Crypto Guides, Knowledge & Insights

7,500 Ether Stolen from Uniswap in Phishing Attack

According to PeckShield, a smart contract security firm, the hacker was able to steal the cryptocurrency from Uniswap using a phishing tactic.　　Prior to the hacking incident, the hacker targeted the liquidity provider using a fake Uniswap airdrop token as phishing bait. Following that, the victim claimed the token and interacted with the malicious smart contract, giving the hacker indirect control over their wallet.　　During the attack, the wallet was supplying $8 million to a WBTC/USDC liquidity pool on Uniswap version 3.　　The hacker exited the users liquidity position after the attack, swapped the assets, and transferred them out. The hacker routed the funds through Tornado Cash, a transaction mixer on the Ethereum network, according to the Block.　　The hacking incident occurred three weeks after Uniswap hired a former New York Stock Exchange president as an adviser.　　Stacey Cunningham will help Uniswap Labs business by focusing on regulation for Uniswaps role in DeFi, according to Blockchain.News.　　Cunningham said in a statement that she joined Uniswap Labs because “she believes in the potential of a decentralized exchange and in Uniswaps commitment to fairer markets.”　　Despite the current challenging market environment, the hack in Uniswaps wallet and the new appointment have occurred.　　The prolonged drop in crypto prices, combined with

2022-07-14Deep Dive

More than 48 Terra Projects Merged with Polygon Ecosystem

Over 48 projects, including the well-known Lunaverse (LUV) Metaverse platform, OnePlanet NFT marketplace, and Derby Stars play-to-earn (P2E) games, have been jointly migrated to the Polygon ecosystem.　　Polygon Studios CEO Ryan Wyatt wrote on his official Twitter: “We are working closely with a variety of Terra projects to help them migrate over swiftly to Polygon.We will be putting capital and resources against these migrations to welcome the developers and their respective communities to our platform.”　　We will commit funds and efforts to these migrations in order to welcome developers and their respective communities to our platform.　　Polygon is a decentralized Ethereum scaling network designed to streamline supply chain processes. The ecosystem enables scalable, safe, and quick Ethereum transactions by leveraging Plasma side chains and a Proof-of-Stake network to address the issues of slow block confirmation and high gas prices.　　According to the firm, more than 48 projects have successfully entered the Polygon ecosystem.　　Terra Classic is the new name for the network. The Terra networks native tokens, LUNA and UST, saw an extraordinary fall in May.　　LUNA lost all of its gains over the previous 12 months, plunging to a 52-week low of $0.8384. The LUNAs decline comes as more of a surprise to the crypto

2022-07-14Deep Dive

NFT Lender Omni Hacked for 1,300 ETH

According to PeckShield, the non-fungible token (NFT) platform Omni was hacked for 1,300 ether (ETH) ($1.43 million) as the hacker exploited the firms reentrancy vulnerability protocol.　　The NFT money market platform enables users to stake their NFTs on the platform, which is typically open staking for popular collections such as Bored Ape Yacht Club, in order to receive tokens like as ETH.　　Despite the fact that the hacker was able to steal more than 1,300 wETH ($1.4 million), the ERC20 marketable version of ETH, Omni maintained that the loss had no impact on users funds. Because the technology is currently under beta testing, only internal testing money were impacted, according to the company.　　According to the NFT firm, the practice has been paused pending a thorough examination.　　According to The Block, Solidity-coded projects are subject to reentry. It enables hackers to force their smart contract to call an untrusted contract.　　The hacker deposited NFTs from a collection called Doodles, which were used to borrow wrapped ETH (WETH), tokenized copies of cryptocurrencies that are tethered to the value of the original coin, according to Yajin Zhou, CEO of blockchain security company BlockSec.　　Following the deposit and liquidation of the position, the attacker receives the leftover Doodle NFT

2022-07-13Deep Dive

Payment API Platform Fuse Charge was released by Web3 Payments Company Fuse

Fuse Charge, a blockchain payment API platform, has been officially launched by Web3 payments revolution firm Fuse.　　On May 10, Fuse Labs announced a $5 million investment from Tectona, an Israeli-listed digital asset firm. The funds will be used to accelerate the development of Fuse Charge, a Fuse SaaS solution that allows developers to quickly construct applications that can process payments at scale.　　The Fuse Charge was officially revealed to the public in July. The blockchain service platform enables both newcomers to the blockchain sector and established businesses to use the Ethereum Virtual Machine (EVM) compliant Fuse Network blockchain.　　Fuse Charge, according to Fuse, would address the issues of excessive transaction costs in the present payment system, the requirement for middlemen, and the inconsistency of jumping between multiple platforms owing to different areas.　　For blockchain-powered payments, Fuse Charge combines transfer finality, open access, and peer-to-peer architecture.　　The platforms beta testers will receive the Admin API for creating token and blockchain accounts, the Wallet API for creating mobile wallet apps, and the Trade API for combining tokens for trading on decentralized exchanges.　　According to a survey conducted by Big Four audit firm Deloitte, 87 percent of merchants feel that cryptocurrency payments would maintain them at the top

2022-07-13Deep Dive

Blockchain.com Could Lose $270 Million Due to 3AC's Insolvency

Due to Three Arrows Capitals failure to repay loans as a result of its bankruptcy and liquidation, cryptocurrency exchange Blockchain.com may face a total loss of $270 million.　　Earlier this month, the troubled cryptocurrency hedge firm Three Arrows Capital (3AC) filed for Chapter 15 bankruptcy in the United States in order to keep its assets in the nation.　　Three Arrows Capitals problems were exacerbated by the failure of LUNA-UST, to which the company has considerable exposure. A British Virgin Islands court has ordered the liquidation of Three Arrows Capital.　　In a letter to shareholders, Blockchain.com CEO Peter Smith stated, “Three Arrows is rapidly going insolvent, and the default impact is about $270 million in bitcoin and US dollar loans from Blockchain.com.”　　He said that the corporation deceived bitcoin industry colleagues and sought legal counsel to defend its own interests and make them accountable to the maximum extent possible.　　The company stated that Blockchain.com is operationally sound and that its users would be unaffected, remaining liquid and solvent.　　Three Arrows has refunded more than $700 million in cryptocurrency.　　According to a Bloomberg story from April, cryptocurrency exchange Blockchain.com is set to go public as soon as this year.　　Genesis Capital, a digital asset lending organization, stated that when filing

2022-07-13Deep Dive

Banking Circle Introduces USDC as a Payment Method

Banking Circle, an EU-regulated payments bank, has announced the integration of the USD Coin (USDC) stablecoin into their payment rail.　　According to the business, the stablecoin integration would allow banks and payment providers convert from fiat currencies, which is crucial as the Web3.0 industry expands.　　Banking Circle claims that the integration of USDC will help to reduce the required IT infrastructure as well as the capital base for businesses looking to implement digital currency-backed payments. The company believes it is in a position to adequately democratize money for the benefit of all.　　“Digital assets are likely to be the ‘leveller’ for the global economy in years to come with potential to remove the friction that is inherent in conventional currencies”, explained Mishal Ruparel, Head of Virtual Asset Services, Banking Circle. “It‘s critical, therefore, that Banks and Payments providers have the ability to process certain types of cryptocurrencies in the same way they do fiat currencies. With an already established reputation as an innovator in payments, it’s a natural next step for Banking Circle to add stablecoins.”　　Banking Circle stated on its website that it aims to reduce cross-border transactions from 5 days and 50 Euros to 5 seconds and 50 cents. With todays improvements

2022-07-12Deep Dive

Tron Founder Justin Sun Plans to Spend $5 Billion to Save Struggling Cryptocurrency Firms

Justin Sun, the founder of Tron blockchain, is as sympathetic to the present crypto businesses in crisis as he is eager to bail many out.　　While there has been no report of Tron helping out any crypto firm to date, Sun has stated that he is willing to contribute up to $5 billion to help distressed crypto firms.　　Sun confirmed the $5 billion funds it is willing to spend on The Block after tweeting that he is “friends with everyone and are always ready to serve,” in response to a Twitter user who said firms are overlooking Sun as a deep pocket crypto founder on par with the likes of Binances Changpeng Zhao and FTX Exchanges Sam Bankman-Fried.　　According to Sun, a number of problematic crypto businesses have approached his establishment for assistance, and Tron has enlisted the assistance of an Investment Bank to assist in advising the startups on funding. He declined to name the bank with whom it is collaborating due to a Non-Disclosure Agreement between the two sides, but stated that its major interests are in initiatives with a broad user base.　　“Our interest is platforms with a large user base,” Sun said. “Both CeFi [centralized finance] and DeFi [decentralized finance]

2022-07-12Deep Dive

Reddit Debuts a New NFT Avatar Marketplace

Reddit, a prominent global social media network located in San Francisco, announced on Thursday the introduction of a new NFT-based avatar marketplace that allows users to purchase blockchain-based profile photos for a set price.　　Users do not require a crypto wallet to purchase digital images, according to the company. A credit or debit card is required to make a transaction, and customers can keep their digital assets using Reddits own wallet product.　　In a statement, the company said: “Collectible avatars are backed by blockchain technology, giving purchasers rights (a license) to use the art – on and off Reddit.”　　Users can mix and match the appearances of their avatars by using the tools offered in Reddits avatar builder. As a result, the avatar in communities will have a “glow-like effect” next to a users comments.　　Reddit announced a collaboration with Polygon, an Ethereum-compatible blockchain, to create such avatars on-chain. Users can store and manage such NFTs using Reddits blockchain wallet, Vault, which is available in the companys native app. Consumers currently utilize Vault to earn blockchain-based community points and spend them on perks like badges and animated emojis.　　The NFT avatars will initially be available to members of the invite-only subreddit r/CollectibleAvatars. All NFTs, according

2022-07-11Deep Dive

Most Popular Crypto Exchanges in Nigeria today

By: Damian Okonkwo　　There is currently a massive embrace of Cryptocurrency trading in Nigeria. This has given rise to many crypto exchanges creating their online presence in Nigeria. Most crypto exchange such as Binance has provided Peer-to-Peer trading platforms for Nigerian traders as a way of overcoming the restrictions on Crypto trading by the Central Bank of Nigeria. This work has considered the most popular crypto exchanges in Nigeria today.　　What is Cryptocurrency exchange？　　A cryptocurrency exchange is an online trading platform for buying and selling crypto. These crypto exchanges make it possible to swap from one coin to another and without them, it will be difficult for traders to convert their cryptocurrency into fiat currencies. Most cryptocurrency exchanges are centralized and require their users to complete an identity verification process called KYC before using their platforms.　　Types of Crypto exchange　　There are two main types of Crypto exchange. They are Centralized and Decentralized exchanges.　　A. Centralized exchange: The centralized exchange is a well-regulated cryptocurrency exchange that requires users to complete an identity verification process known as KYC, before using their platforms. This means; the users are registered and known to the owners of the platform. This helps to enhance the security of the users on

2022-07-11Deep Dive

Etihad Airways Enters Crypto Space with First NFT Offering

On July 21, Etihad Airways aims to release its first non-fungible token (NFT) collection, which will include ten detailed 3D aircraft models.　　The NFT collection, dubbed EY-ZERO1, will include 2,003 limited-edition collectibles, including Etihads Manchester City FC and Greenliner-themed aircraft, with the goal of increasing traveler pleasure.　　Etihad Aviation Group CEO Tong Douglas stated:　　“NFTs and other metaverse technologies are revolutionizing the digital economy, and we are proud to be one of the first airlines in the world to explore their potential to provide additional utility for our customers.” 　　The collection, which is part of the airlines Web3 strategy, will pave the way for future metaverse items. Douglas continued:　　“Were excited to launch our first NFT collection, EY-ZERO1, which not only offers collectors, aviation enthusiasts and travelers a unique work of art, but provides real-world travel and lifestyle benefits with Etihad Airways.”　　Etihad Airways, the UAEs second flag carrier airline, seeks to promote ecologically responsible initiatives with the collection.　　The NFT collection, for example, will be minted on the Polygon network, an energy-efficient blockchain. Furthermore, the earnings of the initiative will be used to purchase sustainable aviation fuel as part of plans to offset the whole carbon impact.　　“As well as recognising the artistic value of our

2022-07-11Deep Dive

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