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Ethics 101: Should crypto projects ever negotiate with hackers?
“A highly profitable trading strategy” was how hacker Avraham Eisenberg described his involvement in the Mango Markets exploit that occurred on Oct. 11.
By manipulating the price of the decentralized finance protocol’s underlying collateral, MNGO, Eisenberg and his team took out infinite loans that drained $117 million from the Mango Markets Treasury.
Desperate for the return of funds, developers and users alike voted for a proposal that would allow Eisenberg and co. to keep $47 million of the $117 million exploited in the attack. Astonishingly, Eisenberg was able to vote for his own proposal with all his exploited tokens.
This is something of a legal gray area, as code is law, and if you can work within the smart contract’s rules, there’s an argument saying it’s perfectly legal. Although “hack” and “exploit” are often used interchangeably, no actual hacking occurred. Eisenberg tweeted he was operating within the law:
“I believe all of our actions were legal open market actions, using the protocol as designed, even if the development team did not fully anticipate all the consequences of setting parameters the way they are.”
Mysterious initial deposit allegations surface after Binance token delisting announcement
Users initially panned Mithril's return of deposit allegation until an original Binance listing document came to light that raised further questions.
BTC price levels to watch as Bitcoin dives below $17.5K post-FOMC
Bitcoin is rapidly taking out near-term support levels as an FOMC comedown sees BTC price grab liquidity.
BTC price levels to watch as Bitcoin dives below $17.5K post-FOMC
Bitcoin (BTC) is trending down after hitting one-month highs around the latest macroeconomic data and policy update from the United States.
Having topped out at around $18,370 on Bitstamp on Dec. 14, BTC/USD is now giving back its gains, leading traders to eye where the next reversal may occur.
Opinions differ — some warn that support levels for bulls to hold are already tumbling, while others believe that recent events are just another dot on the path to much lower levels.
Cointelegraph takes a look at what some popular commentators are looking next for when it comes to short-term BTC price action.
Michaël van de Poppe: $17,200 must hold for shot at $20,000
Having called the macro market reaction to the Federal Reserve “relatively boring” this week, Michaël van de Poppe, CEO and founder of trading firm Eight, says support levels are already close for BTC/USD.
Blockchain indexer The Graph says adoption is still strong two years after mainnet launch
More than 10,000 delegators have since joined the blockchain indexing network.
Hong Kong crypto futures ETFs raise over $70M ahead of debut
The CSOP Bitcoin Futures ETF has raked in $53.8 million while the CSOP Ether Futures ETF has collected $19.7 million in initial investments.
Microsoft bans cryptocurrency mining on cloud services
Microsoft now requires users to obtain a written pre-approval from the firm in order to use Microsoft Azure for mining cryptocurrencies like Bitcoin.
France may oblige crypto platforms to obtain licenses
French Parliament will discuss the amendment, canceling the favorable treatment of crypto companies, in January 2023.
FCA’s incoming chair calls for further crypto regulation
The new chair of the UK’s FCA makes condemnatory comments about cryptocurrencies ahead of his tenure in 2023.
Opera launches security tools to protect users against malicious Web3 actors
The browser also features the ability to enable HTTPS everywhere, bringing an extra layer of protection and making sure the websites people visit use proper encryption protocols.
Creditor offers Bitcoin miner Core Scientific $72M to avoid bankruptcy
B. Riley suggested the embattled miner’s issues were “self-imposed” and outlined a path for it to avoid bankruptcy.
Alameda tried to redeem 3,000 wBTC days before bankruptcy: BitGo CEO
Mike Belshe, the CEO of digital asset custodian BitGo has confirmed that Alameda Research attempted to redeem 3,000 Wrapped Bitcoin (wBTC) in the days before FTX’s bankruptcy filing on Nov. 11.
During a Dec. 14 Twitter Spaces hosted by decentralized finance (DeFi) researcher Chris Blec, Belshe confirmed the firm knocked back the redemption request because the unknown Alameda representative involved didn’t pass Bitgo’s security verification process and seemed unfamiliar with how the wrapped-Bitcoin burning process worked.
“[The security details] didn't match the process. So we held it up and we said no, no, no, no. This is not what the burn looks like. And we need to know who this person was.”
“So we held it and while we were holding it, waiting for a response on those issues [Alameda] went bankrupt and of course, once they went bankrupt, everything halted,” Belshe added.
The Bitgo CEO also said that Alameda’s 3,000 BTC mint request remains “stuck” on the platform’s dashboard and added that the firm would most likely leave the tokens where they are until they’re dealt with by the trustees taking on Alameda's bankruptcy case.
Alameda tried to redeem 3,000 wBTC days before bankruptcy: BitGo CEO
The CEO of Bitgo stated that the Alameda representative failed the security verification process required to convert wrapped-BTC into BTC.
Alameda tried to redeem 3,000 wBTC days before bankruptcy: BitGo CEO
The CEO of Bitgo stated that the Alameda representative failed the security verification process required to convert wrapped-BTC into BTC.
Alameda tried to redeem 3,000 wBTC days before bankruptcy: BitGo CEO
The CEO of Bitgo stated that the Alameda representative failed the security verification process required to convert wrapped-BTC into BTC.
FTX Bahamas co-CEO Ryan Salame blew the whistle on FTX and Sam Bankman-Fried
Court filings show Ryan Salame tipped off the Bahaman securities regulator, telling them that FTX was sending customer funds to Alameda Research.
Realized losses from FTX collapse peaked at $9B, far below earlier crises
Weekly-realized losses peaked at $20.5 billion when Terra Luna (LUNC) imploded and reached $33 billion when 3AC and Celsius collapsed, according to Chainalysis.
Rep. Tom Emmer mulls bringing back bill aimed at reducing crypto red tape
Tom Emmer is considering reintroducing a bill that removes the requirement for entities to be registered as money transmitters if they don’t handle customer assets.