Blockchain

DeFi Protocol Primitive Finance Self Hacks to Prevent Exploit

Published

1 week ago

February 22, 2021

A few hours ago on Monday, Feb. 22, a critical vulnerability was discovered in Primitive Finance smart contracts. The contract could not be upgraded or suspended so the team decided to “whitehack” its own smart contracts to safeguard user funds.

It stated that the majority of funds have been secured though users need to take action as some could still be at risk.

“Although we have recused 98% of the funds, TOKENS IN WALLET which have approved the vulnerable contract are STILL AT RISK,”

🚨 EMERGENCY ALERT🚨 @PrimitiveFi has whitehacked our contracts to safeguard user funds after a critical vulnerability was discovered.
Further user action is required to safeguard funds 👇
– Go to https://t.co/RC59l95Fui
– Reset all vulnerable approvals

— Primitive (@PrimitiveFi) February 22, 2021

Infinite Approvals Exploit

The blog post stated that the vulnerability is related to ‘infinite approvals’ that have been made on one of the protocol’s smart contracts. It added that manually resetting approvals back to zero will safeguard any assets and those that have used this contract to approve token spending could still be at risk.

At the time of writing, the vulnerability had not been exploited by malicious actors and funds had not been stolen due to the swift reaction of the Primitive Finance team.

Primitive is a permissionless options protocol built on Ethereum. Liquidity providers can earn a yield on DAI, ETH, or DeFi tokens by providing collateral to option markets. The yield is earned through trading fees generated on the SushiSwap automated market maker.

“The protocol is used to create smart contracts with an immutable set of parameters that define the rules of the option. Any two ERC-20 tokens can be chosen to be the underlying (the asset being purchased) or the quote (the token used to pay the strike price).”

The protocol launched to mainnet in late December 2020. It was audited by Open Zeppelin in August of the same year but code vulnerabilities appear to have slipped through the net.

DeFi TVL Returns to ATH

The total value locked across the entire DeFi sector has returned to its all-time high of a little over $50 billion according to DappRadar. MakerDAO is the leading protocol with $6.7 billion followed by Aave with $5.5 billion in collateral lock up.

Different analytics providers will report different figures, and DeFiPulse’s are often lower than elsewhere because it is selective over its listings and does not include all protocols. Its TVL figure is $41.6 billion, also very close to the all-time high.

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Source: https://cryptopotato.com/defi-protocol-primitive-finance-self-hacks-to-prevent-exploit/

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Ethereum, Ontology, BitTorrent Price Analysis: 22 February

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Charted: Ripple (XRP) Rallies 20%, Why Dips Could Be Attractive

Blockchain

Bitcoin HODL Waves Suggest Bull Run Has Barely Started

Published

3 hours ago

March 4, 2021

Republished by Plato

Analyzing Bitcoin HODL Waves from previous bull runs as led crypto YouTuber and analyst Lark Davis to the conclusion that this cycle is still in its infancy.

He added that we are just now past the first major price wave, “get ready for wave 2”.

This #bitcoin bull run has barely even started yet! We are just now past the first major price wave. Get ready for wave 2. pic.twitter.com/kRzAqlB2E8

— Lark Davis (@TheCryptoLark) March 4, 2021

The chart depicts three distinct price waves for every market cycle back to 2011. The current cycle shows just one wave cresting at Bitcoin’s recent all-time high of $58,250 on Feb. 21. This indicates that, if history rhymes, there could be two larger ones to come especially if corporate giants keep buying it.

Bitcoin Being Hodled

HODL Waves are a visualization pioneered by Unchained Capital which shows the cross-section of Bitcoin held in wallets grouped by the age since they last moved. The Bitcoin financial services company explained;

“By comparing the age of bitcoin sitting in addresses to the current US dollar prices, we can make some interesting conjectures about the bitcoin economy and the sentiment of HODLers.”

Glassnode has extrapolated the short-term HODL waves and overlaid them on the logarithmic scale price chart. Using these metrics it does appear that there is a lot more to go with this bull run, but there are many other on-chain and fundamental factors to consider.

One of them is them is the central bank money printing narrative which could drive wild inflation and devalue global currencies. Trillions of new dollars have been printed for stimulus purposes in the U.S. alone since the Covid-19 pandemic put the economy into shutdown mode in early 2020.

Vice President of digital asset strategy at Fundstrat Global Advisor, Leeor Shimron, compared Bitcoin to M1 money stock – the country’s basic money supply that is used as a medium of exchange. He also thinks this cycle could “get very wild” in the face of unprecedented money printing.

#Bitcoin priced in the M1 money stock still very far from its ATH. In the face of unprecedented money printing, the bull market may just be getting started. This cycle could get very wild. pic.twitter.com/8NFATAyeGJ

— Leeor Shimron (@LeeorShimron) March 3, 2021

BTC Price Outlook

At the time of press, BTC was trading at $49,250, down from its recent weekly high of $52,580 hit in late trading on March 3 according to Tradingview.com.

Momentum is still bullish from a weekend swing low to $43,300 but the asset needs to break above resistance at $55,250 to push towards a new all-time high.

March has traditionally been a bearish month for Bitcoin and crypto markets so this move may come later in the year.

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Source: https://cryptopotato.com/bitcoin-hodl-waves-suggest-bull-run-as-barely-started/

Blockchain

Ripple CEO files motion to dismiss SEC complaint citing ‘abuse of prosecutorial discretion’

Published

3 hours ago

March 4, 2021

Republished by Plato

Ripple CEO Brad Garlinghouse has filed a motion to dismiss the SEC’s amended complaint against him, calling it “regulatory overreach.”

The exec took to Twitter to announce his position on the SEC’s charges against him and Ripple Labs Inc. by sharing a link to the letter filed on his behalf, saying that “it speaks for itself.” According to the said letter, the SEC’s allegations against Garlinghouse fail on account of a number of reasons.

The same, addressed to U.S District Court Judge Analisa Torres, claimed,

“First, the SEC fails to recognize the economic realities of Defendants’ transactions in XRP, the XRP market, and Ripple’s business, each of which exhibits none of the traditional characteristics of an investment contract.”

The motion to dismiss, filed by Cleary Gottlieb Steen and Hamilton, also commented on the SEC’s amended complaint, while also expanding on the regulatory agency personally targeting Garlinghouse for the alleged violation of securities laws.

“Straining to impose personal liability on an executive like Mr. Garlinghouse for simply doing his job where he reasonably understood that his actions complied with the law represents an abuse of prosecutorial discretion that has sent a dangerous signal to entrepreneurs and will chill innovation.”

Garlinghouse was reported to have sold over 60% of his XRP holdings for approximately $159 million at the time of those transactions, leaving him with 200 million XRP tokens. While holding 200 million XRP tokens is a considerably long position, some members of the community feel that Garlinghouse selling a majority of his XRP is disingenuous on his part.

In fact, Ripple’s lawyers have argued that the SEC’s allegations with respect to Garlinghouse’s XRP sales are “vague,” with no particular reference to any of these transactions occurring within the United States.

“The truth is that the vast majority of Mr. Garlinghouse’s XRP sales were made on foreign exchanges, and those transactions do not and cannot violate the federal securities laws,” they asserted.

XRP was trading at $0.4660 at press time, down by over 25% from a high of $0.6338 in February.

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Source: https://ambcrypto.com/ripple-ceo-files-motion-to-dismiss-sec-complaint-citing-abuse-of-prosecutorial-discretion

Blockchain

OKEx Lists Chiliz, Enables CHZ/USDT and CHZ/BTC Spot Trading

Published

4 hours ago

March 4, 2021

Republished by Plato

The blockchain-based fan engagement platform Socios.com received a huge boost after its native asset Chiliz (CHZ) was listed on OKEx – a leading global crypto exchange and derivatives trading platform. The popular digital currency for the sporting and entertainment industries, CHZ became available for spot trading against USDT and BTC at 10 AM UTC on March 3, 2021.

The CHZ blockchain’s Socios.com allows sporting teams and clubs to create Fan Tokens to connect and engage with their fans. These Fan Tokens will act as membership cards, providing its holders with the privilege to participate in various decision-making processes of their favorite teams. In addition, fan token holders will also be eligible for exclusive access to team events, merchandise and other rewards. Socios.com has already partnered with some of the biggest sporting teams and clubs including the likes of AC Milan, FC Barcelona, Juventus, UFC and more.

According to Chiliz, their Fan Token model has also helped sporting organizations unlock new revenue streams, enabling them to overcome losses in the form of poor ticket sales, lost sponsorship deals etc., during the pandemic.

Acknowledging the role of Chiliz in promoting blockchain technology, CEO of OKEx Jay Hao said, “Chiliz has uncovered another key use case for blockchain technology showing how the sports and entertainment industries can adapt to an increasingly digital world and create new revenue streams beyond traditional sources. As more and more fans begin to engage with clubs and teams through fan tokens, the use of cryptocurrencies becomes continuously more mainstream. OKEx couldn’t be happier to support this important initiative.”

Celebrating the new listing, OKEx is distributing $150,000 worth of Fan Tokens to the CHZ community members through lucky draw. Users depositing or trading CHZ on OKEx until March 10, 2021, will be eligible for the giveaway program. Up to $10,000 worth of Fan Tokens is earmarked for referral rewards.

OKEx will be activating CHZ withdrawals on the platform starting 10 AM UTC on March 4, 2021.

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Source: https://www.newsbtc.com/news/company/okex-lists-chiliz-enables-chz-usdt-and-chz-btc-spot-trading/