Schlagwort: crypto market news

Avalanche-based lending protocol Nereus Finance was hacked and $371K in USD Coin (USDC) was stolen. The hacker deployed a custom smart contract taking advantage of a $51 million flash loan from Aave.

CertiK, a blockchain cybersecurity firm, was among the first to detect the hack on September 6. CertiK at the time said that the exploit impacted liquidity pools relating to decentralized exchange Trader Joe and automated market maker Curve Finance on Nereus

But Curve Finance responded on September 7 arguing that maybe CertiK was referring to ‘assets impacted’ rather than protocols impacted since only Nereus Finance and its assets seemed affected by the exploit.

Post-mortem of the exploit

On September 7, Nereus Finance released a comprehensive post-mortem of the exploit saying that the hacker was able to deploy a custom smart contract targeting a $51 million flash loan from Aave to manipulate the price of AVAX/USDC Trader Joe LP pool for a single block.

Consequently, the hacker was able to mint 998,000 NXUSD, Nereus’ native token, using collateral worth $508,000. The hacker then swapped the minted NXUSD into different assets through several liquidity pools and managed to walk away with a net profit of $371,406 after the flash loan was returned.

While the hacker made a profit, the exploit created $508,000 worth of NXUSD ‘bad debt.’

Nereus was however quick to arrest the situation by developing a mitigation plan, notifying law enforcement, and then liquidating and pausing the exploited JLP pool. The NXUSD bad debt was paid off using the protocol’s treasury.

Nereus also noted that a similar exploit will not be possible in future since the protocol will amend its audit and security practices. Nereus noted:

“While this exploit is a bad incident — it’s not uncommon for protocols to face these types of battle tests.”

As of the time of writing, the Nereus team was still trying to identify the hacker by tracking the funds. It has offered a 20% White Hat reward for the return of the funds with no questions asked.

The post $371K in USDC stolen in an Avalanche flash loan exploit appeared first on CoinJournal.

KuCoin has joined the list of centralized exchanges that have committed to support the 1.2% tax burn proposal by the Terra Luna Classic community. Other CEXes that have committed to support the LUNC tax burn include MEXC, CoinInn, and Gate.io. MEXC was the first CEX to indicate that it will support the tax burn.

The proposed tax burn will result in a tax on all on-chain transactions between wallets and smart contracts involving USTC and LUNC tokens.

In an official announcement, Kucoin said:

“Dear KuCoin Users, KuCoin will support the 1.2% tax burn proposal of the Terra Classic (LUNC) community.”

According to the announcement, KuCoin will fully support the 1.2% tax burn once it is officially approved and implemented.

LUNC price surging

Recent proposals and the introduction of LUNC burning and staking have pushed the price of the LUNC token up by more than 37,000% since its lows after the TerraUSD (UST) crash.

The implementation of the 1.2% tax burn is expected to add more impetus to the momentum and hopefully help drive the price of LUNC above $0.0005. According to the proposal, the tax burn will make LUNC a deflationary coin.

A vote on the tax burn proposal is scheduled not less than September 10 with an implementation slated to begin on September 20 if the proposal is adopted by a majority of the community.

The post KuCoin commits to support Terra Classic 1.2% Tax Burn appeared first on CoinJournal.

Web3 game developer Sorare has partnered with the National Basketball Association (NBA) and National Basketball Players Association (NBPA) to launch a free-to-play fantasy basketball game this fall. The game will feature NBA’s 2022-2023 season.

According to a press release by NDA, the new fantasy basketball game will include digital collectables.

NBA commissioner Adam Silver in a statement said:

“Our partnership with Sorare will give NBA fans an entirely new way to engage with our teams and players. With Sorare’s emerging NFT fantasy platform, we see significant opportunities to broaden our community of fans and grow NBA basketball around the world.”

What is Sorare?

Sorare is an Ethereum-based Web3 game developer. Currently, it offers digital collectables for a fantasy soccer game and the addition of a fantasy basketball is a big step for the NFT platform.

NBA is not new to the non-fungible token (NFT) world in March 2021 the NBPA and NBA partnered with Dapper Labs’s NBA Top Shot to launch handpicked highlights from the 2020-2021 basketball season. Following its launch, the NBA Top Shot collection accounted for the majority of weekly NFT transactions for months although its popularity has since declined.

Last year, Sorare was able to raise $680 million to reach $4.3 billion in valuation.

In January, Sorare signed a deal with Serena Williams to assist the firm to expand into new sports categories.

The post Sorare partners with NBA for a free-to-play fantasy basketball game appeared first on CoinJournal.

Three months ago, MEXC Global initiated a LUNC recovery plan that included burning and buying back LUNC and since then LUNC has hit its highest gains since the TerraUSD stablecoin debacle that led to the Terra Luna hard fork.

MEXC has once again committed to supporting Terra Luna Classic by supporting the 1.2% burn proposal from the Terra Luna Classic community. To that extent, MEXC has launched a time-limited burning event for spot trading fees for LUNC/USDC and LUNC/USDT from September 3, 10:00 to September 17, 10:00 UTC when the 1.2% tax burn proposal is expected to be released.

This makes MEXC the first centralized exchange (CEX) to support LUNC’s upgrade and burning proposal. Currently, MEXC ranks second when it comes to LUNC burning.

In the initiative, the trading fees received by MEXC will be used for secondary market buybacks on a daily basis. MEXC will then make arrangements to send the LUNC tokens bought in the buyback to the official burn address provided by Terra.

MEXC’s global initiatives

As a leading cryptocurrency exchange, MEXC offers cryptocurrency trading services for spot trading, ETF, crypto futures, staking and NFTs among other crypto-related services. It serves over 7 million people across the world and supports more than 1,400 cryptocurrencies.

MEXC Global offers zero fees for all spot trading during the current bear market. It has also committed to supporting Ethereum upgrade together with any possible hard forks once Ethereum migrates to a Proof-of-Stake model.

The crypto exchange also introduced Grid Trading and Trade Mining among other incentive products for its users.

The post MEXC the first CEX to support LUNC upgrade and burning proposal appeared first on CoinJournal.

Decentralized exchange aggregator 1inch has announced that it will conduct a 300,000 OP token airdrop to 1inch wallet users on the Optimism Network, which is an Ethereum Layer 2 scaling solution.

The OP tokens will be equally distributed between all wallets that have made swaps through the 1inch wallet on Optimism Network. However, wallets involved in a Sybil attack, where an attacker uses multiple wallet addresses for malicious activities, will not be included in the distribution.

The Airdrop is scheduled for September 1.

1inch expansion on Optimism

1inch became integrated on Optimism in August 2021 with the aim of reducing transaction fees and improving throughput for its users. Optimism has the potential of processing up to 2,000 transactions per second (TPS), which is far more than what Ethereum can handle.

1inch co-founder Sergej Kunz in a statement said:

“Optimism is one of the most efficient and popular L2 solutions. Since 1inch expanded to Optimism, we have seen substantial activity on that network, and this reward will come as an extra incentive for them to use 1inch on Optimism.”

According to 1inch, more than 45,000 wallets have used 1inch on Optimism with 28,600 performing most of their transactions on the Optimism network.

Optimism’s layer 2 Optimistic Rollup scaling solution leverages the security of Ethereum while reducing the latency and costs of transactions. It currently has a locked value of over $900 million and has seen a steady rise in transactions for the first half of the year.

The post DEX aggregator 1inch announces 300,000 OP token airdrop on Optimism network appeared first on CoinJournal.