What are wash trading and money laundering in NFTs?
The simultaneous purchase and sale of crypto assets is called wash trading. Read this guide to understand the purpose of a wash trade.
The simultaneous purchase and sale of crypto assets is called wash trading. Read this guide to understand the purpose of a wash trade.
So many great apps go unnoticed by this community because someone will jump to a conclusion early and flag something as a scam. Once something gets labeled as a scam, then the whole community assumes that the commenter knows what they are talking about. Let's try to be more open minded guys, jump to conclusions…
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My friend made a swing trading crypto bot and I threw 10k at it and let it rip with him in Beta. Cut it off after about 2 months and 4k in losses. 123k transactions happened in that period on Binance. I'm also an idiot who didn't know I had to report every transaction. Everything…
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Another DeFi platform took a major hit today, as the decentralized, credit-based stablecoin Beanstalk (with it’s stablecoin $BEAN) has broken it’s peg following a roughly $80M hack. Speculation has been left, right and center and a number of sleuths have been tracking the movement of funds and studying the exploit that has likely left Beanstalk Farms in the dust. Let’s look at what we know from the early hours since the hack. Beanstalk Farms’ Hack: What Went Down The transaction on Etherscan shows that the hacker used what’s commonly known as a ‘flash loan attack,’ one that has been seen on DeFi protocols previously. A flash loan in crypto allows a user to borrow and repay a loan in a single transaction, which minimizes risk for lenders and can streamline processes for borrowers. In the Beanstalk Farms hack, the hacker borrowed nearly a third of the BEAN supply, roughly 32 million tokens and utilized Curve Finance’s $3Crv tokens to generate a unique tokens ‘BEAN3CRV-f’ and ‘BEAN3LUSD-f.’ The attacker utilized these two new tokens to deceive Beanstalk’s governance model and gave the hacker a massive majority holding of ‘seeds,’ the platform’s governance token. With such a larger holding of seeds, the hacker had the contractual capability to execute an ’emergency governance action,’ siphoning massive amounts of funds from the Beanstalk contract. The hacker even included a $250K donation to the Ukrainian donation address as part of the hack, and set up the governance proposals over 24 hours prior to actual execution of the flash loan attack. Lossless (LSS) has reached out to Beanstalk; the project is an increasingly-utilized tool to combat against potential hacks. | Source: LSS-USDT on TradingView.com Related Reading | Bitcoin Clings To $40K On Easter Sunday As Crypto Seen To Head Lower In The Short Term Can The Protocol Recover? Just days ago, Beanstalk was celebrating over $150M in TVL, over $130M in liquidity, and a rapidly approaching market cap of $100M that was impending. The protocol has had to pump the brakes, and it’s future is now unclear – with a stark Discord screenshot from admins: How the protocol recovers from here will be difficult to predict. Additional Discord screenshots show that the project is not shutting down immediately, but is also not committing towards an eventual re-build: Crypto hack mitigators Lossless have reached out and Beanstalk will likely need strong partners to recover from this. Commentors on Beanstalk’s Twitter account have speculated that it was an ‘inside job’ conducted by Beanstalk to leave retail as exit liquidity. However, until more details come to light, it’s all speculation. We’re engaging all efforts to try to move forward. As a decentralized project, we are asking the DeFi community and experts in chain analytics to help us limit the exploiter's ability to withdraw funds via CEXes. If the exploiter is open to a discussion, we are as well. https://t.co/fwceVz6hbi — Beanstalk Farms (@BeanstalkFarms) April 17, 2022 Related Reading | ADA To Rebound With Integration Of USDT And USDC On Cardano Featured image from Pixabay, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
This post is at the top of the sub right now. In it, OP claims that he "accumulated his wealth" by combing through the vast sea of microcap shitcoins on CoinGecko and picking winners. Don't listen to him. First, even if a project meets all 7 of his criteria, there's still not a "good chance"…
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Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% this week. Moreover, over the last seven days, an NFT collection called Moonbirds saw the […]
What is the difference between a smart contract bug vs hack? Are they not technically the same thing? If someone could point me in the right direction or correct my ignorance it would be very much appreciated! Thanks in advance. submitted by /u/sheilag33 [link] [comments]
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submitted by /u/harryspeight [link] [comments]