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PeckShield reported the hack was enabled by the protocol’s lack of control over slippage for the tokens under its control. advertisement Hacker used $5.9 million flash loan to exploit Arbitrum-based protocol This hack is due to the lack of slippage control of liquidity-shifting operations — such that the protocol-owned liquidity is invested into a skewed/imbalanced price range, which is exploited in reverse swap for profit, PeckShield reported. The liquidity protocol hacker made use of a $5.9 million flash loan to carry out the attack. “We are aware of the exploit regarding our protocol and are actively in contact with law enforcement and security professionals. We will release further information when possible,” Jimbos Protocol tweeted. Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List Mus...

The executive appears to have now recovered his account. Arthur Madrid, co-founder and CEO of metaverse project The Sandbox, was the victim of a Twitter account hack on May 26, according to a post from Madrid that was apparently made after he recovered the account. The attacker allegedly used Madrid’s account to promote a fake “airdrop” phishing scam. In Madrid’s post, he warned Sandbox users that they should “never click on any link that promote Airdrop or URL and look SCAMMY - and not 100% using our proper and unique URL/domain name : //sandbox.game.” My Twitter was hacked today. and now is back. Please never click on any link that promote Airdrop or URL and look SCAMMY - and not 100% using our proper and unique URL/domain name : https://t.co/X3rXN9z8z7 — Arthur Madrid (@arthurmadrid) May 26, 2023 Four hours before Madrid’s post, The Sandbox’s official Twitter account also warned that a scammer had taken control of the account and was promoting “a scam / phishing link for ...

The total market capitalization of the cryptocurrency market has dropped $1.16 trillion amid slowing market volatility. Data from the cryptocurrency aggregation platform, CoinGecko shows the total crypto market cap reached a yearly high of $1.34 trillion in the middle of April 2023. Total Crypto Market Cap on CoinGecko The total crypto market capitalization measures the cumulative value of all circulating cryptocurrencies. Crypto analysts use it to gauge the health of the cryptocurrency market and to check the rate of capital inflow or outflow per time. As of writing, the $1.16 trillion total crypto market cap on CoinGecko comprised the individual market caps of 10,240 tokens in 103 categories across 745 exchanges. The total crypto market cap attained its highest value in November 2021, when the value rallied to $3.05 trillion at the peak of the bull run. Since then, that value has retraced, dropping as low as $826 billion in December 2022. In the last 24 hours,...

Join Our Telegram channel to stay up to date on breaking news coverage The ongoing decline in the stablecoin market continues to persist, marking the 14th consecutive month of contraction and raising concerns about the outflow of capital from the cryptocurrency market.  In May, the value of stablecoins experienced a notable decrease, reaching its lowest level since September 2021. These figures were in a repor t by CCData, a digital asset data firm, where it mentioned the downward trend has persisted since March 2022. Persistent Decline in Stablecoin Market Raises Concerns of Capital Outflow from Digital Assets Stablecoins, a subset of cryptocurrencies, are designed to maintain a stable value by pegging themselves to external assets, predominantly the U.S. dollar.  Stablecoins are important for enabling cryptocurrency trading and connecting traditional government-issued currencies with blockchain-based markets. However, the decreasing stablecoin market has raised c...

Gym Positivity CEO declares support for XRP and Ripple.   Joey Swoll, the CEO of Gym Positivity, said he had been a supporter of XRP and Silicon Valley-based company Ripple since 2019  Swoll made this known while responding to a question by prominent XRP YouTuber “Mickle.” In a series of tweets, popular XRP community member Mr. Huber (@Leerzeit) expressed excitement after Swoll followed him on Twitter.  The development shocked many XRP enthusiasts, including “Mickle,” who asked whether Swoll had been a “secret member” of the XRP community.  Responding to the question, Swoll noted that he is not a “secret” XRP community member. The CEO of Gym Positivity disclosed that he has been supporting both Ripple and XRP since he started learning about them in 2019.  Swoll expressed gratitude to Mickle and other top XRP enthusiasts who have been educating people about the crypto project and growing the XRP community. Furthermore, the famous fitness enthusiast said he watches Mi...

Join Our Telegram channel to stay up to date on breaking news coverage Commencing June, financial institutions in Japan will have to comply with stringent AML rules. These measures are aimed at enhancing transparency and mitigating illicit activities. This will have a significant impact on the regulatory landscape of the Japanese crypto market. Strengthening AML Compliance In Japan’s Crypto Sector According to a local media outlet, Kyodo News , the move aims to bring Japan’s legal framework in line with global crypto regulations. Japan has taken a decisive step towards bolstering its anti-money laundering (AML) efforts in cryptocurrency. However, the decision to enhance AML procedures follows the revision of legislation in December after it was deemed insufficient by the international financial watchdog, the Financial Action Task Force (FATF) However, one notable feature of the new measures is implementing the “travel rule.” The standard is designed to...

The crypto market has not seen any action unfurl lately. Bitcoin has been stuck around $26.7k, while Ether has been hovering around $1.8k. Parallelly, the price of most other large and mid-cap assets continue to register negligible movements. As a result, the total crypto market cap has not been able to advance beyond $1.2 trillion. In fact, it shrunk down by about 1.89% over the past day. Even amid the humdrum conditions, traders continue to make money. A recent Analysis thread by Lookonchain revealed that a ‘super meme coin hunter’ earned $1.06 million in just a month’s time. According to the on-chain smart money tracking platform, the ‘hunter’ managed to inflate his funds by 4 times and 32 times by Trading RefundCoin [RFD] and Pepe Coin [PEPE]. Specifically, the trader made $345k by Trading the former meme coin and $248k by Trading the latter. 1/ Sharing a super #MEME coin hunter who earned 562.64 $ETH($1.06M) in the past month! – Made 189.5 $ETH ($345,306, 4x gains) on ...