The Arcadia Finance attacker used a reentrancy exploit to drain $455,000 from the decentralized finance (DeFi) protocol, according to a July 10 post-mortem report issued by the app’s development team. A “reentrancy exploit” is a bug that allows an attacker to “re-enter” a contract or interrupt it during a multi-step process, preventing the process from
Ethereum
Ethereum co-founder Vitalik Buterin believes the Bitcoin network needs scalable solutions like the zero-knowledge (ZK) rollups to become more than another payment network. Buterin’s comments came during a Twitter space hosted by Bitcoin developer Udi Wertheimer with discussions revolving around Ethereum’s scaling experiments. A ZK-rollup chain is an off-chain protocol that operates on top of
A decentralized finance “circuit breaker” could have prevented billions of dollars worth of crypto being stolen from DeFi protocols in 2022, according to the developer of the newly published ERC-7265 proposal. A new Ethereum request for comment (ERC) was published on Github on July 3. In it, the lead developer Diyahir Campos proposed a standard
Blockchain network Avail has launched a testnet data availability bridge to Ethereum, according to a July 7 announcement. Once testing is completed, the bridge will allow developers to easily create “validiums” or low-cost layer 2s that do not store full transaction data on Ethereum, the announcement stated. Avail was originally created by Polygon Labs, but
Layer-2 blockchain Public Goods Network launched a testnet on July 7, promising to spend “the vast majority of net sequencer fees” on public goods instead of paying them out to the development team or token holders, according to an announcement from the network’s developers. In economics, a “public good” is a good that cannot be
Ether has been on a downward trend, with the $2,000 level forming a crucial resistance level in recent months. While Bitcoin (BTC) recorded 11.94% gains, moving past $30,000 in June after BlackRock filed an application for an exchange-traded fund with the Securities and Exchange Commission in the United States, the upside in Ether (ETH) stayed around 3.16%. In
The news surrounding BlackRock’s application for a spot Bitcoin (BTC) exchange-traded fund (EFT) sent the asset’s price from its local lows in mid-June to a strong monthly close of +12%. To most observers, this was a sign that institutional investment into the cryptosphere is once again on the horizon. A future approval of a spot
Abnormally large outflows from the Multichain MPC bridge platform on July 6 have sparked fears that an exploit could be underway. Over $102 million worth of crypto has been withdrawn from Multichain’s Fantom bridge on the Ethereum side, as well as $666,000 from Dogechain and $5 million from Moonriver. Multichain likely hacked. Exit all multichain
Zero-knowledge proofs (ZK-proofs) are a key technology explored by many in the crypto industry. A zero-knowledge protocol is a cryptographic method that allows one party to prove to another party that something is true without revealing any information. The technology is vital for Ethereum layer-2 solutions to achieve blockchain scalability, and to the privacy and
Royalties earned by nonfungible token (NFT) projects have reached their lowest point in two years, according to a report from blockchain analytics firm Nansen. Data shared with Cointelegraph highlights the low point for NFT royalties before the impact of a recent drop in the floor price of Bored Ape Yacht Club NFTs as well as
Crypto exchange dYdX has launched a public testnet of its V4 iteration, according to a July 5 announcement from the exchange’s development team. This marks the completion of “milestone 4” out of five, paving the way for a future V4 mainnet launch. Once implemented on mainnet, V4 is expected to allow for “full decentralization” of
The combined spot and derivatives trading volume on centralized exchanges (CEXs) climbed 14.2% in June to $2.71 trillion, according to CCData’s monthly exchange report. Binance, Binance.US, and Coinbase all saw their market share decline in the past month. As per the report, the first rise in trading volume in three months was backed by BlackRock’s
A team member for Lido has accused competitor Rocket Pool of being too centralized in a July 4 social media post. Both Lido and Rocket Pool are liquid staking protocols that allow users to delegate their cryptocurrency to validators and receive derivative tokens in exchange. According to the post from Lido’s community staking lead Dmitry
Account abstraction, also known as “smart accounts” could eventually onboard a billion users from the Asia region to Web3, according to an executive at Ethereum software solutions provider ConsenSys. Speaking to Cointelegraph, the director of strategic initiatives at ConsenSys, Laura Shi, noted that the Ethereum and Web3 ecosystem has seen a strong expansion in Asia
Cointelegraph is launching Zero Barriers, a special six-part podcast series in collaboration with StarkWare. The series, which features as part of the Decentralize with Cointelegraph podcast, will explore the evolving world of zero-knowledge rollups (ZK-rollups) and the next steps for the adoption of blockchain technology. Throughout the series, three different hosts from the Cointelegraph team
Ethereum co-founder Vitalik Buterin stated that he does not stake all of his Ethereum (ETH) due to multisignature (multisig) wallets being “complicated in a bunch of ways.” On the 29 June episode of the Bankless Podcast, titled Restaking Alignment, Buterin revealed the “biggest reason” why he is only staking a small fraction of his Ethereum,
Zero-knowledge (ZK) projects continue to spread worldwide, and a new go-to ZK event is coming to Paris, hosted by Manta Network, a ZK layer-1 blockchain; investment firm Polychain Capital and Cointelegraph. The ZK community conference — zkDay Paris — kicks off during EthCC Paris on July 19, from 11:00 am to 8:00 pm Central European Time,
Polygon Labs, creator of the Polygon (MATIC) network, has proposed an architecture for its forthcoming “Polygon 2.0” project. The team suggested in a June 29 blog post that the new project should be made up of four different ‘layers,’ which will combine to create a web of networks ultimately connected to each other through Ethereum.
Greg Oakford, a co-founder of NFT Fest Australia, guides you through the Web3 digital art world from a collector’s perspective. Turning concert merchandise and memories digital Snoop Dogg’s recent announcement of the Snoop Passport — an evolving concert tour collectible — is a trend I believe we’ll see get more and more traction among musicians
Over $204 million was lost in decentralized finance (DeFi) hacks and scams in the second quarter of 2023, according to a June 27 report from Web3 portfolio app De.Fi. The report, titled “Q2 De.Fi Rekt Report,” was partially based on data from De.Fi’s “Rekt Database.” Over $208.5 million was initially lost during the quarter, but
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