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Oops: a “rookie” Ethereum DeFi user just burned $1 million in USDT

Late last week, leading Ethereum decentralized finance protocol Curve was forked into a new protocol focused on the community after a number of controversies.

The post Oops: a “rookie” Ethereum DeFi user just burned $1 million in USDT appeared first on CryptoSlate.

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Late last week, leading Ethereum decentralized finance protocol Curve was forked into a new protocol focused on the community after a number of controversies. As reported by CryptoSlate, this fork has been dubbed “Swerve” (quite the clever name) and has seen success despite it being a fork, garnering hundreds of millions worth of deposits.

By no fault of its own, Swerve has come under the spotlight after a user managed to accidentally send $1 million worth of Tether’s USDT stablecoin to an unaccessible contract, basically burning them.

How a user burnt $1 million worth of Tether’s USDT by accident

While there are many millionaires in the crypto space, not all of them are tech-savvy as they should be.

This much was made clear just recently when a user was attempting to deposit $1 million worth of the Ethereum-based stablecoin USDT into Swerve, presumably to earn the yields the protocol is currently offering of over 100 percent APY.

Unfortunately, he messed up. Instead of sending the capital to the pool, he purportedly sent his coins to the Swerve token contract, where his coins have no purpose. Worse yet, he couldn’t call that contract to claim the tokens.

It’s not the first time this has happened. If you peruse Telegram and Twitter, you’ll likely find many instances of individuals sending a variety of tokens to contracts where they can’t receive the funds. There were discussions on Twitter, in fact, just last week about hundreds of thousands worth of SUSHI to the token contract.

Fortunately for the use, Bitfinex and Tether CTO Paolo Ardoino has swooped in to save the day, recently writing on Twitter:

“Please open a ticket to @Tether_to support service https://app.tether.to. If it’s USDt ERC20 stuck in an address we should be able to recover it, but in order to be sure, please contact our customer support and we’ll try our best.”

Education is needed to send DeFi (and crypto) higher

Even if Tether manages to recover the funds, this unfortunate turn of events signals why education in the crypto space — especially in the complicated land of Ethereum smart contracts and Ethereum — is pivotal.

DeFi commentator “DeFi Dude” commented in the wake of the event:

“This happens daily, just not for $1 million – but not everyone is rich, so it has the same effect regardless of the amount. It’s very sad to see, and even worse when you’re the one that has to tell the person their money is lost forever. More failsafes/education in crypto plz.”

Andrew Kang, the founder of crypto fund Mechanism Capital, believes that education could be a key in unlocking the next growth phase in DeFi.

In a seminal thread he published in July, he wrote:

“The reason for [DeFi’s] acceleration is many-fold: higher on-chain liquidity, more/better dev tools, success case studies, more apps to interoperate with & build on top of, and more community members educating others and ideating.”

Posted In: Ethereum, DeFi

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Source: https://cryptoslate.com/oops-a-rookie-ethereum-defi-user-just-burned-1-million-in-usdt/

Blockchain

TRON’s First Cross-Chain Prediction Market Comes Through a Partnership with Prosper

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The popular blockchain project TRON will introduce the DLT-agnostic prediction market Prosper to its ecosystem. TRON users and TRX holders will be able to provide liquidity and enhance the success-rate of the prediction market solution.

TRON Teams Up With Prosper

Justin Sun’s TRON announced its latest partnership in a press release shared with CryptoPotato earlier today. It informed that the two blockchain projects have teamed up to address some of the issues related to decentralized prediction markets.

Such tools have been active for a while, but the statement highlighted the lack of sufficient liquidity as a major hurdle on their way to receive mass adoption. This comes mostly because each prediction market “has traditionally been segregated to a single chain,” and not enough users could provide the necessary liquidity to produce accurate predictions.

Prosper works similarly – the higher the liquidity is, meaning more users are involved, the more “predictions are made, leading to a more accurate and robust prediction outcome based on greater collective insight from the crowd.”

Furthermore, Prosper operates a cross-chain platform, which enables it to aggregate liquidity into its platform regardless of the user’s access point.

With the introduction of TRX, one of the largest digital assets by market cap, TRON and Prosper expect a surge in the liquidity to the underlying pool. Additionally, the integration will enable users to receive access to new applications that could impact their investment strategies and potential earnings.

The statement also touched upon a free insurance pool provided by Prosper. It allows the platform to repay any funds stolen from hacks from an emergency fund that is automatically set aside.

This partnership with TRON is an extension of Prosper’s efforts to collaborate with the biggest players of the DeFi world.” – said Iva Wisher, co-founder of Prosper.

TRON Aims at Ethereum

The announcement further explained that TRON is currently “working to create a competing DeFi ecosystem that rivals its counterparts while allowing for inexpensive transactions, creating a win-win situation for platform users.”

The PR outlined Ethereum’s major role in the space but touched upon its scaling issues, which have caused significant transaction delays and high gas costs.

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Source: https://cryptopotato.com/trons-first-cross-chain-prediction-market-comes-through-a-partnership-with-prosper/

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XRP, Polkadot, Cosmos Price Analysis: 03 March

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At the time of writing, bullish movements were underway across the crypto-market, with the same precipitated by Bitcoin’s foray above the $50,000-mark. Thanks to BTC’s movement and owing to the correlation shared by the market’s alts with the world’s largest cryptocurrency, the likes of Polkadot, XRP, and Cosmos were all rallying. At press time, however, their daily charts were yet to register more than a minor uptick in price trend.

XRP

Source: XRP/USD on TradingView

Once one of the mainstays of the market top-five, XRP, at the time of writing, was ranked 7th on CoinMarketCap’s charts. Thanks to its own topsy-turvy price performance over the last few months and the performances of altcoins such as Polkadot and Cardano, the crypto is no longer among the market’s top-five.

Like the rest of the market, XRP too bore the brunt of corrections after Bitcoin dropped below $50,000. In fact, the altcoin fell by over 25% in a 5-day period.

Over the last three days, however, the cryptocurrency seemed to be gaining some bullish momentum. In fact, on the hourly charts, XRP’s hike was observed to be even more significant. However, at the time of writing, it was still difficult to predict whether the crypto would be able to sustain its movement north.

On the contrary, XRP’s indicators continued to flash bearish signals as while the Parabolic SAR’s dotted markers were well above the price candles, the Awesome Oscillator was still noting negative market momentum.

With the legal status of XRP still up for debate in the United States, it is difficult to ascertain what the future has in store for the altcoin.

Polkadot [DOT]

Source: DOT/USD on TradingView

One of the cryptos to have replaced XRP on the rankings, the last few weeks and months have been great for Polkadot, with the altcoin registering its ATH just a few weeks back. However, like most alts, it too dropped dramatically on the charts after BTC’s depreciation, with the crypto falling by 17%.

Curiously, since then, DOT has been on an impressive uptrend, with the alt up by over 22% in the last 7 days. With the rest of the market pumping at press time, it seemed likely that these gains would be pushed even higher.

While the width of the Bollinger Bands suggested some degree of near-term price volatility, the Relative Strength Index was nearing the overbought zone. Here, it’s worth noting that XRP’s price has corrected itself the last two times the RSI has climbed into the said zone.

The project made headlines recently after a Polkadot-based platform raised $1.6M in funding from venture capitalists.

Cosmos [ATOM]

Source: ATOM/USD on TradingView

ATOM’s price movements shared more similarities with the likes of XRP, than Polkadot, with the altcoin also gaining on the charts only recently. In the last 7 days alone, ATOM has climbed by 12%. However, the said hike did come on the back of a 16% depreciation. While the altcoin’s market was trending upwards at the time of writing, it is worth noting that ATOM’s indicators on the daily timeframe were yet to underline any bullishness.

While the MACD line was under the Signal line, despite the bearish momentum falling on the histogram, the Chaikin Money Flow was heading south. If these indicators reverse course in the near-term, a trend reversal can be expected soon.


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Source: https://ambcrypto.com/xrp-polkadot-cosmos-price-analysis-03-march

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Bitfinex launches Bitfinex Pay for merchants to accept payments in ETH, BTC

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Crypto exchange Bitfinex launched a payment widget dubbed Bitfinex Pay that will aim to provide online merchants with a means of receiving “seamless” digital token payments.

Merchants can integrate the payment technology onto a website facilitating e-payments. Users will have the option to pay with various cryptocurrencies which include Ethereum (ETH), Bitcoin (BTC), Lightning Network BTC (LN-BTC) and Tether (USDt) via Ethereum or Tron. 

Payments made via Bitfinex Pay will be directly deposited into a merchant’s exchange wallet on Bitfinex. The value of payments is capped at $1,000. 

Furthermore, customers will not have to pay any processing fees for using Bitfinex Pay. However, transaction fees incurred on the relevant blockchain will be borne by online merchants and their customers.

In a release shared with AMBCrypto CTO at Bitfinex Paolo Ardoino said: 

Bitfinex Pay enables merchants to be easily equipped to support crypto payments as increasing numbers of consumers become more comfortable with paying for goods and services using digital tokens.

“Eligible” merchants who choose to integrate the widget on their websites will first need to register and verify their Bitfinex account to at least the intermediate level and apply for merchant verification. Merchants can create a sub-account on verification. 


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Source: https://ambcrypto.com/bitfinex-launches-bitfinex-pay-for-merchants-to-accept-payments-in-eth-btc

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