DeFi investors have been hit by another exit scam, this time by Magnate Finance, a lending and borrowing platform on the Base layer-two network, leaving them with nothing but losses. Magnate Finance has exited with $6.5 million worth of crypto assets, according to CertiK Alerts, a platform that monitors crypto hacks and scams.
Author: jose
Polygon zkEVM, a network that supports zero-knowledge proofs, has seen its total value locked (TVL) grow by more than $46 million since its launch in March. The network will soon offer a managed data feed service powered by API3, a blockchain oracle provider.
Despite the bearish market conditions, SushiSwap, a decentralized exchange (DEX) platform, has shown remarkable growth in its total value locked (TVL). According to ASXN, a digital asset firm, SushiSwap’s TVL increased by 32.94% in the last week, reaching $21.3 million at press time.
Binance Labs, the venture arm of the leading cryptocurrency exchange Binance, has announced its strategic investment in Pendle Finance, a decentralized finance (DeFi) protocol that enables users to tokenize and trade future yield. The investment is part of Binance Labs’ mission to support innovative DeFi projects that can scale and drive adoption.
According to the FBI, a North Korean hacker group known as Lazarus has been responsible for several cryptocurrency breaches in the past year. The group has accumulated 1,580 Bitcoin, valued at $40 million, in six digital wallets that have been identified by the authorities.
Polygon (MATIC), a popular Layer-2 (L2) scaling solution for Ethereum, has seen its price drop to its lowest level since July 2022. The network has been losing users and investors to newer and more innovative L2 networks, such as Optimism, Arbitrum, and Base.
Shiba Inu (SHIB), a popular meme-based cryptocurrency, is getting ready to relaunch its own layer-2 network, Shibarium, after facing some technical difficulties in its initial launch. Shibarium is a blockchain platform that aims to provide low-cost and high-performance solutions for the metaverse, gaming, and decentralized finance (DeFi) sectors.
In response to the growing number of crypto-related crimes, exchanges are taking steps to enhance their security measures and reduce risks. Bitget, a well-known cryptocurrency exchange, has recently made an announcement regarding changes to its “know your customer” (KYC) requirements for its users.
Terra, a crypto project that collapsed last year, has alerted its remaining users to “stay away from sites with the terra(dot)money domain” until it says otherwise. The domain was reportedly hacked and used for phishing scams.
According to a recent report by blockchain intelligence firm TRM Labs, North Korean hackers pose a significant threat to the cryptocurrency ecosystem. Over the past five years, they have stolen an estimated $2 billion worth of crypto.