Monat: November 2023

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Fantom awards $1.7M to security researcher for averting $170M loss

  • The Fantom Foundation says the $1.7 million is bounty for a security researcher whose quick alert helped prevent a potential $170 million hack.
  • Fantom had lost $550k in October, with the hack targeting a reassigned wallet seeing an employee lose $7 million.

The Fantom Foundation, the non-profit organisation behind the crypto platform Fantom, rewarded a security researcher whose efforts helped foil a potential catastrophic hack.

Fantom’s award of $1.7 million was revealed in a blog post on Monday, November 20. 

Bounty relates to $550k hack

According to the Fantom Foundation, the bounty relates to the October 17 incident that saw an attacker drain over $550k from a Fantom wallet that had been reassigned to an employee. The “targeted attack” reportedly saw the employee lose over $7 million.

But while Fantom Foundation maintained its wallets were not impacted in any major way, with funds safe, a researcher found a vulnerability that exposed them to more damage.

“A security researcher identified an additional potential risk associated with the compromise and reached out promptly to alert us,” the platform noted in the blog post.

$170 million hack prevented

The alert by the unidentified researcher pointed to the potential risk posed to Fantom’s ERC-20 FTM contract. Apparently, the previous attack on the said wallet had left it vulnerable to an attack that could see the hacker(s) mint FTM tokens on Ethereum. The compromised wallet held “a dormant admin token.”

According to the Fantom Foundation, the blockchain researcher’s quick response helped avert a possible loss of $170 million. For his efforts, the researcher has been awarded $1.7 million.

That incident came roughly three months after Fantom suffered a $126 million exploit in July. 

The security breach and subsequent heist was related to the Multichain bridge hack. Efforts to prevent such losses have seen the Fantom team take a robust approach to network security

The post Fantom awards $1.7M to security researcher for averting $170M loss appeared first on CoinJournal.

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CredixFinance (CREDIX) plunges 100% after Rug Pull

  • CREDIX token value has plunged by 100%.
  • The price drop is attributed to a Rug Pull as reported PeckShieldAlert.
  • The rug pull involved a wallet address that executed a swap transaction.

In a recent turn of events, the cryptocurrency CredixFinance (CREDIX) has experienced a staggering 100% decline, leaving investors and the crypto community in disbelief.

The sudden drop in CREDIX’s value was not a market-driven phenomenon but rather a result of a rug pull incident.

PeckShieldAlert, a reputable on-chain analysis company, reported that the wallet address 0x45aF…a448 played a pivotal role in executing a surprising swap. A massive 2,200,000,000,000 CREDIX tokens, equivalent to approximately $82,900, were replaced with 41.26 WETH, causing immediate concerns and speculations within the cryptocurrency field.

The CredixFinance Rug Pull

What adds a layer of complexity to the CredixFinance rug pull incident is the fact that the token involved shares the same name as legitimate tokens. This raises questions about the intentions behind the transaction. Was it a deliberate attempt to deceive investors by leveraging the similarity in names?

The consequences of this rug pull are clear – a 100% drop in CREDIX price, impacting both investors and token owners. As the crypto community navigates through this unfortunate incident, caution becomes paramount. This event serves as a stark reminder of the importance of comprehensive research and risk assessment in the dynamic and sometimes volatile world of cryptocurrencies.

Rug pull incidents not only have economic repercussions, causing significant financial losses for investors, but also contribute to a loss of trust within the crypto space. Such incidents may prompt investors to distance themselves from the industry due to heightened scepticism.

The post CredixFinance (CREDIX) plunges 100% after Rug Pull appeared first on CoinJournal.

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Memeinator raises over $1.4m as the stage-7 presale draws closer

Key takeaways

  • The Mememinator project has raised more than $1.4 million so far.

  • The sixth presale stage is close to an end and the team will initiate the seventh stage soon.

November has been an excellent month for the cryptocurrency market so far, with the prices of most coins up by 20% over the last few days. Memeinator is still in its presale stage and has raised a significant amount so far. 

What is Memeinator?

Memeinator is a Web3 project that seeks to become one of the leading meme coins in the world. It has a unique project perspective and is offering value to investors and content creators.

According to the whitepaper, the team is leveraging the recent growth of the meme coin industry and intends to provide users with a wide range of utilities. 

Memeinator will be a project that destroys worthless memes on the internet, allowing users to have access to only quality memes. 

Memeinator wants to set itself apart from the thousands of other meme coins in the crypto space that have no real-world use case. It is set to leverage AI technology to identify worthless memes, allowing content creators and other users to know them and steer clear of them. 

The team are working hard to ensure Memeinator gets to a market cap of $1 billion once it starts trading on cryptocurrency exchanges. The whitepaper already contains a detailed roadmap that shows how the team intends to achieve its objectives. 

The Memeinator presale has been attaining new milestones since it began. The native token, MMTR, was sold for $0.01 in the first presale stage and is now going for $0.0133. The price will rise to $0.0485 by the end of the presale, giving early investors a massive 264% ROI at listing. 

Memeinator to enter the seventh stage of the presale

The Memeinator presale launched a few weeks ago and the team has raised nearly $1.5 million so far. Investors can purchase the Memeinator token (MMTR) using ETH, USDT and USDC stablecoins. 

Currently, the MMTR token is available to investors on the BNBChain and Ethereum blockchains. Investors can purchase the MMTR token by connecting any of the supported wallets to the Memeinator website and purchase the tokens using ETH, USDT and USDC coins. 

Click here to read more about the Memeinator presale.

Why is the Memeinator presale gaining traction?

Memeinator continues to gather momentum from investors thanks to its unique value proposition. The MMTR token is set to be very active within the Memeinator ecosystem

By leveraging AI to analyze and evaluate memes on the internet, Memeinator could gain massive adoption by content creators and other groups of users. With Memeinator, the low-quality memes will be replaced or destroyed. 

Furthermore, early investors could record excellent profits thanks to the unique tokenomics approach the team adopted. The MMTR token comes with some exciting features, including deflationary mechanisms and rewards for holders. According to their whitepaper, 20% of the tokens are allocated for marketing, CEX listing and liquidity. 

Is the Memeinator a good investment? 

Memeinator is a unique project that could prove to be an excellent investment for investors. The project will be leevraging AI technology to provide excellent utilities to users, especially content creators. 

The design is to make Memeinator a billion-dollar project and if that happens, early investors could record massive profits. 

The post Memeinator raises over $1.4m as the stage-7 presale draws closer appeared first on CoinJournal.