A person is using the Multichain Executor to drain tokens associated with the AnySwap bridging protocol, according to a July 10 report from on-chain sleuth and Twitter user Spreek. The report follows outflows of over $100 million from Multichain bridges that occurred on July 7, which were reported by the Multichain team as “abnormal.” The
Cryptocurrency
Caradano’s native gas-paying token ADA received a big blow at the start of June when the SEC regarded it as a security in its lawsuit against Binance and Coinbase. The lawsuit triggered a 42.5% drop in ADA’s price from $0.37 to a two-year low at $0.21 within a few days after SEC’s lawsuit. Additionally, the
The Ethereum ecosystem welcomes another layer-2 scaling solution as ConsenSys begins onboarding partners to its Linea network, which has produced significant scaling milestones in testing. Linea is an Ethereum layer-2 scaling network that allows developers to build or migrate decentralized applications for Ethereum. It operates using zero-knowledge proofs and is Ethereum Virtual Machine (EVM) equivalent, meaning its
Polygon (MATIC) price is up today, mirroring upside moves elsewhere in the cryptocurrency market as traders assess a mix of fundamental factors. On July 11, the MATIC price rose 2.32% to $0.75, its highest level in a month — outperforming the crypto market, whose valuation stayed relatively unchanged from the previous day at around $1.14
Arbitrum-based decentralized finance (DeFi) protocol Rodeo Finance was exploited for $1.53 million on July 11. The DeFi protocol was exploited using a code vulnerability in its Oracle, leading to a loss of over 810 Ether (ETH). According to data shared by blockchain analytic firm PeckShield, the exploiter later bridged the stolen funds from Arbitrum to
The Arcadia Finance attacker used a reentrancy exploit to drain $455,000 from the decentralized finance (DeFi) protocol, according to a July 10 post-mortem report issued by the app’s development team. A “reentrancy exploit” is a bug that allows an attacker to “re-enter” a contract or interrupt it during a multi-step process, preventing the process from
An Ethereum Improvement Proposal (EIP) made on July 7 seeks to standardize how tokens are bridged between networks. The “Sovereign Bridged Token” standard, or EIP-7281, allows token issuers to create canonical bridges across multiple networks. The proposal was co-authored by Arjun Bhuptani, founder of the Connext bridging protocol. In a July 7 social media post,
Ethereum co-founder Vitalik Buterin believes the Bitcoin network needs scalable solutions like the zero-knowledge (ZK) rollups to become more than another payment network. Buterin’s comments came during a Twitter space hosted by Bitcoin developer Udi Wertheimer with discussions revolving around Ethereum’s scaling experiments. A ZK-rollup chain is an off-chain protocol that operates on top of
Nonfarm payrolls rose by 209,000 in June, below economists’ expectations of an addition of 240,000 jobs. Although the figures show a cooling labor market, market observers remained concerned as the average hourly earnings growth held steady at 0.4% from May and 4.4% from a year ago. The report did not alter expectations of a 25 basis
Layer-2 blockchain Public Goods Network launched a testnet on July 7, promising to spend “the vast majority of net sequencer fees” on public goods instead of paying them out to the development team or token holders, according to an announcement from the network’s developers. In economics, a “public good” is a good that cannot be
Lawyers representing Elon Musk and Tesla asked a United States district court judge to toss out a motion to have them sanctioned over alleged conflicts of interest in a $258 billion lawsuit alleging Musk participated in an illegal racketeering scheme related to the Dogecoin cryptocurrency. In a filing dated July 6, Musk and Tesla’s team
Bitcoin is still struggling to stay above $31,000. While a tight consolidation near the overhead resistance is a positive sign, the failure to rise above it may result in short-term liquidations. However, a shallow pullback should not be considered a trend change because, many times, the bulls take a step back to regroup and launch another
On today’s Macro Markets show, veteran stock market and Cointelegraph analyst Marcel Pechman starts by analyzing Argentina’s 150% inflation, which proves that people continue to work and consume (somehow) even if their local currency loses its value. What is the lesson here? For starters, everyone wants free money. That explains why altcoins and airdrops continue
Blockchain network Avail has launched a testnet data availability bridge to Ethereum, according to a July 7 announcement. Once testing is completed, the bridge will allow developers to easily create “validiums” or low-cost layer 2s that do not store full transaction data on Ethereum, the announcement stated. Avail was originally created by Polygon Labs, but
The news surrounding BlackRock’s application for a spot Bitcoin (BTC) exchange-traded fund (EFT) sent the asset’s price from its local lows in mid-June to a strong monthly close of +12%. To most observers, this was a sign that institutional investment into the cryptosphere is once again on the horizon. A future approval of a spot
A decentralized finance “circuit breaker” could have prevented billions of dollars worth of crypto being stolen from DeFi protocols in 2022, according to the developer of the newly published ERC-7265 proposal. A new Ethereum request for comment (ERC) was published on Github on July 3. In it, the lead developer Diyahir Campos proposed a standard
BarnBridge DAO members have been told to pause “all work” related to the project after a reported probe by the United States Securities and Exchange Commission (SEC). In a July 6 post to the platform’s Discord channel, Douglas Park, a lawyer for the decentralized autonomous organization revealed the news to members. “I am letting you
The advent of Bitcoin (BTC) Ordinals signals the “organic return of builder culture” to the network, according to Ethereum co-founder Vitalik Buterin. Buterin made the comments in a July 7 Twitter space where he spoke at length with Bitcoin proponents Eric Wall and Udi Wertheimer about what Bitcoin developers could learn from Ethereum devs. Buterin
Abnormally large outflows from the Multichain MPC bridge platform on July 6 have sparked fears that an exploit could be underway. Over $102 million worth of crypto has been withdrawn from Multichain’s Fantom bridge on the Ethereum side, as well as $666,000 from Dogechain and $5 million from Moonriver. Multichain likely hacked. Exit all multichain
A pair of researchers from the University of Tsukuba in Japan recently built an AI-powered cryptocurrency portfolio management system that utilizes on-chain data for training, the first of its kind according to the scientists. Called CryptoRLPM, short for “Cryptocurrency reinforcement learning portfolio manager,” the AI system utilizes a training technique called “reinforcement learning” to implement
Zero-knowledge proofs (ZK-proofs) are a key technology explored by many in the crypto industry. A zero-knowledge protocol is a cryptographic method that allows one party to prove to another party that something is true without revealing any information. The technology is vital for Ethereum layer-2 solutions to achieve blockchain scalability, and to the privacy and
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