Decentralized finance (DeFi) protocols Exactly and Harbor were exploited on Aug. 18 in two separate — and apparently unrelated — attacks, according to blockchain security firms DeDotFi and PeckShield. On-chain data reveals 4323.6 Ether (ETH), worth nearly $7.3 million at the time of writing, had been stolen from Exactly Protocol. The hackers then bridged 1490 ETH using the Across Protocol, and 2,832.92 ETH to the Ethereum network via Optimism Bridge. Update: After a thorough review of the Exactly Protocol Hack, we have concluded that the total of stolen amount up to date is ~$7.2M (4323.6 ..read more

In a strategic move, Cumberland, a prominent player in the crypto space, offloaded 8,000 $ETH, equivalent to $14.4 million, just before the cryptocurrency market took a downturn. As per data from CoinGlass, the entire cryptocurrency market witnessed a 7% decline on August 18, reducing its total valuation to $1.1 trillion. Ethereum’s price notably dipped to its lowest at $1,550, marking a 15% decrease from its value 24 hours prior. Following this market crash, Cumberland proceeded to withdraw 4,000 $ETH ($6.72 million) from Binance. Cumberland’s astute market operations aren’t new. On June 6 ..read more

In the world of cryptocurrencies, security is paramount. As a crypto enthusiast, one of the foundational steps to ensuring the safety of your digital assets is effective password management.  With the potential for significant financial loss in the event of a security breach, mastering the art of password protection is a critical skill. This comprehensive guide will walk you through the importance of password security, best practices for creating strong passwords and advanced techniques for managing your passwords securely. Why password security matters The first line of defense again ..read more

The INX Digital Company, Inc., a US-regulated broker-dealer, ATS, and transfer agent, has announced the successful conclusion of its initial investment phase with OpenDeal Inc., also known as Republic. This development comes as part of the Subscription Agreement dated June 15, 2023, between the two entities. Republic, a renowned global financial firm, has acquired 9.5% of INX’s shares with an investment of US$5.25 million, reflecting a pre-money valuation for INX of approximately US$50 million. This collaboration aims to expand the scope of tokenization infrastructure and democratize access ..read more

X (formerly Twitter) chairman and chief technology officer Elon Musk has praised Vivek Ramaswamy, the young and emerging United States Republican presidential candidate. Musk responded to a post of the presidential candidate’s interview on Tucker Carlson’s digital program, a video snippet of Ramaswamy circulating on social platforms with the text, “Vivek Ramaswamy is the youngest-ever Republican presidential candidate.” Musk’s statement, “He is a very promising candidate,” piqued curiosity about Ramaswamy’s candidacy and his stance on cryptocurrencies. Renowned for his candid opinions on d ..read more

The dramatic market reversal that occurred in the cryptocurrency arena resulted in the liquidation of many traders. According to the data that was shown on the blockchain, the attackers responsible for the BNB Smart Chain vulnerability, which resulted in the theft of nearly $600 million worth of BNB tokens, were also liquidated. On October 6th, an exploit on the BSC Token Hub cross-chain bridge led to the temporary suspension of BNB Smart Chain (BSC). Validators have been asked to halt BSC, but the issue was then contained, ensuring the safety of all funds. The community’s swift assistance w ..read more

Seven days following the Department of Justice’s bail revocation for disgraced FTX founder Sam Bankman-Fried, he is now seeking permission to spend five weekdays outside to collaborate with his legal team on his defense case. According to a letter sent to US District Judge Lewis Kaplan on Friday, as reported by Bloomberg, legal representatives of SBF stated that their client faced difficulties in thoroughly reviewing the extensive document accumulation related to the case while confined to the Metropolitan Detention Center in Brooklyn. In correspondence, Christian Everdell, the attorney fo ..read more

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. Over two weeks after Curve Finance’s multiple pool exploits, the DeFi protocol has assured the hack victims that it is assessing each impacted user for reimbursement. This comes after the exploiter returned 73% of the stolen funds. The DeFi ecosystem moved beyond the Curve dilemma only to face another set of exploits this past week, with Zunami Protocol seeing its stablecoins pools exploited, resulting in a ..read more

As the bear market keeps slashing venture capital from the crypto industry, alternative funding options, such as grants, have been gaining traction as a means of supporting the community while enabling the growth of established projects in a challenging crypto environment.  According to Blockchain Grants, at least 40 crypto projects are currently offering grants for developers working on Web3 solutions, while data from Cointelegraph Research indicates that the market downturn has left a void in crypto venture capital, resulting in a 30% drop in funds injected into Web3 projects over the ..read more

Multichain bridging protocol LiFi has launched a multi-message aggregator for decentralized autonomous organization (DAO) governance, according to an Aug. 17 announcement from LiFi research lead Arjun Chand. If implemented by decentralized exchanges, lending apps, and other Web3 protocols, the new aggregator should help prevent governance attacks that originate from cross-chain bridges, according to the aggregator’s documentation. The announcement comes after a vigorous debate over bridge security on the Uniswap forums in late January and early February, concluding that no single bridge has ..read more