Ether Inferno: Ethereum Network Burned Over $2.4 Billion Worth of ETH in 87 Days

Ether Inferno: Ethereum Network Burned Over $2.4 Billion Worth of ETH in 87 Days87 days ago, the Ethereum network successfully implemented the London hard fork upgrade, and ever since then over 700,000 ether has been burned, or more than $2.4 billion using today’s exchange rates. 702,886 Ethereum Burned Since the London Hard Fork Data from Dune Analytics indicates that on October 31, 2021, otherwise known as Halloween, 702,886 […]

Dog-Themed DeFi Project Mysteriously Loses Fundraised $60 Million

A DeFi project that launched on Thursday had raised $60 million overnight during its token sale. However, the funds seem to have disappeared, and no one is sure exactly how. On Friday, investors woke up to the shocking news that their funds had disappeared. Around 13,556.36 ETH, which was worth $60 million at the time, was drained from AnubisDAO’s liquidity pool. Related Reading | DeFi Hack: Vee Finance Losses $35 Million To Hackers Following Mainnet Launch The project, AnubisDAO, was promoted as a fork of OlympusDAO — a cryptocurrency backed by the assets in its treasury. It was based on Anubis, an Egyptian god of death with a dog’s head. This theme is also similar to other dog-themed meme coins. Although Anubis identified itself as a decentralized autonomous organization (DAO), the details of the project were unclear. And even though it did not have an official website, investors still pumped in $60 million worth of ETH into it. The Project Suffers Mysterious Attack The token sale started on Thursday, with investors putting ETH into the project and receiving Anubis tokens (ANKH) in return. However, the token sale, which was supposed to last for 24 hours, lasted only 20. The reason was the removal of the liquidity pool by an unknown entity. And the $60 million in ETH that had been raised in the token sale was then sent to a different address. Subsequently, the value of the ANKH token dropped to almost zero. Investors are still in shock about how quickly the whole thing happened. Brian Nguyen, who invested in the project and lost nearly $470,000, spoke to CNBC about the unfortunate event. Related Reading | Data Shows Crypto Hacks And Fraud In 2021 Are On Track For A New Record He admitted that he did not investigate the project thoroughly before investing. “We, in crypto, tend to have a ‘buy first, do research later,’ mentality,” he says. He mentioned that he was interested in AnubisDAO because it was similar to other dog-inspired cryptocurrencies like dogecoin and Shiba Inu, which have surged in popularity lately. The fact that the sale was on popular auction platform Copper Launch also encouraged him to invest. Also, a crypto influencer who he respected – 0xSisyphus on Twitter – supported the project. “So, I had some conviction on the buy.” Investigations Begin Shortly after investors started talking about losing their money, people speculated that Copper Launch was probably compromised. In response, Copper Launch said it was not, “but the Anubis team seems to have compromised their admin keys,” The Auction platform also released a statement yesterday regarding the incident. There have been many guesses on what really happened. Some suspect it to be a “rug pull.” A rug pull is a common type of crypto scam where a project is created with the specific intention of stealing investor funds. Others think it could be a phishing attack, where hackers target victims to steal crypto credentials. DeFi market cap at $152.789B | Source: Crypto Total DeFi Market Cap on TradingView.com A Twitter user claimed that they may have fallen victim to a phishing attack. They shared a screenshot of an email from someone pretending to be crypto investor 0xSisyphus. 0xSisyphus, however, since denied it, and tweeted on Friday that the 0xSisyphus “account’s namesake is clearly compromised,” They also offered a bounty of 1,000 ETH in return for the lost funds or to anyone who could identify the owner of the receiving wallet. A Twitter user traced the wallet address to another user named Beerus. Moments later, the Beerus account was deleted. 0xSisyphus later said that they were certain that the incident was not a phishing attack but instead a rug pull by a “rogue team member,” They further said that Chainalysis was involved in the investigation. And that they are also working with authorities in the UK and US. Featured image by @AnubisDao on Twitter, Chart from TradingView.com

Celebrating the Seminal Bitcoin White Paper Satoshi Nakamoto Published 13 Years Ago Today

Celebrating the Seminal Bitcoin White Paper Satoshi Nakamoto Published 13 Years Ago TodayAll around the world cryptocurrency supporters and proponents of blockchain technology are celebrating the 13th anniversary of the Bitcoin white paper. The summary of the inventor’s creation was published on metzdowd.com’s Cryptography Mailing List on Halloween 2008, as it gave birth to an asset with a market valuation of over $1 trillion and sparked the […]

IOTA Introduces New Smart Contracts To Circumvent The Network Flaws

The use of smart contracts remains the key turnaround factor with the cryptocurrency space. Smart contracts brought about the decentralization of digital assets and eliminated third-party interferences in crypto transactions. Distributed ledger and open-source cryptocurrency, IOTA, has just launched a new smart contract beta. This latest move offers its users a platform for getting high-speed and zero-fee transactions. IOTA emerged within the 2017 ICO boom. The digital asset came to support the Internet of Things that harmonizes physical items into the internet and digital world. Nevertheless, the cryptocurrency floated to irrelevance as interest in it died down in 2018. Related Reading | By The Numbers: What $1000 In SHIB Is Worth Now A reinvention of the network by its CEO came earlier this year. With his determination, the CEO decided not to give up on the project by upgrading it by introducing a critical new upgrade. Advantages Of The New IOTA Upgrade A report reveals that the beta version inculcates an Ethereum Virtual Machine (EVM). Thus, ERC-20 tokens are now interoperable within the network. Additionally, the writing of smart contracts is now in Solidity (the programming language of Ether) attached in the tangled language of the network. Furthermore, there is added network sharding on the project. This allows high-degree operability via smart contracts wrapping to the base layer of native tokens. Remarkably, smart contracts creators can set their execution fees which will enable drive-down competitions among different chains. MIOTA is currently facing a decline | Source: IOTAUSD on TradingView In comparison with other networks like Ethereum, several people think that the smart contract implementation of the network is late. Nevertheless, Dominik Schiener, the IOTA CEO, is of a different opinion concerning the issue. Related Reading | Crypto Adoption Boosts Travel: Travala Rises From The Ashes Schiener explained that they took their time to develop a smart-contract solution that operates to bridge the shortfalls of other competing chains. He cited an instance with Cardano’s smart contract that faces limited throughput while IOTA’s provide unlimited scalability. Speaking of the zero-fee on the platform, the CEO said it’s a significant competitive advantage. He explained that the feeless nature of the network serves as the doorway for their numerous opportunities. These include their partnership with multinational companies and governmental agencies and interest from SMEs, startups, and crypto operators. Schiener mentioned that the volatile nature of fees could strain business models and oppose great economic moves. IOTA cuts across promoting ecosystem growth and decentralized application development via project financing. Though MIOTA is making gradual progress, its current price is still far from its former glory. However, the European Commission selected the token last month to feature in its blockchain infrastructure project despite its low position. This selection stands as a possible action that could pave the way for future growth for MIOTA. Featured image from IOTA Services, charts from TradingView.com