Značka: Security

NFT marketplace bug undervalues tokens, helps exploiter nab $750,000

A bug in the front end of popular nonfungible token (NFT) marketplace OpenSea has reportedly led to an exploit allowing users to buy popular NFTs at their previous listing price.The bug seems to be prevalent with Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT collectibles, where the exploiter managed to buy them at their old listing price and then sold them for the current market price. The affected NFTs include BAYC #9991, BAYC #8924, MAYC #4986.Opensea User Activity Tab Source: OpenSeaA user named jpegdegenlove is suspected of exploiting the current bug and has reportedly profited 332 Ether (ETH) ($754,000). OpenSea didn’t immediately respond to Cointelegraph’s request for comment.Reported exploiter Ether wallet balance Source: EtherscanAn earlier exploit on Dec, 31 saw a similar scenario, wherein a bug seems to arise from the transfer of assets from the OpenSea wallet to a different wallet without canceling the listing.Related:  Nifty News: FLUF World and Snoop Dogg fundraise, Adidas and Prada NFTs, WAX gifts 10M NFTsOne Twitter user explained that, when a user lists their collectible for auction on the OpenSea and decides to cancel it for some reason, the marketplace charges a significant fee and the floor price of the collectible also decreases. Users found a way around it and instead of canceling their sale, they transfer their asset to a different wallet which automatically removes the listing from OpenSea, However, the bug keeps the listing active through OpenSea’s API. 1/ Recently there’s been an @opensea exploit that has allowed for assets to be purchased at greatly discounted prices, including 3 freshdrops passes, a BAYC https://t.co/8pEgeXkOBo, multiple MAYCs, and more. I did some research this morning and here’s what’s happening – > a — cap10bad.ΞTH | freshdrops.io (@cap10bad) December 31, 2021Users can check whether their listing has been removed on Rarible, another NFT marketplace that uses OpenSea’s API. The user claimed that the bug was flagged after the December incident, but the platform didn’t take any measures to address the issue.NFTs exploded in popularity in 2021 with major brands and celebrities all hopping on the bandwagon, which has attracted an increasing number of scams. 

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‘Centralization issues’ are the biggest culprits of DeFi attacks: CertiK

Decentralized finance, better known as DeFi, may not be “decentralized” enough as attackers exploited centralized weak points to drain users of billions of dollars in 2021, according to research from blockchain security firm CertiK. In a new report on the state of DeFi security in 2021, CertiK researchers said “centralization issues were the most common attack vector” within decentralized finance. The blockchain security firm cited 44 DeFi hacks totaling $1.3 billion in lost funds in 2021. That’s an increase of over $500 million compared with 2021. “This underscores the importance of decentralization and highlights the fact that many projects still have work to do to reach this goal,” CertiK said, adding:“Centralization is antithetical to the ethos of DeFi and poses major security risks. Single points of failure can be exploited by dedicated hackers and malicious insiders alike.”Research undertaken by ImmuneFi revealed that the value lost due to DeFi hacks and related scams exceeded $10 billion over the past year, revealing major discrepancies in how exploits are classified and tracked. However, most research on the matter seems to agree that security exploits targeting DeFi projects have witnessed a steep rise.Although DeFi exploits have undermined the legitimacy of cryptocurrency markets in the eyes of traditional investors and legacy financial systems, CertiK offered a silver lining: 2021’s losses represented only 0.05% of crypto’s total market capitalization, down 17% from the previous year. Related: What is a honeypot crypto scam and how to spot it?The cryptocurrency market peaked just north of $3 trillion in November 2021 after starting the year below $800 billion, according to CoinGecko data. DeFi was a major growth catalyst for crypto, with the sector’s total value locked rising from less than $20 billion at the start of 2021 to a record high of nearly $260 billion in December. Total value locked, also known as TVL, refers to assets that are currently being staked on DeFi protocols.Total TVL is down from record highs but remains well above $200 billion. Source: DeFi LlamaCertiK cited the growing popularity of Binance Smart Chain (BSC) as one of the biggest reasons for DeFi’s success. Between January and December 2021, BSC’s TVL grew from $62 million to $21 billion — an increase of 31,000%.Demand for CertiK’s blockchain security services appears to be on the rise as more projects look to avoid falling victim to scams and exploits. The company audited a total of 1,737 projects in 2021. As Cointelegraph reported, CertiK is approaching unicorn status after securing $80 million in Series B2 investments that concluded in late November 2021.

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Indian trade group recommends ‘special class security’ status for crypto

The Confederation of Indian Industries (CII), a non-government trade association and advocacy group, has proposed to treat cryptocurrencies as securities of a special class. The trade association released a report titled “Cryptocurrencies, Crypto Tokens/Assets & Regulations: The Way Forward” where it advocates for regulating the crypto market instead of outlawing it, reported Business Line. The report highlighted substantial technological innovation that the core technology of blockchain can bring in the payment and remittance sector.The report proposes to formulate new regulations around the nascent crypto market instead of regulating them under existing securities law.“A new set of regulations appropriate to the context of crypto/digital currencies and their jurisdiction-less, decentralized character, should be evolved and applied. This would mean regulatory focus principally on dealings and custody, rather than on issuance (except where issuance entails an Initial Coin Offering (ICO) to the public by an issuer established in India),” said the official report.The CII report recommended bringing cryptocurrencies under the special provision of income tax and GST laws, under which it can be treated as an asset class for tax purposes unless specifically treated as “stock in trade“ by a participant. Related: Smart crypto policy could keep India’s tech dominance on topThe report recommended imposing strict Know Your Customer and Anti-Money Laundering requirements for centralized exchanges to ensure investor protection. Further, these exchanges must register with the Securities and Exchange Board of India (SEBI) to obtain a financial markets intermediaries license. It also recommended setting a minimum capital and guarantee fund requirement for exchanges while complying with investor disclosure requirements.The CII report comes at a crucial juncture as a draft of a cryptocurrency bill is currently up for discussion in parliament. The Indian finance minister had earlier assured that the government would not take a ban approach and rather regulate cryptocurrencies as an asset. 

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