Značka: ETH

Multichain hacker returns 322 ETH, keeps hefty finders fee

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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NYC Mayor Adams to receive first paycheck in cryptocurrency Friday

Today, Eric Adams, the Mayor of New York City, announced he would be taking his first paycheck in Bitcoin (BTC) and Ethereum (ETH) with the funds arriving Friday. The salary will not be directly paid out as crypto. Instead, it is first issued in fiat U.S. dollar and then converted into digital currencies on Coinbase.Due to the U.S. Department of Labor and various state-level regulations, resident U.S. employees typically cannot receive their remuneration directly in cryptocurrency. This is partly because the Internal Revenue Service classifies fiat USD wage payments as income, whereas items such as stock-based compensation or cryptocurrencies are classified as property.Mayor Adams issued the following statement regarding his choice of remuneration:New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations. Being at the forefront of such innovation will help us create jobs, improve our economy, and continue to be a magnet for talent from all over the globe.Matt Fraser, NYC’s chief technology officer, added:This step taken by the mayor provides a leading example of how we can empower people through tech with a more diverse set of options to manage their finances.

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Crypto DAO spends €2.66M on Jodorowsky's Dune thinking they would own its copyright, receives mass ridicule on Twitter

Late Saturday, Spice DAO, a decentralized autonomous organization that owns a copy of an unpublished manuscript of Frank Herbert and Alejandro Jodorowsky’s never-completed film Dune, announced its roadmap going forward. In the tweet, Spice DAO said it would “Make the book public, produce an original animated limited series inspired by the book and sell it to a streaming service, and support derivative projects from the community.” The group had previously won the Christie’s auction in November for the copy’s sale at 2.66 million euros (a little over $3 million), or about 89 times its price estimates at the midpoint.However, there was just one problem, buying a copy of a book does not grant the purchaser its copyright. In the United States and European Union, copyright typically extends throughout the life of the last surviving co-creator, and an additional 70 years after their death. Currently, the copyright owners Jean Giraud and H.R. Giger are deceased, while Jodorowsky is still in good shape at 92 years of age. Twitter users and crypto enthusiasts alike seemed to respond to the post with ridicule. One exceptionally savage user by the name of @TheNinjaWhippet responded with a link to a free and publicly accessible copy of the book, which has existed online since 2011. The post garnered over 3,500 likes.Anyway, if y’all wanna read a free and publicly accessible copy of the book, here’s one that’s been online since 2011 https://t.co/EQk8gUnDu4— Alex (Boba Fett Era) | He/Him (@TheNinjaWhippet) January 16, 2022Under copyright laws, Spice DAO must seek co-creator consent before making an animated series inspired by the book and selling it to a streaming service or wait 70 years after the death of Jodorowsky, which would be when the works enter the public domain. In addition, there is a great deal of uncertainty as to whether the copy can be resold at par, as auctions require works to be evaluated by an appraiser to determine their value. Spice DAO has approximately 1,236.12 ETH ($4 million) in its treasury at the time of publication. pic.twitter.com/sXIEkLdVMY— and enough champagne… to fill the nile!! (@GuyBeinDude) January 16, 2022

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Cathie Wood’s ARK ETF reportedly buys 6.93M shares of SPAC merging with Circle

Cathie Wood’s Ark Invest has reportedly purchased 6.93 million shares of the special purchase acquisition company, or SPAC, that is merging with Circle, for $70.6 million through the company’s ARK Fintech Innovation exchange-traded fund (ETF). This purchase would represent a new position for the ETF, according to MarketWatch. Ark Invest’s ETFs have a history of bold purchases within the tech industry as indicated by their move to buy $80 million in Robinhood shares after the prices dipped back in October 2021. Wood is also bullish on crypto despite passing on buying the first Bitcoin futures ETF that same month. Circle is the principal operator of USD Coin (USDC), which is currently the second-largest stablecoin in terms of market capitalization. Circle announced its intentions to go public in July 2021 through a SPAC with Concord Acquisition Corp in a merger that would see the company valued at $4.5 billion. The merger was originally planned to finalize by the end of the fourth quarter of 2021, with the company being listed on the NYSE with the ticker “CRCL.” The move to go public came about as a response to the increasing concern posed by regulators regarding stablecoins. Regardless, the move was applauded overall by the crypto industry. Vladimir Vishnevskiy, co-founder of Swiss wealth management firm St. Gotthard Fund Management AG, noted as such and said; “[USDC] has been around since 2014, and is another example of an established player being rewarded for their input into the ecosystem.Stablecoins are still under regulatory scrutiny in the United States as lawmakers question the market’s transparency and reserve backing. U.S. lawmakers are currently looking to introduce new legislation on crypto within the coming weeks. 

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