Schlagwort: crypto business

• dYdX v3 compromised by a DNS attack; 2 smart contracts compromised.
• Exchange discussing the sale of its derivatives arm to Wintermute and Selini.
• Founder Antonio Juliano stepped down; Ivo Crnkovic-Rubsamen now leads the company.

dYdX, a prominent decentralized exchange, is grappling with a significant security breach involving its v3 protocol.

On July 23, it was reported that an attacker had compromised the official website for dYdX v3 by installing a token-draining program, which could potentially siphon off users’ funds.

The compromised site displayed error messages similar to those used in previous phishing scams, attempting to trick users into revealing their wallet information.

What we know so far about the dYdX hack

The exchange’s team promptly issued a warning on social media, advising users not to visit the affected site or click any links associated with it until further notice.

Fortunately, the protocol’s v4 version, which operates on the Cosmos blockchain, remains unaffected and fully operational.

The dYdX v3 interface, hosted at dydx.exchange, was the primary target of this attack. dYdX have stated that the smart contracts underlying the v3 protocol were not compromised.

The smart contracts on dYdX v3 are safe, and are not compromised.

Do not attempt to withdraw any funds or interact with the website dydx . exchange until further update. https://t.co/wtWYDQuyog

— dYdX (@dYdX) July 23, 2024

dYdX considering sale of its derivatives arm

This breach comes at a turbulent time for dYdX. The exchange is reportedly in discussions to sell its derivatives trading arm, with Wintermute Trading and Selini Capital emerging as potential buyers.

Wintermute Trading, based in the UK, is known for its algorithmic trading in digital assets, while Selini Capital focuses on managing alternative investments in digital assets.

This move follows the recent departure of dYdX’s founder, Antonio Juliano, who stepped down as CEO on May 13. The company is now led by Ivo Crnkovic-Rubsamen, the former chief strategy officer.

Adding to the complexity, dYdX launched its v5 version in June, introducing new features such as isolated margin and markets, and support for Raydium Markets.

These upgrades allow traders to assign collateral to specific trades, thereby mitigating cross-trade collateral risk and providing dedicated insurance for each collateral pool.

The dYdX v3 breach underscores a troubling trend in the Web3 space, where DNS hijacking attacks are becoming increasingly common.

Earlier this month, both Compound Finance and Celer Network experienced similar attacks, which redirected their websites to malicious domains aimed at draining user tokens.

As dYdX navigates this challenging period, focus remains on resolving the breach. The exchange’s native token has already taken a hit and was down 10% at press time.

The post dYdX faces security breach amid sale discussions and leadership changes appeared first on CoinJournal.

• The Digital Chamber group wants Kamala Harris to support digital assets
• The advocacy group has requested Harris pick a vice president who understands the industry
• They believe the digital asset industry is creating a “revolutionary shift” that Harris needs to champion

The Digital Chamber has written a letter to Vice President Kamala Harris calling on her to support the digital asset industry, arguing that it holds “immense potential for innovation, economic growth, and financial inclusion.”

In a letter dated July 22, the crypto advocacy group included three requests to Harris. These were to promote the inclusion of pro-digital asset language within the Democratic Party, choose a Vice President candidate who understands the digital asset industry, such as Colorado Governor Jared Polis, and engage with industry leaders.

According to the Digital Chamber, Democratic leaders including Speaker Emerita Nancy Pelosi and Senate Majority Leader Chuck Schumer support pro-crypto legislation. However, due to the Biden and Harris administration, the public view is that the Democratic Party holds a negative stance on digital assets.

In June, it was reported that President Joe Biden had vetoed a bill aimed at overturning SEC crypto accounting standards. Many in the crypto community argued it was a setback for innovation and financial inclusion.

“We believe this previous hostility does not reflect the progressive and inclusive values of your Party,” the group wrote, adding that over 50 million Americans have embraced digital assets.

Champion Innovation

Highlighting the “revolutionary shift,” digital assets can “enhance transparency, reduce fraud, and create a more inclusive financial system,” the Digital Chamber wrote.

The advocacy group is urging the Harris administration to “champion these innovations to help reaffirm the US’ position as the leader in the global digital economy.

Following the news that Biden won’t be seeking re-election this year, Harris was endorsed as his potential successor.

Since then, Harris meme tokens have jumped in value. For instance, the Solana-based memecoin KAMA increased by more than 60% in 24 hours to $0.02512, according to CoinMarketCap.

Harris has yet to comment on her position on crypto; however, the Digital Chamber ended their letter stating that they are “hopeful” that through Harris’ leadership, “the Democratic Party can pivot towards a more supportive stance on digital assets.”

The post The Digital Chamber Wants Kamala Harris to Champion Digital Asset Innovations appeared first on CoinJournal.

• Poodlana presale has raised over $2.1 million in under a week as Dogecoin price struggles for momentum.
• The crypto-savvy are joining in as a fashion-centric Poodlana creates waves in Asia.
• Poodlana’ presale opportunity is only available for 30 days and ends on August 16.

Dogecoin (DOGE) recently reached highs last seen in early June, and could target a fresh bounce to year-to-date levels. Meanwhile, Poodlana (POODL) is the new Solana hit that has raced to over $2.1 million in less than a week since its 30-day presale launched.

Dogecoin eyes recovery

Dogecoin’s launch brought to crypto a fun meme token inspired by the “doge” internet meme. The Shiba Inu dog helped it build one of the biggest crypto communities in the market.

DOGE currently has a market cap of over $19.4 billion and reached highs of $0.73 in 2021.

While its price dropped significantly since, Dogecoin remains the top pooch-themed coin. Despite recent losses, the much wow token has the potential to reach $0.2 in coming months riding catalysts such as overall crypto rally and politics-driven news moves.

However, for crypto enthusiasts and poodle owners hunting for the next gem that could supplant Doge, the hunting license may be Poodlana.

Poodlana presale: Investors see an opportunity

The Poodlana presale went live on July 17 and in under 24 hours, surpassed the $1 million mark. POODL continues to see this pace as the presale moves towards stage 3.

At the time of writing, the presale is only 24 days away from its end on August 16.

POODL’s presale price has increased from $0.02 to $0.023 and will jump to $0.0265 in the next stage. However, despite missing out on the first stage, investors eyeing the early bird opportunity will still find the presale in general a great entry point.

Presale prices increase every 72 hours and the earlier the better when looking for a chance to position with a share of the 1 billion total supply. During this phase, 50% or 500 million POODL will be available to presale participants.

Then 60 minutes after the presale ends, Poodlana will list on a top Solana-based DEX for its trading debut.

Poodlana’s advantage over dog-themed coins

Poodlana (POODL) is the meme coin that brings the world’s fashion and dog lovers together.

And then it blends this with the inevitable growth of crypto to arrive at an attractive and winning combination. Driving this is the love for the poodle, particularly in Asia where poodles are among the top three dog breeds.

The fashion world has also taken note of growth opportunities in the crypto space and Asia – where China, Japan, and Korea lead global volumes – is at the forefront of Poodlana’s imminent growth and innovation.

Having the advantage of Asia’s new beloved dog breed, massive crypto traction and love of the meme coin is a perfect recipe for Poodlana to succeed.

While DOGE remains the top dog-themed meme coin, Poodlana’s potential as it goes viral in Asia and across the globe has investors eyeing an early entry. It’s why this new token is taking the crypto market by storm.

To learn more about Poodlana, join the community or visit the official website.

The post Dogecoin targets recovery as investors choose Poodlana appeared first on CoinJournal.