A Binance Smart Chain Uniswap clone, Uranium Finance, lost $50 million in tokens early Wednesday morning in an exploit.
The attacker took advantage of a vulnerability that has been present in Uranium’s v2 contracts since the exchange upgraded over a week ago. After sending the minimum required tokens into Uranium’s “pair contracts,” the attacker drained the liquidity pools for multiple token pairs; a misplaced zero in the contract’s balance field (or rather, the lack of one in a section that manages reserves) created the opening for the attack vector.
Out of the $50 million filched, pools for Binance’s blockchain token
Decentralized finance has many of the hallmarks of previous cryptocurrency bull markets: incredible gains, extreme volatility and massive risks. In a new report, leading noncustodial cryptocurrency exchange ShapeShift explains the four biggest risks facing DeFi investors and why the emerging field of decentralized insurance could offer a solution.
The report, titled “Spreading the Risk: Decentralized Insurance,”categorizes DeFi risk into the following “landmines”: custodial risk, smart contract risk, protocol risk and oracle risk.
The history of crypto is filled with examples of centralized exchanges “losing or absconding with users’ funds,” argues report author Kent Barton. For smart contract risk, one
The Oasis Foundation, an offshoot of Oasis Network developers Oasis Labs, announced in a blog post on Friday that decentralized finance (DeFi) insurance and coverage provider Tidal Finance will be implementing a version of their platform on the Oasis Network.
The blog post noted that insurance will be important for users of the platform as Oasis scales its DeFi offerings, and that by working with Oasis’ “confidential smart contracts” Tidal will be able to deploy new claims methods, such as “anonymous, democratized voting” that preserves voters and user privacy.
The move mirrors similar ones being made in Ethereum’s DeFi ecosystem,
The term “decentralization,” or rather, “décentralisation,” was first used by French aristocrat, Alexis de Tocqueville, in the mid-1800s to describe the French Revolution. Tocqueville sought freedom against a tyrannical monarchy; today, people seek freedom from the centralized entities controlling their financial lives.
“Decentralization” continues to exude the same revolutionary connotation it did long ago. The term most recently achieved mainstream notoriety when popularized accounts and communities, such as Reddit’s WallStreetBets, exposed Wall Street hedge funds for having centralized ownership on stock trading. Hedge funds and Wall Street were quick to shut down Robinhood, an app known for giving power back
To function effectively, society has long depended on people having faith in their institutions. Thanks to the COVID-19 pandemic and wide-ranging failures of leadership, that faith has been tested like never before.
Nowhere is the decline in trust more evident than in the financial services sector. In its 2021 Trust Barometer, Edelman found that only 53% of American respondents said they trusted those in the U.S. to “do what is right” — down 5% from its 2020 survey. You can see this in the battle between Main Street and Wall Street, which played out in January’s GameStop rally. More
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