Blockchain
Dev finds major governance bug in SushiSwap, but no threat to the project yet
A massive bug cannot be exploited yet, but it may put migration plans on hold.


SushiSwap appears to be vulnerable from a sneaky bug that could multiply someone’s governance power without having to acquire new tokens.
Reported by developer Jong Seok Park on Sept. 7, the bug can be described as a governance double-spend.
In essence, SushiSwap governance lets token holders delegate their voting power to another entity. However, if that token holder then transfers the tokens to someone else, the delegatee still maintains their governance power. The second token holder can now delegate tokens once again, multiplying the delegatee’s power by as much as necessary. The bug is that the token transfer does not reset delegation parameters, and this is likely the result of aggregating codebases from different projects.
SushiSwap’s governance contracts are largely a fork of Yam governance, themselves a fork of Compound. Looking at the Github source code of SushiSwap however, it appears that the token’s smart contract only modified the “mint” function from the standard implementation of ERC-20 contracts by OpenZeppelin. Yam, on the other hand, used a specific implementation of the standard that has a “moveDelegates” function called upon transferring.
In a conversation with Cointelegraph, FTX CEO and now lead for SushiSwap Sam Bankman-Fried confirmed the existence of the bug. He noted that “it doesn’t pose an immediate problem for Sushi” as governance hasn’t yet been activated.
Catching the bug before live release means that the team can now work on solutions to fix it. Bankman-Fried believes that the issue should be fixable without having to migrate the project to new contracts, but the team is “still looking into it.”
It is interesting to note that SushiSwap was hastily reviewed and audited by multiple firms as the project blew up in popularity. While one of the issues involves the same “moveDelegates” function at play here, it appears to be a different type of bug. It wouldn’t be the first time that audits fail to catch some issues, highlighting the need for the entire development community to pitch in to keep DeFi smart contracts secure.
SushiSwap itself is currently reeling from the aftermath of its anonymous founder jumping ship with a “devfund” in SUSHI tokens worth $27 million at some point.
The project is currently in a precarious state as its intended liquidity migration from Uniswap was predicated on successful audits by established security firms, in addition to the trust in the project’s anonymous founder.
Blockchain
Concordium Completes $15M Private Sale Round Following Successful MVP Testnet


[PRESS RELEASE – Please Read Disclaimer]
Zug, Switzerland, 9th March, 2021, // ChainWire // Privacy-centric blockchain Concordium has finalized its MVP testnet and concluded a private sale of tokens to fund further development. The company secured $15M in additional funding for the Public and permissionless compliance-ready privacy-centric blockchain.
Late February Concordium announced joint venture cooperation between Concordium and Geely Group, a Fortune 500 company and automotive technology firm. The partnership will focus on building blockchain-based services on Concordium’s enterprise-focused chain.
Concordium recently completed Testnet 4, which saw over 2,300 self-sovereign identities issued and over 7,000 accounts created, with more than 1,000 active nodes, 800 bakers, and over 3,600 wallet downloads. The successful testnet led to the release of Concordium smart contracts functionality based on RustLang, with a select group of community members participating in stress-testing the network. Test deployments for smart contracts included gaming, crowdfunding, time-stamping, and voting.
Concordium CEO Lone Fonss Schroder said: “The interest of the community, from RustLang developers, VCs, system integrators, family offices, crypto service providers, and private persons, has been amazing. Concordium has fielded strong demand from DeFi projects looking to build on a blockchain with ID at the protocol level.”
Concordium will bring its blockchain technology for broad use, which also appeals to enterprises with protocol-level ID protected by zero-knowledge proofs and stable transaction costs to support predictable, fast, and secure transactions. Its core scientific team is made up of renowned researchers Dr. Torben Pedersen, creator of the Pedersen commitment, and Prof. Ivan Damgård, father of the Merkel-Damgård Construct.
Concordium, which is on course for a mainnet launch in Q2, aims to solve the long-standing blockchain-for-enterprise problem by addressing it in a novel way with a unique software stack based on peer-reviewed and demonstrated advanced identity and privacy technologies providing speed, security and counterpart transparency.
The Concordium team intends to announce its post-mainnet roadmap in the coming days.
About Concordium
Concordium is a next-generation, broad-focused, decentralized blockchain and the first to introduce built-in ID at the protocol level. Concordium’s core features solve the shortcomings of classic blockchains by allowing identity management at the protocol level and zero-knowledge proofs, which are used to replace anonymity with perfect privacy. The technology supports encrypted payments with software that upholds future regulatory compliance demands for transactions made on the blockchain. Concordium employs a team of dedicated cryptographers and business experts to further its vision. Protocols are science-proofed by peer reviews and developed in cooperation with Concordium Blockchain Research Center Aarhus, Aarhus University, and other global leading universities, such as ETH Zürich, a world-leading computer science university, and the Indian Institute of Science.
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.
Invest w Mintos
Source: https://cryptopotato.com/concordium-completes-15m-private-sale-round-following-successful-mvp-testnet/
Blockchain
Seychelles’ FSA issues notice cautioning against use of Huobi services


Huobi, one of the market’s most-popular crypto-exchanges and one synonymous with Seychelles, is in the news today after the archipelago’s Financial Services Authority clarified that it has never supervised or regulated the exchange in question. This is an interesting development, especially since Huobi, with a daily trading volume of over $29 billion at press time, has often been perceived as being headquartered in Seychelles.
Via a notice issued today, the agency informed investors that Huobi Global Limited does not hold any license issued by the FSA to undertake any activity related to online trading of virtual assets.
“The FSA strongly urges investors and members of the public to exercise caution in respect to the services offered by the above mentioned IBC and any other company providing such services,” it said, with IBC bearing reference to Huobi’s International Business Company number.
What’s odd and interesting here is that according to the crypto-platform, Huobi Global Limited “is a company incorporated in the Republic of Seychelles under the laws of the Republic of Seychelles.” In fact, its User Agreement “in its entirety is a contract concluded under the laws of the Republic of Seychelles, and relevant laws of the Republic of Seychelles shall apply to its establishment, interpretation, content, and enforcement.”
Also, Seychelles’ actions are uncannily similar to Malta’s handling of Binance in 2020.
On 21 February 2020, the Malta Financial Services Authority (MFSA) issued a similar statement to investors stating that Binance is not authorized by the MFSA to operate in the cryptocurrency sphere and is therefore not subject to regulatory oversight by the MFSA.
To this date, there is much ambiguity around the cryptocurrency exchange’s “real headquarters” since Binance Holding Company has reportedly been established in the Cayman Islands, with several other offices across the globe.
“We have offices in Malta for customer services, and some compliance people there, but it’s not the headquarters per se. It’s the spiritual headquarters,” Ted Lin, Binance’s Chief Growth Officer had said in an old interview.
After multiple attempts to extract information regarding where exactly the company’s headquarters are, Binance CEO CZ had gone on record to state that Binance has multiple offices across different cities with staff across 50 countries.
“It’s not that we don’t want to admit it, it’s not that we want to obfuscate it or we want to kind of hide it. We’re not hiding, we’re in the open,” he had said. According to CZ, Binance is a new type of organization that doesn’t need registered bank accounts and postal addresses.
Here, it’s worth noting that some have speculated that Seychelles FSA’s actions in this regard may force Huobi to relocate its official place of business to an entirely new geography. At the time of writing, Huobi was yet to come out with a statement regarding the development in question.
Invest w Mintos
Source: https://ambcrypto.com/seychelles-fsa-issues-notice-cautioning-against-use-of-huobi-services
Blockchain
Bitcoin whales ‘bought the dip’ as orders for $100K or more hit all-time highs

Bitcoin (BTC) whales and institutions alike have made the most of the recent BTC price “dip” by buying big, data suggests.
In an update on March 9, on-chain analytics service Material Indicators noted that buy orders of $100,000 and higher on Binance — the biggest cryptocurrency exchange by volume worldwide — are reaching all-time highs.
Big Bitcoin buyers don’t hesitate
In stark contrast to orders worth less than $100,000, larger buys are more frequent than ever before in Bitcoin’s history.
Smaller allocations have plummeted in 2021, matching an existing narrative that institutions are scooping up liquidity on exchanges which surfaced during the recent bull run.
“The $100k – $1M class is now also about to make a new ATH,” Material Indicators commented on Twitter alongside a chart.
“Meaning, they bought the dip.”

Material Indicators previously voiced concerns about this week’s price rise, arguing that whales could “sell into” the surge, producing a repeat of the run to $58,000 all-time highs and subsequent 25% correction.
While this has so far not come to pass, analysts also noted that macroeconomic factors were also having a different impact to that which was expected.
Whale orders declined after news that the United States’ $1.9 trillion stimulus package had passed the Senate, while China providing support to tech stocks had the opposite effect. As Cointelegraph reported, tech had led a dramatic change of fortunes on equities markets.
$54,500 surge followed major Coinbase buy
Later, meanwhile, another batch of nearly 12,000 BTC left professional trading platform Coinbase Pro as an example of major BTC allocations continuing at current prices.
“That happened just before the recent surge in price. Nice coincidence,” quant analyst Lex Moskovski commented on data from fellow on-chain analytics resource Glassnode.
BTC/USD hit two-week highs of $54,500 earlier on Tuesday.

Zooming out, the increasing institutional involvement around Bitcoin could fuel its entry as a standard for investors alongside traditional plays.
“We do think it will behave, actually, I would say more like the fixed income markets, believe it or not,” Cathie Wood, founder and CEO of ARK Investment Management, told CNBC this week.
Binance orderbooks show the next major BTC/USDT resistances for the bulls are around $58,000 — the all-time high — and $59,500.
Invest w Mintos
Source: https://cointelegraph.com/news/bitcoin-whales-bought-the-dip-as-orders-for-100k-or-more-hit-all-time-highs
-
Blockchain1 week ago
Google Finance adds dedicated ‘crypto’ tab featuring Bitcoin, Ether, Litecoin
-
Blockchain1 week ago
Why Mark Cuban is looking forward to Ethereum’s use cases
-
Blockchain6 days ago
Amplifying Her Voice
-
Blockchain1 week ago
NBA Top Shot leads NFT explosion with $230M in sales
-
Blockchain4 days ago
How to Protect Yourself from the Cryptojacking Threat
-
Blockchain6 days ago
Bitcoin Halving: Definitive Guide (In Just 5 Minutes)
-
Blockchain6 days ago
Libra Coin – A New Digital Currency Developed by FACEBOOK
-
Blockchain1 day ago
ETC Group adds Ethereum ETP on Deutsche Borse