DeFi

Millions Lost After Three DeFi Protocols Hacked in One Weekend

Published

6 months ago

15 July, 2024

Millions Lost After Three DeFi Protocols Hacked in One Weekend

The decentralized finance (DeFi) sector often proves to be a minefield for those looking for the latest opportunities; a fact that was perfectly illustrated by a trio of incidents over the weekend.

Ethereum-based lending platform Dough Finance lost nearly $2 million on Friday in a series of hacks fueled by flash loans. raised the alarm before new attack transactions were identified by ExVul, bringing the total loss to $1.96 million.

Learn more: CertiK Returns Funds on Its Own Terms After Hacking Kraken for $3 Million

The vulnerability was identified as a lack of validation of flash loan “callback” data, according to crypto auditing firms Ancilia And CertiKA flash loan allows a user to access large amounts of cryptocurrency, provided the amount is repaid in the same transaction.

Peckshield followed the flow of funds, demonstrating the funding of the attack via Railgun and the whitening funds via Tornado Cash after the event. Railgun and Tornado Cash are both controversial privacy tools, often used by hackers to cover their tracks.

In what was the platform’s first post on X (formerly Twitter), Dough Finance recognized the hack a few hours later.

After a much-needed break on Saturday, Sunday saw two incidents that illustrate the wide range of attack vectors facing DeFi users.

First, Ethena’s Discord server, transmitter of $3.4 billion The “synthetic dollar” USDe has been compromised. The breach led a seemingly legitimate account to post the promise of “retroactive rewards” for token holders while linking to a malicious URL.

Image taken from ZachXBT’s Telegram channel.

Learn more: Ethena offers 27% on stablecoins, but where does the yield come from?

The suspicious message was reported by ZachXBT via Telegram, and Ethena issued an official warning in a job on X shortly after, which has since been deleted.

The incident highlights the variety of dangers facing DeFi users, which come not only from hacked “smart contracts” containing their crypto, but also from insecurities in existing web infrastructure, such as social media or the project websites themselves.

The ongoing DNS hacks on Squarespace are *even* *worse* than the phishing attacks on major sites.

If an attacker controls a project’s DNS, they also control the project’s email. With this, they can reset passwords and take control of team members’ accounts on other services.

1/3 https://t.co/o0qndlmzRT

— Daniel Von Fange (@danielvf) July 12, 2024

Learn more: Compound Finance and Celer Network websites compromised by front-end attacks

Last week, a wave of web domain hijacking hit the industry, with Compound Finance, Celer Network, Pendle Finance, and (ironically) Unstoppable Domains among those affected.

To round out the weekend, another lending platform, Minterest, informed the users for whom it was exploited $1.4 million Sunday night. The hack, which took place on Ethereum-rollup Mantle, also appears to have been a flash loan attack, similar to the one who hit Dough Finance on Friday.

Important update from Minterest

Attention Minterest users,

We are currently investigating an exploit on Minterest. As a precaution, we have temporarily suspended certain operations on the Minterest app:
👉 On pause: offer and borrowing
👉 Active: Refund and withdraw…

— Minterest (@Minterest) July 14, 2024

Learn more: Sifu’s UwU Lend Reportedly Hacked for $20 Million, Curve’s Egorov Among Those Affected

The attacker address was funded via Tornado Cash on Ethereum, suggesting that the Minterest team hopes The hypothesis that the hacker “performed this exploit as a white hat” may be short-lived.

But it wasn’t all bad. note by Cyvers, a phishing victim, who lost $32 million of ETH staked by Lido over a year ago has started receiving reimbursement.

After being contacted out of the blue via a channel message reading “I’m the guy who took your money…I want to give you the money back,” the victim has today confirmed reception of more than 10 million DAI over the past week.

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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!

Website: https://presale.rollblock.io/

Social networks: https://linktr.ee/rollblockcasino

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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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