An innovation on the Bitcoin Lightning Network (LN) could shelter users from the price volatility of BTC by providing access to dollars.
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Nomad reportedly ignored security vulnerability that led to $190M exploit
The exploit took place due to a smart contract vulnerability that saw hundreds of users other than the hacker also get involved, taking away as much as they can by simply copy-pasting the transaction data used by the initial hacker and changing the wallet address to theirs. The event was later deemed as a decentralized robbery by many due to the involvement of normal community members.
Later, the Nomad team revealed to Cointelegraph that some of the people who took funds were acting benevolently to protect the crypto from getting into the wrong hands.
In the aftermath of the hack, the crypto analysis group BestBrokers found that the first exploit took place on Aug. 1, which drained 400 Bitcoin (BTC) in four different transactions. The hackers later diverted all 22,880 Ether (ETH), then moved on to the over $107 million worth of stablecoins and finally started diverting the altcoins supported by the project.
The incident has seen WBTC, Wrapped Ether (WETH), USD Coin (USDC), Frax (FRAX), Covalent Query Token (CQT), Hummingbird Governance Token (HBOT), IAGON (IAG), Dai (DAI), GeroWallet (GERO), Card Starter (CARDS), Saddle DAO (SDL) and Charli3 (C3) tokens taken from the bridge.
Related: Ongoing Solana-based wallet hack seeing millions drained
Nomad reportedly ignored security vulnerability that led to $190M exploit
The altcoins that were stolen in the Nomad bridge hack suffered as much as 94% decline in price after the exploit.
Nomad reportedly ignored security vulnerability that led to $190M exploit
The altcoins that were stolen in the Nomad bridge hack suffered as much as 94% decline in price after the exploit.
Solana wallets 'compromised and abandoned’ as users warned of scam solutions
Solana users have been urged to move their funds to cold storage and be alert to possible scams after a major exploit of thousands of wallets sees more than $8 million stolen.
What are crypto pump and dump groups? Are they legal?
Self-organized teams that support crypto scams on Discord or Telegram are not illegal in the crypto market except in regulated exchanges.
What are crypto pump and dump groups? Are they legal?
Self-organized teams that support crypto scams on Discord or Telegram are not illegal in the crypto market except in regulated exchanges.
EU crypto community has two weeks to join conversation on crypto data
The ESMA is looking for “crypto off-chain data,” or data from spot and derivatives trades at centralized exchanges or OTC crypto trading platforms.
EU crypto community has two weeks to join conversation on crypto data
The ESMA is looking for “crypto off-chain data,” or data from spot and derivatives trades at centralized exchanges or OTC crypto trading platforms.
Inflation punishes the prudent while Bitcoin gives future hope — Jordan Peterson
Author and psychologist Jordan Peterson said that hyperinflation hurts those who are the pillars of society.
Binance, KuCoin, OKX CEOs flex security amid Solana FUD storm
With Solana (SOL) hitting the headlines for succumbing to a hack on Aug. 3, prominent crypto CEOs — including Binance’s Changpeng “CZ” Zhao, KuCoin’s Johnny Lyu and OKX’s Jay Hao — recommended SOL investors move their holdings over to their own exchanges as an immediate security measure.
Numerous blockchain investigators and crypto investors flagged an alleged widespread private key compromise, allowing the attacker to steal native SOL tokens and Solana-compatible SPL tokens such as USD Coin (USDC) from Phantom and Slope wallets. However, the root cause of the attack remains a mystery as all parties, including Solana and Phantom, denied faults at their ends. Phantom’s official stance on the matter shared with Cointelegraph was:
“We are working closely with other teams to get to the bottom of a reported vulnerability in the Solana ecosystem. At this time, the team does not believe this is a Phantom-specific issue.”
Parallel to the ongoing investigations of the Solana fiasco, CZ warned investors of “an active security incident on Solana” that drained funds in SOL and USDC off over 7000 wallets. His recommendation to unhacked investors was to transfer their assets to a cold wallet or Binance.
Lyu gave a similar assurance to KuCoin users as he confirmed that all SOL assets were not impacted by the hack; as he said:
Binance, KuCoin, OKX CEOs flex security amid Solana FUD storm
Parallel to the ongoing investigations of the Solana fiasco, CZ warned investors of “an active security incident on Solana” that drained funds in SOL and USDC off over 7000 wallets.
Oxford City Football Club to accept Bitcoin for matchday tickets
In a first for the sixth-tier English football league, the club will wear the BTC logo on their shirts, and fans will be able to buy tickets with Bitcoin over the Lightning Network.
Contributors piling into Bitcoin, Ethereum, and Solana since 2018: Report
The Ethereum network continues to see the largest number of monthly-active contributors at around 2,000 as of July.
Contributors piling into Bitcoin, Ethereum, and Solana since 2018: Report
The Ethereum network continues to see the largest number of monthly-active contributors at around 2,000 as of July.
Contributors piling into Bitcoin, Ethereum, and Solana since 2018: Report
The Ethereum network continues to see the largest number of monthly-active contributors at around 2,000 as of July.
Mental health support prime for decentralization, say academics
A shortage of mental health services in the future could be solved with a Web3-powered mental health support network, suggests academics.
Contagion only hit firms with ‘poor balance sheet management’ — Kraken Aus boss
The crypto contagion only hurt entities that poorly managed their treasuries, but didn't affect the underlying blockchain technology, he said.
Contagion only hit firms with ‘poor balance sheet management’ — Kraken Aus boss
The crypto contagion only hurt entities that poorly managed their treasuries, but didn't affect the underlying blockchain technology, he said.
Ongoing Solana-based wallet hack has already seen millions drained
NFT marketplace Magic Eden noted that it “seems to be a widespread SOL exploit at play" and called on users to revoke permissions for any suspicious links in their Phantom wallets.