Schlagwort: crypto business

• Worldcoin price rose 23% to hit $2.14 and outperform all top 100 coins by market cap by 24-hour gains.
• The jump in WLD price came as Worldcoin expanded its World ID to Guatemala, Malaysia and Poland.
• WLD has spiked since bouncing from lows of $1.35 on Sept. 6.

Worldcoin (WLD) price traded as the largest gainer among cryptocurrencies in the top 100 by market cap on Wednesday as its price soared more than 23% in 24 hours.

The token’s value hit an intraday high of $2.14, it’s highest level since August 1, 2024. Latest upside follows the rebound from lows of $1.35 reached on September 6.

The gains saw the WLD token outpace Sei (SEI), Popcat (POPCAT) and Starknet (STRK) in the top 100 by market cap. SEI and POPCAT tokens were double digits higher at the time of writing, posting 18.8% and 12.5% respectively.

Meanwhile, STRK was up 8.5%. For Starknet, gains came as the zero-knowledge layer 2 network announced phase one of its staking was now live.

Worldcoin expands World ID verification

On Sept. 25, the Worldcoin team announced that it had achieved three new World ID verification launches in Guatemala, Malaysia and Poland.

1 week, 3 World ID verification launches 🇬🇹🇲🇾🇵🇱 pic.twitter.com/CwwNPNUPzh

— Worldcoin (@worldcoin) September 25, 2024

The expansion adds to the growing number of countries where the World ID, the project’s AI related digital passport, are available. Worldcoin’s entry into these countries comes on the back of the company’s expansion in Europe in July.

On Sept. 19, the project announced its test launch of Face Auth, a new feature that allows for proof of humanness online.

According to Worldcoin, Face Auth offers a “private 1:1 face comparison.” With this feature, only individuals who verify their World IDs using a Worldcoin orb can use it.

Earlier this month, interoperability platform Wormhole integrated World ID on Solana, allowing developers on the layer-1 blockchain to authenticate users’ World IDs initially verified on Ethereum.

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• Curve Finance is considering dropping TUSD from crvUSD backing amid SEC charges.
• The SEC alleges TUSD was mostly backed by a risky offshore fund, not U.S. dollars.
• Proposed changes include reducing TUSD backing to zero and lowering PYUSD minting.

In light of recent regulatory scrutiny, Curve Finance, a prominent decentralized exchange (DEX), is contemplating the removal of TrueUSD (TUSD) from its collateral options for the Curve Stablecoin (crvUSD).

This consideration follows charges filed by the United States Securities and Exchange Commission (SEC) against TrueCoin, the issuer of TUSD, for violations of securities laws.

Proposal to drop TrueUSD backing for crvUSD

On September 25, a proposal was posted on Curve’s governance forum by Wormhole, a cross-chain messaging protocol. The proposal suggests reducing the upper limit on TUSD backing for crvUSD to zero, aiming to eliminate exposure to TUSD amidst rising regulatory concerns and issues regarding its solvency.

Currently, the PegKeeper liquidity pool associated with crvUSD allows users to mint up to $10 million worth of crvUSD using TUSD as collateral.

Additionally, the proposal recommends decreasing the minting capacity of crvUSD with PayPal’s stablecoin, PYUSD, from $15 million to $5 million, ensuring a balanced reliance on the PegKeeper pools corresponding to the significance of each respective asset.

This strategic adjustment reflects Curve’s intention to enhance stability and mitigate risks associated with regulatory uncertainties.

Concerns over TUSD reliance

The SEC’s recent actions, particularly the charges settled against TrueCoin and TrustToken for fraudulent and unregistered sales of investment contracts involving TUSD, have heightened concerns within the crypto community.

The SEC’s complaint alleges that TrueCoin and TrustToken misled investors by claiming that TUSD was fully backed by US dollars when, in reality, a substantial portion of its reserves—specifically, 99%—was invested in a speculative offshore fund.

This risky investment strategy has raised alarms about the reliability of TUSD as a stable collateral option.

Following these revelations, TrueCoin and TrustToken neither admitted nor denied the allegations but agreed to final judgments that prohibit them from future violations of federal securities laws. They will also incur civil penalties of $163,766 each as part of the settlement.

Currently, crvUSD’s backing includes various cryptocurrencies, with Wrapped Bitcoin (WBTC) holding the largest share, amounting to over $68 million in total value locked (TVL).

Wrapped Staked Ether (wstETH), issued by Lido Finance, follows with approximately $60 million in TVL.

The community proposal underscores the need for greater diversification among PegKeepers, pointing to the risks associated with over-reliance on lesser-known stablecoins like TUSD, which has faced scrutiny in light of its recent regulatory challenges.

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• Banana Gun confirmed a $3 million loss from a hack targeting experienced traders.
• All affected users will receive full refunds without selling any tokens.
• The company has implemented enhanced security measures to prevent future attacks.

The Telegram-based cryptocurrency trading bot Banana Gun has confirmed a $3 million loss due to a hacking incident that targeted its experienced user base.

The attack, which exploited a vulnerability within its trading system, has prompted Banana Gun to take immediate action to protect its users and restore trust. The company announced that all affected users would receive full refunds, demonstrating its commitment to customer support and security.

Details of the Banana Gun hack

On September 19, users of Banana Gun reported unauthorized transactions draining funds from their crypto wallets. Initially, the investigation indicated that around 36 users were affected, leading to a loss of nearly $2 million in Ether (ETH).

However, further analysis revealed that the total loss was much higher, with only 11 users ultimately affected and a total of $3 million drained.

This discrepancy highlights the complexity of the incident and the challenges in assessing the full scope of the attack.

In response to these alarming reports, Banana Gun swiftly disabled its Ethereum Virtual Machine (EVM) and Solana trading bots to prevent further unauthorized transactions. The company emphasized that its trading bots are designed to facilitate automated trades, often utilized by crypto traders to enhance their profitability.

Unlike typical hackers who target inexperienced investors, the attackers specifically targeted seasoned traders, allowing them to manually transfer ETH while the trading bots were active.

The hack exploited a vulnerability in a Telegram message oracle, which has raised concerns about the security of such platforms. This incident serves as a reminder of the importance of robust security measures in the rapidly evolving world of cryptocurrency trading.

Following the identification of the vulnerability, Banana Gun implemented a series of measures to fortify its security protocols.

Banana Gun commits to refund users

In a public statement, Banana Gun has announced that all impacted users would receive full refunds from the company’s treasury.

The firm clarified that no tokens would be sold to finance these reimbursements, indicating a strong commitment to restoring user trust.

This move reflects the company’s understanding of the financial impact the incident has had on its users and its desire to maintain a loyal customer base in a highly competitive market.

The announcement of refunds is particularly significant given the increasing scrutiny and regulatory focus on the cryptocurrency sector. By proactively addressing the situation and compensating affected users, Banana Gun aims to distinguish itself as a responsible player in the market.

Enhanced security measures

In the wake of the hack, Banana Gun has instituted several enhanced security measures to prevent similar incidents in the future. These include a two-hour transfer delay for transactions, mandatory two-factor authentication (2FA) for transfers, and a comprehensive review of their systems.

By implementing these protocols, Banana Gun aims to bolster its defences and protect users from future threats.

The response to the hack also highlights a broader trend in the cryptocurrency space, where exchanges and trading platforms are increasingly prioritizing security as a means to protect users and enhance credibility.

As hackers continue to target vulnerabilities within the crypto ecosystem, firms like Banana Gun are recognizing the need for vigilance and proactive measures to safeguard their users’ investments.

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