📣📣 COIN BUREAU NEWSFLASH! – (01/05/22)
Here are some of today’s most important headlines:
1️⃣ $80 Million Lost in Rari Capital Exploit
Rari Capital and Fei Protocol have lost over $80 million yesterday due to an exploit in their Fuse lending pools. According to blockchain and smart contract audit firm BlockSec, the exploit was a “typical reentrance vulnerability,”. Currently, Rari has identified and temporarily paused the vulnerable pools while repairs are underway.
Fei Protocol has issued a $10 million bounty to hackers in an attempt to negotiate and recover a large portion of the roughly $80 million in stolen assets. This marks Rari Capital’s second exploit in the past year. In May of last year, attackers had stolen 2,600 ETH (worth around $11 million at the time) from the DeFi Platform.
https://decrypt.co/99103/fei-protocol-offers-10m-bounty-after-80m-rari-capital-exploit
2️⃣ Bored Ape Metaverse Land Sale Triggers High Gas Costs On Ethereum
The recent sale of Land deeds from BAYC’s metaverse project has caused a frenzy on the Ethereum blockchain with gas fees soaring to 8,000 GWEI. The project sold all 55,000 NFTs within 3 hours and raised about $320 million.
According to data from Etherscan, the total cost of transactions just to mint Otherdeed NFTs after the launch reached $123 million, with each Otherdeed requiring around $6,000 in transaction fees, or 2 Ether, to mint.
Observing the ferocity of transactions in the sale, Jason Wu, founder of decentralised lending protocol DeFiner stated,
“Yuga Labs’ virtual land sale has triggered one of the highest spikes in transaction fees on Ethereum. I have seen other NFT launches causing high gas fees, but this is definitely one of the highest.”
https://www.bloomberg.com/news/articles/2022-05-01/bored-ape-metaverse-frenzy-raises-millions-disrupts-ethereum
3️⃣ Opensea Now Accepts APE token
OpenSea, the leading NFT marketplace on Ethereum, has announced that it will now be accepting ApeCoin for transactions on the platform. This news comes in the backdrop of the recent Otherdeed NFT sale by the project.
ApeCoin is the governance token of the ApeCoin DAO and is currently the biggest metaverse token by market capitalisation and has surpassed Decentraland’s MANA, The Sandbox’s SAND, and Axie Infinity’s AXS.
https://decrypt.co/99095/leading-nft-marketplace-opensea-now-accepting-apecoin
4️⃣ Ethereum Accumulation While Markets Fall
According to analysts and on-chain data, it seems like there is a steady accumulation of ETH by whales and smaller wallets alike. The data also reveals that there is an increase in ETH staked on the beacon chain with the news of the upcoming merge.
According to the data, even though ETH is selling 42.5% below its all-time high, the smart money continues to accumulate because of the predicted increase in the staking reward percentage and the expectation that the price would turn bullish once Ethereum becomes a deflationary asset.
https://cointelegraph.com/news/smart-money-is-accumulating-ethereum-even-as-traders-warn-of-a-drop-to-2-4k
5️⃣ Saddle Finance Exploited for $10 Million in ETH
In yet another DeFi exploit for the day, Stablecoin Platform Saddle Finance was exploited for over $10 million in ETH. Smart contract audit firm BlockSec was the first to notify the platform about the exploit.
Notably, BlockSec seems to have played a role in attempting to hinder the exploit and recovering some funds in the process. With an "internal mechanism" that can detect and front-run hacking situations utilising off-chain arbitrage bots dubbed flashbots, BlockSec was able to save $3.8 million from the exploiters.
https://www.theblockcrypto.com/linked/144491/stablecoin-dex-saddle-finance-hacked-for-10-million/
Here are some of today’s most important headlines:
1️⃣ $80 Million Lost in Rari Capital Exploit
Rari Capital and Fei Protocol have lost over $80 million yesterday due to an exploit in their Fuse lending pools. According to blockchain and smart contract audit firm BlockSec, the exploit was a “typical reentrance vulnerability,”. Currently, Rari has identified and temporarily paused the vulnerable pools while repairs are underway.
Fei Protocol has issued a $10 million bounty to hackers in an attempt to negotiate and recover a large portion of the roughly $80 million in stolen assets. This marks Rari Capital’s second exploit in the past year. In May of last year, attackers had stolen 2,600 ETH (worth around $11 million at the time) from the DeFi Platform.
https://decrypt.co/99103/fei-protocol-offers-10m-bounty-after-80m-rari-capital-exploit
2️⃣ Bored Ape Metaverse Land Sale Triggers High Gas Costs On Ethereum
The recent sale of Land deeds from BAYC’s metaverse project has caused a frenzy on the Ethereum blockchain with gas fees soaring to 8,000 GWEI. The project sold all 55,000 NFTs within 3 hours and raised about $320 million.
According to data from Etherscan, the total cost of transactions just to mint Otherdeed NFTs after the launch reached $123 million, with each Otherdeed requiring around $6,000 in transaction fees, or 2 Ether, to mint.
Observing the ferocity of transactions in the sale, Jason Wu, founder of decentralised lending protocol DeFiner stated,
“Yuga Labs’ virtual land sale has triggered one of the highest spikes in transaction fees on Ethereum. I have seen other NFT launches causing high gas fees, but this is definitely one of the highest.”
https://www.bloomberg.com/news/articles/2022-05-01/bored-ape-metaverse-frenzy-raises-millions-disrupts-ethereum
3️⃣ Opensea Now Accepts APE token
OpenSea, the leading NFT marketplace on Ethereum, has announced that it will now be accepting ApeCoin for transactions on the platform. This news comes in the backdrop of the recent Otherdeed NFT sale by the project.
ApeCoin is the governance token of the ApeCoin DAO and is currently the biggest metaverse token by market capitalisation and has surpassed Decentraland’s MANA, The Sandbox’s SAND, and Axie Infinity’s AXS.
https://decrypt.co/99095/leading-nft-marketplace-opensea-now-accepting-apecoin
4️⃣ Ethereum Accumulation While Markets Fall
According to analysts and on-chain data, it seems like there is a steady accumulation of ETH by whales and smaller wallets alike. The data also reveals that there is an increase in ETH staked on the beacon chain with the news of the upcoming merge.
According to the data, even though ETH is selling 42.5% below its all-time high, the smart money continues to accumulate because of the predicted increase in the staking reward percentage and the expectation that the price would turn bullish once Ethereum becomes a deflationary asset.
https://cointelegraph.com/news/smart-money-is-accumulating-ethereum-even-as-traders-warn-of-a-drop-to-2-4k
5️⃣ Saddle Finance Exploited for $10 Million in ETH
In yet another DeFi exploit for the day, Stablecoin Platform Saddle Finance was exploited for over $10 million in ETH. Smart contract audit firm BlockSec was the first to notify the platform about the exploit.
Notably, BlockSec seems to have played a role in attempting to hinder the exploit and recovering some funds in the process. With an "internal mechanism" that can detect and front-run hacking situations utilising off-chain arbitrage bots dubbed flashbots, BlockSec was able to save $3.8 million from the exploiters.
https://www.theblockcrypto.com/linked/144491/stablecoin-dex-saddle-finance-hacked-for-10-million/