Crypto
Hacker steals $116M in cryptocurrency in attack on Mango Markets – SiliconANGLE
![Hacker steals 6M in cryptocurrency in attack on Mango Markets – SiliconANGLE Hacker steals 6M in cryptocurrency in attack on Mango Markets – SiliconANGLE](https://d15shllkswkct0.cloudfront.net/wp-content/blogs.dir/1/files/2022/10/mangomarkets.png)
Solana-based buying and selling platform Mango Markets has misplaced round $116 million in cryptocurrency after a hacker is believed to have undertaken a “flash mortgage” assault.
A flash mortgage assault is a decentralized finance assault the place a cybercriminal takes out a flash mortgage — a type of noncollateralized lending from a lending protocol — after which manipulates the value of a crypto asset on one change to promote it shortly on one other. Mango Markets, run by the Blockworks Basis, provides a decentralized change for buying and selling cryptocurrency, with trades executed on the Solana blockchain.
Within the case of Mango Markets, the hacker used two accounts to lift the value of Mango coin, the token utilized in buying and selling on the platform, artificially, permitting them to control their collateral on the platform to acquire loans from Mango’s treasury. The value was manipulated by means of the hacker taking out a futures place – an settlement to purchase tokens at a future date and value at an inflated value. In accordance with Tech Monitor, the value of MNGO shot up by round 1000% in minutes, elevating the collateral worth of the hacker’s account, which was then drawn upon, draining Mango Markets within the course of.
There may be some dispute, nevertheless, as as to whether this constitutes a flash mortgage assault, as OtterSec claims on Twitter that the scheme concerned broader value manipulation.
At a excessive degree,
1. This was not a flashloan assault
2. The attacker addresses have been funded 5.5M by way of FTX
3. It seems the attacker manipulated costs throughout all exchanges, not simply Solana oracles pic.twitter.com/mQnjCTvPZi— OtterSec (@osec_io) October 12, 2022
At this level in an assault on a cryptocurrency change, a number of issues sometimes occur, such because the change attempting to contact these behind the theft to barter a settlement however this isn’t the case with Mango Markets.
Mango Markets is a decentralized change ruled by a decentralized autonomous group that consists of these holding MNGO. The hacker holds MNGO and voted for their very own answer for returning the stolen funds.
The individual claiming to be the hacker informed the DAO that they’re prepared to return the stolen cryptocurrency if the neighborhood agrees to repay a foul debt from June that was used to avoid wasting one other Solana undertaking referred to as Solend.
On promising to return stolen funds to a chosen tackle, the hacker demanded that “the Mango treasury can be used to cowl any remaining dangerous debt within the protocol and all customers with out dangerous debt can be made complete.”
“By voting for this proposal, Mango token holders comply with pay this bounty and repay the dangerous debt with the treasury, and waive any potential claims in opposition to accounts with dangerous debt and won’t pursue any legal investigations or freezing of funds as soon as the tokens are despatched again,” the hacker wrote.
Because the DAO is a democracy, the hacker solid 33 million votes in favor of the proposal, in response to Decrypt, giving the proposal an approval score of 99.9%. Voting will not be but closed, nevertheless, with an additional 67 million sure votes required by Friday to make the consequence official.
The assault on Mango Markets will not be the primary within the DeFi trade and received’t be the final. In April, a flash mortgage assault on Beanstalk Farms resulted within the theft of $182 million in cryptocurrency.
Picture: Mango Markets
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Crypto
Surging cryptocurrency trading sees Robinhood beat earnings in second quarter – SiliconANGLE
![Surging cryptocurrency trading sees Robinhood beat earnings in second quarter – SiliconANGLE Surging cryptocurrency trading sees Robinhood beat earnings in second quarter – SiliconANGLE](https://d15shllkswkct0.cloudfront.net/wp-content/blogs.dir/1/files/2020/07/robinhood2.png)
Shares in Robinhood Markets Inc. were up over 3% in late trading today after the financial services company surprised with an earnings beat in its fiscal 2024 second quarter off the back of surging levels of customer trading, particularly in cryptocurrency.
For the quarter that ended on June 30, Robinhood reported adjusted earnings per share of 21 cents, up from three cents per share in the same quarter of 2023, on revenue of $682 million, up a healthy 40% year-over-year. Analysts had expected earnings per share of 15 cents and revenue of $682 million.
The story of Robinhood’s quarter came down to more people using its trading platform, with transaction-based revenues increasing 69% year-over-year to $327 million, with options revenue up 43% to $182 million, cryptocurrencies revenue up 161% to $81 million and equities revenue up 60% to $40 million. Net interest revenue was up 22% year-over-year to $285 million and other revenue, which includes gold subscription services, was up 19% to $70 million.
As of the end of the quarter, the company had 24.2 million funded customers, up one million year-over-year and investment accounts were up 1.4 million to 24.8 million. Assets under custody were up 57% year-over-year to $139.7 billion, representing both an increase in net deposits and higher equity and cryptocurrency valuations.
While revenue and usage were up by double figures percent across the board, Robinhood successfully managed to mostly contain any increasing costs concurrent with surging use, with total operating expenses up a fairly modest 6% year-over-year to $493 million.
Notable business highlights in the quarter include Robinhood announcing on June 6 that it had agreed to acquire cryptocurrency exchange Bitstamp Ltd. in a $200 million cash deal. Bitstamp holds more than 50 active licenses across the world, with the deal, once completed, giving Robinhood the ability to expand its cryptocurrency trading service into more countries.
“I’m encouraged by the progress we’re making as a business,” Jason Warnick, chief financial officer of Robinhood, said in the company’s earnings release. “In Q2, we set new quarterly records for revenues and earnings per share as we continue to focus on delivering another year of profitable growth.”
Providing a standard forecast when a sizeable portion of your business involves cryptocurrency is a hard ask and Robinhood doesn’t, although the company did say that a previous forecast for operating expenses and stock-based compensation for the full-year 2024 remains unchanged at $1.85 billion to $1.95 billion.
Image: Robinhood
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Crypto
Shiba Inu Investors Now Hold This New Cryptocurrency That Positioned To 1000x | Bitcoinist.com
![Shiba Inu Investors Now Hold This New Cryptocurrency That Positioned To 1000x | Bitcoinist.com Shiba Inu Investors Now Hold This New Cryptocurrency That Positioned To 1000x | Bitcoinist.com](https://bitcoinist.com/wp-content/uploads/2024/08/photo_2024-08-07_19-04-43.jpg)
Shiba Inu (SHIB) has had a remarkable journey in the cryptocurrency market, capturing the imagination of investors with its meteoric rise. However, recent trends have shown a more volatile and challenging path for the once high-flying meme coin. Despite increased token burns, which surged by 2,400% in the last 24 hours, the price of SHIB has fallen to $0.00001579, marking a 4% decline over the past week. This has led to growing concerns among investors about the token’s ability to reach the coveted $1 mark.
Shiba Inu’s (SHIB) Current Market Position
Shiba Inu (SHIB) remains a significant player in the meme coin market, with a substantial community and market presence. However, the token’s recent performance has been less than stellar, leading many to question its long-term viability. The current price struggles highlight the inherent volatility and unpredictability of the crypto market. Investors who once held high hopes for SHIB are now looking for alternative investments that promise more stability and potential for growth.
Enter Mpeppe (MPEPE): The New Contender
In light of Shiba Inu’s (SHIB) recent downturn, a new cryptocurrency is gaining traction among investors: Mpeppe (MPEPE). Currently in Stage 2 of its presale, Mpeppe is trading at 0.00107 USDT per token, with nearly 75% of the tokens already sold, raising an impressive $589,695. This rapid uptake reflects strong investor confidence and excitement about Mpeppe’s potential to deliver significant returns.
Why Mpeppe (MPEPE) is Gaining Attention
Mpeppe (MPEPE) is not just another meme coin; it offers tangible utility through its integration with decentralized finance (DeFi) and gaming platforms. This dual focus provides real-world applications and value, setting it apart from many speculative assets in the crypto space. The unique blend of entertainment and practical use makes Mpeppe an attractive option for investors seeking both enjoyment and profit.
Shiba Inu (SHIB) vs. Mpeppe (MPEPE): A Comparative Analysis
While Shiba Inu (SHIB) continues to grapple with market volatility, Mpeppe (MPEPE) is steadily gaining ground. The recent struggles of SHIB, including significant price drops and investor concerns, contrast sharply with Mpeppe’s promising start. Analysts predict that Mpeppe has the potential to 1000x, driven by its innovative approach and strong community support.
Market Shifts: From SHIB to MPEPE
The shift in investor sentiment from Shiba Inu (SHIB) to Mpeppe (MPEPE) is indicative of the broader trends in the cryptocurrency market. As investors seek more stable and promising opportunities, new tokens like Mpeppe are emerging as viable alternatives. This shift highlights the importance of innovation and practical utility in gaining investor trust and driving market success.
Looking Ahead: The Future of Mpeppe (MPEPE) and Shiba Inu (SHIB)
The future of Shiba Inu (SHIB) remains uncertain, with the token needing to navigate significant market challenges to regain its former glory. In contrast, Mpeppe (MPEPE) is poised for substantial growth, with its current presale success and practical applications setting the stage for a promising future. Investors looking for high returns and innovative solutions should consider adding Mpeppe to their portfolios.
Conclusion: Diversifying with Mpeppe (MPEPE) and Shiba Inu (SHIB)
In the dynamic world of cryptocurrencies, diversification is key to managing risk and maximizing returns. While Shiba Inu (SHIB) offers a well-established market presence, Mpeppe (MPEPE) brings innovation and practical utility to the table. Together, they represent a balanced approach to investing in the ever-evolving crypto landscape.
For those interested in exploring Mpeppe (MPEPE), the smart contract address is 0xd328a1C97e9b6b3Afd42eAf535bcB55A85cDcA7B. As always, conducting thorough research and considering the risks is essential before making any investment decisions.
For more information on the Mpeppe (MPEPE) Presale:
Visit Mpeppe (MPEPE)
Join and become a community member:
https://t.me/mpeppecoin
https://x.com/mpeppecommunity?s=11&t=hQv3guBuxfglZI-0YOTGuQ
Crypto
Cryptocurrency price on August 7: Bitcoin trades near $57,000; Solana, Toncoin jumps up to 7%
![Cryptocurrency price on August 7: Bitcoin trades near ,000; Solana, Toncoin jumps up to 7% Cryptocurrency price on August 7: Bitcoin trades near ,000; Solana, Toncoin jumps up to 7%](https://img.etimg.com/thumb/msid-112341105,width-1200,height-630,imgsize-130430,overlay-etmarkets/photo.jpg)
Meanwhile, the global cryptocurrency market capitalization rose by 1.25% in the past 24 hours, reaching approximately $2.01 trillion, reflecting a market-wide recovery after recent volatility.
As of 12:23 p.m. IST, Bitcoin was trading 1.8% higher at $56,829, continuing its upward momentum and approaching the critical $57,000 mark. Ethereum, however, remained subdued, trading below the $2,500 level.
Crypto Tracker
Market experts pointed to improving sentiment as a key driver behind Bitcoin’s recent strength. “The crypto market continues to show signs of recovery, with Bitcoin marking another green day and breaching the critical $56,500 resistance level,” said Vikram Subburaj, CEO of Giottus. He further noted, “Bitcoin whales have accumulated 30,000 BTC during the market correction earlier this week. Market sentiment is also improving, as reflected in the Crypto Fear and Greed Index, which has risen from an extreme fear level of 17 to a fear level of 29 in the past 24 hours.”Despite this optimism, some analysts cautioned against overly bullish expectations. Avinash Shekhar, Co-Founder & CEO of Pi42, commented, “Bitcoin’s price is gradually rebounding to $57K. However, low trading volume and a bearish market indicate cautious investor sentiment.”The volume of all stablecoins is now $97.52 billion, which is 94.12% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, fell to $1.123 trillion. Bitcoin’s dominance is currently 55.87%, according to CoinMarketCap. BTC volume in the last 24 hours declined 40.7% to $46.9 billion.Altcoins also saw varied performances, with Solana emerging as a top gainer, rallying nearly 7% to $151. Toncoin followed with a 3.5% rise to $5.75, and Polkadot added over 3% to its value. Vikram Subburaj commented on Solana’s strength, stating, “Solana continues to showcase relative strength – it is up 7% today and trading above $150. The altcoin market continues to play catch-up to Bitcoin.”
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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