices, active monitoring and critical audit actions for the ultimate purpose of asset protection.

Also discover: Crypto Hack Report Q1 2024: Trends, Losses and Recovery Efforts

Fuente

DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

Discover the exciting opportunities of the Rollblock (RBLK) presale today!

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Fuente

DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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