Latest price and news from the crypto space
Latest price from our hand picked list of digital assets
 

The BNB Chain, the blockchain of Binance’s native BNB token, has been halted over an exploit to its cross-chain bridge that saw attackers make off with an estimated $100 million worth of cryptocurrency.

Leading liquid staking decentralized finance (DeFi) platform Lido has announced that it will support the wrapped version of its token representing staked ether (stETH) on Ethereum layer-2 networks Arbitrum and Optimism.

The decentralized autonomous organization behind Maker, the organization that supports the cryptocurrency-backed stablecoin DAI, is allocating $500 million to invest in U.S. Treasuries and corporate bonds.

Top stories in the Crypto Roundup today:

  • BNB Chain Halted Over $100 Million Cross-Chain Bridge Exploit
  • Lido Launches Layer-2 Ethereum Liquid Staking
  • MakerDAO to Invest $500 Million in Treasuries, Bonds
  • Crypto Market Movers – QNT, COMP, DESO

 
24 hours chart of the price of BTC
 

BNB Chain Halted Over $100 Million Cross-Chain Bridge Exploit

 

The BNB Chain, the blockchain of Binance’s native BNB token, has been halted over an exploit to its cross-chain bridge that saw attackers make off with an estimated $100 million worth of cryptocurrency.

The exploit was confirmed by the official Twitter account of the BNB Chain, which announced a temporary halt over “irregular activity” on the network. It soon added that the halt was over the exploit.

Later on, a BNB Chain developer updated the community on Reddit, pointing out that initial estimates pointed to a $100 to $110 million exploit, with roughly $7 million in crypto frozen. BNB Chain said the exploit, which was perpetrated on the BSC Token Hub, led to the creation of “extra BNB.”

BNB Chain reassured the public that its systems are contained and user funds are safe while it investigates the vulnerability. Twitter sleuths found the attackers initially managed to claim one million BNB through the token hub, before moving the funds to DeFi platform Venus Protocol.

The attacker then borrowed $150 million worth of stablecoins using the BNB as collateral, and used cross-chain bridges to swap tokens for Ether (ETH), Fantom (FTM), and Polygon (MATIC) before the BNB chain was paused. The attacker exploited the bridge twice for one million BNB each time, and is estimated to have roughly $400 million in crypto frozen on the BNB Chain.

 
Read More
 

Lido Launches Layer-2 Ethereum Liquid Staking

 

Leading liquid staking decentralized finance (DeFi) platform Lido has announced it will support the wrapped version of its token representing staked ether (stETH) on Ethereum layer-2 networks Arbitrum and Optimism.

Each stETH token represents one ETH token staked on the Ethereum mainnet, meaning it’s earning interest with validators while helping secure the network. stETH, which has a market cap near $5 billion, is backed by that staked ETH, but can be freely moved.

Arbitrum and Optimism are layer-2 scaling solutions that allow users to transact in the Ethereum ecosystem without paying high transaction fees. Users on these networks will have access to wrapped staked ETH (wstETH), a “wrapped” version of stETH bridge over from Ethereum.

 
Read More
 

MakerDAO to Invest $500 Million in Treasuries, Bonds

 

The decentralized autonomous organization behind Maker, the organization that supports the cryptocurrency-backed stablecoin DAI, is allocating $500 million to invest in U.S. Treasuries and corporate bonds.

The funds come from the protocol’s overcollateralized stablecoin, of which 80% are going toward U.S. short-term Treasurys, whilst 20% are going to investment-grade corporate bonds. The move comes after a MakerDAO community voted on it after a proposal was made in late June.

Allocating funds to fixed-income obligations is meant to diversify MakerDAO’s balance sheet, limit its exposure to any one asset, and expand its revenue. The move will also expand DAI’s influence beyond crypto.

An initial deployment of $1 million has now been completed by DeFi asset advisor Monetalis.

 
Read More
 

Crypto Market Movers – QNT, COMP, DESO

 

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Compound (COMP) - Compound (COMP) is an ERC-20 asset that empowers community governance of the decentralized money market Compound protocol; COMP token-holders and their delegates debate, propose, and vote on all changes to the protocol.

Quant (QNT) - Quant is a cryptocurrency project that launched in June 2018 that aims to connect blockchains and networks on a global scale without sacrificing efficiency. It aims to allow applications to operate on multiple blockchains through the creation of the first blockchain operating system.

Decentralized Social (DESO) – Decentralized Social is a layer-1 blockchain built from the ground up to scale decentralized social applications to billions of users. Its price surged as the project is looking to partially integrate Circle’s widespread USDC stablecoin.

 
Read More

State of the Crypto by Top Tier Exchange Volume

Toplist 20 coins by top tier volume

Build your project with CoinDesk Data

 
social icon twitter social icon linkedin
 

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.

 
 
Download our App from the google play store
 
 
Download our App from the apple store