Autor Cointelegraph By Surajdeep Singh

Multichain hacker returns 322 ETH, keeps hefty finders fee

Multichain hacker returns 322 ETH, keeps hefty finders fee

Uverejnil používateľ | jan 21, 2022 |

In a dramatic twist, one of this week’s Multichain hackers has returned 322 ETH ($974,000 at the time of writing) to the cross-chain router protocol and one of the affected users.However the hacker kept 62 ETH ($187,000) as a “bug bounty”, and a total of 528 ETH (worth $1.6M) remains outstanding after the exploits. Earlier this week, news emerged of a security vulnerability with Multichain relating to the tokens WETH, PERI, OMT, WBNB, MATIC, and AVAX, and $1.43 million was stolen. Multichain announced on Jan. 17 the critical vulnerability had been “reported and fixed.”However, publicity about the vulnerability reportedly encouraged a number of different attackers to swoop in, and more than $3 million in funds were stolen. The critical vulnerability in the six tokens still exists, but Multichain has drained around $44.5m of funds from multiple chain bridges to protect them.Yeah, bridge contract need pause function. https://t.co/lPjLsE5EtR— Zhaojun (@zhaojun_sh) January 20, 2022One of the hackers, calling himself a “white hat” has been in communication with both Multichain and a user who lost $960,000 in the past day or so, to negotiate returning 80% of the money in return for a hefty finders fee.According to a Jan. 20 tweet from ZenGo wallet co-founder Tal Be’ery, the hacker claimed they hadbeen “saving the rest” of the Multichain users who were being targeted by bots, in an act of defensive hacking.The funds were returned across four transactions. On Jan. 20 the hacker returned 269 ETH ($813,000) in two transactions directly to the user he stole it from and kept a bug bounty of 50 ETH ($150,000). The relieved user responded to the hacker:“Well received, thank you for your honesty.”Overnight, the hacker also returned 50 ETH ($150,000) across two transactions to the official Multichain address, and kept a bug bounty of 12 ETH ($36,000). Related: Multichain asks users to revoke approvals amid ‘critical vulnerability’Multichain (formerly Anyswap) aims to be the “ultimate router for Web3.” The platform supports 30 chains at the moment, including Bitcoin (BTC), Ethereum (ETH), Avalanche (AVAX), Litecoin (LTC), Terra (LUNA), and Fantom (FTM).In a tweet on Jan. 20, the Co-Founder and CEO of Multichain Zhaojun conceded that Multichain bridge contracts need a pause function to deal with similar incidents in future.. Cointelegraph has contacted the project for comment.

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Multichain under fire from users as hacking losses grow to $3M

Multichain under fire from users as hacking losses grow to $3M

Uverejnil používateľ | jan 20, 2022 |

Hackers have continued to exploit a critical vulnerability in the cross-chain router protocol (CRP) Multichain that first appeared on Jan 17.Earlier this week, Multichain urged users to revoke approvals for six tokens to protect their assets from being exploited by malicious individuals. However Multichain’s announcement on Jan. 17 encouraged more hackers to try the exploit. One stole $1.43 million, another offered to return 80% while keeping the rest as a tip. According to Tal Be’ery, the co-founder of the ZenGo wallet, the stolen amount has now risen to $3 million. The @MultichainOrg hack is far from being over.Over the last hours more than additional $1M stolen, rising the total stolen amount to $3M.One victim lost $960K!https://t.co/fYhYxUojB8 pic.twitter.com/Gvh5hB6t6s— Tal Be’ery (@TalBeerySec) January 19, 2022Six supported tokens are still subject to the security vulnerability including WETH, PERI, OMT, WBNB, MATIC, and AVAX.Users have accused the company on social media of not providing them with clear enough information or support regarding the situation. One user who lost $960k offered 50 ETH to the hacker’s address in return for the remaining funds.The company claimed on Jan.17 that the critical vulnerability affecting the six tokens had been reported and fixed on Jan. 17, but on Jan. 19 it again reminded users to revoke approvals of the tokens. Multichain has since turned off the comments on its recent tweets. Crypto Twitter figure “ChainLinkGod” said that he was “incredibly confused” by the platform’s message, while “drarreg17” asked Multichain what it was going to do to “compensate users like myself who were affected by the exploits?”I can’t be the only one who’s incredibly confused by @MultichainOrg’s messaging here Schrodinger‘s funds, both safe and unsafe at the same time pic.twitter.com/AW8s8aAhHk— ChainLinkGod.eth 2.0 (@ChainLinkGod) January 19, 2022

Related: Multichain asks users to revoke approvals amid ‘critical vulnerability’Unhappy users posting in the company’s Telegram group today complain  Multichain has not been able to resolve the security vulnerability yet, nor has it been able to provide its users with the support they seek.Seems like @MultichainOrg reached out to the attackers offering them “bounty” (or in other words, actually paying ransom)https://t.co/DzUGUF3vX0 https://t.co/iKLh0HCBXG pic.twitter.com/yC3QEeiZhJ— Tal Be’ery (@TalBeerySec) January 18, 2022

According to Be’ery, the company reached out to the original address that has been holding over 450 ETH ($1.43 million) in stolen funds since Jan. 18 and offered the hacker or hackers a bug “bounty for exploits.” Multichain (formerly Anyswap) envisions being the ultimate router for Web 3.0. The ecosystem supports 30 chains, including Bitcoin (BTC), Avalanche (AVAX), Ethereum (ETH), Fantom (FTM), Litecoin (LTC), and Terra (LUNA), and offers no-slippage swapping. With nearly $9 billion in TVL, it is unclear when and how Multichain will sort the situation. Cointelegraph has contacted the project for comment.

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Secret Network offers $400M in funding to bring others in on the secret

Secret Network offers $400M in funding to bring others in on the secret

Uverejnil používateľ | jan 20, 2022 |

Secret Network is offering $400 million in funding to grow its privacy-oriented ecosystem and expand user adoption.Secret Network is a decentralized ecosystem that utilizes trusted execution environments to enable private, secure computation over encrypted data. The ecosystem has four components: Secret Tokens, Secret Bridges, Secret Finance and Secret NFTs.According to a Jan. 19 announcement, the privacy-oriented platform is offering a $225 million ecosystem fund and a $175 million accelerator fund with support from 25 existing investors and partners, including BlockTower Capital, Arrington Capital, Fenbushi Capital, Outlier, Spartan Group, and Figment. The Founder of Secret Foundation Tor Bair told Cointelegraph the funding would further the network’s aim to “scale privacy-first, decentralized applications to global adoption by millions of users,” as he emphasized the importance of Web3 technology:“Privacy technologies are essential to ensure that Web 3.0 will be empowering and open, rather than an extension of the failures of Web 2.0.”The ecosystem fund will be used to expand the project’s application layer, network infrastructure, and tooling. The accelerator pool will provide non-dilutive capital, grants and incentives via its native token SCRT to quickly expand user adoption. Secret Network also revealed that numerous top-tier investment firms recently acquired SCRT positions and joined the ecosystem as critical stakeholders, including Alameda Research, DeFiance Capital, CoinFund, and HashKey.The ecosystem funding is a part of the Shockwave initiative, a vision for Secret Network’s global growth, which was announced on Jan. 12. Shockwave aims to cement the ecosystem’s standing as a privacy hub for Web 3.0.Related: Miramax sues Tarantino over ‘money grab’ Pulp Fiction NFTsBair said that a global, privacy focused network was an essential part of building a better internet:“Private-by-default networks and applications create choices for users and allow them to control and consent to how their data is used. The entire Secret community is dedicated to protecting users, providing security, and fighting against surveillance capitalism — a system that exploits instead of empowering.”The funding news follows Secret Network’s freshly launched auctions for a collection of seven highly-anticipated NFTs issued by Quentin Tarantino on Jan. 17. The collection consists of seven chapters of Tarantino’s original, handwritten screenplay of Pulp Fiction, the first chapter of which has been sold and will be announced on Jan. 24.

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Bitcoin mining becomes more sustainable: Mining Council's Q4 survey

Bitcoin mining becomes more sustainable: Mining Council's Q4 survey

Uverejnil používateľ | jan 19, 2022 |

The percentage of the global Bitcoin mining industry running on renewable power increased by 1% to 58.5% in the fourth quarter of 2021 according to new data. The Bitcoin Mining Council (BMC) announced the findings of its fourth quarter survey on Jan. 18. The survey focused on three metrics: sustainable power mix, technological efficiency and electricity consumption. Q4 #Bitcoin Mining Council Survey Confirms Improvements in Sustainable Power Mix and Technological Efficiency. Estimated sustainable energy mix was 58.5%. Join us at 5pm ET today for a full briefing.https://t.co/t1gTZV9GtT— Michael Saylor⚡️ (@saylor) January 18, 2022Founded in May 2021, the BMC is a voluntary global forum of Bitcoin mining companies such as Bit Digital, BitFury, Bitfarms and Atlas Mining, and other industry organizations. Michael Saylor, the Founder and CEO of MicroStrategy, and a key member of the BMC noted:“This quarter we saw the trend continue with dramatic improvements to Bitcoin mining energy efficiency & sustainability due to advances in semiconductor technology, the rapid expansion of North American mining, the China Exodus, and worldwide rotation toward sustainable energy and modern mining techniques.”The voluntary survey compiled sustainable energy information from miners accounting for more than 46% of the global Bitcoin network. According to the survey, the members of the Mining Council itself are harnessing electricity with a sustainable energy mix of 66.1%. The self-reported data was then used to estimate the global Bitcoin mining industry’s sustainable energy mix was approximately 58.5% during Q4, an increase of one percentage point on Q3’s figure. The industry’s estimated technological efficiency grew by 9% as well, to 19.3 petahash per MW. Co-founder of Core Scientific and the BMC Darin Feinstein noted that the hashrate of the BMC participating members increased by 77% in Q4. Related: Georgian citizens made to swear an oath to stop mining cryptoThe environmental impacts of Bitcoin mining have been heatedly debated for some time and U.S Congress is now preparing to take a thorough look at the energy impacts of Proof of Work blockchains. The House Committee on Energy and Commerce has just announced key witnesses to testify on the energy and environmental impacts of crypto mining at a hearing on Jan. 20.Notable witnesses include the CEO of BitFury Brian Brooks, Cornell Tech professor Ari Juels and the CEO of Soluna Computing John Belizaire. Bitcoin miners are increasingly looking for sustainable energy sources as the pressure mounts from the public, shareholders and governments. Investors like Shark Tank star Kevin O’Leary, also known as Mr. Wonderful, say they are looking to purchase stocks of mining companies that use sustainable energy. One avenue that could be explored further is nuclear energy. At the Bitcoin & Beyond Virtual Summit in early November, Vice President of Griid Harry Sudock said nuclear energy could present an opportunity to introduce large amounts of clean, carbon-free energy.

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Heavyweight champ to take 50% of his UFC 270 purse in Bitcoin

Heavyweight champ to take 50% of his UFC 270 purse in Bitcoin

Uverejnil používateľ | jan 19, 2022 |

UFC heavyweight title holder Francis Ngannou has announced he will take half of his UFC 270 prize purse in Bitcoin (BTC) via Cash App.The French-Cameroonian MMA fighter will take on the undefeated Ciryl Gane on Jan. 23 and is set to earn a guaranteed $750,000. In a tweet published on Jan. 18, Ngannou noted that:”After doing a lot of research on Bitcoin, I really believe it is the future of money, man. Bitcoin is valuable, secure, and no one can mess with it.”The event will take place inside the 18,000+ capacity Honda Center in Anaheim, California. In what is the first defense of Ngannou’s title reign, the fight is an intriguing heavyweight clash in which both fighters will enter the arena fresh off their best performance to date and the winner could very well be the new face of heavyweight for years to come.Tickets are still up for grabs and the fight will be broadcast on ESPN + PPV in the US. Cash App is spending big on the fight, with another $300,000 giveaway for followers who post about the campaign on Twitter. I believe bitcoin can empower people everywhere. So I’m excited to partner w/ @CashApp to take half my #UFC270 purse in bitcoin. I want to make bitcoin more accessible to my fans, so I’m giving out $300K in bitcoin! Follow @CashApp + drop your $cashtag w/ #PaidInBitcoin pic.twitter.com/8JEvJ1UYu1— Francis Ngannou (@francis_ngannou) January 18, 2022The Cash App marketing campaign has witnessed eminent personalities give away Bitcoin to their social media followers. Earlier in December, Hollywood actress Gwyneth Paltrow announced that she was giving away $500,000 in BTC to her Twitter and Instagram followers via a Cash App partnership. Ngannou is also not the first professional MMA fighter to receive earnings in Bitcoin. In a Dec. 17 interview, Kevin Lee said the Russia-based Eagle Fighting Championship will pay him in BTC. Related: Crypto.com partners with Los Angeles’ Angel City Football ClubBillions of people watch sports and crypto brands are leveraging the power of sports partnerships to target mainstream users.In one of the biggest crypto sports partnerships in Australia, the Aussie Rules women’s division called the AFLW has just secured a $25 million deal with Crypto.com. Crypto.com also secured a $700 million deal in mid-November to rebrand the Staples Arena, Los Angeles to the Crypto.com Arena for 20 years. The crypto company also signed hefty sponsorship deals with Formula 1 and UFC as well, in June and July respectively. Cash App has formed partnerships with several NFL players, including Los Angeles Rams wide receiver Odell Beckham Jr. and Green Bay Packers quarterback Aaron Rodgers. The partnership will allow them to receive their salary in BTC. Tampa Bay Buccaneers quarterback Tom Brady took an equity stake in FTX Trading and will receive crypto as part of the endorsement deal. He is acting as an ambassador for the crypto exchange. FTX also has deals with Miami Heat and Major League Baseball.

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