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DeFi Protocol Pickle Finance Hacked For $20 Million

Someone drained the DeFi protocol’s cDAI jar.

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In brief

  • Pickle Finance, a DeFi protocol, was hacked to the tune of almost $20 million.
  • The hackers’ approach is still unknown, though some analysts are saying it doesn’t resemble a typical flash loan attack.

The coffers of Pickle Finance, a decentralized finance (DeFi) protocol with a native token that looks suspiciously like Pickle Rick, of Rick and Morty fame, were drained today of $20 million in what appears to be a hack.

Pickle Finance shifts investors’ money around different DeFi protocols to maximise returns, a little like a traditional robo-advisor. 

Yesterday, Pickle “deployed a new strategy” to maximise returns from DAI, a decentralized stablecoin pegged to the US dollar, “Larry the Cucumber,” a team member for Pickle, posted in a Discord chat, according to “statelayer.eth.”

Today, someone drained that wallet of $19.7 million in DAI. 

Specifically, someone drained Pickle Finance’s cDAI jar. cDAI are the tokens that decentralized lending protocol Compound issues its customers when they deposit DAI, a decentralized stablecoin pegged to the US dollar. 

But it doesn’t appear to be the kind of flash loan attack we typically see associated with protocol hacks on this scale. “Normally you’d see the tx calling Aave, Uniswap, or dYdX for the flash loan,” crypto analyst Nick Chong told Decrypt.

An unhappy Pickle Finance user, on Telegram

Until it works out what’s going on, Harvest Finance, a rival DeFi protocol that last month was hacked for $30 million, has moved all of its DAI, as well as stablecoins USDC and USDC, “ to the safety of its vaults until the attack vector is understood,” tweeted Smokatoke, a community rep for Harvest Finance.

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Layer-2 Ethereum scaling solution OMG Network gets acquired by a venture firm

Layer-2 Ethereum scaling solution OMG Network has been acquired by Genesis Block Ventures (GBV).

The post Layer-2 Ethereum scaling solution OMG Network gets acquired by a venture firm appeared first on The Block.

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Reuters: North American Investors Are Currently Biggest Buyers of Bitcoin

On Thursday (December 3), Reuters reported that as Bitcoin’s current bull ran has taken the price to new all-time highs this week, it appears that most of the buying is coming not from East Asia (unlike in 2017) but from North America. According to the Reuters report, which used data from blockchain analysis firm Chainalysis, […]

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On Thursday (December 3), Reuters reported that as Bitcoin’s current bull ran has taken the price to new all-time highs this week, it appears that most of the buying is coming not from East Asia (unlike in 2017) but from North America.

According to the Reuters report, which used data from blockchain analysis firm Chainalysis, “weekly net inflows of bitcoin – a proxy for new buyers – to platforms serving mostly North American users have jumped over 7,000 times this year to over 216,000 bitcoin worth $3.4 billion in mid-November.”

It goes on to say that East Asian exchanges are losing out, with net outflows of 240,000 BTC (worth around $3.8 billion in November) versus net inflows of 1,460 BTC in January.

Ciara Sun, Head of Global Business and Markets at crypto exchange Huobi, told Reuters:

“The sudden influx of institutional interest from the North American region is driving a shift in bitcoin trading, which is rebalancing asset allocations across different exchanges and platforms.”

Apparently, based on Chainalysis data, “volumes at four major North American platforms have doubled this year to reach 1.6 million bitcoin per week at the end of November, while trading at 14 major East Asian exchanges have risen 16% to 1.4 million.”

Experts that Reuters interviewed said that U.S.-based investors are “being attracted by the tightening oversight of the American crypto industry.” Meanwhile, over in East Asia, according to Leo Weese, co-founder of the Hong Kong Bitcoin Association, there is concern among some investors that there might be a crackdown on major crypto exchanges that have many/mostly China-based customers but are headquartered elsewhere.

Christopher Matta, Managing Director of Sales and Trading at Canada’s leading bitcoin and cryptoasset fund manager 3iQ Corp, told Reuters:

“A lot of U.S. funds are trading with large U.S. counterparties. It tells you right there how important the regulatory nature of the space is, and having venues to trade on that are regulated – it’s definitely something that institutional investors are thinking about.”

Featured Image by “EivindPedersen” via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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BitMEX User Verification Program Deadline Passes

BitMEX’s KYC verification program has concluded, leaving all unverified accounts inaccessible and closing any associated open positions. BitMEX announced the end of its accelerated user verification program on Dec. 4. The platform required users to update their KYC verification following regulatory issues that the exchange is facing. Positions will automatically be closed for unverified accounts, … Continued

The post BitMEX User Verification Program Deadline Passes appeared first on BeInCrypto.

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BitMEX’s KYC verification program has concluded, leaving all unverified accounts inaccessible and closing any associated open positions.

BitMEX announced the end of its accelerated user verification program on Dec. 4. The platform required users to update their KYC verification following regulatory issues that the exchange is facing.

Positions will automatically be closed for unverified accounts, and users will no longer be able to access them. The team stated that the number of unverified accounts is relatively small, as most users submitted the required KYC details.

BitMEX Forces KYC

Since Sept. 15, 2020, new accounts have had to register with complete ID verification.

The deadline to complete the verification process was initially set to Feb. 12, 2021, but BitMEX was forced to adjust the timeline. The decision was a result of the several compliance-related cases filed against the exchange.

BitMEX has been reminding users of the deadline, which generally drew flak from its customers.

bitmex

BitMEX has also teamed up with Eventus Systems to boost its AML and KYC compliance. The partnership sees Eventus assisting the exchange in monitor transactions on the platform. However, the move appears to be too little, too late, as waves of users have already abandoned the exchange.

Despite these moves, BitMEX continues to face a great deal of scrutiny. The exchange is currently embroiled in multiple lawsuits, the most significant of which involve U.S. authorities.

Beleaguered BitMEX Still Under Fire

BitMEX’s woes began early in the year after the exchange suffered downtime during the March market crash. But its troubles really kicked off when the U.S. CFTC and Department of Justice filed charges in October.

This was followed by two more lawsuits from individuals represented by the same attorney, Pavel Pogodin of Consensus Law.

The charges against BitMEX include racketeering, money laundering, and market manipulation. Executive team members, including CEO Arthur Hayes, are also being charged.

BitMEX Lawsuit Money

Alexander Höptner, CEO of Börse Stuttgart and Euwax, has just been selected to become CEO after Hayes stepped down.

SEC Commissioner Hester Peirce has said that the actions against BitMEX are a sign from regulators. Indeed, the SEC has accelerated its examination of the crypto market in 2020. Both Telegram and KIK have already succumbed to pressure from authorities regarding their own cryptocurrency ventures.

The U.S. is currently grappling with ways to regulate cryptocurrencies, as China takes the lead with CBDC research.

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Rahul Nambiampurath is an India-based Digital Marketer who got attracted to Bitcoin and the blockchain in 2014. Ever since, he’s been an active member of the community. He has a Masters degree in Finance. <a href=”mailto:[email protected]”>Email me!</a>

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Source: https://beincrypto.com/bitmex-user-verification-program-deadline-passes/

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