Smart Contracts

MEVbots backdoor drains users’ Ethereum funds via arbitrage trading bot

MEV gain, an Ethereum (ETH) arbitrage trading bot built by MEVbots, which claims to provide stress-free passive income, has been actively draining its users’ funds via a fund-stealing backdoor.  Arbitrage bots are programs that automate trading for profits based on historical market information. An investigation of MEVbots’ contract revealed a backdoor that allows the creators to drain Ether from its users’ wallets. Our analysis confirms what the @mevbots promotes for the so-called “MEV gain” has a fund-stealing backdoor. Do *NOT* fall prey to it https://t.co/z2eDqMF36b. And thanks @monkwithchaos for the heads-up https://t.co/dhSNGljoH0 pic.twitter.com/HWfCAwbae4 — PeckShield Inc. (@peckshield) September 23, 2022 The scam was first pointed out by Crypto Twitter’s @mo...

Many NFT projects lack adequate smart contract testing, says nameless founder

Jimmy McNelis, the founder of Web3 tech firm nameless, says there are too many NFT projects rushing to market without proper smart contract testing — potentially leading to millions lost. Speaking with Cointelegraph, McNelis suggested that a lot of NFT projects often rush to market without fully simulating how its smart contracts will work, even skipping extensive audits in some cases. McNelis said an example of this was observed during the sale of the Akutars NFT collection in February 2021 — featuring 15,000 tokens that went up for sale on Winklevoss-owned NFT marketplace Nifty Gateway. McNelis said while the NFT drop sold out, a major bug saw $33 million worth of Ether (ETH) generated from the sale locked up in a smart contract that the devs have no access to, explaining: “Tha...

Fork, yeah! Cardano Vasil upgrade goes live

After several months of delays, the Cardano Vasil upgrade and hard fork has finally gone live as of Thursday at 9:44 pm UTC, bringing “significant performance and capability” enhancements to the blockchain. The success of the Cardano mainnet hard fork was announced by blockchain company Input Output Hong Kong (IOHK) on Twitter on Thursday, while others also observed the hard fork tick over in a live Twitter Spaces with Cardano co-founder Charles Hoskinson. #Vasil mainnet HFC event successful! We’re happy to announce that today, at 21:44:00 UTC, the IOG team, in collaboration with the @CardanoStiftung, successfully hard forked the Cardano mainnet via a HFC event, thus deploying new #Vasil features to the chain.1/5 — Input Output (@InputOutputHK) September 22, 2022 IOHK previously stated the...

OpenSea to allow creators to host NFT drops directly through its homepage

OpenSea, the digital marketplace for crypto collectibles and non-fungible tokens (NFTs), has launched a new initiative to make it easier for creators to create and distribute NFTs on its marketplace.  As part of this new immersive initiative, creators will be able to launch their NFT collections on their own customizable and dedicated drop pages, which the company hopes will allow for greater visibility and discoverability on the marketplace’s new homepage. Under the customizable drop pages, creators will now have the ability to share images and videos, provide team highlights, outline roadmaps, and more. According to the announcement: “Drop pages will include information about the drop, the minting schedule, a countdown clock, and of course – an NFT gallery. We’ll also allow collecto...

Ethereum advances with standards for smart contract security audits

The Ethereum ecosystem continues to witness a flurry of activity that has individuals and organizations deploying token contracts, adding liquidity to pools and deploying smart contracts to support a wide range of business models. While notable, this growth has also been riddled with security exploits, leaving decentralized finance (DeFi) protocols vulnerable to hacks and scams.  For instance, recent findings from crypto intelligence firm Chainalysis show that crypto-related hacks have increased by 58.3% from the beginning of the year through July 2022. The report further notes that $1.9 billion has been lost to hacks during this timeframe — a figure that doesn’t include the $190 million Nomad bridge hack that occurred on August 1, 2022. Although open source code may be beneficial for...

Can Web3 be hacked? Is the decentralized internet safer?

Web3 came into existence posed as a blockchain-powered disruption to the current state of the internet. Yet, as a nascent technology, a fog of assumptions plagues discussions about the real capabilities of Web3 and its role in our day-to-day lives. Considering the promise of a decentralized internet using public blockchains, a complete transition to Web3 would require scrutiny across several factors. Out of the lot, security stands as one of the most crucial features as, in a Web3-powered world, tools and applications hosted over the blockchains go mainstream. Smart contract vulnerabilities While the blockchains that host Web3 applications remain impenetrable from being hostage to attackers, hackers target the vulnerabilities within the project’s smart contracts. Smart contract attacks on ...

A sharp drop in TVL and DApp use preceded Avalanche’s (AVAX) 16% correction

After an impressive 73% rally between July 13 and Aug. 13, Avalanche (AVAX) has faced a 16% rejection from the $30.30 resistance level. Some analysts will try to pin the correction as a “technical adjustment,” but the network’s deposits and decentralized applications reflect worsening conditions. Avalanche (AVAX) index, USD. Source: TradingView To date, Avalanche remains 83% below its November 2021 all-time high at $148. More data than technical analysis can be analyzed to explain the 16% price drop, so let’s take a look at the network’s use in terms of deposits and users. The decentralized application (DApp) platform is still a top-15 contender with a $7.2 billion market capitalization. Meanwhile, Solana (SOL), another proof-of-work (PoW) layer-1 platform, holds a $14.2 billio...

Ethereum will outpace Visa with zkEVM Rollups, says Polygon co-founder

zkEVM Rollups, a new scaling solution for Ethereum, will allow the smart contract protocol to outpace Visa in terms of transaction throughput, said Polygon co-founder Mihailo Bjelic in a recent interview with Cointelegraph.  Polygon recently claimed to be the first to implement a zkEVM scaling solution, which aims at reducing Ethereum’s transaction costs and improving its throughput. This layer-2 protocol can bundle together several transactions and then relay them to the Ethereum network as a single transaction. The solution, according to Bjelic, represents the Holy Grail of Web3 as it offers security, scalability and full compatibility with Ethereum, which means developers won’t have to learn a new programing language to work with it.  “When you launch a scaling solution,...

Can blockchain be used without cryptocurrency?

A blockchain without cryptocurrency is a distributed ledger that stores data associated with nonfungible tokens (NFTs), supply chain initiatives, the Metaverse and more. Even though Bitcoin (BTC) is the most known application of a decentralized ledger or blockchain, there is a wide range of other uses of blockchain technology. For instance, blockchain technology can be utilized in various financial services including remittances, digital assets and online payments because it enables payments to be settled without a bank or other middleman. Furthermore, the next generation of internet interaction systems including smart contracts, reputation systems, public services, the Internet of Things (IoT) and security services are among blockchain technology’s most promising applications.&a...

The Merge is Ethereum’s chance to take over Bitcoin, researcher says

Ethereum researcher, Vivek Raman, is convinced that Ethereum’s (ETH) upcoming transition to a proof-of-stake system will enable it to take over Bitcoin’s (BTC) position as the most prominent cryptocurrency. “Ethereum does have, just from an economic perspective and because of the effect of the supply shock, a chance to flip Bitcoin,” said Raman in an exclusive interview with Cointelegraph.  [embedded content] The Merge, a long-awaited upgrade that will complete Ethereum’s transition from a proof-of-work to a proof-of-stake system, is set to take place in September. In addition, The Merge will transform Ethereum’s monetary policy, making the network more environmentally sustainable and reducing ETH’s total supply by 90%.  “After The Merge, Ether...

DappRadar and LayerZero launch chain-agnostic staking token

DappRadar and omnichain interoperability protocol LayerZero have launched a new token to enable cross-chain staking across multiple blockchains and Ethereum Virtual Machine (EVM)-compatible networks — a move designed to minimize fees and increase access to staking opportunities. The functionality for the newly launched RADAR token is provided through a set of smart contracts, DappRadar said. One of the contracts is known as the controller and the other as a proxy. The two smart contracts work together to enable the new staking mechanism. Requests made to withdraw or claim rewards are sent to the proxy smart contract. It communicates with the controller contract to determine if the request is valid. If the request is valid, the controller informs the proxy to release the tokens. DappRadar c...

Polkadot parachains spike after the launch of a $250M aUSD stablecoin fund

Crypto prices have been exploring new lows for weeks and currently it’s unclear what it will take to reverse the trend. Despite the downtrend, cryptocurrencies within the Polkadot (DOT) ecosystem began to rally on May 24 and have managed to maintain gains ranging from 10% to 25%, a possible sign that certain sub-sectors of the market are on the verge of a breakout. Here’s a look at three Polkadot ecosystem protocols that have seen their token prices trend higher in recent days. Acala launches a $250 million aUSD ecosystem fund Acala (ACA) is the leading decentralized finance (DeF) platform on the Polkadot network, primarily due to the launch of aUSD, the first native stablecoin in the Polkadot ecosystem. Following the collapse of Terra’s LUNA and TerraUSD (UST), traders we...

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