DeFi’s ‘Flash Loan’ Crisis Worsens, Algorithms to the Rescue
Pancake Bunny, BurgerSwap, Belt Finance — What do these three protocols have in common? Apart from them being DeFi-based, they all have been victims of flash loan attacks in the past month. Based on data estimates, nearly $167 million has been siphoned in May 2021 by perpetrators who have leveraged zero-collateral loans to the T. […]
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The crypto mining crisis in Abkhazia is closely reaching its boiling point following the burnout of a power substation amid the refusal of both illegal and legal crypto miners to slow down their operations in the state. Crypto Mining Crisis Abkhazia Keeps Worsening Sputnik Abkhazia has reported that an incident happened over the weekend, specifically on December 5, 2020, as distribution lines and power cells were affected by the overheating of the Sukhum-1 substation. The situation forced them to call out experts from all the branches of the energy provider Chernomorenergo to work....
The newest Wrapped Ether has an extensive list of improvements, including the anticipated flash mint feature. A team has released WETH10, the latest iteration of the Wrapped Ether token that allows using Ether (ETH) in a DeFi setting. WETH10 carries a host of useful features, the most notable of which is the flash mint, an evolution of the flash loan concept.Flash loans allow users to borrow the entire liquidity pool of a protocol to use as they see fit, without posting collateral. The only limitation is that the loan must be returned in full within the same transaction, otherwise the loan....
DeFi’s novel flash loan products aren't to blame for the recent string of exploits, industry leaders say.
Ethereum stakeholders are set to secure their future and prevent a repeat of the June 17 attack as they are bound to decide on a DAO rescue fix. On Tuesday June 21, Ethereum announced the release of DAO Rescue HotFix 1.2.8, with the critical Ethereum soft-fork update aimed to rescue the stolen DAO funds. The proposed solution of this release is to freeze all transactions trying to move any funds from The DAO or the child DAOs. However, the rescue fix is still for the miners to decide on. Miners have limited power. Speaking to Cointelegraph, Christopher Franko, President of Borderless....
The world-class trading platform, Bitcoin.com Exchange announced it’s participating in the Cryptopia Exchange rescue consortium in order to help redistribute coins to customers. Bitcoin.com’s trading platform will provide an exchange environment in order to bolster the Cryptopia Rescue redistribution plan. Back in January 2019, the New Zealand cryptocurrency trading platform Cryptopia Exchange suffered a major breach and it affected 2.3 million account holders from all around the world. Estimates note that roughly $860 million worth of cryptocurrency was held on the exchange....