Monat: Juni 2024

• Kraken says it patched a bug that would have allowed exploiters to inflate account balances
• Bug discovered by a security researcher, whose connected accounts reportedly siphoned $3 million from Kraken treasury by exploiting the vulnerability.

Kraken has announced that its security team has patched a bug that would have allowed certain users to potentially inflate their account balances on the exchange.

The announcement follows Kraken’s revelation that a security researcher had identified the vulnerability as part of the exchange’s bug bounty program.

“On June 9 2024, we received a Bug Bounty program alert from a security researcher. No specifics were initially disclosed, but their email claimed to find an “extremely critical” bug that allowed them to artificially inflate their balance on our platform,” Kraken chief security officer Nick Percoco posted on X.

$3 million stolen, not user funds

Specifically, the flaw would have allowed certain users, albeit a short period of time, to “artificially increase the value of their Kraken account balance without fully completing a deposit,” the exchange said in a blog post.

Kraken has since patched this bug in its deposit and funding system and noted that it did not impact any customer funds.

However, while the exchange has fixed the isolated bug, the report came after two users had already exploited the vulnerability to withdraw $3 million from their accounts. These accounts are reportedly related to the same security researcher that identified the bug and informed Kraken.

Allegedly, the unnamed individual informed Kraken of the bug after the $3 million withdrawal.

According to Percoco, despite the huge withdrawal, the security researcher has demanded that they get his bounty reward.

“We’ll not disclose this research company because they don’t deserve recognition for their actions. We are treating this as a criminal case and are coordinating with law enforcement agencies accordingly. We’re thankful this issue was reported, but that’s where that thought ends,” Percoco added.

The post Kraken patches “isolated bug”, says no user funds stolen appeared first on CoinJournal.

• The public roll out of the Digital Rial pilot program will start in Kish Island.
• The public rollout of the CBDC’s pilot program aims to test efficiency in transactions, enhancing payment security.
• Success in the pilot program could lead to the expansion of the Digital Rial nationwide, transforming Iranian payments.

Iran’s ambitious project to introduce the Digital Rial, a central bank digital currency (CBDC), is set to enter a pivotal phase after the Central Bank of Iran (CBI) announced it would be opening the pilot program to the public.

The central bank’s move comes after successful testing phases between 2021 and 2023 (between 1400 and 1401 according the Solar Hijri calendar) and successful pre-trials and limited trials between 2023-2024 (between 1402 and 1403 according the Solar Hijri calendar).

Opening of the Digital Rial pilot program to the public

Starting on June 21, the first day of the Solar Hijri calendar month of Tir, the Digital Rial is poised to commence its pilot program on Kish Island. This will mark a significant milestone as the pilot phase transitions from controlled trials to a more expansive public phase, allowing customers of the banking network and tourists in the designated geographical area to utilize Digital Rial for transactions.

The pilot program aims to demonstrate the practicality and efficiency of Digital Rial in real-world scenarios, offering a seamless alternative to traditional banking transactions and payment methods.

Users will have the convenience of conducting transactions through digital wallets without the need for physical cash or traditional bank cards. Transactions are expected to be expedited, enhancing overall payment security and operational transparency.

Moreover, the Digital Rial, which according to reports the central bank started considering in 2018, is poised to bolster Iran’s digital economy by fostering innovative payment solutions tailored to domestic needs. It aligns with broader national objectives of enhancing financial infrastructure resilience and promoting the adoption of digital technologies across various economic sectors.

Once the pilot program ends, the CBI will evaluate the outcomes of the pilot program and successful results may pave the way for expanding Digital Rial’s accessibility beyond Kish Island, potentially transforming how Iranians conduct everyday transactions in the digital age.

The post Iran to open the Digital Rial CBDC pilot program to the public this month appeared first on CoinJournal.

• Solana (SOL) saw a slight bounce on June 19, trading to $141 after a downturn that had bulls defending $130 this week.
• However, SOL remains more than 20% down this past month.

Julien Bittel, head of macro research at Global Macro Investor, believes Solana in on the cusp of a bullish flip. With SOL price down 20% in the past 30 days, Bittel took to X to share his outlook with over 69.2K followers.

The Global Macro Investor chief researcher pointed to the 30-day historical volatility chart for SOL.

In terms of historical volatility, Solana is near the 50 line. A dip below this line has previously resulted in SOL price bouncing higher.

“We’re getting very close to triggering a vol buy signal on SOL,” Bittel said. “A cross below 50 has produced some huge moves over the following two to three months.”

In crypto, volatility can present an opportunity or a risk, with traders often looking at ‘buying the dip’ or ‘taking profit’.

Market sentiment, industry news and events, regulatory developments, and macroeconomic environment are all factors that influence crypto volatility.

Solana performance

A look at the chart shows the 30-day historical volatility line sharply moving up after crossing below.

That happened in December 2022 after the downturn that followed FTX’s implosion, with SOL price rising more than 109% in the next two months.

Other occasions include June 2023 when Solana’s token surged 32% and again in August 2023 with 57%. The biggest jump came in September last year when SOL went parabolic with 521% over the next three months. During this bullish flip, SOL rose from under $20 to reach highs of $121 in December.

In February this year, the 30-day historical volatility line for Solana also crossed below the 50 mark.

The upward momentum that followed resulted in a 78% uptick over three months, a breakout that pushed SOL to above $200.

Solana currently changes hands around $137, but price is up more than 780% in the past year.

The post Solana “very close to triggering” a key buy signal, analyst says appeared first on CoinJournal.