Category: Cryptocurrency News

The scheme consists of mirroring addresses and sending dust transactions to users to trick them into sending funds to the scammer’s wallet.

Bitcoin is witnessing a strong battle between the bulls and the bears with the sellers currently holding a slight edge.

DeFi lending protocol, Abracadabra Money, is currently debating a proposal to boost the interest rate in its CRV lending markets as it looks to mitigate its exposure to the DeFi token.  In the last few days, CRV  has seen its value decline significantly due to the recent Curve Finance exploit on Sunday, which resulted in a total loss of over $60 million. According to data from CoinMarketCap, CRV is currently trading at $0.56, with an 8.28% loss in the last 24 hours. Abracadabra Exposed To Significant CRV Risk Levels In a governance proposal submitted on Aug 1, DAO contributor and community manager Romy highlighted that Abracadabra was currently exposed to a substantial level of CRV risk. To address this situation, the proposal contains a strategy that introduces collateral-based interest to both CRV cauldrons – lending markets – on Abracadabra. Related Reading: Ethereum DeFi Coins Plunge As Curve Concerns Threaten Major Market Crash Romy stated that Curve Finance, the underlying platform of CRV, has seen its TVL negatively affected over the last month by several events, including the Conic Finance Hack, the JPEG’d exploit, and the attack on Curve itself.  In particular, Romy noted that the theft of $25 million from Curve’s CRV/ETH pool had impacted the on-chain liquidity for CRV, altering the conditions that led to the adoption of the token as a collateral asset on Abracadabra.  In addition, the proposal also noted that Abracadabra had recorded CRV outflows toward markets with lower Loan-to-Value (LTV) ratios and higher interest rates. Together, all these factors have affected CRV’s price and liquidity, prompting the need for Abracadabra to reduce its exposure to the token.   CRV trading at $0.558 on the daily chart: Source: CRVUSD chart on Tradingview.com Abracadabra’s Proposed Strategy To Introduce 200% Interest Hike As earlier stated, Romy’s governance proposal aims to cover Abracadabra CRV’s risk by applying collateral-based interest to the two CRV lending markets on the platform. It was stated that this strategy had been previously implemented with the WBTC and WETH cauldrons.  This introduction of collateral-based interests would allow Abracadabra to levy interest directly on each CRV cauldron’s collateral which is directly transferred to the protocol’s treasury and converted to Abracardra’s native stablecoin MIM, either via on-chain or off-chain transactions.  Related Reading: Is It A Good Idea To Buy Curve Now? Here’s What This Founder Thinks Based on projections, Romy stated that this strategy would allow Abracadabra to boost its treasury reserve and cut potential losses due to CRV exposure to about $5M borrowed MIM.  Under the new proposed interest structure, the interest rates will be determined based on two factors: the combined outstanding principal of the CRV cauldrons and the collateral ratio of each cauldron.  The base interest rate will vary depending on the total borrowed amount, classified into three ranges: $0M-$5M, $5M-$10M, and $10M-$18M. For instance, as the current outstanding principal stands at $18M, the base interest rate would be set at 200%.  Using this rate, it is estimated that the loan would be completely covered in six months’ time. Furthermore, the collateral ratio would influence the interest multiplier, with ratios ranging from

submitted by /u/djwired [link] [comments]

I am considering building an auction application that utilizes the blockchain powered by Ethereum. I have seen platforms such as Opensea having these systems. I am thinking about flaws and areas that can be improved for already existing platforms such as these. Therefore I turn to the community for any sort of advices and their…
Read more

Officials reportedly speculated an indictment against Binance in the U.S. could cause a run on the exchange similar to what happened with crypto exchange FTX in November 2022.

What are the chances here ? Do you think SEC will be forced to bend their ways to approve the ETF’s this year ? submitted by /u/Parush9 [link] [comments]

Cointelegraph Accelerator participants will get a headstart with Consensys’ Web3 solutions, including MetaMask, Infura and Linea zkEVM.

When it comes to centralized exchanges we all learned last year, as to why we should not trust them so easily with our money, especially after so many scams in the year 2022 involving the likes of FTX and Celsius and many others. But one exchange has always been standing out, that is Kraken. Unarguably,…
Read more