Category: Industries

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DeFi Hackers Industries

Pickle Finance Is The Latest DeFi Project To Be Beaten At Its Own Game

DeFi farming project Pickle Finance is the latest DeFi project to be hit hard by those who may share the same entrepreneurial spirit, if not the same methods.

Unlike the recent flashloan fiasco Value DeFi recently went through, the attack on Pickle Finance was a bona fide malicious attack, with none of the tongue-in-cheek humor. 

Value DeFi has since switched to Chainlink, arguing that their system provides better protection from exploits.

Evil Jar Swap

Pickle Finance’s modus operandi was based on providing automatic solutions for transactions between various DeFi protocols.

However, in order to maximize profits Pickle Finance required users to deposit funds in compound for trading purposes. 

This allowed the unknown bad actor to swap the funds between Pickle Finance’s cDAI jar and a copycat contract. The copycat contract had a similar interface to the legitimate one but was programmed to execute itself differently, allowing the bad actor to make a huge profit.

Confirmed 30 seconds later, the person behind the attack sent $20 million worth of funds from  Pickle’s cDAI jar to his own “evil jar”.

However, the DeFi company’s problems are not over, as their value has since plummeted by 58% within just a few hours – as proven by their current trending search on CoinGecko. The price has since slightly rebounded, making the loss of value closer to 52%.

Twitter users have been making light of the issue – with a user quipping that the new security audit will be to have proper insurance coverage, and others replying that they should start a security audit company for security audit companies.

Nevertheless, the past few weeks have seen several more DeFi projects, such as Akropolis, Harvest Finance, and Cheese Bank fall victim to bad actors. 

There is a silver lining to all the trouble, however: new and existing DeFi companies will now probably start beefing up their security, spurring decentralized finance down the path to becoming a huge competitor for traditional finance.

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Australia Blockchain Industries

Downer Group Trying Out Blockchain Improvements In The Construction Business

The Downer Group – a company offering a range of construction and engineering services  – is looking into the use of blockchain technology, hoping to improve their current modus operandi. Listed on the ASX and offering their services across Australia and New Zealand, the Downer Group is on the ASX 100 list and employs around 52,000 people.

Although blockchain has many uses in construction, the company has stated that they plan to use blockchain technology to keep a record of turnaround maintenance work – and to manage complex shutdowns.

Avoiding Mistakes And Misunderstandings

Over 130 shutdowns and turnarounds are performed by Downer every year, mostly in complex sites such as mines.

In industries where the slightest mistake can be fatal, there is no room for error – and blockchain can reduce those errors almost completely.

Blockchain has been used in Australian construction before – notably to create eco-friendly apartment complexes. However, the Downer Group states that this is the first use of blockchain in Australia for these specific areas of interest.

Pat Burke – the business executive general manager of Downer Group – stated that they are always looking for ways to improve customer experience. Among other innovative ideas, blockchain was singled out as a way to slice through previously opaque and confusing business practices, particularly those pertaining to unexpected costs and SLAs.

“A key factor in the successful management of large maintenance outages is having real-time information regarding asset condition, time, cost, and schedule that allows fully informed decision making during the actual execution of major and minor works.

“I believe blockchain technology will be used in many business-to-business transactions in the coming years.”

He added that by taking a leap of faith now, the Downer Group will be poised to offer innovative solutions to customers in a few years – while industry rivals play catch-up.

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Cryptocurrencies Ethereum Industries

Losses From Accidental Ethereum Transactions May Be On The Way Out

Accidental trades happen – sometimes with big consequences. Just last week, an Ethereum trader accidentally paid 23.51 ETH for a transaction in gas fees.

However, moments like these may be on the way out, thanks to a company named Kirobo.

A fintech start-up based in Tel Aviv, Kirobo gained notoriety for creating a product that reverses accidental Bitcoin transactions during June of 2020, citing a survey where 18% of responders stated that they lost funds due to human error. After a few more months of work, they have also made the technology available for Ethereum.

No More Human Error

The technology named Retrievable Transfer is available to MetaMask users – as well as any Ethereum trader who uses the WalletConnect protocol.

When making a transaction, the Retrievable Transfer user will receive a generated password. After the transfer is made, the trader will have the opportunity to look over all the details again, before sending the password to the receiver.

In order for a transaction to be successful, the receiver must also enter the password – otherwise, the funds can be reclaimed by the sender.

Asaf Naim – the CEO of Kirobo – says that the aim of him and his team when creating this tool was to eliminate the anxiety felt by customers when making a transaction by ensuring the impact of human error was negated.

The use of our logic layer finally eliminates the need to send a test transaction, sharply reducing the level of anxiety users feel when transferring funds to a third party.”

The Retrievable Transfer function also includes safeguards against man-in-the-middle attacks – as well as safeguards against Smart Contracts that don’t allow deposits.

With yet another barrier to crypto adoption on it’s way out, more widespread adoption should follow.

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Australia Blockchain Industries

Following Australia’s Lead, Europe Will Soon Begin Securing Wheat With Blockchain

Back in 2016, an Australian startup named AgriDigital was used to fulfill the first blockchain-secured Aussie grain transaction.

The transparency and extra level of security afforded by blockchain quickly grew a steadfast user base – and facilitated payments for over 1.6 million metric tonnes within the span of 2 years.

As of today, AgriDigital reports over 6000 active customers and over  AUD 3 million worth of transactions – and it seems grain tycoons around the world have taken notice.

Europe Follows Suit

In 2018, a pilot blockchain transaction involving wheat grown in the Black Sea basin left Novorossiysk. Two years later, the results of more test runs carried out in Brazil, Japan, Algeria, and Ukraine are in – and Swiss firm Cerealia SA has launched its blockchain-based grain trading platform.

Andrei Grigorov – the CEO of Cerealia – stated that although the Russian wheat market pulls in numbers even in its current state, it could be improved. Blockchain was the technology chosen to enable more streamlined transactions involving grain – one of the main crops worldwide.

“Traders can now be 100% certain they really did the trade, versus traditional over-the-phone brokerage. Instantly, they have digitally signed contracts and blockchain-registered records forever.”

Russia is currently the number one producer of wheat worldwide – but Russia also produces large quantities of barley, vegetable oil, corn, and other grains such as buckwheat.

Cerealia SA representatives say that in the first week alone, transactions on the new blockchain-based platform have nearly reached 20 thousand metric tons of grain.

Earlier this year, France, the Netherlands, the USA, and China also put together a blockchain platform for grains grown in Brazil – another one of the world’s breadbaskets.

Grain is only one Australian crop secured by blockchain, however – earlier this year, the Australian Government provided AUD 150,000 in funding for Entrust – an agricultural blockchain platform rapidly gaining traction.

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Blockchain Crypto News Industries Worldwide

Blockchain solution SIMBA May Become A Strategic Solution For The USA And Its Partners

Two weeks ago, Australia’s Flinders University and SIMBA Chain grew closer via an MOU (Memorandum Of Understanding) targeting future research.

At the time of signing, the lead executive at SIMBA stated that, as a platform built by the University of Notre Dame and ITAMCO, SIMBA would like to help not just the USA, but it’s strategic partners in NATO and The Five Eyes as well.

Boeing Beaten By Blockchain

Following their participation in the Advanced Manufacturing Olympics that took place between the 20th and 23rd of October – a competition held by the US Department of Defense as a way to find innovative solutions for military manufacturing and communications – SIMBA won first place in one of the technical challenges.

Taking home USD 100,000 – and beating Boeing and Stratasys – SIMBA focused on blockchain-secured communication networks between fictional factories producing wartime material.

The challenge required competitors to find more efficient ways of getting supplies to soldiers and paramedics fighting on a fictional island under siege.

Joel Neidig – the CEO of SIMBA – explained the approach taken by SIMBA and what differentiated his company from the competition.

“We […] had six days to put together an entire war games solution to deliver critical parts to a battlefront, keep field hospitals operational and infrastructure like runways intact. What was different about our approach was how we met both the physical challenges of war fighters as well as the cyber threats that are playing a growing role in modern warfare.”

Using blockchain as a way to guarantee quality standards in 3D printing and mining – as well as guaranteeing against tampering with the materials in transit, sabotaging the war effort – SIMBA stood out and proved once again the many qualities of blockchain.

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Australia Industries Investing

Australian Venture Capital-Raising Round To Accept USD Tether

West Coast Australia Group – an Aussie company that specializes in aquaculture – has launched an initial public offering  (IPO) that will accept Tether as well as fiat.

WCA is based in Melbourne and sells its fish alive and fresh, both wholesale and directly to retail customers.

Cryptocurrency-Friendly Funding Platform

The round of funding is being operated by Stax – a crypto-friendly capital-raising platform. The WCA Group, a company on the Sydney Stock Exchange’s (SSX) publicly traded list, is selling a minimum of 10,000,000 and up to 14,000,000 shares at $AUD 0.50 a pop.

West Coast Australia Group selected the SSX as its stock trading platform of choice due to the support the SSX offers to smaller companies – support including, but not limited to, listing requirements within the reach of small-scale companies.

The capital raised will be used to invest in a new hatchery and nursery facilities for a fish farm the company runs in Langkawi, Malaysia – among other smaller investments.

Interested parties can buy these stocks in either AUD or Tether (USDT).

Kenny Lee – the CEO of Stax – explained that even though Bitcoin and Ethereum are more well-known than USDT, it was chosen due to its status as a stablecoin.

“The acceptance of USDT in an IPO is a transformative move in Australia and a significant step forward for cryptocurrency adoption in general. It paves the way for the future of capital markets down under.”

Neo Ching Hoe – the CEO and founder of WCA – stated in turn that he and his company are proud to be part of a historic moment in Australian investment history – and that he hopes this move will set a precedent for other global companies to invest in the Australian market.

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Australia Industries Queensland

Aussie Mangos Will Benefit From Blockchain

The Smart Supply Chain pilot project – created and operated by the Cooperative Research Centre for Developing Northern Australia (CRCNA) and blockchain firm Trust Provenance (T-Prov) – has teamed up with mango producer Manbulloo and industry group Growcom.

Multiple Blockchain Solutions For Agriculture

In the wake of similar projects targeting beef, the Australian government – as well as private companies in the agricultural sector have been looking into blockchain supply chain solutions.

Although last month saw Entrust – a supply chain solution run on Hedera Hashgraph – take measures to prevent the recurring loss of AUD 1.7 billion every year, competition is the root of innovation, which is why any rival solutions should be given a chance to prove their worth.

Manbulloo’s Quality Manager – aptly named Scott Ledger – stated that the integration of all details pertaining to quality, provenance, and transit would help do away with inefficient measures.

“In the past, each chain partner used their own system to identify and trace product, which resulted in duplication and extra costs. We are implementing the GS1 Australia standard for product ID and traceability so the members of our supply chain can use the same product ID system. This will not only save time and costs but also reduce human errors and wastage. “

He also added that the COVID-19 pandemic had raised the demand for information on where a product comes from and how it was grown or fabricated, making the use of blockchain all the more important for customers.

Jed Matz – the CEO of the CRCNA – also stated that the project had gone better than expected. He also mentioned that the research centre will be holding several webinars discussing the way the pilot project was carried out, and what the agricultural industry can expect from blockchain innovation.

If you’d like to join one of the webinars yourself you can apply here.

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Bitcoin Industries Payments

PayPal Looking To Go Deeper Into Crypto Ahead Of Launching In Australia And Europe

Following the announcement made 3 days ago by PayPal – detailing the launch of cryptocurrency capabilities in the USA, to be followed by launches in Australia and the EU in the first half of 2021 – yet another announcement has come to light, showing that the move by the payment processing giant may be even bigger than previously detailed.

Acquisition Of Crypto Custodian In Sight

Bloomberg reports that BitGo – a crypto company focused on investors looking to keep their Bitcoin assets safe – is in talks with PayPal, the end goal being its acquisition by PayPal.

The sources are, so far, unofficial. PR representatives from both PayPal and BitGo have declined to comment on the issue. The person behind the leak has only spoken off the record –  and added that this is by no means a done deal.

However, whether BitGo is bought by PayPal or not, it seems that PayPal is truly intent on buying a cryptocurrency custodian – BitGo simply being the company PayPal is currently in talks with.

Founded in 2018, BitGo – based in Palo Alto, California – is valued at USD 178 million, and is backed by big-league financiers such as Goldman Sachs, Valor Equity Partners, and Founders Fund.

Although this wave of interest by PayPal has recently made the price of bitcoin spike, not everyone in the crypto world views the developments positively. THORChain – the company behind RUNE – tweeted that the majority of wrapped bitcoin (wBTC) is held by BitGo.

Understandably, an already large company gaining a large stake in the highest-valued cryptocurrency around could have vast consequences. However, it remains to be seen which way the wind blows – and if PayPal will go through with the acquisition. 

Categories
Australia Cryptocurrencies Digital Asset Mining Industries

Ebang Establishes Australian Subsidiary

On the 22nd of October, Ebang International Holdings Inc. established a full subsidiary in Australia. This is part of the company’s growth strategy, as they prepare to launch a Digital Asset Financial Service Platform to go with their hardware.

A Crypto Mining Hardware Company

Ebang International specializes in cryptocurrency mining rigs, and had a good run at the top of the cryptocurrency mining rig market in 2019.

A cryptocurrency mining rig is a setup used to mine cryptocurrencies using hardware generally used for PCs – with a twist. DIY mining rigs are generally composed of up to eight GPUs inside a case that keeps them cool. However, companies such as Ebang build professional mining rigs from scratch, often outclassing home-made mining rigs.

  After enjoying a growth period due to constantly rising sales, Ebang has decided to no longer limit themselves to hardware – and are hoping to launch their own financial service platform as soon as possible.

Mr. Dong Hu – the Chairman and CEO of Ebang International Holdings – stated that the interest in the Australian market comes in the wake of successful investments into blockchain technology across Australia, both by the private sector and the government.

“We are pleased to announce that the Company has established its presence in Australia in furtherance of our strategies to launch a comprehensive blockchain-enabled financial business and capture the growth opportunity along the value chain of the blockchain industry. We are currently applying for the Australian financial service license in preparation for our global expansion.”

Ebang has applied for the license necessary to run a financial business in Australia and is currently waiting for approval by Australian financial authorities.  

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Australia Blockchain Industries

DLT System Close To ASX Integration

The National Stock Exchange of Australia (NSX) is a stock exchange company that has finished working on a distributed ledger technology (DLT) trading system. This Tuesday, they’ve announced that the hard work is done and it is only a matter of time before they are permitted to connect to the Australian Securities Exchange (ASX).

Approved By The Council Of Financial Regulators

The new DLT platform built by NSX is called Digital Exchange Subregister System (DESS) – and is a part of the ClearPay platform. Earlier this month, the Australian Council of Financial Regulators approved the trading system for financial use, clearing the first important obstacle.

The company is currently hashing out the final details with the Australian Securities and Investments Commission. Once the application process is complete and the launch date is settled, DESS will be ready to serve Australian investors partial to blockchain technology.

A joint venture between the NSX and iSignthis – a company whose mission is to provide financial services and solutions around the globe – DESS was created in order to replace the CHESS system the ASX is currently using.

Ever since 2017, the ASX has also been working on its own version of a DLT trading platform – but in spite of pressures from the RBA to finish the platform, it seems the NSX has gotten there first.

According to Dominic Stevens – the CEO of ASX – the delays were due to the expansion in the scope of the ASX DLT project. Due to the trading volume explosion seen in March, the ASX realized that a more powerful platform than originally thought was required.

“Some, including an important back-office systems provider for a substantial part of the market, expressed a preference for an extra six to nine months, which we are including in our deliberations. With the volume explosion we saw in March, we’re now looking at plans to ultimately double or triple that original volume target, which will increase go-live system capacity.”

It remains to be seen which DLT system will replace CHESS – and which system will please investors more.