Value DeFi loses $ 6 million in „flash loan exploit“

16. November 2020

Value DeFi is the next DeFi project to fall victim to a serious attack.

The DeFi project Value DeFi fell victim to a so-called “flash loan exploit” , which caused damage of almost 6 million US dollars

The attacker in question used two „flash loans“ from other DeFi projects in order to use them to use the exchange rate differences at Value DeFi to their own advantage. So he just found a „gap in the system“ and cannibalized it or „exploited“ it.

Explanation: Flash loans are crypto loans that are approved without the borrower having to deposit a corresponding deposit. This is possible because the respective loans are literally repaid “in a flash”, because they still have to be paid within the same Bitcoin Evolution transaction.

At 10:45 a.m. (EST) a crypto user had such a flash loan of 80,000 ETH (more than 36 million US dollars) from the Aave project paid out on Friday. Aave developer Emilio Frangella noticed this unusual occurrence and accordingly pointed it out on Twitter:

Emiliano Bonassi, a self-proclaimed Whitehat hacker and co-founder of DeFi Italy, then reported that the attacker had withdrawn a flash loan in the form of the stablecoin DAI from the DeFi project Uniswap, which in turn corresponded to the equivalent of 116 million US dollars .

As Bonassi further noted, the attacker exchanged the ETH borrowed from Aave for stablecoin funds, then deposited part of the DAI received from Uniswap into Value DeFi’s multi-stablecoin vault, and then made several exchanges between the stablecoins USDT, USDC and DAI carried out in order to „exploit“ the differences in the exchange rate within Value DeFi.

In an interview with Cointelegraph, Bonassi explains that the attack was conceptually similar to the most recent attack on the DeFi project Harvest Finance , but that the action against Value DeFi is the most complex exploit he has seen so far. In addition, it would have been “the first time” that an attacker used two flash loans at the same time.

A little later, Value DeFi admitted the attack in the company’s own Discord server:

“We are aware of the current processes in the MultiStables Vault. Please give us time so that we can examine it carefully. All other vaults and pools run normally. “

Shortly after the exploit was over, the attacker sent an Ethereum transaction to the Value DeFi address , which he used to mock the project’s operators. So he asked sarcastically:

„Do you already know what flash loans are?“
The attacker only paid $ 0.31 in ETH with his transaction, which is further evidence that the news was all about scorn and ridicule.

Analyserer Bitcoins korte og langsigtede Elliot Wave Count

4. November 2020

Bitcoin-prisen fuldfører sandsynligvis en kompleks korrektion.

Prisen er i en langsigtet bølge fire.

Bølge fem skal ende et sted mellem $ 16.000 og $ 17.000.

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Bitcoin BTC
Bitcoin (BTC) -prisen vil sandsynligvis afslutte bølge fire af en 5-bølge bullish impuls. Når korrektionen er afsluttet, forventes et betydeligt prisrally, der bevæger sig i retning af nedenstående mål.

Den mest sandsynlige optælling er, at BTC gennemfører en kompleks W-X-Y-korrektion (vist i blåt nedenfor), der i øjeblikket handler i Y-bølgen.

Y-bølgen finder sted i en flad A-B-C (orange), i øjeblikket i C-bølgen.

De tre mest sandsynlige mål for, at C-bølgen slutter, ville være på $ 13.166, $ 12.922 og $ 12.615: 1, 1.27 og 1.61 Fib-niveauer (orange fib) af bølge A.

Brug af en ekstern retracement på bølge B giver os mål på $ 12.949 og $ 12.648 (rød fib), der falder sammen med de to sidstnævnte mål.

Derfor vil de to mest sandsynlige mål være, hvor der er en sammenløbning af fibniveauer mellem $ 12.900 – $ 12.950 og $ 12.600 – $ 12.650.

BTC Langtidsoptælling

C-bølgen er en impuls, så prisen er sandsynligvis i bølge tre af en fembølgedannelse (vist i sort nedenfor). Målet for bunden af ​​træk bliver klarere, når impulsen fortsætter med at udvikle sig.

BTC kortvarig optælling

Bitcoin Triangle
Cryptocurrency-forhandler @CryptoTony_ skitserede et muligt bølgetælling for BTC, hvor prisen fuldfører bølge fire i en symmetrisk trekant og snart vil bryde ud.

BTC-trekant

Den alternative optælling antyder, at prisen handler i en symmetrisk trekant i stedet. Dette er gyldigt, da en trekant kan skabe en bølge 4, som i øjeblikket ses i BTC-diagrammet.

Hvis optællingen er korrekt, afslutter prisen E-bølgen (sort) nær den stigende supportlinje til $ 13.400, inden den til sidst bryder ud.

Et fald under C-bølgen på $ 13.195 vil ugyldiggøre trekantscenariet, hvilket indikerer, at det korrekte antal er den komplekse korrektion fra det foregående afsnit.

På den anden side antyder et rally over D-højden på $ 14.083 $, at BTC-trenden er bullish.

BTC-trekant

Bitcoins fremtidige bevægelse
Hvad angår den fremtidige bevægelse, er det sandsynligt, at den tidligere korrektion er en del af en langsigtet bølge 4 (orange, fremhævet) i en impuls, der begyndte den 7. september.

Efter flytningen er afsluttet, vil bølge fem sandsynligvis ende mellem $ 16.100 og $ 16.100. Disse mål findes ved hjælp af Fib-udvidelser af bølger en og tre.

BTC Langtidsoptælling

På længere sigt ser det ud til, at hovedmodstandsområdet ligger mellem $ 16.100 – $ 17.300, de 0.786 – 0.854 Fib-niveauer for hele det forrige fald begyndende fra december 2017 hele tiden.

Brug af Fib-udvidelser fra langvarige bølger 1 og 3 (hvid) giver mål mellem $ 16.800 – $ 17.100 (hvid fib), relativt tæt på de to tidligere angivne mål.

Derfor, når den nuværende korrektion er afsluttet, bør BTC rally til et sted mellem $ 16.000 – $ 17.000.

bitcoin Langsigtet

Konklusion
For at konkludere vil Bitcoin-prisen sandsynligvis fuldføre sin korrektion under $ 13.000, inden der påbegyndes et opadgående træk, der vil tage prisen over $ 16.000.

Ethereum 2.0: testing resumed as Beacon Chain launch approaches

3. November 2020

The Medalla test network for ETH 2.0 is abandoning its inactive operators.

Testing will resume in anticipation of the highly anticipated launch of the deposit contract.

The main developer says he is ready to „launch everything“

The Trust Project is an international consortium of news organizations based on transparency standards.

Trials on the Medalla test network for Bitcoin Bank platform have been halted in recent weeks due to operator inactivity. That said, things appear to be turning around as the Mainnet launch date approaches.

Ethereum 2.0 Phase 0 Medalla testnet has been disabled for several weeks due to insufficient participation from validation operators. To function, the network needs a participation of 66% of the operators who place 32 ETH simulations in staking each. For most of October, turnout was below 50% as testers grew weary of waiting for the real network.

Blockchain company Bitfly recently released an update on purging and replacing inactive operators to resume testing.

Medalla restarts

At the time of writing, 3,892 operators were in the exit phase of the project, according to Beaconcha.in . These inactive operators will be kicked out of the pool to allow those who remain to continue testing when the network reaches its end again.

The number of GöETHs involved is currently around 1.7 million. Likewise, the average balance is now lower than the 32 operators required for validation. This number should revert to the target average after inactive operators have been purged from the system.

The developer of ConsenSys Ben Edgington, also gave news on the situation in commenting on the lack of participation on Medalla:

There was a sharp drop in attendance when the Zinken network launched (which was meant to be ephemeral), and many did not return. This is the problem with uninvited test networks: abandonment costs nothing.

He added that the long endless period has been helpful in uncovering weak spots with customers regarding memory and CPU usage. Client teams were able to use this data to improve their software, but there is still a diversification issue with the predominance of the Prysm client.

Germany’s central bank is working on a blockchain project, but it is not a CBDC

According to a notice published in the Supplement to the Official Journal of the European Union , Ocean Protocol, a non-profit Singapore Foundation, has been contracted to create a decentralised network for the German Bundesbank.

The central bank said that the Ocean Protocol, which is a relatively limited project, was chosen mainly because they were the only possible contractor for the work, citing a „lack of comparable competitors“.

The Bundesbank detailed in its public notice that the main objective of the project is to establish a „decentralised network approach, which allows participants permanent and symmetrical access to data for real time updates of statistics, while preserving data sovereignty“.

The institution hopes to work together with the Ocean protocol to build a platform to publish, transfer and consume public and private data safely.

On 21 October, Crypto Legacy reported that the German central bank was considering alternatives to a CBDC . It is possible that this announcement is our first look at what such an alternative might involve.

In July the Ocean protocol announced that it would develop a pilot project with the manufacturer of Mercedes-Benz, Daimler AG.