Autor Cointelegraph By Ezra Reguerra

DeFi protocols declare losses as attackers exploit LUNA price feed discrepancy

DeFi protocols declare losses as attackers exploit LUNA price feed discrepancy

Uverejnil používateľ | máj 13, 2022 |

The seemingly endless freefall of Terra (LUNA) affected two decentralized finance (DeFi) protocols due to a price discrepancy, as the Chainlink price feed for LUNA gets suspended over extreme market conditions. Avalanche-based liquidity protocol Blizz Finance reported that as the price of LUNA was stuck at $0.10, attackers were able to deposit millions of LUNA to “borrow all the collateral.” As a result, Blizz Finance mentioned that its protocol was drained before its team could pause. The team apologized to those who were affected. We have built on the AVAX ecosystem in good faith with the expectation that @chainlink oracles would behave as expected. Sorry to those affected.— Blizz Finance (@BlizzFinance) May 13, 2022In an official statement, Venus Protocol explained that when Chainlink paused the LUNA price feed, the LUNA price on their platform remained at $0.107 while the market price was at $0.01. The platform reportedly lost $11.2 million because of the price suspension. However, the platform noted that it will utilize its risk fund to bring remedy to this shortfall. While it seems like the cause of the fiasco is the suspension of the Chainlink price feeds, some believe that the losses were due to the protocols’ negligence. Twitter user TheSoftwareJedi pointed out that Chainlink’s feeds have the tools necessary to avoid the problem and that it’s the protocols’ fault for not using them. Related: Untethered: Here’s everything you need to know about TerraUSD, Tether and other stablecoinsMeanwhile, the Terra blockchain was halted as its token dropped by more than 99%. According to Terraform Labs, the blockchain network was discontinued to prevent governance attacks. However, its team coordinated to restart the network almost immediately. As LUNA continued to fall, crypto exchange Binance delisted its LUNA/Tether (USDT) pair. Taking precautionary measures, the exchange announced Thursday that it will delist the pair if the LUNA price goes below 0.005 USDT. LUNA has already fallen below that price point and is now trading at $0.000029 at the time of writing, according to coin information site CoinGecko.

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Madonna’s nude NFT launch triggers a mix of emotions from the community

Madonna’s nude NFT launch triggers a mix of emotions from the community

Uverejnil používateľ | máj 12, 2022 |

The queen of pop has collaborated with record-setting artist Beeple to create a series called Mother of Creation, which includes three nonfungible tokens (NFTs) titled Mother of Technology, Mother of Nature and Mother of Evolution. The NFTs show a 3D likeness of Madonna giving birth to robot centipedes, butterflies and trees. As the markets went crazy over stablecoins showing instability, Madonna and Beeple decided that it was the right time to show the community something even crazier — NFTs showing a 3D model of the 63-year-old singer-songwriter’s vagina. Following the drop, the community reacted with various perspectives, with some being inspired and some criticizing various aspects of the artwork. Twitter user Emiko Inoue wrote that the artwork is “the most inspiring” art and mentioned that if she could afford it, she would “gladly buy one without thinking.”For me ‍♀️always trying to save #nature #savetheplanet this #nftart collab between @beeple and @Madonna is the most inspiring #art so far and my favourite in NFT space I would gladly buy one without even thinking…if only I had that much eth rn yo!— Emiko Inoue (@PrincessSamurai) May 12, 2022On the other hand, Twitter user artbyjstelco tweeted that he “absolutely hates” the art. They criticized many details of the NFT including how mother nature should “not wear make-up” and have “fake tits and hair.” The Twitter user also noted that giving birth is a painful act and the artwork doesn’t capture this. Ughhh. Come on @Madonna & @beeple. “Mother Nature” would have pubes, not wear make-up, & be mixed-race, at the very least. Certainly not have fake tits and hair that defies gravity. I can’t wait to see what @stellabelle makes of this. It might even be time for @stelcart rebuttal. pic.twitter.com/wbJVtpiGEK— stelcart (@artbyjstelco) May 12, 2022

The NFTs are currently collectively worth 28 Ether (ETH), around $56,000 at the time of writing. The auction is set to end within 35 hours. According to the collection’s description on the NFT marketplace SuperRare, the money collected from the drop will go to three different charities that are focused on women and children all over the world. Related: Sculptor aims to use the Fearless Girl statue to empower women in cryptoThree-dimensional NFTs are gaining traction. Last week, Sony announced a collaboration with Theta Labs to launch 3D NFTs. The electronics manufacturer said that this highlights the capabilities of its new product called the Spatial Reality Display. Through the monitor, users can view objects in 3D without the need to wear traditional 3D accessories.

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Tether to move over 1B USDT from Tron to Ethereum and Avalanche

Tether to move over 1B USDT from Tron to Ethereum and Avalanche

Uverejnil používateľ | máj 12, 2022 |

Following recent developments in the sphere of stablecoins, Tether (USDT) has announced that it’s coordinating a chain swap to transfer USDT assets from Tron’s TRC20 to Ethereum and Avalanche’s blockchain. In a Tweet, Tether said that 1 billion USDT will be moved from Tron’s blockchain to Ethereum. On the other hand, an additional 20 million USDT will be converted to Avalanche. According to Tether, this will not change the total supply of the stablecoin. In few minutes Tether will coordinate with a 3rd party to perform a chain swap, converting from Tron TRC20 to Ethereum ERC20, for 1B USDt and from Tron TRC20 to Avalanche, for 20M USDt. The #tether total supply will not change during this process.— Tether (@Tether_to) May 12, 2022The announcement came amid fears of a stablecoin meltdown after the recent TerraUSD (UST) and Terra (LUNA) debacle. Apart from this, USDT also showed price fluctuations, slipping below $0.99 cents on many exchange platforms on May 12. As a result, many expressed concerns over the most-traded stablecoin showing signs of struggle.However, in a Cointelegraph interview, Tether CTO Paolo Ardoino assured traders that USDT is not like algorithmic stablecoins such as UST. Ardoino said that Tether has a “strong, conservative, and liquid portfolio that consists of cash & cash equivalents.” This includes treasury bills, money market funds and commercial paper holdings.Ardoino also pointed out that the ongoing FUD surrounding stablecoins is becoming a money-making stream to some traders. He explained that some firms are buying USDT below $1 on some exchanges and are redeeming it for above $1 on Bitfinex and the Tether website. Related: Terra ‘rescue plan’ still at large as LUNA falls below $5, Bitcoin spikes to ‘$138K’ in UST Meanwhile, Terra founder Do Kwon recently shared plans to restore the UST stablecoin peg. Kwon explained that before re-pegging UST, the path forward will be to “absorb the stablecoin supply that wants to exit.”Because of this, Kwon endorsed the increase of the base pool from 50 million to 100 million special drawing rights. Additionally, the Terra founder said that they can decrease PoolRecoveryBlock from 36 to 18. Kwon said that this will let the system “absorb UST more quickly.” 

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Coinbase CEO says funds are safe amid bankruptcy protection fears

Coinbase CEO says funds are safe amid bankruptcy protection fears

Uverejnil používateľ | máj 12, 2022 |

Following the Coinbase report where the company declared its losses, a disclosure that suggests that users are not protected in the case of bankruptcy has been gaining traction on social media. However, Coinbase CEO Brian Armstrong explained that funds are safe “as they’ve always been.” In the company’s first-quarter report for 2022, Coinbase reported its first loss amounting to $430 million. Apart from this, the firm also reported the number of users transacting in the exchange has also dropped from 11.4 million to 9.2 million. After the loss was posted, concerns over bankruptcy protection were brought up on Twitter, quoting lines from the disclosure that said, “In the event of a bankruptcy, the crypto assets we hold on behalf of our customers may be subject to bankruptcy proceedings.” Additionally, the disclosure mentioned that the users will be treated as “unsecured creditors” when this happens. This led to speculation that if Coinbase went bankrupt, the coins that they hold will be company property. In response to these concerns, Armstrong assured the users that the company has “no risk of bankruptcy” and that customer funds are safe. However, he said that if the company goes bankrupt, there is an “unlikely” possibility that a court would decide to consider consumer assets as part of the company in the proceedings “even if it harmed customers.” 2/ We have no risk of bankruptcy, however we included a new risk factor based on an SEC requirement called SAB 121, which is a newly required disclosure for public companies that hold crypto assets for third parties. https://t.co/lwmgb1kFtA— Brian Armstrong – barmstrong.eth (@brian_armstrong) May 11, 2022Armstrong also explained that their prime and custody customers have strong legal protections within the terms of service. Furthermore, these terms protect the assets even in the case of bankruptcy. He also noted that their team is working on updating their terms to also apply the same protections to retail users. Related: Indian central bank’s ‘informal pressure’ disrupted payments: Coinbase CEODespite the negativity surrounding the loss report, the Coinbase CEO remains bullish. Armstrong said that as a company, Coinbase survived many crypto cycles including some of the most major drawdowns and this makes them “well suited to operate” within these harsh waters.

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Sculptor aims to use the Fearless Girl statue to empower women in crypto

Sculptor aims to use the Fearless Girl statue to empower women in crypto

Uverejnil používateľ | máj 11, 2022 |

The creator of the Fearless Girl statue in New York, which stands for the empowerment of women, has brought the emblem into the crypto space by dropping a nonfungible token (NFT) counterpart for the symbolic art piece. In an interview with Cointelegraph, sculptor Kristen Visbal told the story behind the artwork’s significance and how she aims to use it to empower women in crypto. According to Visbal, the piece is a symbol that fights for equality, the need for gender collaboration and parity. She explained that: “Fearless Girl legally stands for the empowerment of women, equality, equal pay, supporting women in leadership positions, the education of women, education in the workplace for the prevention of prejudice, and the general well-being of women.”Now, with the advent of NFTs, Visbal has found a new platform to spread the message of the Fearless Girl statue. The sculptor has released NFT versions of the iconic figurine “to entice women into a space dominated by men.” Artist Kristen Visbal stands with her creation, the Fearless Girl statue. Source: fearlessgirl.usApart from this, Visbal mentioned that the proceeds from the sale will be used to defend the original message of the artwork. She said that the earnings will “defend this work as a work created for the people” so that the figure will be used in programs and events to the people’s benefit.Related: How women are changing the face of enterprise blockchain, literally!Back in March, a survey done by Arcane Research and Ernst & Young found that the number of women who held crypto doubled from 2021. The rate of crypto ownership went from 3% in the earlier months of 2021 and went to 6% by March 2022. Meanwhile, on International Women’s Day in 2022, The Sandbox (SAND) partnered with the NFT project World of Women (Wow) to launch a foundation aimed at female representation within the NFT and metaverse industry. The Wow Foundation received a $25 million grant from The Sandbox to fund its projects in the next five years.

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