Autor Cointelegraph By Ezra Reguerra

MEV bot earns $1M but loses everything to a hacker an hour later

MEV bot earns $1M but loses everything to a hacker an hour later

Uverejnil používateľ | sep 28, 2022 |

An Ethereum arbitrage trading bot managed to hit the jackpot and lose it all on the same day in an ironic turn of events in decentralized finance (DeFi). In a Twitter thread, Robert Miller, who works at the research firm Flashbots, shared how a Maximal Extractable Value (MEV) bot with the prefix 0xbadc0de was able to earn 800 Ether (ETH), around $1 million, through arbitrage trades. According to Miller, the bot took advantage of a huge arbitrage opportunity that came when a trader attempted to sell $1.8 million in cUSDC through the decentralized exchange (DEX) Uniswap v2 and only got $500 worth of assets in return. The bot detected this chance and immediately sprung to action and gained massive profits. However, only an hour later, a hacker exploited a vulnerability in 0xbadc0de’s “bad code” and tricked it into authorizing a transaction that drained its balance of 1,101 ETH, which was around $1.41 million at the time of writing. #MEV A very profitable MEV bot, internally named as 0xbad, was somehow tricked/hacked with 1,101 ETH loss (~$1.45M) in the following tx: https://t.co/FxXSY8AyhX— PeckShield Inc. (@peckshield) September 27, 2022According to the blockchain security firm PeckShield, the bug can be traced back to the bot’s callback routine, and this was exploited by the hacker to approve an arbitrary address for spending. Related: Pantera CEO bullish on DeFi, Web3 and NFTs as Token2049 gets underwayOn Sept. 18, a vulnerability in Profanity, an Ethereum vanity address generator, was exploited, draining $3.3 million in funds from various wallets. Investigations done by the decentralized exchange (DEX) aggregator 1inch Network highlighted that there was ambiguity in terms of the creation of the wallets. The DEX warned users that their wallets were at risk and urged them to transfer their assets. More than a week later, another vanity wallet address was exploited and drained of almost $1 million worth of ETH. After stealing the funds, the hackers immediately sent them to the controversial crypto mixer Tornado Cash. 

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Microsoft, Avalanche, Polygon join $20M funding of Web3 automation startup

Microsoft, Avalanche, Polygon join $20M funding of Web3 automation startup

Uverejnil používateľ | sep 27, 2022 |

Web3 and tech companies participated in a funding round for a data platform called Space and Time that aims to transform central databases into trustless data sources powered by smart contracts. In an announcement sent to Cointelegraph, Space and Time mentioned that they’ve raised $20 million in strategic funding from investors like Microsoft’s M12 fund, the venture capital arm of Microsoft, Avalanche and Polygon. In addition to these, investors also included Framework Ventures, HashKey, Foresight Ventures, SevenX Ventures, Stratos, Hash CIB, Coin DCX and other Web3 communities and angel investors. Nate Holiday, the co-founder and CEO of Space and Time, expressed his excitement to have the support of Microsoft’s venture capital fund. He explained that their firm is at the intersection of on-chain and off-chain data computation. According to Holiday, they will be working with their partners to build a data ecosystem for decentralized applications (DApps) and enterprises. On the other hand, Michelle Gonzalez, an executive at M12, also expressed that M12 is looking forward to seeing the results and how centralized systems can be automated and connected to smart contracts. Apart from the funding, Space and Time has also partnered with blockchain oracle firm Chainlink and is a part of its “Startup with Chainlink” program. Sergey Nazarov, the co-founder of Chainlink, said that their firm will continue to support Space and Time in their quest to build a decentralized data warehouse. Related: Crypto investment product firm 21.co raises $25M to reach $2B valuationMeanwhile, even though the markets are down, Web3 projects are raking in millions in investments. On Sept. 13, Doodles, a nonfungible token (NFT) collection, announced that it raised $54 million in funding, pushing its valuation to $704 million. Earlier this month, the creators of the Sui blockchain, announced that they raised $300 million that will be used to expedite the blockchain’s adoption and build its infrastructure. Mysten Labs, a firm founded by former Meta employees, said that they’ve raised the funds through a funding round led by FTX ventures.

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Redditors share ‘reasonable’ goals in response to crypto billionaire survey

Redditors share ‘reasonable’ goals in response to crypto billionaire survey

Uverejnil používateľ | sep 27, 2022 |

While some Americans believe that they could become billionaires by trading cryptocurrencies, some Redditors think that it may be better to aim for lower and more reasonable goals, such as becoming millionaires. In a study, market research firm The Harris Poll surveyed 1,989 United States adults and found that more than 70% are confident that they have the right tools to become billionaires someday. However, community members on the cryptocurrency subreddit had other goals in mind. One commenter believes that instead of aiming to become billionaires, crypto investors should focus more on increasing people’s standard of living. They wrote: “Being a billionaire is a laughable goal because it is a move to the extreme. Lifting up the standard of living for all people […] is something that is actually attainable.” Responding to the poll results, one Redditor said that the other 30% of the poll respondents are more “reasonable,” and they may be only aiming to become millionaires. Following this, another commenter said that they would be happy if their crypto investments outperforms their 401k plan. On the other hand, some community members pointed out that due to inflation, a billion may not be so far off. Another said that if one can play their cards right, it just might happen. “Invest in shitcoins and hope to hit the jackpot,” they wrote. Related: The number of crypto billionaires is growing fast, here’s whyDespite the bear market, community members have been actively participating and sharing their thoughts on social media. On Sept. 23, Crypto Twitter answered Cointelegraph’s question about the bottom in crypto prices. While many are convinced that Bitcoin (BTC) may still go even lower and are bracing for further impact, some hope that this is truly the bottom so that the fun in the crypto markets will resume.

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Galaxy Digital to provide market data to blockchains with Chainlink

Galaxy Digital to provide market data to blockchains with Chainlink

Uverejnil používateľ | sep 27, 2022 |

Despite the innovations brought about by blockchain technology, a blockchain by itself does not automatically come with market data. To fix this, the trading and asset management firm Galaxy Digital has collaborated with the blockchain oracle provider Chainlink. In an announcement sent to Cointelegraph, Galaxy highlighted that the firm will provide its crypto pricing data to blockchains through Chainlink. The firm believes that with this data, smart contract developers will have the ability to build more advanced decentralized applications (DApps). Zane Glauber, the head of strategic opportunities at Galaxy, told Cointelegraph that they believe that the integration will have a positive effect on the blockchain ecosystem. He explained that: “Blockchains don’t come preloaded with external data, so we’re providing reference prices for spot digital assets that will be able to power a variety of complicated financial structures that only have traditionally been the domain of our existing financial system.”According to Glauber, market data will be important to decentralized finance (DeFi) primitives and DApps because these products need reference prices that can be embedded within smart contracts. “The growth of these future products should help secure the growing total value locked on DeFi apps, supporting the future development of the ecosystem,” he said. Yaser Jazouane, an executive at Chainlink, also commented on Galaxy’s move. Jazouane said that high-quality pricing data is a key that unlocks various use cases all across DeFi. “High-quality market data underpins the DeFi economy,” he said. Related: Nasdaq reportedly preparing crypto custody services for institutionsWhile DeFi still looks to have a lot of potential for development, the space is still hounded by hacks and exploits. Just recently, a vulnerability in the vanity wallet address generator Profanity was exploited by hackers. Because of this, several wallets lost around 3.3 million worth of crypto assets. More than a week later, another wallet address was attacked, resulting in a hacker stealing almost $1 million in Ether (ETH).

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Almost $1M in crypto stolen from vanity address exploit

Almost $1M in crypto stolen from vanity address exploit

Uverejnil používateľ | sep 26, 2022 |

Hacks and exploits continue to plague the decentralized finance (DeFi) sector as another vanity wallet address joins the roster of DeFi victims, which, collectively, have lost more than $1.6 billion in 2022. In an alert published by blockchain security firm PeckShield, a hacker was detected after stealing 732 Ether (ETH), around $950,000, from an address created at the Ethereum vanity wallet address generator called Profanity. After draining the wallet, the exploiters sent the crypto to the recently sanctioned crypto mixer Tornado Cash. #PeckShieldAlert Seems like $950k worth of crypto has been stolen by 0x9731F from Ethereum “vanity address” generated with a tool called Profanity. The exploiter already transferred ~732 $ETH into Mixer pic.twitter.com/QOZfnE49H4— PeckShieldAlert (@PeckShieldAlert) September 26, 2022Vanity addresses are customized crypto wallet addresses that are generated to include words or specific characters chosen by the owner. However, as pointed out by recent exploits, the safety of vanity addresses remains questionable. Earlier in September, decentralized exchange (DEX) aggregator 1inch Network warned community members that their addresses were not safe if they we generated using Profanity. The DEX called out crypto holders with vanity addresses to transfer their assets immediately. According to 1inch, the vanity address generator used a random 32-bit vector to seed 256-bit private keys, which means that it lacks safety. Following the DEX aggregator’s warnings, ZachXBT, a blockchain investigator, haannounced that an exploit of the vulnerability in Profanity has already allowed some hackers to get away with $3.3 million worth of digital assets. Related: White hat: I returned most of the stolen Nomad funds and all I got was this silly NFTOn Sept. 20, the United Kingdom-based crypto market maker suffered an exploit that led to $160 million in losses. According to researcher Ajay Dhingra, the exploit may have been due to the firm’s hot wallet being compromised and manipulating a bug in the smart contract. Evgeny Gaevoy, the firm’s founder and CEO, called out the attackers to get in touch as they are open to treating the exploit as a white hat hack.

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