Connect with us

News

Solana’s Wormhole Bridge Exploiter Moves $155M in ETH

Published

on


The hacker of Wormhole, one of the largest cross-chain bridges between Solana and other blockchains, has moved stolen funds of $155 million worth of ETH for the first time in months to a decentralized exchange.

Blockchain data by analytic platform CertiK revealed that 95,630 ETH was sent to the OpenOcean DEX before being converted into ETH-pegged assets such as Lido Finance’s staked ETH (stETH) and wrapped staked (wstETH).

  • The exploiter then used the wrapped staked Ether (wstETH) as collateral to take a $13 million loan in the stablecoin DAI, in a bid to buy nearly 7,989.5 ETH via KyberNetwor. The trades were repeated multiple times.
  • Following the sudden burst of on-chain activity, the Wormhole team offered the hacker a bounty of $10 million once again in an embedded message in a transaction via the Wormhole: Deployer, which read,

“We would like to reiterate our previous offer of a $10 million bounty for the total return of all the stolen funds. You can reach out to us at bounty@wormholenetwork.com or reply on chain.”

  • With the renewed activity, a cybersecurity firm, Ancilla, has issued a warning that many of the ad entries shown by Google for keywords “Wormhole Bridge” are, in fact, phishing websites.
  • The Wormhole exploit was one of the biggest hacks in 2022. The hacker exploited a vulnerability in the validation system of the popular cross-chain protocol, enabling them to fraudulently generate wrapped ETH, which was then used to convert into ETH.
  • Across a slew of transactions, the hacker made off with nearly 120,000 Wormhole Ethereum (WeETH) worth over $320 million.
SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.





Source link

All Image and Text copyrights belong to their respective author at the
Source this is a syndicated feed of information for educational purposes.

DISCLAIMER:
Beneath Part 107 of the Copyright Act 1976, allowance is made for “truthful use” for functions corresponding to criticism, remark, information reporting, instructing, scholarship, and analysis. Honest use is a use permitted by copyright statute that may in any other case be infringing.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Solana (SOL) Sustains Second Week of Inflows as Blockchain Sentiment Improves

Published

on

By


According to CoinShares data, digital asset investment products saw $117 million inflows last week, the largest since July 2022, while total assets under management (AuM) have risen to $28 billion, up 43% from their November 2022 lows.

While the focus seemed to be almost entirely on Bitcoin, which saw $116 million in inflows last week, altcoins such as Solana saw inflows as well.

Solana is sustaining its second week of inflows as sentiment around its blockchain has generally improved. Solana investment products saw inflows of $1.1 million in the past week, surpassing those of the previous week, where inflows of $0.1 million were recorded.

Solana saw a remarkable rebound after declining over 42% in the wake of the FTX implosion. Once dubbed an “Ethereum killer,” Solana was once the darling of FTX co-founder Sam Bankman-Fried.

In late December 2022, Solana’s token price steadily declined before plunging by as much as 20% on Dec. 29. Following Ethereum founder Vitalik Buterin’s support tweet, SOL’s price has more than tripled since then.

The January price bump has seen the cryptocurrency reclaim the $26 level as its price has risen. According to CoinGecko data, SOL is up 1.3% in the last seven days and 149% higher in the last 30 days. The crypto asset traded at $24.58 at press time.

SOL reclaimed the 10th spot on the list of largest cryptocurrencies by market cap before losing this spot to Polygon MATIC at press time.

Earlier in January, Citi Research published its report on Solana, saying that activity on the blockchain remained high. It also noted that a handful of key metrics had returned to pre-FTX-collapse levels, suggesting relief for some users on the chain.



Source link

All Image and Text copyrights belong to their respective author at the
Source this is a syndicated feed of information for educational purposes.

DISCLAIMER:
Beneath Part 107 of the Copyright Act 1976, allowance is made for “truthful use” for functions corresponding to criticism, remark, information reporting, instructing, scholarship, and analysis. Honest use is a use permitted by copyright statute that may in any other case be infringing.”

Continue Reading

News

Solana-based Friktion urges users to withdraw funds as it halts front-end operations

Published

on

By


Solana-based DeFi platform Friktion has urged its users to withdraw their funds from the protocol, as it moves to suspend all frontend operations.

The Friktion team said it made the tough decision to suspend its operations due to the worsening financial crisis resulting from the FTX collapse and Solana’s repeated outages.

Specifically, the platform’s operating cost is said to be too expensive when compared to its profit and cash flow.

As a result, Friktion announced on Jan. 27 that it has disabled its frontend interface to prevent users from initiating new deposits.

However, the platform is in “withdrawal-only mode” to allow users to withdraw their Volt deposits.

“In the meantime, we strongly encourage users to withdraw funds as the Friktion user platform begins the process of sunsetting,” the Friktion team said.

Before the recent insolvency crisis, Friktion reached over $150 million in total-value-locked (TVL) on Solana and recorded about $3 billion in trading volume, DeFiLarma data shows.

The post Solana-based Friktion urges users to withdraw funds as it halts front-end operations appeared first on CryptoSlate.



Source link

All Image and Text copyrights belong to their respective author at the
Source this is a syndicated feed of information for educational purposes.

DISCLAIMER:
Beneath Part 107 of the Copyright Act 1976, allowance is made for “truthful use” for functions corresponding to criticism, remark, information reporting, instructing, scholarship, and analysis. Honest use is a use permitted by copyright statute that may in any other case be infringing.”

Continue Reading

News

Solana (SOL) Migrating to New NFT Standard in Next 60 Days

Published

on

By


Sharky.fi, an NFT lending protocol on Solana, has shared information on the migration to a new standard of NFTs.

As stated in a thread of tweets, Solana is migrating to “programmable NFTs,” or pNFTs. This refers to a new standard of NFTs introduced by Metaplex to help creators get their royalties back.

Metaplex refers to the Solana-powered protocol that allows for the creation and minting of non-fungible tokens, auctions and visualizing NFTs in a standard way across wallets and applications.

The new asset class, “programmable NFTs,” will exist alongside “normal NFTs” and may likely become the predominant standard for royalty enforcement going forward.

The pNFT standard would allow creators to decide which protocols their NFTs are or are not allowed to interact with. This would be achieved by modifying allow-and-deny lists.

According to Sharky.fi, most of the top marketplaces, AMMs, lending protocols and staking protocols are actively working on adding support for it. It further indicated that a decent chunk of the NFT collections on Solana might migrate there in the next 30 to 60 days.

Already Solana’s crypto wallet for DeFi and NFTs, Phantom has indicated support for the Metaplex royalties enforcement standard with programmable NFTs, saying “pNFTs represent a huge step forward for the ecosystem and its creators,” while adding it was on track for a Feb. 15 release across all platforms.

Programmable NFTs now deployed on mainnet

As stated on the official Metaplex Twitter handle, programmable NFTs have now been deployed on the mainnet.

It urges developers, marketplaces and wallets to use the latest stable version of token metadata to integrate the new pNFTs’ instructions.

It further adds that creators would only be able to upgrade existing collections to pNFTs with royalties enforcement when more than 50% coverage of the new asset class has been reached across marketplaces and wallets.





Source link

All Image and Text copyrights belong to their respective author at the
Source this is a syndicated feed of information for educational purposes.

DISCLAIMER:
Beneath Part 107 of the Copyright Act 1976, allowance is made for “truthful use” for functions corresponding to criticism, remark, information reporting, instructing, scholarship, and analysis. Honest use is a use permitted by copyright statute that may in any other case be infringing.”

Continue Reading

Trending

Copyright © 2022 Solanatimes.io