How often do we get to see a stablecoin go to zero?

Well here is one!

Cashio is an algorithmic stablecoin that was just exploited due to an infinite mint bug and the value crashed

Team's statement

The team has asked people to withdraw funds after the exploit has drained all value from the project after the infinite mint exploit.

An infinite mint allows a hacker to mint literally an infinite amount of stablecoins, thus crashing its value. It's incredible a stablecoin has this kind of exploit lurking in its code. Whats the whole purpose of a stablecoin isnt it.. to ensure its supply is controlled and pegged to USD

View from another angle...

Anyone holding funds in the stablecoin just lost all of it. Hopefully no one here got burnt on this. Shows the risk of algorithmic stablecoin

NFT ecosystem is about to get more attention from hackers. There seems to be a race on who will be the first to get remote code execution from NFT.

The fact that NFT ecosystem has been built very much in startup mode, and without significant involvement from security experts is about starting to manifest in various ways. Crypto is very much in denial when it comes to security issues, a bit similarly how cryptography used to be back in late 90s and early 2000s. People thought that just because something uses encryption or code signing, it is secure.

Now the various ways of adding anything interactive into NFTs are going to get explored on what kind of code execution possibilities they offer.

Stay tuned, this is going to be fun to watch :)

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https://preview.redd.it/wgu31iy3xde81.png?width=596&format=png&auto=webp&s=fb14d596aa2102a2cc7e04e327ac570ba8974098

Sorry for repost, I tried editing the other post by copy/pasting a username that recommended a factory reset and got the post removed lol(the irony is not lost on me)

I just went to send from coinbase to my wallet and, after copy/pasting address, noticed that it definitely wasn't the right address for my wallet. I've lurked in this community long enough to recognize that this is a somewhat common way that bad actors use to scam people but I was completely unaware that IoS was susceptible to such things.

I read up on how to "clean" an iphone of malicious malware(im not even sure this is the correct thing to call it) and after following the directions(super simple for anyone wondering- settings->safari->clear history and website data) and testing it thoroughly, it seems that whatever was causing the copy/paste error is gone(tested on multiple apps to be sure) I've also added bitdefender(best reviewed/recommended security app for IoS)

comments in other post that was removed recommended factory reset so I did that as well.

Wanted to extend a big ty to the community as a whole because, without this sub, i would have had no idea to memorize the first and last few numbers of my wallet address as a safeguard for just this type of situation.

Be careful out there!

A bug in the front end of OpenSea has reportedly led to an exploit allowing users to buy popular NFTs at their previous listing price.

The NFT marketplace bug was reportedly discovered on Dec. 31, which showed transferred NFTs as listed on OpenSea.

The bug seems to be prevalent with Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT collectibles, where the exploiter managed to buy them at their old listing price and then sold them for the current market price. The affected NFTs include BAYC #9991, BAYC #8924, MAYC #4986.

A user named jpegdegenlove is suspected of exploiting the current bug and has reportedly profited 332 Ether (ETH) ($754,000).

https://imgur.com/a/nWexvyp

One Twitter user explained that when a user lists their collectible for auction on the OpenSea and decides to cancel it, the marketplace charges a significant fee and the floor price of the collectible also decreases. Users found a way around this: Instead of canceling their sale, they transfer their asset to a different wallet, which automatically removes the listing from OpenSea. However, the bug keeps the listing active through OpenSea’s API. 

https://imgur.com/a/bvktPjA

Users can check whether their listing has been removed from Rarible, another NFT marketplace that uses OpenSea’s API. The user claimed that the bug was flagged after the December incident, but the platform didn’t take any measures to address the issue.

Becoming increasingly evident that decentralized economics are scaring the reserves in charge of printing money.

Decentralized monetary systems = no tyrannical control over the value of your labor. Please use your voices and vote against these systems of financial power. 🤦��♂� This may be our only chance of changing the world for the better.

More and more officials are influenced by big banks, hedge funds, and reserves to end decentralized economics and keep people enslaved to a federal monopoly on the value of labor and what funds they deem appropriate to print/distribute.

North Korean hackers were rampant in their attacks on decentralised finance (DeFi) networks in 2021, lifting as much as $400m of digital assets from at least seven different attacks.

The findings are part of a new research by Chainalysis, which also found that the attacks were targeted primarily at investment firms and centralised exchanges. According to the blockchain research firm, the hackers made use of phishing lures, code exploits, malware and advanced social engineering to siphon funds.

Ether gains popularity.

North Korean also appears to have diversified their tastes for cryptocurrencies. Chainalysis found that Bitcoin accounts for less than one-fourth of the cryptocurrencies stolen by North Korean hackers. In 2021, only 20% of the stolen funds were in Bitcoin, whereas 22% were either ERC-20 tokens or altcoins. Ether’s popularity increased and it accounted for 58% of the funds stolen.

Overall, the research found that cybercriminals laundered $8.6bn worth of currency in 2021, based on the amount of cryptocurrency sent from illicit addresses to addresses hosted by services.

As such, Chainalysis said that the money laundering activity in 2021 was a 30% increase from 2020. “The increase is unsurprising given the significant growth of both legitimate and illicit cryptocurrency activity in 2021,� the research firm said.

Money laundering share still low

Money laundering remains a small percentage of overall cryptocurrency transactions. Even after the increase in 2021, the share of money laundering was just 0.05% of the overall transaction volume.

In comparison, the United Nations Office of Drugs and Crime estimates that between $800bn and $2trn of fiat currency is laundered every year, as much as 5% of the global gross domestic product.

Since 2017, a total of $33bn worth of cryptocurrency has been laundered according to Chainalysis, with most of the total moving to centralised exchanges over time. In fact, 2021 was the first time that centralised exchanges did not get the majority of the funds sent by illicit addresses, having received only 47% of the total laundered cryptocurrency.

DeFi protocols received 17% of all funds sent from illicit wallets in 2021, up from 2% in the previous year. Source

I ran into this PPT while doing some project research and figured I'd share:

hhs . gov/sites/default/files/blockchain-for-healthcare-tlpwhite.pdf

For anyone unfamiliar with blockchain this is a surprisingly good executive summary (and it has Elon, Jackyboi, and Monero memes). Starting around p.19 it discusses healthcare uses.

Think about some projects you may be invested in and what kind of use cases they have for various industries. In this sea of red, those are the projects which are likely to survive, even though they may stay behind the curtain while playing the long game.

Good stuff - it's worth a read. Some people in office aren't that oblivious.

This is especially prevalent with NFT gaming where players often agree on a proposal and the devs eventually refuse.

Players can resort projects like ENGN that can technically solve this problem since they offer tool for people to develop their own games but the problem will stay there with other popular games.

There’s also the fact that a lot of DAOs have whales that sway voting into depending on their own preference which honestly makes the whole concept of DAOs rather redundant.

Don’t get tricked into thinking DAOs are self governed. The rich and powerful will always find a way to assert control no matter what.