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dApp Developer ‘Level K’ Discovers GasToken Vulnerability In Ethereum Network

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On Wednesday, November 23, 2018, the decentralized applications producer, Level K, published new revelations about Ethereum on their official Medium channel.

The brief report was written as a warning that the Ethereum network has a potential protocol vulnerability which could easily be exploited by hackers to harm unsuspected users, mainly cryptocurrency exchanges.

A danger for crypto exchanges

According to Level K, if an attacker was to withdraw Ether (ETH) from the exchange’s hot wallet address, he would able to do an arbitrary computation which is paid for by the owner of the wallet from which the ETH is sent (exchange’s hot wallet).

This procedure is known as grieving vector.

Provided that the cryptocurrency exchange in question doesn’t have a reasonable gas limit implemented on their platform, a hacker could perform enough transactions to generate GasToken, turning a grieving vector into a lucrative form of attack.

Since gas on the Ethereum network is paid in ETH, we can see why this scheme could be so profitable.

What’s even worse, this scheme could also be applied to all cryptocurrencies that are leaning on the Ethereum network, meaning ERC-20, ERC-721, ERC-777, and ETC-677 tokens.

Furthermore, GasToken, which makes use of Ethereum’s refund mechanism, allows a hacker to mint huge amounts of GasToken from ETH used to pay for transactions, storing it when prices are down, just to receive a refund when the value rises.

Level K, along with their colleagues from Trail of Bits and IC3, gave a hypothetical example of an affected centralized exchange in their published in-depth report, which we are going to quote in fullness:

“In the simplest exploit scenario, Alice runs an exchange, which Bob wants to harm. Bob can initiate withdrawals to a contract address he controls with a computationally intensive fallback function.

If Alice has neglected to set a reasonable gas limit, she will pay transaction fees out of her hot wallet. Given enough transactions, Bob can drain Alice’s funds. If Alice fails to enforce Know Your Customer (KYC) policies, Bob can create numerous accounts to circumvent single-account withdrawal limits.

In addition, if Bob also wants to make a profit, he can mint GasToken in his fallback function, and make money while causing Alice’s wallet to drain.”

Besides centralized exchanges, this vulnerability could also be used on decentralized exchanges (DEX), where the attacker would hurt individuals interacting with his account instead of the exchange itself, billing them a certain amount of “tax” every time the interaction is made.

Level K warned exchanges

Level K also reported that since they couldn’t deduce which exchanges did implement a gas limit and which didn’t, they sent a warning of this potential vulnerability to as many trading platforms as they could in hope that the ones vulnerable would patch the security hole.

The dApp development firm stated that most exchanges had the gas limit protection in place, but those which didn’t have successfully patched their system.

Despite being one of the most used networks in the market, this example shows that Ethereum could still be used to commit malicious activities as its network hasn’t been perfected yet.

Every day there are new ways to exploit blockchain’s vulnerabilities discovered. However, such revelations may, and hopefully will speed up the process of making this new technology a near-bulletproof stream of transactions. 


Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your own research and/or consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.

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Source: https://xbt.net/blog/ethereum-blog/dapp-developer-level-k-discovers-gastoken-vulnerability-in-ethereum-network/

Blockchain

Studyum’s IDO Parners With Astronaut: Goes Multi-Chain

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[PRESS RELEASE – Please Read Disclaimer]

Studyum, a 3D knowledge matrix that combines advanced technologies to bring learning to another level, will be available across launchpads and blockchains, having partnered with a BSC-based fundraising platform Astronaut. Astronaut is a specialized launchpad for decentralized projects recognized for their faster transaction times and lower gas fees. Astronaut’s alternative operation and Studyum’s unique model relying on blockchain technology will indubitably contribute to the development of a seamless IDO experience.

The fast-evolving technology has been the harbinger of change throughout humanity’s existence. After notable tech advancements, people are expected to instantly integrate them into their lives. The COVID-19 pandemic only expedited this process and, today, we are facing a skilling, reskilling, and upskilling emergency, unlike anything we’ve ever seen before. To integrate the tech-imposed alterations, the world needs a singular solution that can function alongside technological advances. Studyum is such a solution.

Operating entirely on the blockchain and supported by the latest innovations, Studyum is a learning management system (LMS) of the future. The edtech platform is using augmented reality and volumetric videos to provide a unique training experience to athletes and sports enthusiasts, with a highly interactive interface that will span across disciplines. Using a facial recognition system supported by a “learn and earn” reward system, the platform rewards learner performance and engagement with their native STUD token. Implementing AI and machine learning, Studyum can offer individualized care and feedback to students, enabling scalable and quality education everywhere.

Having already partnered with several leading companies and individuals, Studyum has been skyrocketing toward success for quite a while now. Numbering the mastermind strategist Gil Petersil and a Cardano-based launchpad Occam.fi among its strategic partners, the Studyum team hinted that this is only a shadow of the exciting things to come. Now, they partnered with Astronaut, the next-gen BSC launchpad, to enable a multi-chain IDO.

“Studyum has been raised to a completely new level thanks to our partnership with Astronaut. By moving our IDO to more platforms and blockchains, we are creating a solution compatible with the multi-chain approach. We are excited to see Studyum develop into a scalable platform so early in the process.” – Igor Dyachenko, Studyum’s CEO and co-founder

Astronaut has created a fundraising environment powered by the Binance Smart Chain that is secure and profitable for both decentralized projects and investors. The launchpad operates via secure KYC checks and locked liquidity, enabling exclusive early access that doesn’t require large investments of capital. By locking the liquidity of projects instead of burning it, Astronaut has found a safe alternative to fundraising that shows greater gain to decentralized projects and prevents “rug-pulling,” safeguarding investors from scams and frauds.

Accessibility across blockchains and launchpads is definitely a step forward for the uprising LMS. Becoming a multi-chain solution means Studyum’s capacity has been significantly increased. Those interested in purchasing $STUD will be able to do so with lower fees and faster transaction processing.
Studyum’s IDO has been announced for the end of October when it will launch on multiple platforms. All interested parties are encouraged to read more about the project and its mission from their whitepaper and pitch deck.

About Studyum.io

Studyum is a three-dimensional knowledge matrix for students and educators. Groundbreaking technology developed on a decentralized blockchain infrastructure, the platform provides a secure environment perfect for quality learning, teaching, and training on a level never seen before. Relying on the latest technological advancements and confirmed scientific theories, Studyum grants space for individuals to improve themselves in an engaging and fulfilling way.

About Astronaut

Astronaut is a protocol built for decentralizing the way in which new projects and ideas coming to the BNB ecosystem raise capital. The platform allows cryptocurrency projects to raise funds by setting up a pool based on a fixed purchase rate for tokens. With Astronaut, decentralized projects will be able to raise and exchange capital in a cost-effective accelerated manner. Astronaut’s mission is to provide a secure and interoperable environment on the Binance Smart Chain for its users.

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Source: https://cryptopotato.com/studyums-ido-parners-with-astronaut-goes-multi-chain/

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Giveaway scam leaves Bitcoin.org domain down for hours 

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At the time of writing, Bitcoin.org’s web address appeared inaccessible to users after a possible phishing attack was reported earlier today. According to observers, suspicious scam giveaways were being featured on the website before it was taken down by hosting provider Namecheap.com 

Bitcoin.org is an open-source project that claims to support Bitcoin education and development. However, on visiting the site today, users saw a ‘Bitcoin Foundation’ pop-up that claimed to double the funds of users who send BTC to a given address. 

The aforementioned message also said that only the first 10,000 users can avail of the offer.

What’s more, the message also claimed that the Bitcoin Foundation is “giving back to the community.” Here, it is worth noting that the Bitcoin Foundation is a separate entity with the domain name bitcoinfoundation.org. That has no affiliation with Bitcoin.org.

The educational resource site is operated by someone under the pseudonym Cobra.  

Fortunately, most were quick to spot that this was another phishing or giveaway scam that asked for an initial payment. The victims do not receive any rewards and lose the payments sent, and can even lose access to their wallets in a hack.

Even so, data suggested that this giveaway scam was shut down after receiving a little over $17,000 in small transactions.

At press time, Bitcoin.org was down with a “404 Not Found” error. 

In the past, scammers have used crypto-influencers to accelerate fund collection on Twitter. Dozens of “verified” accounts have been created in the past, including Vitalik Buterin and Elon Musk, to raise funds for such endeavors.

What’s more, according to a U.S. Federal Trade Commission report, these impersonators managed to collect $2 million in cryptocurrencies in just six months. 

Recently, another cryptocurrency giveaway scam called the “Elon Musk Mutual Aid Fund” or “Elon Musk Club” was reportedly underway through spam emails. While there are several ways to gain access to users’ crypto funds, QR antics have been back in the news lately. 

According to Malwarebytes and the Better Business Bureau (BBB),

“Rogue QR code antics have been back in the news recently. They’re not exactly a mainstay of fakery, but they do tend to enjoy small waves of popularity as events shaped by the real-world remind everyone they still exist.”

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Source: https://ambcrypto.com/giveaway-scam-leaves-bitcoin-org-domain-down-for-hours

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Blockchain

Ready to kick-off your Trading Game with Manchester United?

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Football has always been a perfect playground to invest. Elite professional football clubs across Europe have demonstrated a persistent proclivity for generating outstanding income figures, making them attractive options for mega-rich owners.

The greatest teams in England, Spain, Italy, Germany, and Portugal have discovered a way to turn trophies into riches by continuing to expand global television deals and inventing new ways to commercialize the game.

Out of the big Premiere League teams, Manchester United has both historically been and currently is the fans’ favourites.
Led by the extremely shrewd businessman Avram Glazer, who has a great track record in past ventures, the team has increased spending in the last season, signing key players and forging strong partnerships with big popular brands.

Manchester United has awarded a dividend of $0.14 per share in each of its past four financial years, paying out £23.3m to shareholders in 2020 alone. The shares have averaged a dividend yield of 0.9% over the past five years, according to FactSet.

Manchester United has of late spent far more than it has recouped in fees. In 2019, it recorded £187.5m in trade payables, including fees and other costs, linked to the acquisition of players, compared with £18.3m in net receivables for fees from other clubs.

These additions to the already-solid formation, have had football pundits claim that this current team is one of the best formations in the team’s lengthy history.

Manchester United Plc stock price scored big after the club announced Cristiano Ronaldo’s sensational return to the Theatre of Dreams. Investors have already started to anticipate a financial increase for the club, as he’s expected to hit record on shirt sales as well as the Premier League title for this season!
On the morning of 27th August, United’s share prices soared as high as $19.09 (£13.87) from $17.38 (£12.62), seeing the total stock market value skyrocket by almost 10% to $293million (£212million) in just a few hours!

Juventus Stats
– Amongst the rise of Man Utd’s shares, shares in Juventus have doubled since his arrival in 2018 and the club’s market cap. reached is €1.5 billion ($1.75 billion).
– Juventus became the first team to win eight league titles in a row in one of Europe’s top five leagues upon Cristiano Ronaldo’s arrival back then.
– Juventus sold 520,000 CR shirts worth of $60 million in 24 hours.

Real Madrid Stats
– When Ronaldo joined Real Madrid in 2009, the club’s total revenue was valued at €401 million.
– Revenues from CR shirts sales were over €100 million in revenues.

Expected Man Utd Stats
– To receive just £5 from each of Cristiano Ronaldo’s shirt sales following his return to the club.
– Earnings are forecast to grow 53.81% per year.
– Analysts at CNN have set a prediction for MANU stock to reach $22.19 by 2022.
– MANU is expected to become profitable by 2024, representing above-average market growth.

Will this be another Cristiano Ronaldo effect?

When Ronaldo switches teams, the stock rises. This simple rule of thumb has been observed multiple times in the prodigy player’s history.

This recent move is perhaps the most vital. After all, Cristiano Ronaldo became the juggernaut player he is today through Manchester United club. Online rumours, and market analysts have been murmuring rumours and buying the stock. The prediction appears to be unanimous – All signs point to Manchester United club being in a prime position to boom and win in not only competition, but on the balance sheet.

Analysts from The Independent say that: on-pitch results will have a substantial impact on putting the club at an advantageous position with regards to club earnings. This is well established, and the ownership at Manchester United are well aware of this.

An analysis of their decisions over the last season points to an aggressive upgrade of the core team, of the team’s partnerships with key corporations and of optimization.

It seems clear that this is a stock primed to blow up and for great reason – solid decision making.

Can we see Man Utd’s revenue grow more just like it happened when he joined Real Madrid and Juventus? Will the stock continue to remain high just like it started?

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Source: https://www.financemagnates.com/thought-leadership/ready-to-kick-off-your-trading-game-with-manchester-united/

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