Browsing:Crypto News

The Euler Labs hacker transferred 1,000 Ether
2 weeks ago 1 min read

Euler Hacker Sends Crypto through Mixer

The recent attack on Euler Finance, which resulted in the loss of $196 million, has sent shockwaves throughout the crypto community. As investigators try to uncover the identity of the hacker responsible, new developments have emerged. The hacker has now moved some of the stolen funds through a popular crypto mixer, Tornado Cash. PeckShield, a blockchain analytics firm, tweeted on March 16 that the exploiter behind the flash loan attack was “on the move.” The hacker transferred 1,000 Ether, worth approximately $1.65 million, through the Tornado Cash mixer. This move comes just hours after Euler Labs announced a $1 million

A wallet linked to Alameda Research's liquidators recently sent $100 million worth of stablecoins to crypto trading firms
2 weeks ago 1 min read

Alameda-Connected Wallet Moves $100 Million of Stablecoins to Trading Firms Amidst USDC Depegging

A wallet linked to Alameda Research’s liquidators recently sent $100 million worth of stablecoins to crypto trading firms Cumberland and GSR Markets over the weekend. On March 13th, GSR Markets received over $47 million worth of USD Coin (USDC), which suffered a depeg over the weekend due to banking concerns in the United States. On the other hand, Cumberland received $50.3 million in two transactions. Blockchain analytics firm Arkham Intelligence conducted an on-chain analysis to confirm these transactions. According to blockchain sleuth Lookonchain, three other wallets previously linked to FTX and Alameda sent $188.58 million to crypto exchanges Coinbase, Kraken,

2 weeks ago 1 min read

UK’s Third Largest Bank, NatWest, Limits Crypto Deposits to £1,000 Daily

NatWest, one of the UK’s most popular financial institutions, has recently imposed restrictions on its customers’ crypto purchases. According to a Bloomberg report, the bank has implemented a daily limit of £1,000 ($1,215) or £5,000 ($6,090) every 30 days on its customers’ crypto purchases to reduce their exposure to volatile assets. NatWest stated that the restrictions would prevent its customers from losing “life-changing sums of money” on crypto investments and scams. The bank revealed that fraudsters use false promises of high returns to lure investors and take advantage of their lack of understanding of crypto and its unpredictability. This has

Poolz Finance has lost nearly $390,000 on both the Binance Smart Chain and Polygon
2 weeks ago 1 min read

Poolz Finance Falls Victim to Cyber Attack: Hackers Steal $390K

In a recent cyber attack, Poolz Finance has lost nearly $390,000 on both the Binance Smart Chain and Polygon. The hack was spotted by blockchain security company PeckShield on Wednesday. The firm suspects that an arithmetic overflow issue could have been the reason behind the hack. This occurs when a larger operation yield is performed against a smaller storage system, leading to bugs in the system. PeckShield’s analysis revealed a repeat pattern by the same sender on the Token Vesting contract. This issue has been identified in Solidity, which states that arithmetic operations wrap on overflow. In high-level programming languages,

Bitcoin (BTC) has hit a new nine-month high of $26,533
2 weeks ago 1 min read

Bitcoin Surges to $26,000, Hitting a New High Since June 2022

Bitcoin has hit a new nine-month high of $26,533 on Tuesday, marking its fourth consecutive day of gains. This surge in value comes as a result of the chaos in global markets after the recent collapse of Silicon Valley Bank. The rise in Bitcoin’s price follows the expected rate of 6.0% YoY for the Consumer Price Index (CPI). On Sunday, Bitcoin gained 7.6%, and on Monday, it gained 9.1%, with the highest recorded price on Tuesday at around 1306 GMT. This increase in value highlights Bitcoin’s resilience despite its volatile past and the recent setbacks in the cryptocurrency market. The

Decentralized finance (DeFi) lending protocol Euler Finance became a victim of a flash loan attack on March 13
2 weeks ago 1 min read

Euler Finance Takes Action to Block Vulnerable Module and Recover Funds

Euler Finance, a decentralized finance (DeFi) lending protocol, has suffered a flash loan attack resulting in the biggest crypto hack of 2023. The attack led to a loss of nearly $197 million, impacting not only Euler but also 11 other DeFi protocols. In response, Euler disabled the vulnerable etoken module and donation function to block deposits. The company has reached out to leading on-chain analytic and blockchain security firms to help investigate and recover the funds. Euler is also in contact with those responsible for the attack in hopes of negotiating a bounty for the return of the stolen funds.

Binance Loses British Pound Fiat Gateway Support in Less than 10 Weeks
2 weeks ago 1 min read

Binance’s UK Fiat Gateway to Close Down in 9 Weeks

Skrill Limited, Binance’s current British pound transfer service partner, announced that it would cease to offer its services to the exchange. This means that Binance users will no longer be able to make British pound deposits and withdrawals via Faster Payments Service or card on May 22, 2023. Binance has said that it is working hard to find an alternative provider before Skrill terminates its services. The exchange has about nine weeks to find a new partner to provide British pound on- and off-ramp services to users. The change is unlikely to impact Binance Accounts or any products or

Euler Finance hacked
2 weeks ago 1 min read

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

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 of the protocol, has stated that it is working with security professionals and law enforcement and will release more information soon. Flash loans are a popular tool for attackers looking

The recent closure of Signature Bank
2 weeks ago 1 min read

Signature Bank Folds Under Pressure After SVB’s Demise

The recent closure of Signature Bank in New York has sent shockwaves through the crypto industry, with authorities citing concerns over the spread of the banking meltdown as the reason for the shutdown. The bank, which had a market value of $4.4 billion on Friday, had been a proponent of digital asset liquidity, offering clients swift payments between exchanges, hedge funds, and other businesses. However, the closure of Silicon Valley Bank earlier in the week had caused many of Signature’s anxious business clients to inquire about the security of their deposits. With the majority of depositors having more than $250,000

TrueUSD, announced on Monday that it has paused minting and redemption for users with Signature Bank.
2 weeks ago 1 min read

Signature Bank Closure Only Affects a Fraction of TrueUSD Users, Company Confirms

Techteryx, a Singapore-based stablecoin issuer that issues TrueUSD, announced on Monday that it has paused minting and redemption for users with Signature Bank. However, the suspension does not affect the rest of its banking network. This disclosure follows the December report from the stablecoin issuer, which revealed that it spreads its holdings across several depository institutions in the U.S., Hong Kong, and the Bahamas. Currently, TrueUSD has a market capitalization of over $2 billion, and according to data, Binance is the exchange with the largest holdings of TrueUSD, holding $428 million. However, TrueUSD has been knocked off its peg

IMF's report highlighted the potential risks associated with the proliferation of cryptocurrencies
2 weeks ago 1 min read

IMF Warns G-20 of Potential Impact on Banks from Widespread Crypto Use

The International Monetary Fund (IMF) has cautioned that the widespread use of crypto assets could pose a threat to banks, leading to a potential loss of deposits and limited lending. The IMF’s report on the “Macrofinancial Implications of Crypto Assets,” presented to the Group of 20 (G-20) in February, was recently made public. The report highlighted the potential risks associated with the proliferation of cryptocurrencies, including its impact on monetary policy, capital flow management, and fiscal sustainability. Additionally, the report stated that central banks’ reserve holdings and the global financial safety net might require modifications to ensure stability. The IMF

Bitcoin whales and sharks have accumulated a staggering $821.50 million worth of BTC
2 weeks ago 1 min read

Whales Accumulate Over $820 Million Worth of Bitcoin in One Week

Crypto analytics firm Santiment has reported that Bitcoin whales and sharks, or addresses holding 10 to 10,000 Bitcoin, have accumulated a staggering $821.50 million worth of BTC in the past week. This comes as the value of Bitcoin fell below $20,000, prompting some investors to buy the dip. Despite the heavy accumulation from the largest Bitcoin holders, Santiment suggests that investors should keep an eye on the traditional markets for clues on what comes next for BTC. The correlation between crypto and equities is a key factor to watch. Interestingly, the analytics firm also notes a shift in trader behavior,