Kategorie: Crypto News

• Over $186 Million drained in a HECO Bridge-related hack.
• The HECO Bridge is a crucial link for transferring funds between Ethereum and the Heco Chain.
• Projects associated with blockchain entrepreneur Justin Sun are facing ongoing hacking challenges.

In a recent development, the HECO chain bridge, built by the HTX Global exchange has fallen victim to a major security breach, resulting in the unauthorized transfer of over $86 million.

On-chain security platform Cyvers Alerts identified the movement of funds, pointing to a potential exploit in the HECO chain.

🚨Code Red!🚨 (Ongoing)Our AI powered system has detected multiple suspicious transactions from @HECO_Chain bridge

Suspicious address has received around $85M. Suspicious address: https://t.co/JlMClIM7hg

First transaction is 10,145 $ETH from @HECO_Chain bridge to suspicious… pic.twitter.com/IwpqXvhCsU

— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) November 22, 2023

HECO Chain Bridge exploit

According to Cyvers Alerts, suspicious addresses received more than $85 million from the HECO chain bridge, indicating a significant exploit.

The HECO Bridge is utilized for transferring funds between Ethereum and the Heco Chain. 

Wintermute Head of Research Igor Igamberdiev estimates the breach loss at $86.6 million.

Blockchain analysts PeckShield suspect the possibility of an exploit or rug pull, as the stolen funds were swiftly sent to decentralized exchanges and converted into other tokens. This exploit follows the recent trend of security vulnerabilities in blockchain projects related to Justin Sun.

Our initial analysis indicates the suspicious $86.6m outflow from @HECO_Chain #bridge was from a compromised operator, which was operational since 2022-10-08:

Will this be connected w/ earlier $125m @Poloniex incident?

Example outflow tx: https://t.co/IhN9PW797v
Operator:… https://t.co/wRIZoYTMus pic.twitter.com/hnGfnsN7sa

— PeckShield Inc. (@peckshield) November 22, 2023

Trail of hacks on Justin Sun-linked projects 

In 2022, Sun merged the TRON and BitTorrent bridge ecosystem with HECO. However, the ecosystem now faces significant hacking issues. Notably, the Poloniex exchange, linked to Sun’s projects, recently suffered a $117 million hack, while the HTX exchange, another Sun-affiliated platform, experienced an $8 million hack.

As investigations unfold, concerns are mounting over the security of the HECO chain and its associated projects. Users and investors are urged to exercise caution as the crypto community awaits further details and actions to mitigate the impact of this substantial security breach.

The post Over $86M drained after HTX Global’s HECO Bridge security breach appeared first on CoinJournal.

• Crypto flips red, with Bitcoin falling below $37k and BNB tanking 7% to $240 amid reports Binance CEO may resign’
• A report by Forbes suggest the DOJ will make an announcement to that effect today.

The cryptocurrency market was retracing sharply on Tuesday afternoon as reports surfaced that Changpeng Zhao, the founder and CEO of Binance, may step down as part of a settlement with the US Department of Justice (DOJ).

CZ’s resignation could be part of DOJ’s anticipated announcement later on Tuesday, according a report by Forbes. Richard Teng  is allegedly poised to take over.

Richard Teng A Top Contender For New Binance CEO As CZ Steps Down: by @DavidJeans2 https://t.co/4iZfIsb37c

— Forbes Crypto (@ForbesCrypto) November 21, 2023

Amid the rumours and allegations, Bitcoin price fell below $37k and altcoins took a dive as Ethereum lost the $2k mark.  BTC fell 3% to $36,797 and ETH 4% to $1,968, while Binance’s native coin that had rallied just a few hours earlier, had nosedived more than 7% to below $240 at the time of writing.

Overall, the crypto market cap was down 1.7% to $1.44 trillion.

As reported yesterday, the DOJ was said to be looking for over $4 billion from Binance as settlement. Now it appears Changpeng Zhao is likely to step down from the helm of the world’s largest cryptocurrency exchange as part of the deal to drop criminal investigations against the exchange.

An announcement by the US Attorney General Merrick Garland is expected to reveal the bombshell, with reports suggesting CZ will plead guilty to charges levelled against him and the exchange.

The post Binance CEO Changpeng Zhao to resign as part of DOJ settlement: report appeared first on CoinJournal.

• 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.

pic.twitter.com/gShkT3C9XV

— Fantom Foundation (@FantomFDN) October 17, 2023

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.

• 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.

#PeckShieldAlert #slippage CredixFinance $CREDIX has dropped -100%

The address 0x45aF…a448 has swapped 2,200,000,000,000,000 $CREDIX for 41.26 $WETH (~$82.9K)

*Note*: The #rugpull token may share the same name as the legitimate ones pic.twitter.com/yxO2A1Px51

— PeckShieldAlert (@PeckShieldAlert) November 21, 2023

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.

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.