On July 28th, Solana-based decentralized finance protocol Nirvana Finance confirmed on twitter that it suffered a flash loan attack for USD 3.5 million which immediately led to the nosedive of its native token ANA and stablecoin NIRV. Another dollar pegged stablecoin destabilizes Crypto analytics firm Packshield, had first confirmed the exploit, the attacker used a
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According to a report published on Tuesday by blockchain analysis company Chainalysis, a remarkable $1.9 billion worth of bitcoin was stolen in hacks of various services in the first seven months of this year, representing a 60% rise from the same time in the previous year. DeFi Saw Huge Cases Of Hacks, Chainalysis Reports Even […]
Jump Crypto has announced its intention to build a new validator client for the Solana network, written in the C++ programming language.
The post Jump Crypto to Build New Solana (SOL) Validator appeared first on BeInCrypto.
Recent news reported the constant increase of developers in some renowned digital currencies, especially Ethereum. The effect has increased the Web3 community strength and is looking to maintain this course in the long run. The news cited that the growth is a function of the participation of developers in the major ecosystems. According to the information from Telstra Ventures, the major digital currencies involved here are Bitcoin, Ethereum, and Solana. Telstra Ventures is a known investing arm of telecommunication in Australia. Related Reading: Has Bitcoin Price Found Support At A Decade-Long Trend Line? Notably, the report also compared the level of strength of all three ecosystems. From available data, Ethereum seemed to possess a more prominent and stronger community of developers than the others. Also, the information stated that there are still opportunities available in these three digital currencies. Observations are that there is still a wide range of unfunded opportunities on the ETH network. Aside from that, it was also reported that investors were only able to use half of the 10 top projects in these ecosystems. Ethereum Leads With Active Contributors The primary metric determinant of an ecosystem that shows its strength is the number of consistent contributors the ecosystem has. Another factor is the rate of usage and how well-known the ecosystem is. The popularity and use are what draws the attention of other contributors to the digital currency network. Going further, Telstra has carried out an in-depth investigation on the active developers in all three ecosystems in the last four years. Drawing from the data obtained, the community of the Eth network increased by 24.9%. This was dated from the 1st of January 2018. Considering the current state of the crypto market, it is not out of place to say that this growth is quite surprising. As of July 2022, only 9% of the monthly contributors in the Eth network dropped after the drastic plunge in the prices of digital currencies in November. The information indicates that the current crypto winter does not affect the developers of these ecosystems. More factors also contribute to the steady increase in the contributors of this digital token. A prominent example is the anticipated Eth Merge. This event is intended to move the blockchain from its current Proof-of-Work (PoW) system to that of a Proof-of-Stake (PoS). One of the intents of the Merge is to draw more interest from contributors to the network. Currently, the total number of active contributors in this ecosystem is more than 2,500. This has been the figure at the end of each month, dating from the first half of last year. BTC And SOL Devs Growth Overview Moreover, SOL obtained a compound yearly growth rate of about 173%, which occurred during the same period as ETH. At the time, its price reached a peak of $204. But somehow, its rate dipped to about 21%, with a total number of active contributors of slightly more than 250. Related Reading: What Is FLOW Blockchain And Why Is The Price Up 100% In The Last 24 Hours? Meanwhile, BTC has had a steady 8% monthly contributors growth rate dating from its last peak in November last year. Featured image from Pixabay – Chart from TradingView.com
Crypto exchanges have become popular for enabling consumers to purchase, sell, swap, and store digital assets. However, research has shown that exchanges have been easy prey for hackers, especially as the popularity and price of specific crypto currencies has skyrocketed. Typically affecting thousands, if not millions, of users and resulting in the theft of hard-earned […]
We’re on the heels of cross-chain bridge Nomad suffering a demolishing hack earlier in the week, and now hackers are doubling down with an attack on Solana hot wallets mid-way through the week. On Tuesday afternoon, reports emerged of some sort of vulnerability that was taking advantage of Solana-based wallets. Approaching 24 hours later, there are still quite a bit of unknowns, and we’re approaching nearly $5M of hacked funds. Let’s take a look at what we do know so far. A Solana Scare Nearly 10,000 wallets across mobile users utilizing both Slope and Phantom (two of the leading Solana wallets) fell victim to this week’s hack in what is seemingly a result of poor user privacy management. While reputable users in crypto Twitter are still working on a post-mortem, a Dune Analytics dashboard created by @tristan0x shows a visual of how quickly things developed; while activity on Wednesday has been at a standstill, there is still cloudy forecasts around whether or not this vulnerability is still active. General crypto Twitter consensus thus far has pointed towards Slope as being the domino to fall here; the platform’s latest correspondence on Twitter, from Tuesday, states that they are “actively working to sort out the issue as rapidly as possible and rectify best we can.” On Wednesday, Slope released a message to users that was reposted by reputable crypto Twitter user foobar: Statement from the Slope team pic.twitter.com/uOEdO25x8c — foobar (@0xfoobar) August 3, 2022 Despite abundant question marks around Solana security, the price of the SOL token has remained surprisingly strong. | Source: SOL-USD on TradingView.com Related Reading | Why The Crypto Fear & Greed Index Points To Sustainable Recovery Crypto Vulnerabilities Run Rampant So how did it all happen? Post-mortems from independent sleuths and other reputable sources in the space have yet to be released, but speculation has largely landed on some variation of a ‘software supply chain attack’ being the likely downfall here. This is where attackers search far and wide for security vulnerabilities across network protocols, server infrastructure, and platform coding practices to take advantage of potential holes. In this case, the root issue seems to lie within Slope and some have even speculated that it could be a malicious insider at Slope taking advantage of the platform’s practices. As foobar notes in the Twitter thread above, “compromised Phantom wallets came from seed phrase imports used in Slope.” If you or someone you know is concerned about the safety of their funds on a Solana-based wallet, move funds to a hardware wallet where the seed phrase key has not been typed or inputted digitally on any device. Until a post-mortem from Slope and other reputable resources in the community emerges, there will be a variety of assumptions around these circumstances – so stay tuned and stay secure. Related Reading | TA: AVAX Struggles To Hold Above Resistance As It Eyes $40 Featured image from Pexels, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
After record inflows of $343 million for the week ending 22 July, CoinShares’ latest report highlights another set of strong inflow numbers for the month of July.
The post July Inflows Highest in 2022 as Weakness From June Reverses appeared first on BeInCrypto.
Data from CoinMarketCap shows that Solana’s L1 smart contract platform outperformed both Ethereum and BNB Chain in terms of the number of daily active users. CoinMarketCap compared the number of daily active addresses on each smart contract platform since November 2021. Solana Beats Ethereum, BNB Chain According to the data, Solana managed to increase its
The post Here’s How Solana Outperformed Ethereum In The Bear Market appeared first on CoinGape.
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Be[in]Crypto has combed through layers of breaking stories over the last week to bring you up to speed on the most important happenings in the ecosystem.
The post Last Week [in] Crypto: Crypto Winter Blows out Bitcoin Speculators, British Army’s Twitter Hacked, US Employees Barred From Owning Crypto appeared first on BeInCrypto.
Solana is being sued in a California federal court by an investor who claims major players in the ecosystem have been illegally profiting from SOL, the blockchain’s native token.
The post Solana Ecosystem Sued for Securities Violations and ‘Illegal Profiting’ appeared first on BeInCrypto.
Solana-based concentrated liquidity protocol Crema Finance announced that it would temporarily suspend its services to investigate an exploit that stole over $6 million from the protocol.
The post Crema Finance Temporarily Shuts Down After $6 Million Hack appeared first on BeInCrypto.
Solana Mobile has just released an Android phone that lets potentially billions of users get connected on Web3.
The post Solana Mobile Launches an Android Phone for Web3 appeared first on BeInCrypto.
The Solana network has been growing in popularity among decentralized finance (DeFi) enthusiasts. The success of many projects on the platform has drawn developers to it and with the developers have come to the investors. With the market crash, many networks in the market have suffered due to declining prices, having to put in various […]
Solana NFT marketplaces have proven to be one of the fastest growing NFT marketplaces, after their number of users skyrocketed to 250,000 traders in just the months of April and May. This is according to data from Dune Analytics. Solana NFTs Making Rounds As A Big Game Player A key moment in the NFT world
The post Solana (SOL) NFT Trades Moon Amid Crypto Crash appeared first on CoinGape.
