DeFi

Ethereum DeFi platform raises $7.6M after meeting exploiter demands

Published

6 months ago

19 July, 2024

Ethereum DeFi platform raises $7.6M after meeting exploiter demands

Decentralized finance (DeFi) protocol Rho Markets informed users on Friday that $7.6 million in compromised user funds are now flowing into the lending platform.

“We are pleased to announce that the issue has been successfully resolved,” the project said. wrote on Twitter (aka X), stressing that no user funds were lost. “We are currently reallocating the funds to the borrowing pools.”

Earlier today, an entity sent a message on-chain, demanding that Rho Markets come up with a plan to fix the software issues that allowed it to siphon off a significant amount of crypto.

“We understand that the funds belong to the users and are ready to return them in full,” the entity said. wrote“But first we would like you to admit that this was not an exploit or a hack, but a misconfiguration on your end.”

Rho Markets, which exists on the Ethereum scaling network Scroll, warned on Twitter (aka X) hours before its platform was put on hiatus. Investigating reports of unusual activity, the project holding $40 million in crypto assets stop the activity quickly.

A market in Rho dashboard The company said at the time that a total of $1.1 million and $2.3 million worth of Tether and USDC stablecoins had been “borrowed” on the platform, in amounts greater than their listed supply. The same could be said of wstETH, a wrapped version of Ethereum staked by Lido, of which $6 million had been borrowed.

On Twitter, scroll down advanced users to “temporarily revoke all approvals,” preventing decentralized applications from accessing users’ funds. Before that, the account declared that Scroll had temporarily delayed network completion, suggesting that transactions on the network would take longer to process.

According to the entity that stole users’ funds, the price oracles that communicate cryptocurrency prices to Rho Markets’ protocol were implemented incorrectly. The apparent error allowed a bot to profitably order trades.

An hour after the entity made its on-chain demands, approximately $7.6 million worth of Ethereum tied to the exploit was transferred to another wallet.

Scroll and Rho Markets did not immediately respond to a request for comment. Decrypt.

Rho Markets wrote afterward that it would take “three carefully planned steps”: assess which accounts were providing funds when its oracle went down, replenish funds in affected areas, and restore its normal lending functions.

“Please rest assured, our team is diligently implementing these measures to restore normalcy,” the project added, emphasizing its goal of “preserving the interests of our valued users.”

Crypto Detective ZachXBT wrote On Twitter, he said there was a “good chance” the funds would be recovered, as the entity responsible for Friday’s exploit has “a ton of exposure to centralized exchanges.” Since that would make it easier for law enforcement to identify the potential attacker, he said the entity was likely taking an ethical approach.

While $7.6 million is a significant sum, it represents only a small portion of the overall assets locked in decentralized applications on Scroll, which have swelled to around $640 million from $174 million a month ago, according to DefiLlama. data.

The scaling solution for Ethereum launched its public mainnet last October. Several months before that, Scroll’s creators had raised $50 million in an undisclosed funding round led by Polychain Capital, according to CryptoRang.

Friday wasn’t the first time an Ethereum scaling network was hit due to concerns about users losing their crypto. Last month, Linea froze all transactions on its network to prevent attackers from stealing more crypto from decentralized exchange Velcore. It worked.

Edited by Ryan Ozawa.

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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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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