Connect with us
nairametrics

Cryptocurrency

$100,000 bounty offered to catch crypto hacker

Harvest Finance, a major decentralized finance protocol, has recently tagged a $100,000 bounty as a result of a $24 million attack.

Published

on

$100,000 bounty offered to catch crypto hacker

Harvest Finance, a major decentralized finance protocol, has recently announced a $100,000 bounty, as a result of a $24 million attack targeting its liquidity pools.

In a recently released tweet seen by Nairametrics, Harvest Finance disclosed there is enough data so far to identify the attacker, “who is well-known in the crypto community.”

READ: Ethereum robber transfers $1.5 million worth of Crypto

READ: Where to invest $10,000 right now

READ: Biggest IPO: World’s biggest Fintech plans to raise $34 billion 

GTBank 728 x 90

Also, for the BTC addresses which hold the funds, there is now a significant amount of personally identifiable information on the attacker, who is well-known in the crypto community.

“We are putting out a 100k bounty for the first person or team to reach out to the attacker,” Harvest Finance tweeted.

READ: Crypto exchanges with most valuable crypto-assets in the world 

Coronation ads

Why it’s happening

Harvest Finance’s $100,000 bounty is coming on the back burner when it observed its protocol was apparently hacked, with the cyber hacker reportedly exploiting about $24 million from Harvest Finance pools and swapping for renBTC (rBTC).

Hence, Harvest Finance affirmed the hack, stating the protocol is “working actively on the issue of mitigating the economic attack on the Stablecoin and BTC pools.”

READ: Bulls on rampage, Ethereum wallets now record high

READ: Naira weakens at black market as external reserves loses $42 million in 1 week

The report reads,

Jaiz bank ads

We are working actively on the issue of mitigating the economic attack on the Stablecoin and BTC pools and will update this thread in realtime as soon as additional details are available.

Stanbic IBTC

The economic attack was performed through the curve y pool, stretching the price of the stablecoins in Curve out of proportion and depositing and withdrawing a large number of assets through harvest.

READ: Big entity transfers 51 million TRX

“To protect users, we’ve pulled y pool and btc curve strategy funds to the vault

“At this point, all Stablecoin and BTC funds are in the vault (not deployed in a strategy). No other pools are affected.

“To be specific: to protect users, 100% of Stablecoin and BTC curve strategy funds have been withdrawn from the strategy to the vault.”

READ: Rich Bitcoin investor moved $175 million worth of BTC for just $0.84

What you should know

Harvest, a new (DeFi) platform created on the Kava blockchain, plans to launch a product that will enable users to earn more on Bitcoin, XRP, Binance coin, and two other cryptos.

Harvest offers crypto users the platform to supply crypto assets for lending, and earn interest on them, as well as, use their crypto as security for borrowing,; this is according to Brian Kerr, Kava’s co-founder and Chief Executive.

app

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Featured Financial Market Analysis for a Fortune Global 500 Company. Member of the Chartered Financial Analyst Society. Follow Olumide on Twitter @tokunboadesina or email [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Cryptocurrency

3 wealthy crypto investors move over $400 million worth of Bitcoin

Three unknown entities moved Bitcoins estimated to be worth about $400 million, in three separate transactions.

Published

on

Unknown entity transfers $166 million worth of Bitcoins

A growing number of wealthy investors in recent times have increased their transactional volume at the Bitcoin market.

This is, however, triggered by the recent rush of notable institutional brands and investors rushing to have a stake in this digital asset.

READ: Dangote Cement market capitalization increased by 28% to cross N3 trillion mark in November

  • Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that three unknown entities moved Bitcoins estimated to be worth about $400 million, in three separate transactions, some hours ago.

The 3 transactions are captured in the tweets below:

GTBank 728 x 90

READ: N117 billion approved by FG for road rehabilitation

READ: Ripple suffers highest day percentage loss since September 3

Coronation ads

READ: Nigeria needs $3trillion in 30 years to reduce infrastructure deficit – Osinbajo

  • At the time of writing this publication, the flagship crypto traded at $19,285.38 with a daily trading volume of $32 billion.
  • Bitcoin is up 1.41% in the last 24 hours.
  • It is ranked the most valuable crypto by market value, with a valuation of $358 Billion.
  • It has a circulating supply of 18,561,562 BTC coins and a maximum supply of 21,000,000 BTC coins.

READ: Crypto robber sends out over $5 million worth of stolen Bitcoins

Recent data seen from Glassnode, reveals a contraction of supply action at the bitcoin market is pointing towards a bullish bias, taking to account Bitcoin Active Supply 5y-7y (1d MA) just reached a 2-year low of 860,282.802 BTC.

  • The previous 2-year low of 860,344.389 BTC was observed on 03 December 2020.
  • Metric Description: The amount of circulating supply last moved between 5 years and 7 years ago.

Explore Data on the Nairametrics Research Website

Jaiz bank ads

Stanbic IBTC

READ: Zenith Bank posts PBT of N177.3 billion in 9M 2020

What to expect

Nairametrics anticipates increased buying pressures by such large entities are partly responsible for the crypto recent highs. While, it is difficult to predict market movements, such investors have shown historically, price patterns often determines the BTC trend.

READ: United Capital Plc raises N15 billion through Commercial Paper

Continue Reading

Cryptocurrency

120 million XRP worth $76 million moved by a large entity

A large entity moved 119,999,980 XRP (75,551,782 USD) from an unknown wallet to Coinbase, a few hours ago.

Published

on

ripple cryptocurrency, XRP

The third most valuable crypto by market value, XRP has become the favourite of institutional investors lately, hinting that there may be more than meets the eyes.

Data, however, retrieved from Whale Alert revealed a large entity moved 119,999,980 XRP (75,551,782 USD) from an unknown wallet to Coinbase, a few hours ago.

READ: Buying signs: Ethereum’s total coin supply held off exchanges continues to rise

  • Wealthy crypto investors seem to be upping their game last quarter of, 2020, as regards moving XRP – the third most valuable crypto by market value, as lately seen by Nairametrics.
  • Many crypto experts anticipate the movements of such crypto are coming from major stakeholders of Ripple, on the bias some of these wallets contain a significant amount of XRP.

READ: ValuAlliance distributes value fund of N10 per unit for H1, 2020

GTBank 728 x 90

At the time of writing, XRP was trading at $0.628191 with a daily volume of $11 billion. XRP is up 1.16% in the last 24 hours, with a market capitalization of $28.5 billion. It has a circulating supply of 45,334,295,892 XRP coins and a maximum supply of 100,000,000,000 XRP coins.

What you should know: Ripple is a privately-held fintech company that provides a global payment solution via its patented payment network called Ripple Network (also known as RippleNet).

READ: Nigeria’s non-oil exports increase by 100%

Coronation ads

XRP still remains the only crypto gaining traction among global banks as Japan-based Mitsubishi UFJ Financial Group, with assets of more than USD 2.8 trillion, announced in November 2018 that, in cooperation with Ripple, it would provide an international money transfer service on the payment corridor from Japan to Brazil

READ: Tether opens up 300,000,000 USDT

Why are whales buying?

Economic historian, Barry Eichengreen, gave a detailed analysis of why cryptos should not just be considered for speculative reasons, as leading crypto assets have shown characteristics of being tangible assets.

“I don’t think that thinking about crypto as speculative investments, is really a long-term viable business model. Speculative investments have come and gone throughout history. Tulips came as a speculative investment and they went. Digital assets that provide actual tangible services like cross-border payments are the ones that are likely to have legs,” Eichengreen said.

READ: Ripple suffers highest day percentage loss since September 3

Jaiz bank ads

Barry went on to explain why crypto has become the new digital gold.

Stanbic IBTC

He said, “Gold doesn’t really have any intrinsic value. People [believe] it will hold its value because other people value it. There is, from that point-of-view, a parallel with cryptocurrencies. People pay actual U.S. dollars for it because they think other people will value it and pay actual U.S. dollars for it.”

READ: Whales are buying XRP, Ripple becomes world’s 3rd most valuable crypto

Explore Research Grade Data on the Nairametrics Research Website

Continue Reading

Cryptocurrency

Bitcoin is highly volatile, illiquid, supports digital Euro – European Central Bank

The ECB leader has acknowledged the gains of having blockchain technology in play but is critical about Bitcoin and other Cryptos.

Published

on

European Central Bank plans Crypto Euro  IMF reiterates the need for Nigeria, others to completely ditch fuel subsidy

European Central Bank (ECB) leader, Christine Lagarde, is leading the campaign for a digital euro but doesn’t see the flagship crypto, Bitcoin, and other cryptos as ideal for payment.

The ECB leader acknowledged the gains of having blockchain technology in play, but was critical about Bitcoin and other cryptos, particularly on the bias that it’s too volatile to be used in making payments.

READ: New CBN Circular: CBN confirms only Banks can pay IMTO dollars

“The main risk lies in relying purely on technology and the flawed concept of there being no identifiable issuer or claim. This also means that users cannot rely on crypto-assets maintaining a stable value: they are highly volatile, illiquid, speculative, and so do not fulfill all the functions of money,” Lagarde said.

In this COVID-19 era, Lagarde has declared her support for the digitalization of the Euro, elaborating deeper on what a digital euro could do, such as providing its citizens unrestricted access to money that is backed by a central bank, and allowing the Euro geopolitical area to maintain its monetary status quo.

GTBank 728 x 90

READ: Africa’s internet economy has the potential to reach 5.2% of the continent’s GDP by 2025 – Goggle/IFC

READ: Nigeria loses N3.5 trillion to post harvest loss annually – Farmcrowdy boss

“It could be important in a range of future scenarios, from a decline in the use of cash to pre-empting the uptake of foreign digital currencies in the euro area. Issuing a digital euro might become necessary to ensure both continued access to central bank money and monetary sovereignty.

Coronation ads

“A properly designed digital euro would create synergies with the payments industry and enable the private sector to build new businesses based on digital euro-related services,” Lagarde added.

READ: 100,000 tons of cocoa stranded at ports due to CBN documentation – Cocoa exporters

What you should know

  • Some weeks back, Christine Lagarde gave a strong indication that the ECB could create its cryptocurrency within a few years, in what would be a systematical change to the euro zone’s financial system.
  • Lagarde hinted that it could take two to four years before the project begins, as it would address concerns over privacy, money laundering, and the technology involved.

READ: U.S investment giant, with $295 billion assets plans to buy Bitcoin

Continue Reading