Author: Karikari Daniel

Article written by Karikari Daniel

Euler Finance Hacked: $197 Million Lost in Flash Loan Attack

March 14, 2023 1 min read

Euler Finance, a decentralized lending protocol, was hit by a flash loan attack, resulting in a loss of $197 million. The attack took place at 4:50 am ET, and the perpetrator drained $136 million of staked ether (stETH), $34 million of USDC, $19 million of wrapped bitcoin (WBTC), and $8.7 million of DAI. The security firms BlockSec and PeckShield were the first to report the incident. Euler Labs, the developer

USDC Emerges as the Top Trading Asset on Uniswap and Curve, Breaking DeFi Records

March 13, 2023 1 min read

Decentralized exchanges (DEXs) Uniswap and Curve experienced a surge in trading volumes over the weekend as traders rushed to exchange their USDC holdings for other tokens, particularly wrapped ether (WETH) and tether (USDT). This surge in trading volume resulted in Uniswap recording nearly $12 billion in trading volume over a 24-hour period from Saturday to Sunday, while Curve recorded nearly $8 billion in trading volume. DEXs operate differently than centralized

Crypto Exchange KuCoin in Hot Water for Sale of Unregistered Securities in New York

March 10, 2023 2 mins read

KuCoin crypto exchanges has found itself in hot water after being targeted by the New York State Attorney for engaging in unregistered activities. In a lawsuit filed by Attorney General Letitia James, KuCoin has been accused of selling and purchasing unregistered securities and commodities to users. The legal action also classifies Ethereum, the second-largest cryptocurrency, as an unregistered security. This marks one of the first times a regulator has claimed

Indian Crypto Industry Supports Govt’s Anti-Money Laundering Efforts

March 9, 2023 1 min read

The Indian government has recently brought the crypto sector under the Prevention of Money Laundering Act (PMLA), which has sparked speculation about the future of cryptocurrency regulation in India. Under the new guidelines, all Virtual Digital Assets businesses must conduct and report various activities, such as Know Your Transactions (KYT), transaction monitoring and reporting, address screening and reporting, and Suspicious Activities Reports (SARs) and Suspicious Transactions Report (STRs). While the

Kraken Crypto Exchange Announces Launch of New Crypto Bank in US Amid Regulatory Challenges

March 8, 2023 1 min read

US-based cryptocurrency exchange Kraken is moving forward with its plans to launch a new Wyoming-based crypto bank, despite a recent setback. The US Securities and Exchange Commission (SEC) recently banned Kraken’s staking service, but the exchange has confirmed that Kraken Bank is still on track to launch. Kraken Support responded to a Twitter user’s inquiry, stating that the bank is not open yet but is on its way. The offering

Bybit Launches Mastercard-Backed Debit Card Amid USD Transfer Suspension

March 7, 2023 1 min read

Bybit crypto exchange has announced the launch of a new debit card that will allow users to make payments and withdraw cash using their cryptocurrency holdings. This innovative service is set to operate on the Mastercard network and will enable fiat-based transactions by debiting cryptocurrency balances when used to pay for goods and services. The Bybit card is set to debut with a free virtual card for online purchases, while

Unlicensed Bitcoin ATMs Allegedly Involved in Crypto Scams for Profit, Claims Prosecutor

March 6, 2023 1 min read

Bitcoin of America, a Bitcoin (BTC) technology firm, along with three of its executives, has been indicted for running over 50 unlicensed crypto kiosks in Ohio. The firm is facing charges of money laundering, conspiracy and other crimes. The indictment accuses the firm of knowingly benefiting from victims of cryptocurrency scams, and being able to operate due to “written misrepresentations regarding the nature of their business to government agencies” that

Russian Bank Breaks New Ground with First On-Chain Bank Guarantee in China’s Currency

March 3, 2023 2 mins read

Moscow Credit Bank (MCB) has made a significant breakthrough in the use of blockchain technology by issuing a bank guarantee denominated in Chinese currency, becoming the first bank in Russia to do so. The bank guarantee, which exceeds 100 million Chinese yuan or nearly $144,600 at the time of publication, was executed through the Masterchain blockchain platform, which is the Russian national blockchain network created to transfer digital assets between

Robinhood Introduces Mobile Wallet for Apple Devices

March 2, 2023 1 min read

Trading platform Robinhood has announced the launch of its Web3 wallet on the Apple App Store, bringing it to iOS users in over 130 countries. The multi-chain, self-custody wallet was previously only available via a waitlist, but can now be accessed without delay. The Android version of the wallet is scheduled for release later this year. Since its beta launch in September, the Robinhood Wallet has integrated Ethereum and added

MyAlgo Users Advised to Withdraw Funds Amidst $9.2M Hack

March 1, 2023 1 min read

MyAlgo, a wallet provider for the Algorand (ALGO) network, has warned its users to withdraw funds from wallets created with a seed phrase as a result of an ongoing exploit that has led to an estimated $9.2 million worth of funds being stolen. The company tweeted the advice on February 27th, stating that it does not yet know the cause of the wallet hacks and advising everyone to take precautionary

Shanghai Hard Fork Simulated Successfully on Second Ethereum Testnet

February 28, 2023 1 min read

The Ethereum blockchain is inching closer to its highly anticipated Shanghai upgrade, thanks to the successful replication of withdrawals of staked ether (ETH) on the Sepolia test network. The upgrade will mark Ethereum’s complete transition to a fully functional proof-of-stake network, which will enable validators to withdraw rewards earned from adding or approving blocks to the blockchain. The test on Sepolia was designed to provide developers with another dress rehearsal

Solana Network Recovers with Second Round of Rebooting

February 27, 2023 1 min read

Solana, the high-performance blockchain network, is back online after two attempts to restart the network. The issue occurred on February 25, 2023, causing transaction processing on the network to stop. However, after diligent work from the Solana engineers, the issue has been resolved, and the network is now fully operational. According to Solana Status, a monitoring site for the network, the fix occurred at 01:28 UTC. The engineers continued to