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Algorand DeFi Ethereum Hackers Illegal Polygon Scams

Fantasm Finance DeFi Project Exploited for $2.6 Million

This week’s attack on Fantom Network-based synthetic asset protocol Fantasm Finance saw the loss of US$2.6 million worth of Ethereum. The stolen funds were run through the Tornado cash mixing service and totalled 1,007 ETH.

According to the protocol’s Medium page, the team will conduct a postmortem and consider all compensation options for victims.

Another Day, Another DeFi Hack

The address of the attacker shows the extent of the theft, with 1.8 million FTM remaining in the pool for redemption:

Since the March 9 exploit, the attacker has been using Tornado cash to mask transactions. Tornado Cash is a service that breaks the link between source and destination addresses, thereby obscuring the transaction history.

Attacks on DeFi Remain Rife

The crypto space and DeFi, in particular, have been under attack by hackers seeking to exploit protocols. The reason for the frequency with which new projects launch without undergoing a security audit makes them very vulnerable to attackers. In January, Algorand-based DeFi platform ‘Tinyman’ was exploited for US$3 million. The team at Algorand quickly tweeted it it had been compromised and pulled the remaining liquidity from the project.

The most recent DeFi attack prior to Fantasm targeted Polygon DeFi protocol QiDao’s Superfluid vesting contract, draining US$13 million. User funds on QiDao however remained safe, as the exploit was “solely on Superfluid”, according to the Polygon-based DeFi protocol.

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Ethereum Hackers OpenSea Polygon Solana

White Hat Hacker Reveals OpenSea Plans to Integrate Solana NFTs 

Images allegedly leaked from the leading NFT marketplace, OpenSea, indicate that the platform may soon introduce Solana-based NFTs. The images were discovered by tech blogger Jane Manchun Wong, well known for leaking information about yet-to-be-released features from specific technology platforms:

https://twitter.com/wongmjane/status/1486072506532626432

OpenSea is the market leader when it comes to NFTs and, as it stands, supports both the Ethereum and Polygon blockchain networks. Since its inception, OpenSea has recorded about US$22.73 billion in NFT sales, with 1,358,052 traders leveraging the platform.

Wong Gets It Right Again?

Wong, who in December was also first to report that Twitter would integrate Ethereum into ‘Tip Jar’, tweeted in January that “OpenSea is working on Solana integration, as well as Phantom wallet support”. She added: “OpenSea’s Chains Filter [shows] Solana as an option.”

https://twitter.com/wongmjane/status/1486077324630302721

This discovery is not the first time rumours of OpenSea adding Solana features have surfaced. The animator and Solana advocate @bhaleyart tweeted a similar image of OpenSea’s blockchain filter in mid-November:

White Hat Hackers to the Rescue

White hat hackers, also known as ethical hackers, have been widely active of late in the crypto space. Apart from leaking information, they have saved many companies from attacks. Just a couple of weeks ago, a white hat hacker chose to accept a US$2 million bounty instead of “printing unlimited Ethereum”.

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Bitcoin Crypto News Ethereum NFTs Polygon

Uber and WWF Show That ‘Environmental Concerns’ Hamper Crypto Adoption

Recent statements by the ride-sharing and delivery app Uber and wildlife conservation organisation World Wildlife Fund (WWF) have further highlighted the environmental hurdles crypto faces to achieve widespread mainstream adoption.

Speaking to Bloomberg last week, Uber CEO Dara Khosrowshahi was clear the company would  accept Bitcoin and other cryptos as payment at some stage, but that now was not the time:

Is Uber going to accept crypto in the future? Absolutely, at some point.

Dara Khosrowshahi, Uber CEO

Khosrowshahi said that as it currently stands, Bitcoin is too expensive to use and too energy-intensive to justify Uber adopting it for payments. “As the exchange mechanism becomes less expensive, becomes more environmentally friendly, I think you will see us lean into crypto a little bit more,” he explained.

WWF NFTs Stymied by Backlash

WWF has also shown it’s enthusiastic about using crypto, but is being held back by environmental concerns. 

WWF recently started selling NFTs minted on the proof-of-stake Polygon network. The organisation claimed to have chosen to use the Polygon network due to its low carbon emissions compared to proof-of-work blockchains such as Ethereum, tweeting that each of its NFTs would generate the same carbon emissions as a glass of tap water. Sounds great so far. 

However, WWF has since stopped sales of its NFTs due to widespread backlash after it was pointed out by Alex de Vries of Digiconomist that because Polygon relies on several Ethereum-based smart contracts to function, its actual energy use is significantly higher than WWF initially stated – roughly 2,100 times higher.

Crypto’s Low Energy Future 

Is it all bad news as far as crypto and the environment go? When heavyweight crypto influencers like Elon Musk and Michael Saylor can’t agree on this question, you could be forgiven for thinking there’s genuine cause for concern. 

However, given statements such as those from Uber and the work being done by both Bitcoin and Ethereum to bring about a lower energy future – not to mention the existence of extremely efficient, carbon-negative alternative layer 1s such as Hedera Hashgraph and Algorand – it looks like the industry as a whole may well overcome the issue of energy use.

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Cardano Crypto News Market Analysis Polygon Solana Trading

Top 3 Coins to Watch Today: MATIC, SOL, ADA – February 14 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Polygon (MATIC)

Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.

MATIC Price Analysis

At the time of writing, MATIC is ranked the 16th cryptocurrency globally and the current price is US$1.68. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since its January low, MATIC has been in a steady bullish trend – printing a 60% gain by early February. The price found support near $1.62, at the 78.6% retracement level, during mid-January’s decline.

Last week’s sharp impulse up might have marked the start of a new bullish swing. If so, higher timeframes suggest that $2.12 near the 61.8% retracement, and the 9, 18 and 40 EMAs, may see interest from bulls. The price could reach lower, near $1.57, and still find support.

Currently, the price is contesting a region between $1.80 and $1.61. Closes over this level could confirm it as new support, leading to a move higher.

However, bulls are contending with probable resistance near $1.77, while $1.84 is also likely to be sensitive with the nearest support and resistance this close together.

2. Solana (SOL)

Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

SOL Price Analysis

At the time of writing, SOL is ranked the 8th cryptocurrency globally and the current price is US$93.63. Let’s take a look at the chart below for price analysis:

Source: TradingView

SOL retraced nearly 45% from its high before finding a low during last week. Since then, the price has been sweeping stops on both sides of its local range as the current consolidation sets up the next move.

Aggressive bulls might bid near $90.34, although a sweep of the stops near $86.61 could reach below the next swing low into possible support near $80.12. A continued downtrend may run into the weekly gap near $76.24.

Some bears may add more shorts near $98.87, although a push to $110.66 is reasonable. A daily candle close over the swing high near $128.04 could suggest that a longer-term trend reversal is in play, with bulls possibly entering on a retracement near $143.62 for monthly high prices.

3. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 7th cryptocurrency globally and the current price is US$1.05. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 55% drop from its mid-January highs found a low near $1.05 last week before closing over a short-term high.

This daily close over the high could signal a shift in market structure that may reach probable resistance near $1.25. A sustained bullish move may target the swing high at $1.35. If this stop run occurs, a run beyond the high into probable resistance near $1.44 and $1.53 is possible.

Bulls could buy a retracement to possible support near $1.00, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $0.9625. 

However, relatively equal lows near $0.9218 and $0.9022 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.8647 and $0.8492.

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Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.