Falcon Finance, a synthetic dollar protocol, has launched the Falcon Miles Pilot Season to reward users for core activities such as staking, minting, and trading USDf. Participants earn Miles based on their engagement, with multipliers enhancing rewards for specific actions like minting or holding USDf. The program also retroactively compensates early liquidity providers and includes referral incentives. Falcon Miles is part of a broader strategy to deepen adoption, with future plans including yield tokenization and money markets. USDf is already available on major Ethereum DEXes like Uniswap and Curve, with Falcon Finance boasting a TVL of over $650M.
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Young Hacker Steals 48.8 Million in Crypto from KyberSwap Platform
A 22-year-old Canadian hacker, Andean Medjedovic, is wanted for allegedly exploiting a vulnerability in the KyberSwap DeFi protocol to steal $48.8 million in cryptocurrency. He executed a series of trades to create a “glitch” in the system, draining funds from 77 liquidity pools across six blockchains. Medjedovic is also accused of attempting to extort the platform’s developers and laundering the stolen assets, having previously exploited another protocol, Indexed Finance, for $16.5 million in 2021.
read moreCanadian hacker charged with 65 million dollar DeFi theft and extortion
A 22-year-old Canadian hacker, Andean Medjedovic, faces federal charges for stealing $65 million from DeFi protocols KyberSwap and Indexed Finance. He exploited smart contracts, manipulated token prices, and attempted extortion for control over KyberSwap, while laundering funds through complex transactions. If convicted, he could face up to 20 years in prison for each charge, with law enforcement agencies collaborating on the investigation.
read moreDormant Bitcoin Wallets Move 250 BTC as Market Reacts to Price Surge
Five dormant Bitcoin wallets from the Satoshi era, inactive since 2009, have moved a total of 250 BTC, valued at over $15 million, to new addresses. This activity coincides with Bitcoin’s price recovery above $64,000 following a Federal Reserve interest rate cut. Meanwhile, the BingX exchange suffered a security breach, losing $43 million in cryptocurrencies, prompting a temporary suspension of withdrawals as the platform conducts an emergency inspection.
read moreBingX Exchange Hacked for 43 Million in Cryptocurrency Theft
BingX suffered a significant security breach on September 20, resulting in the theft of $43 million in cryptocurrencies from its hot wallet. The hacker stole various assets, including ETH, BNB, and USDT, quickly converting them into Ethereum and BNB through decentralized exchanges. In response, BingX suspended withdrawals and assured users that most funds remain secure in cold storage.
read moreBingX to Reimburse Users Following Security Breach and Minor Losses
BingX, a Singapore-based crypto exchange, experienced a security breach on September 20, resulting in minor losses from its hot wallet. The exchange has pledged to fully reimburse affected users using its own funds and has temporarily suspended withdrawals to enhance wallet services. Initial reports indicated suspicious withdrawals exceeding $13 million, with total estimated losses around $20 million, as hackers attempted to launder stolen funds through decentralized exchanges.
read moreBingX reports minor asset loss amid suspected hacker attack on hot wallet
BingX, a Singapore-based crypto exchange, reported minor asset losses following suspicious outflows from its hot wallet, prompting an emergency response. The exchange detected abnormal network access, suspected a hacker attack, and has temporarily suspended withdrawals while conducting an inspection. PeckShield noted over $13.5 million in suspicious fund outflows, with estimates of total losses reaching $20 million across multiple chains.
read moreMovement Labs Raises $38 Million for Move-Based Ethereum Virtual Machines
Movement Labs, a San Francisco-based blockchain development team, has raised $38 million in Series A funding to build a network of blockchains using Facebook’s Move programming language. The team aims to enhance smart contract security and transaction throughput within the Ethereum ecosystem through Move-based Ethereum virtual machines (EVMs). They have also launched M2, a Move VM-based layer-2 for Ethereum, and plan to introduce a cross-compatible execution layer framework called Move Stack. The funding will be used for global hiring efforts and investing in Move developer tooling and education.
read moreSkydrome: Leading DeFi Exchange on Scroll Blockchain Gains Momentum
In the midst of the cryptocurrency market’s excitement over airdrops, Skydrome, a decentralized exchange on the Scroll blockchain, has emerged as a pioneering force in DeFi. With strategic partnerships, smart contract deployment, and a promising trajectory, Skydrome is poised to redefine decentralized finance on the Scroll blockchain, offering compelling investment opportunities for traders and investors.
read moreEthereum Founder Vitalik Buterin Calls for Cypherpunk Revolution to Reignite Blockchain’s Vision
Ethereum co-founder Vitalik Buterin believes that Ethereum needs to return to its original vision of being a decentralized, peer-to-peer network, rather than focusing solely on financialization. In 2023, the Web3 ecosystem lost $1.8 billion to hackers and scammers, with the Lazarus Group being responsible for 17% of the losses. Following a $49 million exploit, decentralized finance protocol Kyber Network has had to cut its workforce by 50%. Despite these challenges, experts remain optimistic about the future of decentralized finance in 2024.
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