Archiv nach Monaten: November 2020

Fraudsters exploited the popularity of DeFi projects to deceive investors

Unknown attackers took advantage of investors‘ interest in the decentralised finance sector (DeFi) and two high-profile projects – the Keep3r Network (KP3R) by André Kronier, founder of yEarn Finance, and cVault.finance (CORE). The attention of the community to „empty“ tokens was attracted by the user Degenomics.

Fraudsters misled users with similar names – KPER and KORE.

According to CoinGecko, a $12.28 KPER appeared on 30 October. The very next day it reached its maximum at $22.83, but after a few hours it collapsed to zero.

Данные: CoinGecko.

A similar pattern with KORE: on 30 October the token was valued at $123.25 and on 1 November it fell to zero from $111.62.

Data: CoinGecko.

The original KP3R and CORE retain their multimillion dollar capitalisation and are still actively traded. The clone creators have taken advantage of the unlimited token issuance function available in contracts to withdraw user assets from their respective liquidity pools.

Su Zhu, CEO of the Three Arrows Capital Crypto Profit Revolution, believes that the preponderance of fraudsters and forks of known projects may indicate a peak in the market sector.

It should be reminded that cryptocurrency investors incurred losses after the implementation of the Keep3r Network Kronier token and dump scheme.

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Kucoin medgrundare avslöjar att 84% av hackade fonder har återvunnits

Kucoins medgrundare, Johnny Lyu, uppdaterade i en tweet onsdagen den 11 november 2020 samhället om framstegen hittills på det senaste hacket som skakade utbytet i september. Lyu, i sin tweet, gjorde det känt att 84% av de hackade medlen nu återvinns, med försök att få tillbaka resten fortfarande pågående. Även om det var relativt tyst om hur medlen återvanns, sa Lyu att detaljer om återvinningsprocessen skulle publiceras när ärendet är avgjort.

Kucoin återvinner majoriteten av stulna fonder

Som rapporterades av ZyCrypto den 26 september 2020 stulades intet mindre än 250 miljoner dollar i tillgångar från ett av de ledande kryptovalutabörserna, Kucoin.

Som informerat vid den tiden inkluderade stulna mynt och tokens Bitcoin Trader, Ethereum och flera andra ERC-20-tokens. Dessa medel rapporterades ha flyttats från Kucoins heta plånbok.

Vid den tiden lovade utbytet att de drabbade användarna skulle kompenseras medan de nått ut till andra börser i hopp om att spåra och eventuellt återställa de stulna medlen.

Händelsen fick börsen att stänga av några av sina tjänster på plattformen

Några goda nyheter brister äntligen när börsens grundare, Johnny Lyu, avslöjar att en betydande del av de stulna medlen, 84% för att vara exakt, redan är återvunnen.

Kortfattat om stegen som vidtagits för att återkräva nämnda medel sa Lyu att de drabbade tillgångarna återvanns via en spårningsmetod på kedjan, kontraktsuppgradering och rättslig återhämtning. Trots att han inte gick längre än så sa Lyu att varje detalj i hacket skulle publiceras när ärendet avslutades på begäran av brottsbekämpande myndigheter.

Vidare tackade Lyu dem (som inkluderade individer och organisationer) som gjorde sitt försök att återvinna de stulna medlen.

Framåt lovade han att börsen skulle fördubbla sina ansträngningar för att skydda användarnas tillgångar på plattformen.

Winklevoss: US central bank again „advertises“ Bitcoin

With new plans for further monetary policy interventions, the US central bank is making additional advertising for One Bitcoin a Day.

The American central bank continues to unintentionally advertise Bitcoin, with central bank chief Jerome Powell speaking out in favor of further „money printing“.

In a tweet on November 6th, Tyler Winklevoss, co-founder of the Gemini crypto exchange, said that Powell’s latest speech was „a code to buy Bitcoin“.

Powell: Congress should approve further interference

Powell had made the corresponding statements again on November 5 at a press conference on the current economic situation and possible monetary policy measures.

He reaffirmed that the American “Federal Reserve” had not yet fully exhausted the range of its possibilities. It should be noted, however, that the US Federal Reserve, in conjunction with the country’s government, has already intervened heavily in the stock markets, injecting funds and distributing aid to the population.

„I think we will have a stronger economic recovery if we bring in a little fiscal support where it fits … Congress also thinks that makes sense,“ Reuters quoted the central bank chief as saying.

Bitcoin advocates repeatedly warn of the long-term consequences of short-term interventions in the economy by the state and central bank, which can be seen in the ever-increasing national debt in the USA and other countries.

The books of the „Fed“ showed just under 7.14 trillion on Friday. US dollars, while the national debt topped 27.2 trillion for the first time in history. US dollar has climbed.

No more BTC left?

With its monetary policy interventions, the central bank follows the theory that the economy is primarily controlled by demand, which is why financial injections are supposed to have a „stimulating“ effect. Bitcoin, meanwhile, is simply controlled by supply and demand, a mechanism that seems to be working very well in light of the current climbing game of cryptocurrency.

The crypto market leader has gained more than 15% since the beginning of the week, reaching spheres that were last reached at the end of 2017.

According to the crypto analyst PlanB and some of his colleagues, this does not come as a surprise, because according to the so-called stock-to-flow forecast model, which relates the amount of Bitcoin in circulation (stock) to the rate of increase (flow), such a price development is after the „Halving“ in May the logical consequence . Indeed, investors seem to be following that prediction.

Investors are no longer just private investors, because institutional investors are increasingly discovering the cryptocurrency for themselves. Payment service provider Square made 80% of its revenue from Bitcoin in the third quarter of 2020 .

„There is no Bitcoin to sell more“ as the Twitter users Girevik the current situation summarizing .