UwU Lend suffers its second $3.7m hack by same attacker

UwU Lend suffers its second .7m hack by same attacker

Decentralized finance protocol UwU Lend has suffered another exploit from the same attacker, costing it .7 million worth of stolen funds.

UwU Lend, an Ethereum-based lending and liquidity protocol, has apparently suffered another hack from the same attacker, who exploited the protocol two days ago for nearly million.

According to data from Cyvers Alerts, the hacker drained .7 million in liquidity from pools including uDAI, uWETH, uLUSD, uFRAX, uCRVUSD, and uUSDT. All stolen assets have been converted to ETH and are currently held at the attacker’s address, the firm added.

As noted by an X user under the alias @CryptoEvgen, the hacker used funds “stolen during the first hack for this new attack.” The cause of the latest incident remains unclear, and UwU Lend has yet to make a public statement on the matter.

The latest incident comes just two days after UwU Lend lost million worth of crypto, what the protocol described as a “sophisticated attack.” As crypto.news reported, the attacker seemingly utilized Curve LlamaLend as the “exit liquidity” for the attack.

UwU Lend was founded by Michael Patryn, also known as Omar Dhanani or “0xSifu,” who is a co-founder of the ill-fated QuadrigaCX exchange. Based on the open-source AAVE v2 code, UwU Lend offers lending, borrowing, and staking services, and shares platform revenues with users through its native token, UwU.

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South Korean retail giants withdraw from NFT sector amid market slowdown

Several South Korean retail giants, including Lotte and Hyundai, are exiting the non-fungible token (NFT) sector, marking a significant shift in their digital strategy.

The companies’ move follows a notable slowdown in the NFT market, prompting them to refocus their plans on their core business competencies.

According to a local South Korean news outlet, Lotte Home Shopping, the e-commerce arm of retail giant Lotte, announced it would end operations for its NFT shop platform.

Lotte launched its NFT services over the platform in May 2022. However, after just two years, the firm revealed on June 12 that it would shutter the NFT shop operations on July 2.

The platform, integrated into the Lotte Home Shopping mobile app, was initially part of the company’s strategy to develop a metaverse platform.

Lotte’s NFT Shop was distinct in its approach by using fiat KRW as the transaction currency to facilitate access for non-crypto users.

The company had expanded its NFT offerings by launching lines featuring its corporate character Bellygom and collaborating on projects with its virtual influencer Lucy and the hit 2022 horror movie “The Witch: Part 2. The Other One.”

Plans were also underway to enable secondary NFT sales on Opensea, the world’s largest NFT trading platform.

However, the recent closure signifies Lotte Home Shopping’s complete withdrawal from the NFT sector.

All remaining NFT business interests, including the Bellygom NFT, will be transferred to Daehong Communications, a crypto startup owned by the Lotte Group.

Hyundai Department Store is another major retailer that is stepping back from the NFT space. Launched in the same year as Lotte’s platform, Hyundai’s NFT wallet services offered customers various incentives such as discounts and free gifts. These services are now being discontinued as the company opts to exit the market.

Additionally, Shinsegae, another key player in the South Korean retail sector, has significantly reduced its NFT offerings. An industry insider revealed that many retailers had eagerly entered the NFT business but are now scaling down their operations as the market’s momentum wanes.

“Instead, they are focusing on strengthening the competitiveness of their core business areas,” the insider added.

Meanwhile, the latest trend of retail giants exiting NFT markets follows on the heels of South Korea’s shifting stance regarding NFTs.

Notably, the country’s top financial regulator is seeking to classify certain NFTs as virtual assets.

The move mandates that businesses issuing NFTs classified as virtual assets report them to the South Korean government body.

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Theo Crypto News

Notcoin surges 16% with new Binance trading pair listing

Notcoin, the Telegram-based clicker game, surged 16% following a new trading pair listing for NOT, its native token, on the world’s largest crypto exchange, Binance.

At the time of writing, the token is up 10%, trading at .018, according to CoinMarketCap. The crypto asset is among today’s top gainers, while its market cap rose to .84 billion.

NOT 24-hour price chart | Source: CoinMarketCap

NOT has also experienced a 65% surge in its 24-hour trading volume, reaching .26 billion. However, the token is trading 37% lower than its all-time high of .0289, reached on June 2.

Notcoin’s recent surge comes as Binance has announced the expansion of its trading options for the NOT token with a new NOT to Brazil Real (NOT/BRL) trading pair, thereby opening doors for Brazilian traders. Users can start trading in the pair starting today at 14:00 UTC.

Notcoin’s journey began in early 2024 with a unique social clicker game hosted on Telegram. In the game, players accumulate in-game Notcoin currency by tapping a virtual golden coin.

The NOT token, which lies at the heart of Notcoin’s ecosystem, aims to be a community-centric cryptocurrency that encourages user participation in different project activities.

Participants can discover and engage with new web3 products and services, earning NOT tokens in the process. They can also take part in various games available on the Notcoin platform to gain additional rewards in NOT.

The amount of NOT tokens users can earn correlates with their in-game level; higher levels unlock access to greater reward pools.

Players can enhance their level by staking Notcoin, with their monthly staking amount determining their rank.

The Platinum level, the highest achievable, offers the greatest number of NOT tokens as rewards.

In May, Notcoin conducted its token generation event (TGE), introducing the NOT token on several leading cryptocurrency exchanges like OKX and Binance. The launch swiftly propelled Notcoin into the top 100 cryptocurrencies by market cap.

Recently, Notcoin donated over 1 billion NOT tokens, valued at .8 million, to Telegram and its founder, Pavel Durov. Durov has pledged to hold these tokens until they reach a market value of 0 million and plans to use the funds to expand Telegram’s server capacity.

Notcoin’s new surge comes as the global cryptocurrency market is once again in the green with a market cap that stands at .46 trillion.

Meanwhile, Bitcoin has also seen a slight increase in the last 24 hours, now hovering around ,614.

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Vitalik Buterin offers principles of daily crypto life

Ethereum co-founder Vitalik Buterin shared his insights on the fundamental principles that shape the daily lives of cryptocurrency users. 

His remarks came in response to an X thread by crypto project designer OxDesigner, who questioned the long-term value of meme coins within the crypto ecosystem.

OxDesigner expressed concern over the persistent popularity of meme coins. He argued that previous market cycles have significantly expanded the functionality and reach of cryptocurrencies. 

These cycles have brought decentralized currency, programmable money, peer-to-peer (P2P) international payments, and unrestricted financial services. However, he questioned how meme coins contribute to improving daily life and felt their impact was more entertainment-focused than enduring.

Buterin outlines crypto’s areas of impact

In response, Buterin highlighted several key areas where crypto is making a difference in daily life. He emphasized the potential of zero-knowledge (zk) reputation systems, identity verification, and credential management. These projects can improve privacy and security with the management of personal information.

He also noted improvements in P2P cross-border payments. Lower fees and better user experiences are making these transactions more accessible and practical for everyday use. In May, MasterCard debuted a product in this area.

Buterin further pointed to the growing relevance of decentralized social platforms, which offer new ways for communities to interact and share information without relying on centralized authorities. One entity in this niche is Farcaster, which Buterin has previously praised.

Prediction markets were another area of focus for the Ethereum founder. He highlighted their increasing usability, as they facilitate more accurate forecasting. Moreover, privacy enhancements were also called to attention. 

Buterin mentioned enterprise applications through the scaling protocol Validium. Finally, he discussed zk-based censorship-resistant voting systems, which can ensure the integrity and anonymity of votes.

Essentially, while meme coins might draw attention for their entertainment value, the core principles and applications of crypto are driving significant advancements in how people interact, transact, and secure their information. Buterin had also previously advocated for meme coins to have higher quality.

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Polygon ID officially spins out as Privado ID

Privado ID, a privacy-centric digital identity solution formerly known as Polygon ID, has officially announced its spin-off from Polygon Labs.

Identity theft and fraud has evolved into a major problem within crypto, particularly with AI-generated misinformation. On June 12, a new Javelin Strategy & Research report showed that losses from identity theft and fraud reached a staggering billion in 2022, with over 40 million adults in the United States impacted.

While a global issue that could affect even more people with AI deepfakes on the rise, there’s good news: the industry is taking this head on and experts say that more is being done to support security online.

According to the team at Privado ID, spinning out of Polygon allows the project to focus on scaling a secure, self-sovereign digital ID solution. It is built on the blockchain and decentralized, Privado ID provides for an on-chain solution that offers both a private interaction and the tools to mitigate risks such as AI-generated misinformation. This protocol-agnostic platform offers the identity tools that users can leverage to establish the authenticity and source of digital content.

With Privado ID, users have full control of their data. One can tap into the platform’s simplified process for proving humanity, using cryptography and zero-knowledge proofs (ZKPs) to prove one’s age, qualifications and other unique traits without the risk of exposing sensitive personal details.

Apart from verifying compliance, users can use Privado ID to distribute incentives and interact with tokenized assets. “Privado ID’s identity infrastructure empowers everyday people and lowers the cost of trust across industries,” Antoni Martin, co-founder of Privado ID, told crypto.news.

“We believe that Privado ID’s technology, with its emphasis on privacy, user control, and interoperability, will revolutionize how individuals, agents, and organizations find each other and interact in connected spaces, lowering the cost of trust and mitigating the risks of identity theft, fraud, and misinformation,” he added.

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Livepeer price surges 17%, profit-taking increases

Livepeer (LPT) has emerged as the top gainer among the top 100 cryptocurrencies with the recent price rally. However, profit-taking could mean a sharp U-turn.

LPT is up by 17.7% in the past 24 hours and is trading at .5 at the time of writing. The asset briefly touched an intraday high of .16 earlier today. Livepeer’s price rally helped its market cap surpass the 0 million mark, making its way to the leading 100 cryptocurrencies list — currently sitting on the 95th spot.

LPT price, RSI and exchange activity – June 13 | Source: Santiment

Moreover, the daily trading volume of Livepeer increased by 108%, reaching 0 million.

Livepeer was launched in 2017 as the first decentralized and open-source live video streaming platform. Its native token plunged to an all-time low of .42 in March 2020. However, the 2021 bull run brought LPT to an all-time high of 0.24 on Nov. 9, 2021.

According to data provided by Santiment, the LPT exchange inflow increased by 115% over the past 24 hours — rising from 60,638 tokens to 130,250 LPT coins. The heightened inflows show that some investors, including whales, are aiming for short-term profits.

Data from the market intelligence platform shows that the Livepeer exchange outflow surged by 42% in the past 24 hours — rising from 74,984 coins to 106,630 tokens. This movement shows that some holders are aiming for long-term investments.

Per Santiment, the LPT relative strength index (RSI) rose from 48 to 61 over the past day. The indicator shows that Livepeer is slightly overbought at this point.

Consequently, LPT could potentially witness high price volatility due to the increased trading volume, exchange inflows and RSI.

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Theo Crypto News

Report: Bitcoin sees a surge in short-term investors 

A recent Bitfinex Alpha report shows a shift in Bitcoin ownership. Short-term investments surge, driven by the popularity of spot Bitcoin ETFs, while long-term holders remain confident in the market.

Recently, there has been a notable change in Bitcoin (BTC) ownership in the crypto market, especially among short-term holders.

Short-term Bitcoin investors, meaning those typically holding Bitcoin for less than 155 days, have significantly increased their activity. Their combined holdings rose from 2.2 million BTC in January to more than 3.4 million BTC by mid-April — that’s nearly a 55% increase. 

This rise is mainly linked to the increasing impact of spot Bitcoin ETFs.

Short-term vs. long-term holders

According to the report, the increase in short-term holders indicates a strong level of investment in BTC, driven by the launch and growing popularity of spot Bitcoin ETFs. The concentration of these brief asset holdings near the current market price indicates substantial investment activity at this particular price point. However, short-term holders also lead to vulnerability and price fluctuations, which can lead to potential risks or price drops.

This short-term holder number steadily rises due to new players entering the market and buying Bitcoin. However, the price stays the same because older coins are being distributed. The market is still resetting, and the ,000-70,000 price point will be the new floor for BTC, much like ,000 became a base in 2020.

The supply held by short-term holders currently stands at approximately 3.3 million BTC, a slight decrease from the mid-April peak. This decrease is due to the market correction in March that occurred after Bitcoin reached its all-time high. 

Bullish sentiment for long-term BTC holders

On the other hand, long-term Bitcoin holders are demonstrating a remarkable show of confidence in the market. After Bitcoin achieved a new all-time high of ,666 in March, many long-term holders sold significant amounts of their BTC. 

Recent data shows that the trend of selling Bitcoin has stopped, and instead, long-term holders are now starting to accumulate Bitcoin. The amount of Bitcoin held by investors for over a year has remained almost unchanged, indicating that these investments are being held onto rather than being actively traded.

Furthermore, just about 0.03 % of the supply held by long-term investors comprises coins that were bought at prices higher than the current spot price. In the initial stages of a bull market, it’s common to see long-term investors holding onto their profitable positions.

Bitcoin whales are also accumulating Bitcoin at a pace reminiscent of the pre-2020 bull run, leading to a new historical high in their Bitcoin balance.

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Theo Crypto News

Circle launches Programmable Wallets and Gas Station on Solana

Circle has expanded its Web3 Services, adding support for Solana, the company said in an announcement.

Circle’s Web3 Services empower businesses and developers looking to launch on-chain apps. To bring these benefits to Solana, Circle is launching its Programmable Wallets and gas stations on the network.

“With this initial launch of Circle’s Programmable Wallets supporting the Solana ecosystem, we’re excited to empower Solana developers to build innovative applications that are secure, scalable, fast, and cost efficient,” Circle noted.

Integration will be in two phases

Circle plans to enable the integration in two phases, starting with support for Programmable Wallets and Gas Station. The platform’s APIs and SDKs will allow developers to build and scale applications with fungible token transfers and capacity to sponsor end user transaction fees.

The next phase of the integration will see developers benefit from support for non-fungible tokens (NFTs) and Smart Contract Platform interactions. Updates will also allow for additional use cases, including NFT integration in gaming and for brand loyalty.

Currently, Circle’s Programmable Wallets are enabled for Ethereum, Polygon PoS, and Avalanche. Solana is the latest blockchain integration.

Solana’s network growth

Circle’s expansion of its Web3 Services to Solana is only the latest collaboration that aims to strengthen the blockchain platform.

The company also offers native USDC and EURC integration on Solana, and enabled its Cross-Chain Transfer Protocol (CCTP) on the network in March.

Solana has also seen major partnerships and integrations with other ecosystem players. Recently, Squads Labs announced Solana’s first smart wallet Fuse, unveiling a public TestFlight for iOS.

In late May, payments giant PayPal expanded native availability of its stablecoin PayPal USD (PYUSD) to Solana.

PayPal noted that the integration is key to enhancing commerce across the globe, with users benefitting from transaction speed and low costs.

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Space and Time debuts sub-second ZK prover

California-based crypto startup Space and Time has released a new high-performance ZK prover to improve on-chain transactions and defi growth.

Space and Time (SxT), a custom-built compute layer, granted public access to its sub-second zero-knowledge (ZK) prover stack, dubbed Proof of SQL. The ZK-proof system was previously made available to a few SxT clients in alpha last August.

ZK provers were necessitated by privacy needs, a cornerstone of cryptographic technology. The fundamental thesis of ZK models allows users to demonstrate that data or transactions are valid or true without revealing additional information. 

Several web3 developers, including Ethereum’s Vitalik Buterin, have stressed the role of ZK stacks in building reliable decentralized finance (defi) ecosystems. The technology is viewed as crucial for ensuring safe on-chain interactions for smart contract protocols and end-users. However, ZK proofs have been known to sometimes slow down execution. 

SxT co-founder and head of research Jay White, PhD, said his team developed the Proof of SQL program “so that smart contracts and AI agents can ask questions about a chain’s activity, as well as off-chain data, and receive back trustless SQL query results on-chain during a transaction without having to wait for 30 minute proof times.”

The web3 data warehouse said its Proof of SQL delivers better-optimized processing architecture for large-scale operations compared to generalized zk-Virtual Machines and co-processors. 

According to SxT and White, the ZK prover executed queries for over 100,000 row tables in under one second on a single GPU united. The model can be integrated into zkVMs on blockchains like Ethereum (ETH) for faster speeds and bigger tasks.

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