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Curve Fork Insta Gains Nearly Half a Billion

Swerve Curve Fork, Sep 2020A fork of Curve, Swerve, has insta attracted some $400 million worth of stablecoin liquidity right out of launch. That’s in part because Andre Cronje of YFI tweeted about it,…

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A fork of Curve, Swerve, has insta attracted some $400 million worth of stablecoin liquidity right out of launch.

That’s in part because Andre Cronje of YFI tweeted about it, and considering recent events, maybe he’s even the one behind the fork, something that is being denied.

As we reported some tensions developed between Curve and Yearn’s yETH over a parameter that underprices dai in the Y Curve Pool.

Cronje asked for a fix to the A parameter from 2,000 to 1,000, but yETH automates the insta selling of CRV tokens, so there were questions whether CRV holders would approve or not the proposal.

As we speculated, an obvious solution was to fork the pool, as they have done but the dev for Swerve is anon, so we’re in that Putin world of probably yes, but deniably so.

Anyway this Swerve pool has fixed the A and Curve holders are now voting to fix their A in their pool as well with Yearn and Curve now back to being best buddies in public.

Swerve has not been audited and it’s brand new, so naturally it’s a bit risky, but we gave it a testrun that allowed us to see what this whole thing is really about.

First, we didn’t have any dai so we had to convert some eth. We could have opened an eth collateral to get dai and then deposit that, but our day job is reporting, not to manage collaterals with assets across dapps to not get liquidated.

So this may have contributed a bit to the recent eth price fall, but after you go to their dapp, you click on swUSD and then you click on deposit.

Depositing on Swerve, Sep 2020
Depositing on Swerve, Sep 2020

Initially what we deposited was 100 dai, but as you can see above the numbers are quite different now.

That’s because after we went through the process once, we withdrew. However, instead of getting 100 (104?) dai back, we got back just 4 dai and all these other rando stable coins like tUSD.

So that makes a bit more real the meaning of a pool in this dapp. It is actually a pool. Our deposited assets are distributed throughout it as per the market’s swapping of assets, and thus our dai has transformed.

Now to get some Swerve, you’ll see the top menu has changed. It has a DAO tab on it now. You click on it and you deposit.

Mining SWRV, Sep 2020
Mining SWRV, Sep 2020

So this says we have some swUSD Liquidity Provider (LP) tokens which we deposit on this Gauge that says it has an APY of more than 200%.

We did so and our swUSD tokens disappear. We now just have a 104 balance in the gauge, and there’s a claim 0.00 SWRV button.

We’re obviously playing with relatively small amounts so it sounds like it would take some time before this gets to 0.01 SWRV with each of them tokens currently worth about $4.

So while the APY might sound high, you have to consider missed opportunities. Like we can gamble this on Deribit or something and at least have a chance, albeit a very remote one, of 10x-ing that 100 and 4.

We were a bit annoyed about finding out that our dai was balkanized, not because the dapp shouldn’t do it, but because it should have told us before we deposited that it’s what would happen.

Now if we want to turn this back to eth, we’ll have to go through three swaps and get stuck with that 4 dai.

At least nothing lost except now miners can get even fatter in fees, but you can see why something like yETH would have an appeal as there you just deposit and it does everything for you, albeit on the Curve dapp instead of on Swerve with it unclear whether yETH will be forked as well for the latter.

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Blockchain

Members of WallStreetBets Forum Alleged in Telegram Crypto Scam Stealing $2M in BNB and ETH

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Members of the popular WallStreetBets Reddit forum were suspected of a presumable cryptocurrency fraud that could have caused losses of no less than $2 million. By creating a designated Telegram group, they duped investors by guaranteeing remarkable returns through capitalizing on the recent crypto market rally.

The Core of the Hoax

Per a report by Bloomberg, alleged members of the WallStreetBets Reddit Forum used the Telegram messaging service to execute a blatant scam. A particular account by the name of ”WallStreetBets – Crypto Pumps” presented users the chance to purchase a new token certified as WSB Finance before it was listed on crypto exchanges. The operation is known as a pre-mine sale.

The essence of the fraud was connected to the recent cryptocurrency boom as bitcoin and most altcoins skyrocketed in value lately. With some of the digital assets reaching 1,000% gains, the targeted WSB members conned investors into sending money without asking questions and with the potential of netting huge profits.

The notorious account also urged users to transfer popular cryptocurrencies such as Binance Coin (BNB) and Ethereum (ETH) to a designated crypto wallet and then to reach its ”token bot” to gain WSB Finance coins.

However, the perpetrators never dispatched those coins. Furthermore, another message on Telegram revealed that the people who had already issued a payment had to send an equivalent amount again or they would risk losing their initial investment.


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The Aftermath

After executing the hoax, more than 3,451 Binance Coins were withdrawn on Tuesday (May, 4th) from the wallet inside the Crypto Pumps messages.

Since the price of BNB at that point was approximately $625, the fraud caused losses of more than $2.1 million. Following the scam, thousands of people expressed their frustration and tried to expose the individuals behind the account. Moreover, the quantity of the other cryptocurrency – ether – still remains a mystery.

Two weeks ago WSB admins warned about offers that might try to take advantage of the forum’s name in order to allure the crypto audience. The ”WallStreetBets – Crypto Pumps” account has been removed from Telegram but whoever managed it left a message that might stun the affected victims:

”Buying Lambo now.”

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Source: https://cryptopotato.com/members-of-wallstreetbets-forum-alleged-in-telegram-crypto-scam-stealing-2m-in-bnb-and-eth/

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Blockchain

South Korean Crypto Exchange Accused Of $1.5 Billion Scam

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The South Korean cryptocurrency exchange platform V Global was accused of luring 40,000 people into illicit multi-level deceit. The entire scheme amounts to more than 1.7 million won, which equals $1.5 billion.

The Investigation

As reported by the Korean officials, the police raided many places in the country related to a virtual cryptocurrency exchange, and its notorious CEO – known as LEE – alleged to fundraising without regulatory permission. The authorities blocked the exchange’s cash deposits as a part of the investigation.

In total, the Gyeonggy Nambu Police Agency reported that it searched the exchange’s headquarters in southern Seoul along with 21 other places and froze more than $214 million left in the account.

Another report from today shed more light on the developments. According to Yonhap News, the name of the organization is V Global. The Korean police are examining the accusations against them for fraud under the Certain Economic Crimes Weighted Penalty Act, the Similar Receiving Act, and the door-to-door sales business.

The main accusation against the exchange is gaining a deposit of 1.7 trillion won ($1.5 billion) from 40,000 members in the period between August 2020 and January 2021. The announcement revealed that most of the people were elderly or housewives with no experience in cryptocurrency trading.


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Too Good To Be True

The investigation revealed that the exchange urged investors to entrust their funds to an account and lured the members that the expected return would be three times higher than the initial investment. According to the authorities, there was a pyramid element in the scam as the exchange promised to grant an introduction fee of 1.2 million won ($1,065) for every newly recruited member.

The report affirmed that the trading venue paid some members in the form of a block. Therefore, people who signed up earlier received funds from individuals who entered the exchange later.

Moreover, the Korean police seem confident to deal with the fraud case as it revealed its intention to confiscate 240 billion won ($214 million) left in the V Global account as of the 15th last month, even before the prosecution process.

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Source: https://cryptopotato.com/south-korean-crypto-exchange-accused-of-1-5-billion-scam/

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Blockchain

Georgia’s central bank is exploring ‘Digital Gel’ CBDC

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The National Bank of Georgia said that it is considering launching a central bank digital currency.

In an announcement today, the central bank hinted at the issuance of a central bank digital currency, or CBDC, in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The National Bank of Georgia, or NBG, said it would be inviting fintech firms and other financial institutions to participate in the project, named Digital Gel after the symbol for the country’s fiat currency, the lari.

“CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,” said the announcement. “The introduction of CBDC could increase financial intermediation efficiency, help introduce new financial technologies, facilitate financial inclusion, and reach previously unbanked populations.”

However, the bank mentioned the possibility of risks in the launch of a CBDC in the Republic of Georgia given the “new and potentially disruptive technology.” The NBG said it may conduct extensive testing of the CBDC in a controlled environment to ensure a smooth rollout, but did not provide any details regarding a timeline for launch.

With a population of roughly 4 million and a gross domestic product of approximately $15 billion, a nation like Georgia falls at the smaller end of countries exploring CBDCs. The Bahamas officially rolled out its Sand Dollar central bank digital currency in October, while China has been piloting its digital yuan in select cities prior to a full-scale launch. In the United States, Fortune 500 company Accenture announced this week it would be partnering with the Digital Dollar Foundation to conduct CBDC trials.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/georgia-s-central-bank-is-exploring-digital-gel-cbdc

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