A recent report revealed that a hacker has succeeded in stealing $37.5 Million from Decentralized Finance (DeFi) projects Alpha Finance in a flash-loan attack.

Although many initially suspected that the vulnerability was found in Cream Finance, the latest finding showed that the exploit was visible in the Alpha Hormora V2 product.

This is not the first flash-loan attack, but it’s the largest ever. After the DeFi Cream Finance posted its details, indicating that the hack didn’t come from the protocol, Alpha finance posted an update on the Alpha Homora V2 as the origin of the exploit.

“Dear Alpha community, we’ve been notified of an exploit on Alpha Homora V2,” the Alpha project’s team stated.

The report about the attack revealed that it was executed by an experienced DeFi native due to the complex nature of the attack.

They borrowed sUSD using the Alpha Homora protocol, which also incorporates Cream. After borrowing the fund, they exchanged it for cySUSD by lending the funds back to Iron Bank.

In total, the perpetuators borrowed $5,647,242 worth of USDT, $3,997,921 worth of USDC, $4,263,139 worth of DAI, in addition to the 13,244 ETH borrowed.

With that, they were able to borrow the 13,244 ETH, $4,263,139 worth of DAI, $3,997,921 worth of USDC, and $5,647,242 worth of USDT. They carried out the entire transaction for 0.67 ETH, which is about $1,274.

Alpha Finance has confirmed that investigation about the incident has already begun, and the vulnerability has been fixed to prevent further exploitation.

The project’s team also said it has a key suspect in mind, although no further detail was provided.

The team also announced that it has temporarily stopped borrowing from Alpha Hormora V2 until the situation is resolved.

The transaction notification on Etherscan showed that the bulk of the stolen funds was from a loan of 13,244 ETH.

According to the report, the culprits seem to have sent 1,000 ETH to both Cream Finance deployer and Alpha Finance Lab deployer. They also seem to have sent some ETH through Tomato.cash, a privacy system that conceals the transaction history of Ethereum users.

Following the news about the hack, both native tokens have both dropped in prices, with Alpha more affected. As of the time of writing, the token is trading at $1.82, which is a 22% drop in price.

Bitcoinist | Feb 10, 2021 | 10:49

FreeBitco.in, one of the oldest and longest-running Bitcoin gaming sites, respected by the BitcoinTalk and the greater crypto community, has revealed that it is offering exclusive benefits for FUN token holders as part of a new premium program.

Here’s what this exclusive opportunity entails and how it could be an incredible opportunity for users of the platform and investors alike.

Search Google for “free Bitcoin” and among the top results after skipping past Bitcoin Cash faucets posing as the real thing is none other than FreeBitco.in.

FreeBitco.in is a provably fair online Bitcoin game that lets you – as the name implies – win free BTC. The game itself has grown over the years from a daily faucet claim to now include prizes and so much more. The community itself has also exploded.

The massive growth in the online community combined with longevity and dominance in the space has created an opportunity for a cryptocurrency token to be integrated into the core experience and provide a host of user benefits.

And while FreeBitco.in will always offer free BTC, the popular and iconic crypto gaming site is now embracing the cryptocurrency Fun Token as part of a new premium program.

FunFair (FUN) is a token designed to underpin the online gaming ecosystem and is an ideal choice for FreeBitco.in as the seventh-largest online casino in the world, according to SimilarWeb. 

FreeBitco.in and FUN combined bring members of the community a variety of exclusive benefits. The sheer size of the community itself means that FUN will soon be integrated into a $600 million per year iGaming platform and immediately reach over 41 million registered users.

And because FreeBitco.in is leveraging the FUN token, demand for the asset is already rising, making it an unprecedented opportunity for investors to maximize ROI. FUNUSD has already completed a “10x” since the start of 2021 and it is just the beginning.

FunFair is listed on top cryptocurrency exchanges such as Binance, Bitfinex, OKEx, and Uniswap. Free Bitco.in users who buy FUN tokens get up to 1% cashback on certain BTC wagers and games. Holding FUN tokens also lets users earn up to 16 spins on the Wheel of Fortune. Prizes consist of iPhones, a Rolex, or up to $15,000 in free BTC.

FreeBitco.in users are automatically offered up 4.08% interest on BTC balance, but by holding Fun tokens, users can bolster the APR to as high as 5.10%. 

The premium program launches on March 15, 2021. Anyone interested in taking full advantage of all the “ FUN ” should consider FUN tokens before the demand takes over, and like we’ve seen with other cryptocurrencies, a supply shock leaves late investors wishing they bought sooner.

Investors can be sure that FunFair has long-term value, further improved by the ongoing partnership and premium program with FreeBitco.in. The company saw over $600 million wagered in 2020 alone and a 30% year over year increase. At that rate and the current crypto market growth, Free.Bitco.in could soon be one of the largest websites in the entire world, not just in the online casino or bitcoin gaming space.

To learn more, visit the official website.

Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.

We are excited to announce the launch of the Moves Crypto alpha test today.

Moves Crypto represents a vision for a new smart contract system and web interface that we hope will one day be a component in a quasi-decentralized financial system for gig workers. The alpha test of Moves Crypto is a key component of our approach to decentralizing important aspects of the emerging gig worker economy.

Our long-term vision for Moves Crypto is to act as a double-sided marketplace for borrowers and lenders. The intent of the alpha test is to determine the interest in our long-term vision, gather feedback, and identify any improvements that can be made.

To that end, the alpha test is intended to uncover:

During the alpha test, Moves will contact participants to receive their feedback on their experience with the alpha system, potential improvements, what they would do differently in a future commercial system operating along similar lines, their likelihood of using a similar system (that does not have the no risk of loss like this alpha test), and other specific feedback.

The basic functionality of the alpha prototype is that in exchange for locking up Aion and/or USDT for 90 days and providing the above feedback, participants will have their crypto returned at the end of the alpha, with a stipend (2% up to $100 USD). Moves will retain Aion and USDT on-chain, whereas the long-term vision would be to convert and lend these out as fiat to independent workers.

For those of you who have been following our progress over the last few months, please note that the alpha test is not an alpha of the full Moves Crypto system. We have released a number of videos and write-ups of our plans but the alpha test covers just some of the overall. Expect the actual product to differ a fair bit when we launch in 2021 and please carefully read the terms of the alpha test. Most importantly: the alpha test is not a test of loan functionality and none of the crypto transferred to the smart contracts will be used for the Moves ecosystem (i.e. we will not be using it for loans or any other purpose – it is just a test).

We look forward to working with the community to bring Moves Crypto to market.

Join the Alpha test now!

Yet another fine art institution is jumping on the crypto bandwagon. 

According to the announcement, “For the first time, both HENI Leviathan and the artist Damien Hirst will be accepting Cryptocurrency for payment of editions, payments can be made by either Bitcoin or ether, as well as by credit or debit card.”

The prints are available starting today and will sell through March 3. Each print is priced at $3,000 (or .058 BTC/1.8 ETH, according to price at the time of publication), and each piece will be signed by Hirst.

In the announcement, Hirst — whose work has been displayed in the Museum of Modern Art — spoke of the decision to accept digital currencies as an act of faith in the ecosystem:

HENI Leviathan accepting cryptocurrency payments is also a sign of growing adoption from the institutional art world. The printmaker is among the most widely respected among fine artists and collectors and has featured runs from other artists of historical significance such as Gerhard Richter.

The Hirst paintings in this run are inspired by the Eight Virtues of Bushido: “Justice, Courage, Mercy, Politeness, Honesty, Honour, Loyalty, Control.” Hirst has been chronicling his process in creating them on his Instagram page, and he says that the paintings “are about beauty and life and death” — themes and forces he frequently explores in his work.

“They’re about desire and how we process love and why we need it, but also these prints are about the momentary, the insane transience of beauty — a tree in full crazy blossom against a clear blue sky. How can you argue with that?” Hirst said of the paintings.

Hirst and HENI Leviathan aren't the only art giants dipping their toes into cryptocurrencies. This month, auction house giant Christie’s announced it will be auctioning an NFT from digital artist Beeple, a retrospective collage of his “first 5000 days” of producing one piece of art per day. In the announcement, Christie's also said they would be accepting bids in ETH for the piece.

Like any borrowing with leverage, Alpha Homora has its own risk. It is important that every user clearly understands the risk they are undertaking and this blog intends to outline risks involved. Alpha Homora, despite being reviewed by Peckshield, is still considered a beta product.

As stated in the Alpha Homora previous blog, Alpha Homora users may face the following risk:

To this end, Alpha Homora's key parameters are initialized to balance risk and reward for our users. This article will focus on providing insights behind these values.

Here's a brief version:

We provide a more detailed risk analysis for each of the above setting.

GOAL 🥅: Provide sufficient incentive for liquidating positions at risk. REQ. 📝: Liquidation bonus > gas fee. RESULT 📈: In the worst case assumed, liquidation bonus \(\ge\) 0.1 ETH while gas fee \(\le\) 0.08 ETH. ✅ ANALYSIS 🤔:

5% Liquidation bonus: With 5% liquidation bonus and 2 ETH minimum debt size, a successful liquidation guarantees liquidation bonus of at least \(5\%\cdot 2\) ETH = 0.1 ETH.

Gas fee \(\le\) (400k gas) * (200 gwei/gas) = 0.08 ETH.

GOAL 🥅: Provide sufficient incentive for reinvesting at least every 24 hours REQ. 📝: Bounty reward > gas fee RESULT 📈: In the worst case assumed, bounty reward > 0.16 ETH while gas fee \(\le\) 0.08 ETH. ✅ ANALYSIS 🤔: We assume:

Bounty reward. The 1-day reinvest bounty reward is at least $5000000 * (1ETH/$500) * (20%/365) * 3% > 0.16 ETH.

Gas fee \(\le\) (600k gas) * (200 gwei/gas) = 0.12 ETH.

GOAL 🥅: Provide yield farmers with sufficient liquidation safety, i.e., with sufficient tolerance to price volatility. REQ. 📝: Small positions should be able to tolerate up to a certain amount of price fluctuation before being at risk of liquidation. RESULT 📈: Small newly opened positions with maximum leverage (3.33x) can tolerate up to ~30% ETH price increase (relative to farming token price), or equivalently, ~23% farming token price drop (relative to ETH), before being at risk of liquidation. For example, if Alice opens a new (small) position to farm on Uniswap ETH/USDT pool with 3.33x leverage when ETH@$400. Then, her position will be at risk when ETH price hits ~$522. ✅ ANALYSIS 🤔: For small positions, we assume no slippage from swapping and no swap fee.  

Let \(P\) be the ETH price (in USDT) when position is opened, and let \(P'\) be the ETH price (in USDT) that causes the position to be at liquidation risk.

The goal is to find \(P'\) (in terms of \(P\)).

For simplicity, suppose the user opens a position worth 100 ETH at ETH price \(P\) and 3.33x leverage (supply 30 ETH and borrow 70 ETH). Half of the position gets swapped to USDT, so the position becomes 50 ETH + 50\(P\) USDT, and gets converted to LP pool shares. Note that debt = 70 ETH.

When ETH market price becomes \(P'\), the pool also rebalances, so LP pool shares can instead withdraw 50\(\sqrt{P/P'}\) ETH + 50\(\sqrt{P\cdot P'}\) USDT. By swapping USDT portion back to ETH, the user gets 50\(\sqrt{P/P'}\) ETH.

So, the position's worth is now 100\(\sqrt{P/P'}\) ETH.

Since the position will be at liquidation risk when position's value hits 87.5 ETH (when the debt hits 80% the position's value).

Solving 100\(\sqrt{P/P'}\) ETH = 87.5 ETH yields

$$\frac{P'}{P} = \left(\frac{100}{87.5}\right)^2 = 1.3061.$$

Thus, positions with 3.33x leverage can tolerate up to ~30% ETH price increase, relative to USDT (deducting 2*0.3% swap fee from 2 swaps). Equivalently, they can tolerate up to ~23% USDT price drop, relative to ETH.

GOAL 🥅: Provide yield farmers with sufficient liquidation safety, i.e., with sufficient tolerance to price volatility. REQ. 📝: Larger positions should still be able to tolerate up to a certain amount of price fluctuation before being at risk of liquidation. RESULT 📈:  Larger newly opened positions (<2% pool’s total value) with maximum leverage (3.33x) can tolerate up to ~25% ETH price increase (relative to farming token price), or equivalently, ~20% farming token price drop (relative to ETH), before being at risk of liquidation. For example, if Alice opens a new (large) position to farm on Uniswap ETH/USDT pool with 3.33x leverage when ETH@$400. Then, her position will be at risk when ETH price hits ~$480. ✅ ANALYSIS 🤔: We assume no swap fee for simplicity, and like the previous analysis, assume the user wants to farm on ETH/USDT Uniswap pool.

We proceed in steps:

Assuming the user opens a position with at 70% work factor, and the kill factor is at 80%, then we solve

$$ \frac{0.7 \cdot (c^2+2c)\cdot k/\sqrt{P}}{\frac{c^2+2c}{1+c}\cdot k/\sqrt{P'}} = 0.8, $$

or equivalently,

$$ \frac{P'}{P} = \frac{1}{(1+c)^2}\cdot \left(\frac{0.8}{0.7}\right)^2. $$

When \(c = 0.04\), the opening position size is worth \(\frac{c^2+2c}{2} \approx 0.04\) of the pool's value. The value \(P'/P\) is roughly 1.20, giving ~20% ETH price increase tolerance.

Here is the table for price tolerance for each value of \(c\).*

At first we started out with 10% fixed borrow interest rate to balance between ETH lenders’ reward and yield farmers’ risk. Lender's interest rate is calculated based on borrower's interest rate * asset utilization rate (this has not changed).

However, within 15 hours since launch, Alpha Homora had accumulated a total value locked of > 17,600 ETH ($6M). Given this excessive demand to use Alpha Homora, we had to update the interest rate model to be dynamic, scale faster, and offer safer leveraged yield farming for everyone. ✅

See how borrower's interest rate and lender's interest rate here: https://blog.alphafinance.io/3-changes/

How much leverage should a user borrow while being safe from liquidation? A profit & loss calculator for your leverage can be found on this spreadsheet.

Please make a local copy of the spreadsheet before proceeding.

Hopefully each stakeholder now understands the risk involved in participating in Alpha Homora! Although the protocol allows yield farmers to earn higher APY with leveraged borrowing, yield farmers should remain cautious as the protocol is also risky, for example, you may lose your opened position from liquidation when asset prices are volatile.

Feeling excited about this product and curious on what's more to come? Interested in joining as beta testers?

Fill out this form, and we'll get back to you!

Alpha Finance Lab is an ecosystem of DeFi products, starting on Binance Smart Chain and Ethereum. Alpha Finance Lab is focused on building an ecosystem of automated yield-maximizing Alpha products that interoperate to bring optimal alpha to users on a cross-chain level.

We are moving at a rapid pace, so we encourage everyone to join our Discord for the latest updates, follow us on Twitter, or read more about us on our Blog!

This analysis was brought to you by Alpha Alarm, a Substack newsletter featuring daily crypto analysis. You can subscribe here.

The market sentiment around Bitcoin is improving once again.

Bitcoin strongly recovered from $30,500, solidifying it as a major support area.

Oaktree’s Howard Marks, who was a Bitcoin skeptic for a long time, has become more neutral.

In a note shared by the pseudonymous derivatives trader “Light,” Marks said:

“Back in 2017, my memo There They Go Again… Again included a section on cryptocurrencies in which I expressed a high level of skepticism. This view has been a source of much discussion for me and Andrew, who is quite positive on Bitcoin and several others and thankfully owns a meaningful amount for our family.”

Atop the improving perception of institutions and the public about Bitcoin, various macro factors are buoying Bitcoin.

On January 15, the New York Times reported that the Biden administration plans to outline a $1.9 trillion spending plan.

Any major initiative that relaxes financial and market conditions in the U.S. would positively affect both risk-on assets and stores of value, like Bitcoin.

Grayscale has also reopened its products after closing them last month.

It could be coincidental, but the price of Bitcoin began surging upwards by over 20% after Grayscale reopened its products on January 13.

In the U.S., unlike some countries like Canada, there is no Bitcoin exchange-traded fund (ETF) available for institutions.

The Grayscale Bitcoin Trust is the go-to alternative for institutions to gain exposure to Bitcoin.

Hence, new inflows into the trust should serve as a catalyst for Bitcoin in the near term.

Based on exchange heatmaps and whale clusters, $37,834 has become a big short-term support level for Bitcoin, with $40,724 as the next resistance.

Whale clusters form when whales or high-net-worth investors buy Bitcoin and do not move them afterward.

Clusters often become support areas because whales are likely to protect their positions and buy more Bitcoin if it drops to their entry point.

Exchange heatmaps also show $40,000 as the key resistance level.

On Binance especially, there are large sell orders stacked in between $40,000 and $40,500.

This simply means that if Bitcoin gets through $40,500, an explosive rally upwards would likely ensue.

Once it breaks $40,500, I am expecting a rally to $44,000.

But, if open interest stays at an all-time high and the derivatives market gets overheated once again, a flush drop, like January 12, would likely occur again.

In the larger picture, one highly encouraging trend is the inflow of stablecoins into exchanges.

In the cryptocurrency market, traders often use stablecoins to hedge their holdings. It is more convenient than cashing out to a bank account because it could take a longer time to buy Bitcoin back due to bank deposits.

When stablecoin deposits into exchanges increase, it means sidelined capital is entering the market. This is typically an optimistic trend.

On top of all this, Pantera Capital’s Dan Morehead sees Bitcoin surging to $115,000 in 2021.

This analysis was brought to you by Alpha Alarm, a Substack newsletter featuring daily crypto analysis.

If you want access to the exclusive interviews with top traders and industry executives, our research about DeFi and crypto trends, and the additional DeFi letter, you will need to subscribe. But have no fear, it’s only $14.99 a month, or $139.99 a year. Get yourself a belated holiday present and subscribe to Alpha Alarm today.

It’s literally the cost of one Uniswap trade a month or a few Starbucks coffees – it’s cheap.

Subscribe here.

Bitcoin, currently ranked #1 by market cap, is up 4.56% over the past 24 hours. BTC has a market cap of $730.72B with a 24 hour volume of $62.95B.

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Bitcoin has seen some volatility over the past few weeks.

The price of Bitcoin is showing strong momentum as it recovers above $33,000 following a relatively large correction on January 12.

The Biden administration’s first decisions and appointments look promising for the crypto industry as a whole so far.

Danal Fintech, a subsidiary of Danal, one of the largest payment companies in South Korea, today announced that they are joining the ICON blockchain ecosystem, the largest decentralized network in Korea by market capitalization. Danal Fintech will integrate ICON’s cryptocurrency ICX into Paycoin, its global payments and remittance app. This will allow Paycoin’s 750,000+ users to pay in ICX at any of Danal’s 60,000 merchant partners, including 7-Eleven, KFC, and Domino’s Pizza. “With PayPal recently announcing its plans to support cryptocurrencies, we’re starting to see major acceleration in crypto adoption by payment apps and fintech companies in Asia,” said Min Kim, ICON project Founder. “Now with Paycoin, it’s easier than ever for people to buy and spend their ICX at thousands of Danal’s merchant partners.” “Paycoin is one of the first virtual asset apps being used commercially in Korea and ICON is one of the largest blockchain projects in Korea. Through this partnership between the two projects, we expect to bring virtual assets one step closer to our daily life,” said Ted Hwang, CEO of Danal Fintech. “We will continue to expand business scope through various partnerships in the future.” Danal Fintech will also become an ICON Public Representative, or P-Rep, the title given to consensus and governance block validators on the ICON Network. P-Reps like Danal Fintech play key roles in the ICON Network such as block creation and verification, decision making on network policy, and expansion of the overall ICON ecosystem. P-Reps are elected by delegation of stake by the ICON community, and help keep the network stable with technical infrastructure support. Danal Fintech is part of Danal Co. Ltd, one of South Korea’s largest payment companies. Danal provides integrated payment solutions to its partners, from credit and debit cards to mobile billings and more. With more than 20 years in business, Danal accounts for half of the market share in mobile billings, equivalent to $5.5 billion USD annually. Danal Fintech focuses on blockchain-based payment solutions, and launched Paycoin in 2019 as one of the first apps for using virtual currencies in retail payments. Danal’s Paycoin app reduces intermediaries in existing payment processes, lowers transaction fees, and speeds up settlement cycles; all in a safe and convenient payment environment. The app makes it easy for ICX holders to spend their cryptocurrency at both online and offline retailers all over South Korea. Shortly after joining as a P-Rep, Danal Fintech will start the integration of ICX into the Paycoin payment application. At its completion, ICON users will be able to deposit and spend their ICX with the Paycoin app.

Under Patrick's leadership, Cryptology intends to build Europe's leading publicly listed company for blockchain- and crypto-related business models.

SLIEMA, MALTA / ACCESSWIRE / February 18, 2021 / Cryptology Asset Group (ISIN: MT0001770107; Ticker: 4UD), a leading European investment company for blockchain- and crypto-related business models, co-founded by Christian Angermayer and crypto-legend Mike Novogratz, announced that Patrick Lowry has been appointed as the new CEO. An experienced manager with substantial capital markets experience, Patrick will succeed Jefim Gewiet, who will step into the role of COO for the company.

Patrick is an accomplished asset manager with extensive experience managing crypto assets and blockchain-based venture capital investments. He is the founder and CEO of Iconic Holding, an asset management group and portfolio company of Cryptology. Prior to founding Iconic Holding, Patrick was a member of the Deutsche Börse venture capital team, a Senior Associate at Philadelphia-based private equity firm, Graham Partners, and a former auditor at PwC within the Asset Management Assurance Services practice.

"With the eyes of the world now intensely focused on Bitcoin and crypto markets, Patrick as CEO is the perfect addendum to an already strong team. I am convinced Patrick and Jefim will jointly take Cryptology to the next level," said Christian Angermayer, Founder and Advisory Board member of Cryptology. "Patrick's experience managing both a portfolio of crypto venture investments and regulated investment vehicles positions him well to deliver on our shared vision of Cryptology being Europe's leading investment company for blockchain technology and crypto companies."

At Iconic Holding, Patrick launched sub-brands Iconic Lab, a seed-stage crypto venture capital group, and Iconic Funds, a licensed and regulated crypto asset management firm. Patrick will continue working with Iconic Holding, an important strategic component of Cryptology's portfolio.

Patrick received an MBA from the Frankfurt School of Finance and Management in 2017 and a Bachelor's Degree in Finance and Accounting from the University of Delaware in 2011. He is a licensed Certified Public Accountant.

"Cryptology, with one of the world's strongest blockchain- and crypto-related balance sheets, boasting inspired investments in the likes of block.one and Northern Data, is a sleeping giant ready to wake," said Patrick. "I am humbled and excited to be tasked with leading Cryptology to realize its untapped, and unlimited, potential."

Earlier this year, Cryptology shares started trading on several German exchanges including Börse Düsseldorf, Gettex and Tradegate. In order to increase trading liquidity and open up to new shareholder groups, Cryptology is exploring an international listing.

About Cryptology Asset Group p.l.c.

Cryptology is a leading European crypto asset and venture investment company. Founded by Christian Angermayer's family office, Apeiron Investment Group and crypto-legend Mike Novogratz, Cryptology is the largest publicly traded holding company for blockchain- and crypto-based business models in Europe. Noteworthy portfolio companies include crypto-giant and EOS publisher block.one, leading HPC provider Northern Data, commission-free online broker nextmarkets, and crypto asset management group Iconic Holding.

Media Contact:

Cryptology Asset Group p.l.c. Jefim Gewiet (COO) Block A, Apt. 12, Il-Piazzetta', Tower Road, Sliema SLM 1605, Malta Tel.: +356 799 85 85 1 E-mail: [email protected]

SOURCE: Cryptology Asset Group PLC

Seeking Alpha, the world’s largest investing community, has featured VeChain (VET), the leading enterprise-focused supply-chain blockchain solution, in its “Top 4 Ideas” segment.

The continued development and successes recorded by the leading enterprise blockchain platform, VeChain, are notably enhancing its popularity among potential investors.

Read Also: Can VeChain’s Code Be Replicated by Pirates? VeChain Chief Scientist Answers, Sunny Lu Corroborates

VeChain (VET) has been gaining much-needed traction lately. A couple of weeks ago, David Gokhshtein, a former United States politician and founder of Gokhshtein Media, revealed that the digital token VET has been the talking point in the midst of the users of the invite-only social media app, Clubhouse.

According to the article, VeChain (VET) is one of the most widely used blockchains, especially by enterprise customers, which makes its native token VET undervalued at its current position in the market.

It also referenced VeChain’s notable collaborations with global heavyweights such as DNV GL and Walmart China, which is a reflection of the quality of its services to its enterprise customers.

This noteworthy exposure was first shared by a pseudonymous VeChain community member known on Twitter as eisenreich.

Read Also: VeChain Stats 2.0 Is Coming With Many Amazing Improvements

eisenreich tweeted, “Seeking Alpha, ‘the world’s largest investing community,’ recently featured VeChain in its ‘Top 4 Ideas’ segment. “It’s managed to already secure some massive, global heavyweights as clients including DNV GL and Walmart China.”

Seeking Alpha, 'the world’s largest investing community,' recently featured VeChain in its 'Top 4 Ideas' segment.

"It’s managed to already secure some massive, global heavyweights as clients including DNV GL and Walmart China."#VeChain $VET #VeFam pic.twitter.com/Bvhe8lUedE

— eisenreich Ⓥ (@eisenreich) February 23, 2021

The Seeking Alpha article further pointed out that VeChain has also secured a productive relationship with several large clients aside from the two mentioned above, including Vulcan (gaming), VIMworld (NFTs), and Shanghai Gas (utility).

It also referenced the headway of the leading enterprise blockchain in the nation of Cyprus, where its service was leveraged to provide the blockchain solution for its digital vaccination passport.

Additionally, Seeking Alpha stated that in late 2020, VeChain added seafood e-commerce platform, KnowSeafood, to bring authentication tracking to their products and it has already added PuffBar in 2021.

Read Also: Sunny Lu: VeChain (VET) Will Not Miss Out on the Surge in Popularity of Digitalization

As aforementioned, one notable fact mentioned by Seeking Alpha is that VeChain (VET) is much undervalued considering the significance of its services in the enterprise blockchain ecosystem.

Update: An investigation revealed that “no hacks or any issues with Cream Finance smart contracts” were found. Reportedly, the issue emerged from the Alpha Finance side of the Iron Bank.

According to a tweet by Alpha Finance Labs, “The loophole has been patched,” with the protocol in the process of investigating the stolen funds. In fact, Alpha also revealed that they have a prime suspect already.

According to reports, Cream Finance has likely been exploited, with withdrawals from the Iron Bank temporarily being suspended as well. While details were sparse at press time, the protocol refused to clarify whether it had indeed been exploited. In fact, Cream Finance’s only update was that it is currently investigating a “potential exploit.”

— Cream Finance 🍦 (@CreamdotFinance) February 13, 2021

Many in the crypto-community are speculating that the attackers in the present case made off with 13k ETH, with the figures amounting to over $23 million, at the time of writing.

The exploit reportedly involved arbing the Iron Bank contracts on Cream Finance. The contract address allegedly responsible for the attack was funded through Tornado Cash – a method commonly used by hackers to anonymously launder funds. Tornado Cash improves transaction privacy by breaking the on-chain link between the source and destination addresses.

On-chain data suggests that the address in question has started sending several ETH through Tornado Cash, in addition to 1000 ETH, to Alpha Homora Deployer, 1000 ETH to Cream Finance, and 100 ETH to Tornado’s grant.

As of six hours ago, the Cream Iron Bank had $6.1 billion of $AAVE locked, along with $1.07 billion of $CREAM.

The Iron Bank, which was launched as a part of CREAM v2, is intended to be CREAM’s paradigm-shifting protocol-to-protocol lending platform and liquidity backstop for the entire DeFi ecosystem.

The price of the $CREAM token dipped sharply as soon as the development first came to light. In fact, it fell by over 30% in one hour from $288 to $193, following news of the potential exploit.

This article will be updated…

Spanish regulators’ statement on crypto-risks draws criticism

Is Ethereum’s price on track for $2000?

Samyuktha is a full-time journalist at AMBCrypto. Currently pursuing her Masters in Finance and Business Analytics, she is interested in cryptocurrencies, fintech, and blockchain technology adoption across various sectors.

The Ethereum Conundrum: How long will users bear high transaction fees?

Ethereum, Ontology, BitTorrent Price Analysis: 22 February

Ethereum, Uniswap, Dogecoin Price Analysis: 21 February

Ethereum Price Analysis: 20 February

Ethereum Price Analysis: 15 February

Ethereum, Uniswap, Dogecoin Price Analysis: 15 February

This value is, however, still just speculation as CREAM Finance is yet to release in-depth details about the hack. Following the hack, the price of CREAM Finance’s native token, CREAM, dropped by a whopping 30% in just a few minutes. Many users have moved to Twitter to express their displeasure.

In response to users’ agitation, CREAM Finance confirmed the hack via Twitter. The platform, however, referred to it as an “exploitation,” furthermore explaining to users that the situation was under control. The platform added that the situation was being investigated.

— Cream Finance 🍦 (@CreamdotFinance) February 13, 2021

The attack has been identified as involving CREAM Finance’s Iron bank contract. The address used by the hacker was funded via Tornado Cash, making it impossible to trace. This is because Tornado Cash is designed to truncate the on-chain link between sender and receiver addresses, thereby ensuring total privacy.

The attack was first noticed by Twitter user Jose Baredes. According to him, the attacker made away with about 13,000 ETH, which is estimated at $24 million.

— José Baredes (@josebaredes) February 13, 2021

Baredes, in a series of tweets, also pointed out that the hackers were moving the tokens through Tornado Cash. Also, 1,000 ETH tokens were sent to Alpha Homora Deployer, while 1,000 went to Cream Finance and 100 ETH tokens went to Tornado’s grant.

Interestingly Alpha Homora Deployer has informed its community members of the recent happenings. It also pointed out that a suspect has been identified.

The loophole has been patched.

We're in the process of investigating the stolen fund, and have a prime suspect already.

— Alpha Finance Lab (@AlphaFinanceLab) February 13, 2021

CREAM Finance, on the other hand, has been closed-lipped about the whole situation. It has only spoken on investigating a “potential exploit” on its platform.

The Iron bank is a major aspect of CREAM v2 specially designed to be a shifting protocol-to-protocol platform for the DeFi space. AT the time of writing, the Iron bank had $1.07 billion worth of CREAM tokens and $6.1 billion of AAVE tokens.

At the time of publication, CREAM was trading at $206.82, with a market cap of $127,940,601 and a 24-hour trading volume of $17,835,441. Prior to the hack. CREAM had been trading at $285.52.

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SCB 10X, the venture capital unit of Thailand's oldest Siam Commercial Bank, has launched a new $50 million fund to invest in blockchain and decentralized finance (DeFi) startups.

SCB 10X is already an investor in crypto startups such as Ripple, BlockFi, and Alpha Finance. With the new fund, the firm looks to invest in early and growth-stage blockchain, DeFi, and digital asset startups.

"Blockchain-enabled financial services have the potential to broaden financial inclusion, facilitate open access, and encourage innovation," said Mukaya Panich, chief venture and investment officer at SCB 10X. "We will invest across the capital stack in innovative and promising startups in blockchain infrastructure, blockchain innovative applications, and decentralized finance globally, to better prepare the bank for future disruption."

DeFi appears to be finding a dedicated place in venture funds. Yesterday, Spartan Group unveiled a new $50 million DeFi venture fund. Earlier today, China's Nervos Network launched a $5 million grant fund to support DeFi projects.