Lưu trữ cho từ khóa: #DeFi

DeFi

Finding blockchain harmony to encourage TradFi participation | Opinion

Để lại phản hồi

Traditional finance has taken a U-turn from the industry’s initial dismissive reaction to Bitcoin (BTC)  and blockchain technology altogether. Earlier this year, we witnessed the SEC approve spot Ether and spot Bitcoin ETFs, including from leading asset manager BlackRock. Concurrently, State Street, a large global bank, plans to launch a stablecoin, and TradFi trading hub Robinhood has expanded its crypto operations. 

While rigidly centralized institutions playing an oversized role in crypto developments could introduce risks to the industry’s decentralized ethos, most web3 enthusiasts are open to TradFi participation as it would accelerate adoption. Regardless, ties between the broader financial world and the emerging digital assets sector are steadily moving forward.   

Despite high-profile ETFs, growing interest in DeFi, and tokenized real-world assets, many financial institutions are reluctant to engage directly with various blockchain networks. The reason for this isn’t due to worries of SEC lawsuits or crypto’s inherent volatility; rather, it relates to the very nature in which banks operate. 

As trusted intermediaries managing customers’ assets and providing financial services, most banks find it hard to engage with public blockchains where transaction history and other private data are available for all to view. While transparency and openness are core web3 principles and are used to build trust among decentralized communities, this could lead to exposing private customer information within institutions. 

Financial institutions will always need to comply with local regulatory frameworks, which makes engaging with public blockchains complicated and limits flexibility in the rapidly evolving digital asset space. As such, banks wanting to engage with blockchain and crypto, for one reason or another, typically elect to do so via private blockchains due to privacy and compliance considerations. 

Private networks provide banks with a controlled environment, enabling them to experiment within a compliant and secure space, allowing more partners to join over time. While this is good for institutions looking to understand blockchain technology or perhaps implement it to facilitate their own payment systems, it blocks access to the vast majority of DeFi products, apps, and protocols. It also denies access to any liquidity stored on public blockchain protocols.

Sure, there are cross-chain bridges, sidechains, layer-2s, and other solutions that financial institutions could leverage to gain a bit more exposure to crypto markets. However, these solutions risk introducing the same security threats and vulnerabilities that led financial institutions to select private blockchains in the first place.

This puts financial institutions, especially smaller banks lacking the resources to take calculated risks, in a bind when trying to establish the most robust digital asset strategies to meet the rising demand of both retail and institutional clients. However, new projects are working to bridge these gaps and broaden the scope of institutions entering blockchain.

Vixichain, for example, is developing a solution for this problem that is confronting institutions. Its layer-1 blockchain, set to launch early next year, allows institutions to interact with crypto and DeFi compliantly. The network bridges the gap between legal frameworks and the innovative potential of web3 by using a stablecoin built with NFT technology. While it may sound unorthodox, this enables traceability and verifies authenticity, combining the best aspects of public and private blockchains. 

Vixichain’s objective is to build a private blockchain where financial institutions act as validators. This allows users to receive quotes from available nodes and choose the relevant partner to execute payments, while its NFT stablecoin facilitates easy access to the wider crypto ecosystem. 

Those in the web3 industry understand the value behind mainstream adoption, and strategically cooperating with TradFi provides more rewards than risks. For example, experience with compliance, risk management, and added liquidity are just some of the benefits that TradFi brings to the table. The key to leveraging TradFi’s desire to partake in digital asset marketplaces requires innovative solutions that strike a balance between the pros of both public and private blockchains.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Sky expands native tokens to Solana with Wormhole NTT

Để lại phản hồi

Sky, a decentralized finance protocol rebranded from MakerDAO, is set to utilize Wormhole’s technology to bring its native tokens to Solana, enhancing its multichain capabilities.

Wormhole (W)’s native token transfer framework, or NTT, allows for seamless cross-blockchain transfers of native tokens without altering their intrinsic properties. Other protocols like Lido, Jito, and ether.fi have also adopted NTT for multichain token transfers.

Natively multichain token transfers

According to details in a blog post, Sky will use NTT to bridge its governance token SKY and stablecoin USDS to the Solana (SOL) network. This move will make these tokens natively multichain, available on Solana and Ethereum (ETH) via bridges such as Portal.

Tokens deployed multichain using NTT go through the framework’s “burn and mint” mode.

In this case, there will be no wrapped tokens for the native tokens, but a unified supply across Sky and Solana. Users will be able to participate on multiple chains without suffering the impact of liquidity fragmentation, Wormhole wrote.

The DeFi protocol will have full control over SKY, USDS, and sUSDS across functions such as token customizability, contract ownership, upgrades, and metadata management.

Proposal for a 2 million SKY incentive program

Rune Christensen, co-founder of Sky, highlighted the protocol’s plans to bridge its tokens onto Solana earlier on Sept. 20. He revealed the proposal at the Solana Breakpoint conference in Singapore.

Alongside the proposal to integrate the protocol’s tokens on the SOL platform, Rune outlined an incentive program that would allocate 2 million SKY to decentralized finance protocols on Solana.

The weekly allocation will go to projects that integrate SKY and USDS, Rune noted.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Nic Carter revisits Operation Choke Point 2.0 after bombshell Silvergate testimony

Để lại phản hồi

Venture Capitalist Nic Carter updates his findings on Operation Choke Point 2.0 after Silvergate executive’s testimony that sheds light on how US financial regulators tried to crackdown on banks involved in the crypto industry, known as Operation Choke Point 2.0.

In his thread, Carter makes corrections to his widely cited original report from 2023, that it was not the Federal Deposit Insurance Corporation who was responsible for sending out the message that banks had to cut their crypto deposits by 15%.

Instead, in fact, it was the San Francisco Fed that gave out this order for banks in the region, affecting major crypto-related banks like Silvergate, Signature Bank and Silicon Valley Bank.

In a series of tweets published on X Sept. 20, Carter cites a declaration from Elaine Hetric, former chief administrative officer of Silvergate, the California bank that provided cryptocurrency services. These new revelations, according to Carter, contain proof that pressure from Federal Bank Regulatory Agencies to curtail their crypto-dealings led to Silvergate bank going bankrupt.

According to Carter, Hetric’s statement supports his reporting on Operation Choke Point 2.0, a series of initiatives the U.S. federal government deployed to curtail crypto financial transactions.

He notes that this is the first time an executive from the now-bankrupt Silvergate has gone on record about Biden bank regulator’s efforts to discourage banks from dealing with crypto, suggesting:

Carter goes on to explain how the public has been led to believe that Silvergate went bankrupt due to losses from their crypto depositors and allegations of FTX-related fraud. When in fact, Silvergate survived the fall and was cleared from all charges. These new points underscore Carter’s broader thesis that the Democratic Party under the Biden administration has worked to retroactively curtail the crypto industry as it on-ramped to traditional financial institutions like banks.

Instead, Carter states that the US government’s efforts to discourage banks from dealing in digital assets is what led to Silvergate’s downfall.

“Silvergate was a boutique crypto bank that served the crypto industry. so after the Fed came out with this new informal guidance, their business ceased to exist, and they voluntarily liquidated.”
Nic Carter

Even after Silvergate and SVB went bankrupt, they could not sell any of their digital assets because any crypto related lines of business would be deemed null according to the Office of the Controller of the Currency. These assets included the cryptocurrency Sentient Coin and Signature Bank’s failed cryptocurrency payment network Signet, as well as other crypto deposits made at those banks.

What is Operation Choke Point 2.0?

Operation Choke Point 2.0 is a term used to describe how US financial regulators coordinated a plan across multiple agencies to discourage banks from doing business with crypto firms.

Government bodies like the Fed, FDIC, and OCC issued statements that highlighted the risks that banks face if they deal in cryptocurrency.

Although it was not explicitly prohibited, this led to financial institutions refusing to work with cryptocurrency. As a result, banks that dealt mainly in cryptocurrency suffered significant losses.

A few examples cited by Carter include the Metropolitan Commercial Bank’s decision to close their cryptocurrency department, Binance’s suspension of U.S. dollar bank transfers for retail clients, and the investigation into Silvergate’s management of accounts related to the crypto trading firm Alameda Research.

“These banks did not die by suicide but by murder,” Carter claimed. “This remains a gigantic scandal and no one has ever faced any responsibility for it.”

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Terraform Labs cleared for wind-down amid bankruptcy by US Court

Để lại phản hồi

On Sept. 19, Terraform Labs, the company behind the Terra blockchain protocol, gained court approval to wind down its operations as part of its bankruptcy proceedings.

During a pivotal hearing on Thursday, U.S. Bankruptcy Judge Brendan Shannon approved the firm’s plan to exit Chapter 11 bankruptcy in Wilmington, Delaware. This decision marks a critical point in Terraform Labs’ ongoing legal challenges and financial troubles.

As reported by Reuters, Terraform Labs also reached a settlement with the U.S. Securities and Exchange Commission. Judge Shannon described the resolution as a “welcome alternative” to prolonged litigation, following the company’s significant financial losses and the impact on investors.

Terraform Labs originally filed for Chapter 11 bankruptcy protection in January. In June, the company settled with the SEC for $4.47 billion, after the federal agency had initially sought $5.3 billion in April.

With the bankruptcy wind-down, Terraform Labs is expected to distribute between $184.5 million and $442.2 million to its creditors and stakeholders.

Terraform Labs’ current CEO, Chris Amani, revealed in June via X that the company had always intended to dissolve, and it is now in the final stages of closing its operations.

The company acknowledged that estimating the total value of cryptocurrency losses to be repaid during the liquidation process is “impossible.” The figures released are only approximations, with the exact amounts remaining unclear. While Terraform Labs will settle with its creditors first, the U.S. SEC will only begin collecting on its settlement once those payments have been made.

The SEC had accused Terraform Labs and its co-founder, Do Kwon, of defrauding investors through a multi-billion dollar cryptocurrency scheme. The collapse of Terraform’s TerraUSD and Luna stablecoins wiped out roughly $60 billion in investor assets.

Following the crash, Kwon evaded authorities for months, moving between various locations in Europe and Asia. He was eventually arrested in Montenegro last spring and has since been held in custody as he awaits possible extradition to the United States or South Korea. Montenegro’s Supreme Court is expected to rule this month on whether there were legal violations in the extradition process.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Pháp Lý

Bridging TradFi and DeFi: The opportunities of complaint stablecoins | Opinion

Để lại phản hồi

As crypto becomes more widespread, the regulatory issues become more significant. The recent update of the Markets in Crypto-Assets Regulation regarding stablecoins has led to a substantial market boom. The new rules impose strict restrictions on the use of stablecoins denominated in dollars, which account for the majority of global trading volumes.

While MiCA primarily targets the intersection of crypto assets and traditional financial services, its implications for decentralized finance are more nuanced. DeFi, by its very nature, generally operates independently of the traditional financial system. But people still need to be able to move their money between the two worlds somehow, and I believe that compliant stablecoins are the best gateway for it.

The regulatory shift has influenced major players in the crypto arena, such as Circle and Tether, who issue stablecoins, forcing them to reconsider their strategies. So, what potential do compliant stablecoins have regarding the DeFi market? Let’s break it down.

The role of compliant stablecoins: Bridging TradFi and DeFi 

TradFI and DeFi have existed in parallel for a long time, and together, they can bring financial opportunities never seen before. However, bridging the two worlds is a challenging task. In this sense, compliant stablecoins hold huge potential to act as a bridge between them.

As regulations tighten, compliant stablecoins are expected to become major assets. For example, in the Europen Union, stablecoin users are already required to transition from unregulated coins to compliant ones (at least if they want to use them with centralized finance platforms, where the use of compliant assets is often strictly mandated).

Centralized stablecoins like Tether (USDT) and USD Coin (USDC) are at the forefront of this regulatory evolution. They are typically issued by entities that maintain reserves in fiat currency, which allows them to offer stability and serve as gateways between the crypto world and traditional finance. However, since they essentially provide a financial service, it means that they are subject to oversight and stricter standards of transparency and consumer protection.

Compliance is critical to ensure the legitimacy of these stablecoins and allow them to be integrated into the global financial ecosystem. Circle, as mentioned earlier, has already made a significant leap by becoming the first global stablecoin issuer to fully comply with the new regulations. And it is likely that we will see more companies choose this path in the near future.

Where do decentralized stablecoins stand?

It should be mentioned that centralized stablecoins still have decentralized counterparts that don’t have a direct impact on centralized financial services. These stablecoins are typically governed by decentralized protocols and don’t rely on a central issuer or a reserve of fiat currency.

Because they are not linked to the TradFi system, these stablecoins are not subject to regulations like MiCA. However, this also means they are less likely to be integrated into traditional financial services, limiting their role in bridging the gap between TradFi and DeFi. For now, decentralized stablecoins remain a component of the DeFi ecosystem that provides liquidity without the need for centralized oversight.

However, I believe that centralized stablecoins are going to become the primary way in and out of the blockchain space, and they will have to be compliant to ensure legitimacy and broader integration into the global financial ecosystem. Eventually, as time goes by, I think that all redeemable stablecoins might follow this path due to their custodial nature.

The risk of increasing stablecoin centralization

There are decentralized stablecoins out there that show the trend of leaning toward greater centralization. A notable example of this is the recent announcement by MakerDAO regarding the migration of Dai (DAI), one of the most popular decentralized stablecoins, to the new USDS. The move sparked a lot of discussions among the DeFi community, with many taking it as a shift towards a more centralized model.

Increased centralization typically brings with it greater regulatory scrutiny and compliance requirements. This could limit the use of such stablecoins within the DeFi environment, as they would become less attractive to users who value the decentralized nature of crypto assets. However, they might be able to take some of the business currently occupied by USDT and USDC.

Compliant stablecoins: Controlled financial system evolution 

There are several advantages offered by compliant stablecoins that make them a foundation of the future financial system. Firstly, and most importantly, they can be redeemed directly through banks and other financial organizations. This means that people can reliably bring their money outside of the crypto ecosystem and use it in their daily lives.

Additionally, there are yield opportunities for users. A huge number of crypto users are interested in profit-making, whether it be interest payments, staking rewards, or capital gains. And the yield products based on compliant stablecoins will be regulated, ensuring the ways to profit are legal and safe. Admittedly, decentralized stablecoins also often offer sources of yield that tend to be higher than what centralized stablecoins could offer. Whether they want to get yields protected by human laws or by math is something users can choose for themselves based on individual preferences and risk tolerance.

Moreover, the question of whether a stablecoin is fully backed by fiat will be eliminated. Adhering to transparency and security standards means that users will have greater confidence in the coins’ stability. In comparison, fully decentralized stablecoins offer full transparency on-chain already, so users can verify the backing of the coins for themselves. Again, the choice comes down to which trust mechanisms a user finds more reliable—regulatory frameworks backing compliant stablecoins or the algorithmic transparency of decentralized ones.

Conclusion

To sum up, the evolving regulation will play a crucial role in shaping the future of stablecoins and their ability to bridge TradFi and DeFi. The existence of compliant centralized stablecoins will help TradFi users engage with digital assets seamlessly and without worrying.

Decentralized stablecoins, meanwhile, will remain largely separate from traditional financial systems and regulations, serving different needs within the DeFi ecosystem. However, this could change as the lines between centralization and decentralization blur.

Of course, predicting the market’s trajectory over the years is quite challenging. However, one thing is certain—compliant stablecoins will enable the composability of TradFi and DeFi. I am sure that DeFi is the future of the whole financial system, and compliant stablecoins can enable a more traditional and controlled way to transform it.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Decentraland’s X account hacked, scammers push fake MANA airdrop

Để lại phản hồi

Virtual reality-focused project Decentraland’s X account was compromised earlier today to promote phishing links.

According to PeckSheild alert, on Sept. 19 crypto scammers took over Decentraland’s X account to promote a fake aidrop for its native token MANA, which eventually turned out to be a phishing campaign targeting the project’s over 607,000 followers.

Ironically, the scammers also disabled comments on their posts, claiming it was to prevent ‘malicious links.

Scammers posting malicious link on official Decentraland X account | Source: PeckSheild

The now-deleted posts first surfaced around 01:50 am UTC and promoted a malicious website bearing Decentraland’s branding. Users redirected to the launch-decentraland[.org] website were asked to claim the airdrop by connecting their wallets.

Typically in such a scenario, users are prompted to sign a malicious blockchain transaction which transfers the wallet’s control to the bad actor allowing them to drain any crypto funds or other assets present.

After the initial posts were deleted, two more similar posts were made, this time promoting a different website: token-decentraland[.]org, and as of the time of writing, these posts remain.

Pinned post on Decentraland’s X account promoting a phishing link | Source: Decentraland.

It’s unclear how many users have been affected by this campaign so far, but PeckShield has urged users to avoid interacting with Decentraland’s X account. Based on the latest activity, it appears the VR platform has yet to regain control of the account.

Crypto space is the new hunting ground for phishing scammers

Several prominent crypto projects have been targeted by scammers of late as phishing scams have led to at least $63 million in losses in August alone. For instance, Polygon’s discord channel was compromised last month and phishing links were posted, echoing a similar attack on the liquid restaking platform Renzo, earlier in the year.

Meanwhile, individual traders haven’t been spared either, with one large DAI investor losing $55 million in a matter of seconds. While an NFT trader lost over $145,000 in Bored Ape Yacht Club collectibles just months before.

The common denominator in all these attacks has been the victims signing malicious transactions. Cybersecurity experts call this ‘approval phishing’ and it has led to over $2.7 billion in losses since 2021 according to Chainalysis.

These scams are mostly prevalent on social media platforms like X and Telegram, with research from SlowMist indicating that over 80% of all comments under posts from official crypto projects contained phishing links.

As scams become more sophisticated, the need for vigilance has never been greater. Crypto enthusiasts must stay informed and exercise caution when interacting online.

In response to these growing threats, cryptocurrency wallets like MetaMask have stepped up by integrating new security features aimed at protecting users from falling victim to such attacks.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Spot Bitcoin ETFs see $52.7m outflows led by ARK 21Shares

Để lại phản hồi

Spot Bitcoin exchange-traded funds in the U.S. logged net outflows of $52.83 million on Sept. 18, ending four consecutive days of net inflows that drew in over $500 million.

According to data from SoSoValue, the outflows from these ETFs were led by ARK 21Shares’s ARKB which saw $43.4 million exit its fund. Grayscale’s GBTC and Bitwise’s BITB reported additional outflows of $8.1 million and $3.9 million respectively.

Grayscale Bitcoin Mini Trust was the only spot BTC fund to experience inflows on the day, bringing in $2.7 million. The remaining eight spot BTC ETFs including BlackRock’s IBIT remained neutral on the day. 

Total trading volume for these investment products saw a 28% drop from $2.27 billion on Sept. 17 to $ 1.63 billion seen yesterday. These funds have recorded a cumulative total net inflow of $17.44 billion since inception.

Meanwhile, Bitcoin (BTC) rose 3% in the past 24 hours to $62,109 at the time of writing, according to price data from crypto.news. This price movement follows the Federal Open Market Committee’s recent decision to cut interest rates by 50 basis points. The easing of monetary policy typically boosts demand for risk assets, driving Bitcoin into a bullish trend.

Spot ETher ETFs record third consecutive day of outflows

Meanwhile, the nine U.S.-based spot Ethereum ETFs experienced net outflows of $9.74 million on Sept. 18, continuing their third-day outflow streak. The entire daily net outflows originated from Grayscale’s ETHE, with $14.7 million flowing out of its fund.

These outflows were partially offset by BlackRock’s ETHA, which logged inflows of $4.9 million on the day. The remaining seven ETH ETFs remained neutral.

The trading volume for these investment vehicles jumped to $221.88 million from the $176.26 million seen the previous day. The spot Ether ETFs have experienced a cumulative net outflow of $615.58 million to date. At the time of publication, Ethereum (ETH) saw a 4.8% rise, trading at $2,438.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Bitcoin

Bitcoin surges past $62K following FOMC’s 50bp rate cut

Để lại phản hồi

Bitcoin rallied past the $62,000 mark following the U.S. Federal Reserve’s decision to slash borrowing rates, marking the first cut in four years.

The U.S. Federal Reserve cut its benchmark federal funds rate by 50 basis points to 4.75%-5% on Sept. 18, ending an aggressive rate-hiking cycle that has dominated the last year.

The central bank expressed increased confidence in achieving sustainable inflation near the 2% target and stated that the risks to its employment and inflation objectives are now more balanced, according to a recent press release.

This rate reduction is the first since the COVID-19 pandemic disrupted the global economy over four years ago. The move to ease monetary policy has spurred demand for risk assets, as is often the case with lower interest rates, pushing Bitcoin into a bullish trend.

Bitcoin price goes up in response to Fed Rate Cuts

Many analysts believed that the interest rate reductions were already factored into the pricing of riskier assets like bitcoin. However, figures like Arthur Hayes have argued that such moves by the U.S. Federal Reserve could ultimately harm the market, although he was speaking with a long-term outlook. In contrast, the short-term response has seen a favorable impact on Bitcoin’s price.

Before the official announcement, Bitcoin had already climbed from $57,600 to $60,000. Following the Fed’s decision to implement a 50 basis point reduction, Bitcoin experienced significant volatility, with its price fluctuating up and down several times in the hours immediately after the announcement.

At the time of writing, Bitcoin (BTC) has settled down and was trading at $61,969, reflecting a 2.8% increase, according to data from crypto.news. The crypto asset’s daily trading volume had jumped by 17% hovering around $48.2 billion while its market cap stood at $1.22 trillion.

The liquidations have surged to $200 million daily, with the majority coming from short positions. Bitcoin is at the forefront, accounting for $75 million in liquidated positions, followed by Ethereum with $35 million.

Per data from Alternative, Bitcoin’s fear and greed index has now shifted from fear to neutral.

The Fed’s decision followed signals from Chairman Jerome Powell at the Jackson Hole symposium last month, where he hinted at the need for a policy shift amid cooling inflation and rising unemployment. 

Market sentiment ahead of Wednesday’s decision was split. Traders were divided on whether the Fed would deliver a 25 bps or a more substantial 50 bps cut. According to the CME FedWatch Tool, the market had priced in a 40% chance of a smaller cut, with a 60% probability of the larger 50 bps reduction, which ultimately materialized.

Stocks dip, Gold peaks

The rate cut also spurred heightened volatility in the precious metals market, with gold prices soaring from $2,550 per ounce to a record high of $2,600, before dipping back to $2,545 and finally settling at $2,567.

Similarly, the U.S. stock market initially saw gains but later experienced slight declines. The S&P 500 began the day at 5,641, peaked near 5,680, but ultimately closed at 5,618. The Nasdaq Composite followed a comparable pattern, opening at 17,663, climbing above 17,800, and finishing at 17,573. The Dow Jones Industrial Average saw less fluctuation yet still concluded the day with a small loss.

While it may be premature to draw broad conclusions, the initial 12-hour period post-rate cut suggests that riskier assets, like cryptocurrencies, have initially benefited from the Fed’s decision. However, only time will reveal if this will prove to be a positive trend or if Hayes’s longer-term pessimistic forecast holds true.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Ethena Labs halts website after frontend hack

Để lại phản hồi

Hackers attacked synthetic dollar issuer Ethena, but the protocol said its core blockchain infrastructure remained uncompromised.

On Sept. 18, bad actors successfully breached the website of decentralized finance service provider Ethena Labs (ENA). The team’s alert explained that only its frontend UI was impacted, and funds were neither at risk nor drained.

As of this writing, attempts by crypto.news to ascertain how hackers accessed the project’s website management console have gone unanswered. Users were advised to avoid links tied to the project and disconnect wallets until further notice.

Ethena is one of the largest synthetic dollar operators in DeFi. Its collateralized, dollar-tied token has a $2.6 billion supply, most of which is issued on Ethereum (ETH), per DefiLlama. However, a new player could challenge the protocol’s market share in the coming months. Crypto market maker DWF Labs said work on its synthetic dollar offering progressed before the design stage.

Hackers target Ethena and DeFi

Ethena and several other DeFi protocols have been subject to compromises across different layers. In some cases, hackers attacked on-chain endpoints and exploited smart contract bugs to steal funds.

Conversely, bad actors have increasingly targeted web2 services employed by web3 startups. Like Ethena’s domain registrar, criminals also attacked websites owned by Celer Network and Compound Finance in July.

The most common attack often involves launching phishing campaigns through hijacked X pages. Earlier this month, hackers gained access to social media accounts managed by layer-1 blockchain Near Protocol (NEAR) and Trump family members, to name a few.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News