Autor Cointelegraph By Ana Paula Pereira

After Mango Market exploit, Compound pauses four tokens to protect against price manipulation

After Mango Market exploit, Compound pauses four tokens to protect against price manipulation

Uverejnil používateľ | okt 25, 2022 |

Decentralized lending protocol Compound has paused the supply of four tokens as lending collateral on its platform, aiming to protect users against potential attacks involving price manipulation, similar to the recent $117 million exploit from Mango Market’s, according to a proposal on Compound’s governance forum. With the pause, users will not be able to deposit yearn finance (YFI), 0x (ZRX), basic attention token (BAT) and maker (MKR) tokens as collateral to take loans.The proposal passed on Oct. 25 with 99% of all voters in favor. It stated:”An oracle manipulation-based attack analogous to the one that cost Mango Markets $117m is much less likely to occur on Compound due to collateral assets having much deeper liquidity than MNGO and Compound requiring loans to be over-collateralized. However, out of an abundance of caution, we propose pausing supply for the above assets, given their relative liquidity profiles.”In a security review of Compound v2 performed in September, the Volt Protocol team identified potential market manipulation risks related to low-liquidity tokens. The report explained: “The attack is possible when the amount of a token borrowable on markets like Aave and Compound is large compared to the liquid market. The most notable example is ZRX, which has borrowable liquidity on each of these markets comparable to or greater than the usual daily volume across all centralized and decentralized exchanges.”On Twitter, Robert Leshner, founder of Compound, explained that the conservative approach won’t impact existing users. Following the @mangomarkets exploit, @gauntletnetwork has proposed disabling new supply for the most thinly traded collateral.This conservative approach won’t impact existing users, and encourages the migration of usage to Compound III (which is resistant to the attack vector). https://t.co/yMQDgRXru7— Robert Leshner (@rleshner) October 21, 2022On Oct. 11, Avraham Eisenberg, the hacker behind the Mango’s Market exploit, manipulated the value of a posted collateral — the platforms’ native token, MNGO — to higher prices, then took out significant loans against the inflated collateral, which drained Mango’s treasury.The exploiter, self-described as a digital art dealer on Twitter, claimed that he and a team of hackers undertook a “highly profitable trading strategy” and that it was “legal open market actions, using the protocol as designed.”After voting a proposal in the Mango’s governance forum, Eisenberg was allowed to keep $47 million as a “bug bounty”, while $67 million was sent back to the treasury.

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Bitcoin ATM operator RockItCoin acquires Tao Bitcoin

Bitcoin ATM operator RockItCoin acquires Tao Bitcoin

Uverejnil používateľ | okt 25, 2022 |

The Bitcoin ATM operator RockItCoin announced the acquisition of Tao Bitcoin on Oct. 25. Tao Bitcoin is a regional ATM operator with 56 machines, mostly located in the south of the United States.According to the company, the acquisition was part of they company’s strategy to find value and synergies among smaller and regional players in the Bitcoin ATM space. With the deal, the machines operated by RockItCoin came to almost 1900 across 44 U.S. states. The Bitcoin ATM industry is poised for consolidation in 2023, according to RockItCoin’s president Ben Phillips, with the company likely to acquire more players in the coming months. He stated: “Where costs are increasing for many of the regional players, our existing networks, relationships, and operations are poised for scalability.”RockItCoin CEO and founder Michael Dalesandro also anticipated additional acquisitions in the fourth quarter of 2022:“We are constantly on the lookout for ways to expand our footprint while continuing to serve our customers with convenient physical locations where they can safely and efficiently buy and sell cryptocurrency.”Over the next few weeks, the former Tao Bitcoin ATMs will be rebranded as RockItCoin locations. Founded in 2016 by John Taylor and Andrew Arterburn, Tao Bitcoin analyzed several offers for the machines, but decided to close the deal with RockItCoin after considering “values closely aligned with our own.”“We are proud of the company we started from scratch to offer consumers easy access to cryptocurrency,” stated Taylor about the acquisition.Over the next five years, the global cryptocurrency ATM market is forecast to grow rapidly to a half-billion dollar market. A report published in July by Research and Markets estimates a compound annual growth rate of 59% for the industry from 2022 to 2027. It currently values the crypto ATM market at $46.4 million and expects this value to increase to $472 million over the time period.Among the main drivers of this growth are the increase in remittances and fund transfers in developing countries, fluctuations in monetary regulations, and crypto ATM installations.

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Global Bitcoin payments market projected to reach $3.7B by 2031: Research

Global Bitcoin payments market projected to reach $3.7B by 2031: Research

Uverejnil používateľ | okt 24, 2022 |

The global Bitcoin (BTC) payments market will reach $3.7 billion by 2031, registering a compound annual growth rate (CAGR) of 16.3% from 2022 to 2031, with private keys and hardware driving the sector expansion, forecasted Allied Market Research in a report published on Oct. 24. According to the document, operational demand for efficiency and transparency in payments systems, along with data security services growth and a surge in demand for remittances in emerging economies, are among the major factors supporting growth in the sector in the coming years. The report also stated:”Furthermore, increase in demand for bitcoin among banks, and financial institutions and untapped potential in emerging economies are expected to provide lucrative opportunities for the bitcoin payments market expansion during the forecast period.” In 2021, the private keys segment accounted for three-fourths of the overall Bitcoin payments market share, according to the report, and the segment is expected to maintain its dominant position throughout the forecast period, with nearly 20.3% of CAGR until 2031, followed by the hardware sector that is set to growt 19.8% during the same period. Related: Tap-to-pay Bitcoin Lightning Bolt cards strike El SalvadorE-commerce transactions are likely to keep its relevance in the sector, growing nearly 20.2% by 2031, as per the report. The Asia-Pacific region is predicted to continue its market dominance by 2031, although the fastest growth is expected to come from North America, with a CAGR of 18.6% during the period. Referring to the barriers and challenges in the space, the report acknowledges that high deployment costs and low global awareness about the use of Bitcoin can hamper the sector’s progress. It noted:”Distributed ledger technology has spread from cryptocurrency to a wide number of applications in the financial and government industry. However, numerous people and financial & government industries across developing nations such as India, Africa, and Australia are less aware regarding transactions made using bitcoin payment, which hampers growth of the bitcoin payment market across the globe.” As reported by Cointelegraph, the cryptocurrency bear market has impacted how people pay with crypto, but Bitcoin remains a major payment tool despite huge volatility, making up more than 50% of all sales on payment service provider BitPay’s platform. The data revealed that the sales volume of BTC payments on BitPay peaked at87% in 2021 before declining during the bear market of 2022. 

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Tel Aviv Stock Exchange to create crypto platform

Tel Aviv Stock Exchange to create crypto platform

Uverejnil používateľ | okt 24, 2022 |

The Tel Aviv Stock Exchange (TASE) disclosed on Oct. 24 the creation of a blockchain-based platform to expand its trading services to cryptocurrencies and other digital assets as part of the new strategic plan for the years 2023 to 2027. The exchange stated about its venture into crypto and the creation of a digital asset platform:”TASE will promote the implementation of innovative technologies, including DLT, tokenizing of various classes of digital assets and smart contracts. TASE intends to examine multiple potential action plans, including conversion of existing infrastructure to innovative technologies, deployment of innovative technologies into specialized platforms, offering a basket of services and products for digital assets and more.”Additionally, the five-year plan will include developing and selling technological solutions and services to other exchanges and market participants, expanding its market reach, and transitioning to a private firm model through the creation of a new publicly traded holding company with 100% ownership of the bourse. Its subsidiaries will act as units of the new holding company. “The new structure will consist of a holding company with several subsidiaries (both existing subsidiaries and subsidiaries that will be established to further the goals of the plan),” said TASE, which went public in 2019. Within the new strategic plan, TASE’s management has set a five-year CAGR revenue target of 10% to 12% from organic growth. The reshaping of TASE’s ownership structure may also include the “implementation of a plan for strategic purchases and/or investments in its areas of activity and/or in areas that offer added value to its activity,” stated the company, referring to a possible acquisition-plan of foreign and small exchanges.The plan, which TASE claims was based on an analysis of industry trends, came days after the company announced a partnership with Israel’s Ministry of Finance to test a blockchain-backed platform for digital bonds trading. Under the name Eden, the bonds will be issued by the Ministry of Finance, and the project aims to reduce costs and streamline the issuance of national bonds.Related: BIS marks CBDC pilot as ‘successful’ with $22M transactedTASE announced in September its partnership with the Bank for International Settlements (BIS), along with other central banks, to explore the use of central bank digital currencies (CBDCs) for international retail and remittance payments. The collaboration, dubbed Project Icebreaker, will involve testing key functions and the technological feasibility of interlinking domestic CBDC via proof-of-concept systems.

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Celsius Network defaults on payments to Core Scientific, causing financial unrest

Celsius Network defaults on payments to Core Scientific, causing financial unrest

Uverejnil používateľ | okt 21, 2022 |

Crypto lender Celsius Network’s legal journey has gained another chapter as Bitcoin miner Core Scientific accused the company of refusing to pay its bills since filing for chapter 11 bankruptcy, according to court papers filed on Oct. 19. Core Scientific, which is one of the largest publicly-traded crypto companies, claims the default on payments is threatening its financial stability, already hurt by crypto winter and high energy costs. In the court filings, Celsius alleges that Core Scientific delayed mining rig deployment and supplied them with less power than required under their contract. Celsius is reportedly seeking a court order holding Core in contempt and ordering it to fulfill its obligations. Meanwhile, Core requested the court compel Celsius to pay past-due bills or allow it to serve the contract.According to the bankruptcy court papers filed by Core Scientific:“Celsius either needs to adhere to the contract, or Core and Celsius must terminate their relationship before Celsius causes yet another business partner to enter insolvency proceedings.” As per the filing, Celsius owes Core $598,743.20 for post-petition PPT charges related to the August 2022 invoice, plus another $1,505,940.08 for post-petition PPT charges related to the September 2022 invoice, yielding a total of $2,104,683.28. “Core continues to lose approximately $53,000 per day to cover the postpetition increased electricity tariffs that Celsius refuses to pay,” said the company.Related: Celsius co-founder Daniel Leon follows Mashinsky out as crypto exec flight continuesThe dispute between Celsius and Core is scheduled for hearing by United States Bankruptcy Judge Martin Glenn next month.North America and Europe’s miner profit margins are being squeezed by rising energy costs, with U.S. industrial electricity prices rising 25% from $75.20 per megawatt hour to $94.30 per megawatt hour from July 2021 to July 2022. As a result, hosting service providers are also increasing their power prices in hosting contracts, according to Hashrate Index’s Q3 mining report.Celsius is one of the biggest companies to unravel during the crypto market downturn. On July 13, the company filed for bankruptcy after freezing withdrawals and being investigated by six American states. The company was reportedly $1.9 billion in debt at the time of its bankruptcy declaration. As reported by Cointelegraph, earlier in October court documents related to Celsius’ bankruptcy proceedings revealed data on thousands of its customers. The document contains over 14,500 pages, including customer names, amounts, types, descriptions and timing of transactions on the platform, along with the United States dollar amounts and cryptocurrencies held. 

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