Kategorie: Crypto Markets

• Hedgey Protocol suffers $44.7M loss in dual cyber attacks.
• The protocol was targeted on both Arbitrum and Ethereum chains.
• Hedgey advises users to cancel active claims, revoking approvals amid the ongoing investigation.

Hedgey Protocol, a decentralized finance (DeFi) platform, finds itself in the throes of a cyber siege after suffering a devastating attack that resulted in a staggering loss of $44.7 million across the Arbitrum and Ethereum blockchains.

Cyvers Alerts, a leading cybersecurity watchdog, uncovered the vulnerabilities exploited in the attack, raising urgent concerns about the security landscape within the DeFi ecosystem.

Hedgey Protocol hacked on Arbitrum and Ethereum chains

Cyvers Alerts revealed that the attack targeted Hedgey Protocol on both the Arbitrum and Ethereum chains, with $42.8 million and $1.9 million stolen, respectively.

According to Cyners Alerts, the attackers swiftly converted the stolen funds into DAI, complicating recovery efforts. Furthermore, additional transactions on the Arbitrum chain signalled potential vulnerabilities within the ecosystem, necessitating prompt action.

In response, Hedgey Protocol acknowledged the attack and they have said that they have launched a comprehensive investigation into the breach, working closely with security experts and auditors to understand the attack’s root cause.

As the investigation unfolds, Hedgey Protocol issued urgent advisories to its users, urging them to cancel active claims and revoke all approvals to mitigate the risk of further exploitation. They recommended an immediate review of approvals while the investigation progresses to ensure users’ security and prevent any potential loss of funds. Additionally, users were warned to remain vigilant against scammers attempting to capitalize on the situation, emphasizing the importance of cautious online behaviour.

Security Alert: We’re investigating an attack on the Hedgey Token Claim Contract. If you have created active claims, please cancel them using the „End Token Claim“ button at https://t.co/Tt7Aq0n2dh.

We are are actively working with our auditors and team to understand the attack…

— Hedgey 🦔 (@hedgeyfinance) April 19, 2024

The Hedgey Protocol cyber attack underscores the interconnectedness of DeFi platforms and the imperative for robust security protocols in the evolving landscape of decentralized finance.

As stakeholders collaborate to address vulnerabilities and enhance security measures, the incident serves as a stark reminder of the ongoing challenges posed by cyber threats in the digital asset space.

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• Telegram co-founder and CEO Pavel Durov announced the plans at Token2049 Dubai.
• The tokenization project will use the TON blockchain.
• Toncoin price rose as TON Foundation and Tether partnered to bring USDT to TON blockchain.

Telegram is taking a major step in its blockchain technology adoption with a new effort announced today during Token2049 Dubai.

The popular messaging app’s co-founder and CEO Pavel Durov revealed this next step on Friday.

According to Durov, the company’s tokenization journey now includes plans to tokenize Telegram stickers and emojis as non-fungible tokens (NFTs).

Telegram plans tokenized stickers

Telegram’s initiative follows the notable success of tokenized usernames and anonymous numbers. Already, users can earn up to 95% of revenue that comes from the sale of the unique usernames.

Tokenization is the next step in Telegram’s growth, Durov said, highlighting the role blockchain technology is set to play in this. The project will “exclusively” leverage The Open Network (TON) blockchain, the Telegram CEO noted.

Commenting on the success recorded so far, Durov said:

“We don’t want to stay there. We want to go further. You see, we believe in socially-relevant NFTs. We believe in NFTs that are deeply integrated into human culture, into human interaction, into our communication. NFTs that you can see tens of billions of times and have a lot of potential to spread virally. These are the right NFTs. That’s why the next step that we are going to undertake is tokenizing Telegram stickers.”

Toncoin (TON), the native token of TON blockchain, soared in recent months after Telegram rolled out its ‘Ad Network’. Users can now pay for in-platform adverts, with the initiative offering a 50% share of ad-revenue to channel owners and creators.

Earlier today, TON price rose sharply to $7.20 amid the NFT news. The token’s value also gained after news that stablecoin issuer Tether had launched its USDT on the TON blockchain.

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• SEC lawsuit against Justin Sun casts doubt on TRON’s future.
• TON Network’s integration of USDT boosts Toncoin price by 12%.
• Bitbot’s AI-powered trading platform and $BITBOT token offer innovative solutions.

As the cryptocurrency market navigates through turbulent waters, TRON investors are exploring alternative options amidst a legal battle involving Justin Sun, the founder of TRON (TRX).

The recent lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Sun has prompted investors to seek refuge in projects such as the TON Network and Bitbot.

SEC’s lawsuit casts a shadow over TRON (TRX)

The SEC’s legal action against Justin Sun has sent shockwaves through the TRON community.

The accusations of selling unregistered securities through TRON’s native token (TRX) and BitTorrent’s token (BTT) have cast doubt on the future of these assets.

Sun’s alleged involvement in deceptive practices, including wash trading and undisclosed paid celebrity endorsements, has further exacerbated concerns among investors.

As the legal battle unfolds, investors are grappling with the uncertainty surrounding TRON’s regulatory status and the potential ramifications for its market value.

The outcome of this lawsuit could redefine the regulatory landscape for TRON and other cryptocurrencies, potentially leading to increased scrutiny and tighter controls on their operations.

USDT support added to TON Network boosting Toncoin price

Amidst the regulatory turmoil facing TRON, the recent announcement of Tether (USDT) support on the TON Network has injected a sense of optimism into the cryptocurrency market.

Tether’s decision to integrate its stablecoin with TON expands its presence across the crypto sphere, providing users with a seamless experience for peer-to-peer payments and value transfers.

In response to this development, Toncoin has experienced a surge in price, reaching $7.09 and marking a 12% daily increase. This bullish momentum reflects investors’ confidence in the potential of TON Network and the broader ecosystem it encompasses.

The integration of USDT on TON not only enhances liquidity but also opens up new avenues for decentralized applications across various verticals.

Bitbot: revolutionizing cryptocurrency trading

Just like Toncoin, Bitbot, a sophisticated Telegram-based AI-powered trading bot designed to enhance the trading experience, is also attracting investors’ attention.

Bitbot’s platform provides users with real-time data, technical analysis, and seamless execution, levelling the playing field for both novice and experienced traders.

At the heart of Bitbot’s ecosystem is its native token, $BITBOT, which offers holders exclusive benefits such as revenue sharing and governance rights. The token is currently in its presale stage which has already raised $2,603,234 out of its $2,844,000 target, reflecting growing demand for Bitbot’s innovative solutions.

The current presale price is $0.0163 per token giving early investors an investment opportunity seeing that the price is set to increase to $0.0171 in the next presale stage.

Conclusion

As TRON investors navigate through uncertain waters, TON Network and new projects like Bitbot offer promising alternatives for those seeking stability and growth opportunities in the ever-evolving cryptocurrency market.

Nevertheless, as with any cryptocurrency investment, investors should conduct thorough research before investing owing to the extremely volatile nature of cryptocurrencies.

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• Injective and Web3 mobile firm Jambo will partner to promote DeFi in Africa, Latin America and Southeast Asia.
• The collaboration seeks to make it easy for millions to access dApps via the Jambophone.

Injective and Web3 mobile infrastructure platform Jambo have announced a partnership that will see the two companies collaborate to bring blockchain-powered financial solutions to millions of users in emerging markets.

The partnership will tap into JamboPhone, a Web3 Android 13 smartphone, to introduce users across Africa, Latin America and Southeast Asia to Injective’s DeFi ecosystem.

“Combining Injective’s robust infrastructure stack with Jambo’s mature Web3 mobile technology will enable us to efficiently scale DeFi to the point where it can tangibly help billions of people overcome socioeconomic hurdles,” Mirza Uddin, head of business at Injective Labs said in an announcement.

As part of the collaboration, users in these emerging markets will access multiple decentralised applications (dApps) in the Injective ecosystem via JamboPlay dApp store. One of the first platforms to be available will be Ninji, a native Injective wallet.

“We want to bring emerging markets on-chain,” James Zhang, co-founder of Jambo, noted.

Web3 phone for DeFi adoption

JamboPhone is currently priced at $99 and has been sold in more than 100 countries. The Web3 phone features preloaded applications that include DeFi, gaming, and Web3 infrastructure.

The partnership continues Jambo’s commitment to promoting the crypto adoption space in Africa and other emerging markets. It’s also part of Injective’s mission, with the blockchain platform offering an interoperable layer 1 network optimised for Web3.

Injective, incubated by Binance, counts Pantera, Jump Crypto and Mark Cuban among its backers. The native token INJ is currently the 45th-largest cryptocurrency by market cap.

Following today’s partnership announcement, INJ price has surged more than 12% in 24 hours to reach highs of $28.47.

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• Worldcoin will unveil the new blockchain “World Chain” in the summer.
• World Chain is an Ethereum L2 chain that will integrate with WLD and World ID.

Worldcoin is set to launch a new blockchain dubbed “World Chain”, according to an announcement on Wednesday, April 17.

The price of WLD, the native Worldcoin token rose slightly after the news. While its up 3% in the past 24 hours at $4.90 at the time of writing, its largely in negative territory after dumping from highs of $6.57 on April 12.

World Chain – what do we know?

World Chain will be an Ethereum Layer 2 and is expected to go live in the summer, Worldcoin, the project co-founded by OpenAI CEO Sam Altman, said in the blog post.

While the new blockchain will integrate with the Worldcoin protocol and World ID’s Proof of Personhood, the goal is to ultimately have it run independently as a community-driven project.

“World Chain will be an ecosystem of decentralized financial and identity apps focused on utility for everyday life,” the Worldcoin team noted.

Introducing World Chain, a new blockchain designed for humans ⚪️ pic.twitter.com/qNb7S3vqut

— Worldcoin (@worldcoin) April 17, 2024

According to the details in today’s announcement, World Chain is “engineered for scalability with the Superchain ecosystem.” However, the new L2 will prioritize verified humans over bots when it comes to access to blockspace.

The platform will also look to keep bots off the network by offering gas allowances to verified humans. This will not be accessible to automated systems such as bots deployed for airdrop farming that often congest networks.

ETH will be the native token, although users will also be able to pay fees using Worldcoin’s token WLD.

Worldcoin, which launched in July 2023, and offered WLD tokens to people who verified their identity by scanning irises via an orb. The project has seen over 10 million people create a World ID and use the World App, the project’s native wallet.

More than 5 million people have used the orb to verify their World ID. However, the project has faced increased regulatory scrutiny since its launch, the latest cases being in Spain and Portugal.

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