DeFi

DeFi Protocol Rho Markets Suffers $7.6 Million Loss Due to Gray Hat Hackers

Published

6 months ago

20 July, 2024

DeFi Protocol Rho Markets Suffers $7.6 Million Loss Due to Gray Hat Hackers

In an interesting turn of events, Rho Markets, a lending protocol built on Ethereum Scroll’s layer-two networks, had a disheartening experience with gray-chip hackers involving the temporary loss of $7.6 million in user assets.

Rho Markets Security Flaw Exposed by Gray Hat

In a X post On Friday, Rho Markets announced that it had noticed suspicious activity on its platform, prompting it to suspend all operations and launch an investigation. The crypto lending platform assured all users that the majority of its token pools were secure and there was no cause for concern.

However, Cyvers alerts revealed that Rho Markets had been compromised, with attackers stealing $7.6 million in assets from the platform’s USDT and USDC token pools. They further stated that the incident occurred due to these strange actors gaining access to Rho Markets’ USDT and USDC token pools. oracle control.

For context, an oracle is a mechanism that provides external data to a blockchain allowing smart contracts to operate efficiently with access to real-time information. Therefore, by manipulating the oracle, hackers were able to alter the data being passed to smart contracts on Rho Markets, allowing them to move assets off the DeFi platform.

However, hackers Soon sent a message on the channel showing his willingness to return the stolen funds, but under certain conditions. The message read:

Hello RHO Team, our MEV bot took advantage of your price oracle misconfiguration. We understand that the funds belong to the users and are ready to return them in full. But first we would like you to admit that this was not an exploit or hack, but a misconfiguration on your part. Also, please tell us what you plan to do to prevent this from happening again.

This development indicated that Rho Markets was dealing with “grey hat” hackers, i.e. individuals who hack platforms with good intentions, perhaps to expose potential vulnerabilities in the system. “Grey hat” hackers typically conduct their operations without the permission of their targets, unlike white hat hackers employed by platforms to detect possible security breaches.

Rho Markets recovers assets, promises better security measures

Hours after the security incident, Rho Markets announcement They managed to rectify the situation with all user assets confirmed to be safe. Moving forward, they intend to refund their USDC, USDT, and WETH pools, as well as identify all active supply accounts at the time of the attack. Finally, Rho Markets states that they will systematically resume borrowing and transfer services on the platform, but under strict security protocols.

Rho Markets The total cryptocurrency market cap is valued at $2.372 trillion on the daily chart | Source: TOTAL chart on Tradingview.com

Featured image by Lajoj/Medium, chart by Tradingview.com

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.

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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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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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