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Cryptocurrency

Two day old crypto, YAM’s market value drops from $60 million to $0 in 35mins

Given YAM’s governance module, this bug would render it impossible to reach quorum.

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Two day old crypto, YAM's market value drops from $60 million to $0 in 35mins

Two-day-old crypto asset, YAM has seen its market capitalization vanish in less than 60 minutes. This happened after developers of the once-promising defi project attempted to fix a bug in the code, but weren’t successful.

Data from BKCoincapital, a crypto hedge fund, revealed how YAM, a liquidity mining protocol which attracted >$400mm in just its first 2 days of trading, had a bug discovered in its code. The bug caused the unaudited defi platform’s Market Capitalization to go from $60 million to $0 in approx. 35 minutes.

READ MORE: Bitcoin is on rampage as it breaks through $12,000 price level

YAM is an experimental protocol mashing up some of the most exciting innovations in programmable money and governance.

READ ALSO: Tether market capitalization surges close to $10 Billion

What happened?

YAM project developers, discovered a bug in the YAM rebasing contract that would mint far more YAM than intended to sell to the Uniswap YAM/yCRV pool, sending a large amount of excess YAM to the protocol reserve. Given YAM’s governance module, this bug would render it impossible to reach quorum, meaning no governance action would be possible and funds in the treasury would be locked.

At its core, YAM is an elastic supply cryptocurrency, which expands and contracts supply in response to market conditions, initially targeting 1 USD per YAM.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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    Cryptocurrency

    Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500

    The global crypto market value at press time stood at $2.05 trillion, a 3.85% increase over the last day.

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    The flagship crypto is recording a significant buying spree as Bitcoin bounced above the $60,500 price level once again.

    The global crypto market value at press time stood at $2.05 trillion, a 3.85% increase over the last day, with Bitcoin having a market value of $1.123 trillion and a circulating supply of 18,678,481 BTCs

    Bitcoin’s price is currently $60,638.55.

    READ: Bitcoin miners are consistently earning $50 million daily

    Bitcoin’s dominance is currently 55.36%, an increase of 0.21% over the day.

    Investors are moving their funds to Bitcoin after an avalanche of COVID-19 stimulus shocked the crypto market since last year amid fears of rising fiat inflated currencies coupled with leading business brands adding more buying pressures on Bitcoin with BNY Mellon, America’s oldest bank giving its approval on the new digital gold as it makes a debut into mainstream investment assets.

    Consequently, MicroStrategy now has 91,579 BTCs worth about $5.54 billion while Tesla holds 32,608 BTCs, hinting that more global business brands may take such route to hold the most popular crypto as a treasury tool amid concerns that just 21 million BTCs will ever exist with about 4 million BTCs already lost forever.

    READ: Less than 4 million Bitcoins available for buying

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    Recent price action suggests that bitcoin bulls are holding on tight as they built strong support around the $58K area.

    READ: XRP posts a big bang, as legal tussle with SEC lingers

    That being said, crypto pundits argue that bitcoin still faces strong headwinds in the coming months amid growing regulatory concerns. There is also the bias that its high volatility is making it challenging for some traditional investors to come on board and its massive electrical consumption via the blockchain has also put it at odds with many environmentalists.

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    Billionaire Watch

    Meet the billionaire twins who bought $10m worth of Bitcoin when it still sold for $8

    The Winklevoss twins’ early investment in Bitcoin has propelled them into the billionaire league.

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    Meet The Billionaire Twins Who bought $10m Worth Of Bitcoin When It Still Sold For $8

    The digital asset economy has made many people rich. The current worth of Bitcoin, a digital asset that was trading a little above $100 in October 2013, is now near $60,000!

    While many people were smart enough to invest in Bitcoin early, not many had the guts to go all out for it. Today, we are going to look at the identical twins who were crazy enough to invest heavily in cryptocurrency. The twins started investing in Bitcoin as early as 2012.

    They are currently listed on the Forbes Billionaire List amongst the newcomers who reached a billion-dollar status due to their Bitcoin investing.

    READ: Why intelligent investors are secretly buying Bitcoin

    Meet the Winklevoss twins (worth $3 billion each) 

    Cameron and Tyler Winklevoss are currently worth $3bn each. They started investing in Bitcoin as early as 2012 when the cryptocurrency still sold for $8 and splurged a whopping $10m to purchase the crypto asset, making them one of the biggest and earliest investors in cryptocurrency.

    Their gamble paid off and today, they are worth a collective $6bn.

    READ: Brutal losses hit crypto market amid fear of regulation

    More investments in crypto 

    The Winklevoss twins are not slowing down, they are instead, making further investments in cryptocurrency. Recently, they invested in a Bitcoin lending start-up named Block-Fi which is now valued at $3bn.

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    Battle with Mark Zuckerberg 

    The Winklevoss twins are no strangers in Silicon Valley. They were Mark Zuckerberg’s classmates at Harvard and they once accused the tech billionaire of stealing their idea for Facebook.

    A bitter legal battle between the two ended in the twins receiving significant cash and Facebook stock compensation from Zuckerberg. Some of their cash compensation was invested in cryptocurrency and it has indeed, paid off.

    READ: U.S SEC Chair nominee says Bitcoin is transforming global finance

    What you should know 

    In their early days, cryptocurrencies witnessed an unstable growth path, rising and falling occasionally. This discouraged many people from investing heavily in it. The Winklevoss twins took the risk on Bitcoin and are now billionaires on Forbes list. Currently, they run their company, Gemini, a regulated cryptocurrency exchange, wallet and custodian that makes it simple and secure to buy Bitcoin, Ethereum and other cryptocurrencies.

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