Autor Cointelegraph By Brian Newar

DeFi disasters: $31M drained from MonoX and BadgerDAO losses top $120M

DeFi disasters: $31M drained from MonoX and BadgerDAO losses top $120M

Uverejnil používateľ | dec 3, 2021 |

More than $150 million has been lost this week in separate security breaches at DeFi projects MonoX and BadgerDAO.Multi-chain decentralized exchange (DEX) MonoX (MONO) suffered a cyber attack on Nov. 30 leading to about $31 million in losses. BadgerDAO (BADGER) suffered a front-end attack that was discovered on Dec. 2 with estimates of Badger’s losses hitting more than $120 million. The MonoX DEX platform suffered a single attack on Nov. 30. In this attack, a bug in the smart contract allowed for a discrepancy to exist between prices of assets, when manually changed. Rekt News explained that hackers were able to inflate the price of MONO via the smart contract, then buy up other assets from the protocol with MONO. “The hacker created a loop in which the price of tokenOut would overwrite the price of tokenIn, pumping the price of MONO over the course of many ‘swaps.’”The MonoX team confirmed as much in a Nov. 30 tweet. In a postmortem published on Dec. 2, total losses were confirmed at about $31 million. The team added:”Days like yesterday are horrible, there is no sugar coating the harsh reality of a contract being exploited and people losing money. Our supporters put their faith in a new project like us, and yesterday we let them down.”MONO listed on Huobi only five days before the hack on MonoX.The Badger security breach was an ongoing threat to users interacting with Badger DAO’s platform rather than a single large exploit.Discord users began reporting unusual spend requests from the Badger platform and alerted admins on social media and on Discord as early as Nov. 27.Admin Blackbear responded that the request was unusual, but likely caused by a benign bug in the front-end user interface (UI).https://twitter.com/0xMoves/status/1466275399944445952The bug in the UI turned out to be the malicious attacker attempting to steal funds from that user’s withdrawal. The same tactic would be used on random users for days, or even weeks before it was discovered as a security breach.Related: Hackers can use compromised Google Cloud accounts to install mining software in under 30 seconds: ReportAt time of writing, losses from the Badger attack amounted to over $120 million, including 2078.76 BTC, 30.27 ibBTC, and 151.32 ETH, according to blockchain analytics company PeckShield. The Badger team has been investigating the issue and have paused all smart contracts on the protocol to avoid any further losses.

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BadgerDAO reportedly suffers security breach and loses $10M

BadgerDAO reportedly suffers security breach and loses $10M

Uverejnil používateľ | dec 2, 2021 |

The BadgerDAO decentralized finance protocol appears to have suffered from a cyber attack leading to the loss of a reported $10 million at the time of writing. The attack, which was made public at about 2 a.m. UTC on Dec. 2, targeted the protocol on the Ethereum network at contract address 0x1fcdb04d0c5364fbd92c73ca8af9baa72c269107. FYI, nasty frontend attack on Badger, looks like ~10m taken out of people’s wallets using rug approval. If you’ve interacted with anything badger related in last few weeks, check and revoke asap https://t.co/vJPMmBZ3af— Spreek (@spreekaway) December 2, 2021Users that have interacted with this contract are urged to revoke permission from their wallet. To revoke permissions of a contract, visit etherscan.com and login with a wallet you believe may be exposed. Although the attack only happened recently, permission for the contract may have been established weeks ago.The total unconfirmed losses come to about $10.6 million.The BadgerDAO team has not confirmed the exploit, but it issued a tweet at 4:30 a.m. UTC acknowledging that there have been reports of problems. All smart contracts on BadgerDAO have been paused in an effort to prevent any more potentially malicious withdrawals.Badger has received reports of unauthorized withdrawals of user funds.As Badger engineers investigate this, all smart contracts have been paused to prevent further withdrawals.Our investigation is ongoing and we will release further information as soon as possible.— ₿adgerDAO (@BadgerDAO) December 2, 2021

Early reports claim that some users received unusual spend requests from the smart contracts on the protocol. It is suspected that these requests were the attack in action through the front-end of the protocol.Some have revised the value of suspected losses to upward of $100 million, with one user reportedly losing $90 million.Related: Hackers can use compromised Google Cloud accounts to install mining software in under 30 seconds: ReportOn Badger’s official Discord server, core contributor Tritium wrote “It looks like a bunch of users had approvals set for the exploit address allowing it to operate on their vault funds and that was exploited.” BADGER is down 15% to $22.71 at the time of writing on Coingecko.

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Miami to use PlanetWatch and Algorand for air quality monitoring

Miami to use PlanetWatch and Algorand for air quality monitoring

Uverejnil používateľ | dec 2, 2021 |

Miami is preparing to be one of the first major US cities to monitor its air quality using a decentralized Internet of Things (IoT) network built on Algorand.French environmental technology company Planetwatch has developed five different types of air quality sensors. With funding from Borderless Capital’s $10 million PLANETS fund, sensors will be deployed throughout the city, including in the homes of city residents.Each sensor detects the concentration of air pollution in an area. When combined into a network, they will help residents and city officials analyze where higher levels of pollution exist. Data collected by the sensors will be recorded on the Algorand blockchain making it tamper-proof and permanent.Miami Mayor Francis Suarez has been a long-time advocate for the use of blockchain technology. He said at the DeCipher event in Miami on Nov. 29:“The data from this project will play a crucial role in our climate adaptation efforts as well as our ambitions to make Miami an epicentre for digital capital markets.”Residents who agree to run a sensor in their home will be rewarded with Planet Tokens (Planets). Planets can be sold for fiat in the open market or be exchanged for Earth Credits. Earth Credits are non-exchangeable tokens which PlanetWatch uses as internal currency for its products and services. Related: DAOs empower social good with yield-generating DeFi productsAlgorand is a carbon negative blockchain. Algorand also recently gained $1.5 billion in funding from former Citi executive Matt Zhang.

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Jury in Craig Wright lawsuit ‘cannot all agree on a verdict’

Jury in Craig Wright lawsuit ‘cannot all agree on a verdict’

Uverejnil používateľ | dec 2, 2021 |

The court case between Australian Craig Wright and the estate of his now deceased friend David Kleiman over legal rights to tens of billions of dollars worth of Bitcoin (BTC) mined by Satoshi Nakamoto could end in a mistrial if jurors remain deadlocked.Wright claims he used the pseudonym Satoshi Nakamoto when he invented Bitcoin. The case being deliberated began in 2018 when the estate of his associate Kleiman sued him on the grounds the pair were partners who’d invented and mined Bitcoin together.By about 5 pm UTC on Wednesday, the jury was deadlocked, having issued the following statement: “Unfortunately we cannot come to a conclusion and we cannot all agree on a verdict on any of the questions.”As of 10 pm UTC, the jury remained deadlocked and is set to return on Thursday, according to court reporter Carolina Bolada from Law360. Judge Beth Bloom issued an Allen Charge instructing the jury to continue deliberating until it reaches a verdict. She said, “I suggest that you now carefully reexamine and reconsider all the evidence in light of the court’s instructions on the law.”If the jury is still unable to reach a verdict, however, the judge could declare a mistrial.The stakes in the case are high. Both sides contend that Wright is Satoshi; however, they are at odds over the ownership of 1.1 million BTC mined at the time. As of today, that 1.1 million BTC is worth $62,568,836,000.Related: Was the first reply to the Bitcoin white paper Satoshi themself? In-depth theoryIn court, David Kleiman’s brother Ira argued on behalf of the estate that Wright broke an oral agreement with David to mine Bitcoin and develop its technology together.Wright claims that no such partnership existed and that, at most, Kleiman proofread the Bitcoin white paper since he was not a developer and could not have debugged the Bitcoin code.

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