DeFi

“It’s so stupid” – DL News

Published

7 months ago

20 June, 2024

Kraken CSO accused CertiK of extortion.
CertiK said Kraken threatened its employees.
Security researchers question CertiK’s actions.

When crypto auditor CertiK announced on Wednesday that its employees had discovered and exploited a $3 million bug in US crypto exchange Kraken, eyebrows were raised.

When CertiK later said it had returned the funds to the US exchange in a so-called white hat transaction, the company was hit by Kraken’s dissent.

“It’s not hacking, it’s extortion!” » Nick Percoco, head of security at Kraken, said in a statement Message Wednesday.

Percoco said those who found the bug said they would not return any funds until Kraken reveals the extent of the damage it may have caused.

CertiK was quick to respond to Kraken’s statements. “They publicly accused us of theft and even directly threatened our employees, which is completely unacceptable. »

The unusual duration – and colossal $3 million – of CertiK’s exploit prompted a series of questions. Usually, whitehat testing of cyber defenses charges a minimal amount of money just to demonstrate the vulnerability.

“That’s an incredible amount of money to take for the sake of a Whitehat exploit,” said Michael Lewellen, head of solutions at rival auditing firm OpenZeppelin. DL News.

Lewellen said security researchers have been fired for this kind of behavior.

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“If a security researcher from another reputable auditing firm committed this kind of exploit, they would be immediately fired and disavowed,” he said.

“You never steal funds from a client unless there is immediate danger and you don’t have time to alert a team and even then you are taking a significant risk that many audit firms prefer not to take for these reasons.”

“As soon as you discover something is wrong, you need to ensure user safety. »

— Pascal Caversaccio, security researcher

Pascal Caversaccio, an independent security researcher, said it was strange that the CertiK test of the Kraken system took several days. This should have been resolved within minutes.

“As soon as you find out something is wrong, you have to take care of user safety,” he said. DL News. “It’s so stupid. Not only from a security perspective, but also from a business perspective.

There are other anomalies.

Onchain records show that an address linked to CertiK funds sent to the DeFi Tornado Cash protocol, which has been sanctioned by the US Treasury Department’s Office of Foreign Assets Control, or OFAC.

Tornado Cash Angle

Although CertiK returned assets to Kraken, sending any via Tornado Cash could violate US sanctions. According to OFAC websitepenalties can exceed several million dollars.

Lewellen said it was strange to use Tornado Cash for the Whitehat hack.

“I have never heard of a Whitehat using Tornado Cash, especially given the risk of sanctions,” he said. “Typically, you don’t use Tornado Cash after sanctions unless you are already committing a crime and the risk of violating sanctions is offset.”

Other parts of the funds withdrawn by CertiK from Kraken were sent to ChangeNOW, a crypto exchange that does not require KYC verification. CertiK also exchanged the USDT stablecoins it withdrew from Kraken for ETH.

“If you’re a white hat, you don’t do this,” crypto security expert Taylor Monahan said. said on X.

CertiK did not immediately respond to a request for comment and has not publicly addressed these transactions.

Tim Craig is a DeFi correspondent at DL News. Do you have any advice? Send him an email to tim@dlnews.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.

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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