Nomad offers 10 % bounty post hack – $36 million already returned
August 8, 2022
The Nomad bridge was hacked by a mob of users who basically copy-pasted a line of code to repeat an already working exploit. This has created a unique situation and perhaps the first crowd hack in the history of decentralized finance. While this is somewhat amusing the consequences are dire. Now that the smoke has settled it becomes clear that $190 million were stolen during the incident. This is not only crushing for the team behind Nomad but also devastating to the reputation of the broader crypto community. But not all hope is lost. How much was returned of the funds and what kind of consequences are the thieves facing?
Nomad got exploited by a mob of users for $150 million
August 2, 2022
A cross-chain bridge is a DeFi protocol that allows users to transfer assets from one blockchain to another. While this sounds very simple it is indeed a complex operation that not only requires running smart contracts on multiple ends but also enough liquidity on all involved chains to service users who are looking to bridge their assets. Yesterday an incident occurred that was sad, to say the least. What is Nomad and how did the protocol get exploited for about $150 million?
MetaMask introduces a new security feature to recover funds
May 27, 2022
Theft has been a problem in crypto ever since its beginning. As soon as a hacker has gained access to a wallet or is able to exploit a protocol, crypto becomes vulnerable. All transactions are final, which means that the victims cannot get their assets back. But this situation is about to change partially since MetaMask is partnering with Asset Reality. What does this partnership look like and how can crypto assets that have been stolen be recovered?
Network difficulty Bitcoin keeps climbing
May 17, 2022
The difficulty of the Bitcoin network keeps setting records. It continues to rise, in a fairly straight line. The difficulty has increased by 30% since the beginning of 2022. This means that Bitcoin miners worldwide have an additional 30% of capacity on aggregate. And thus, per unit of computing power, are paid 30% less Bitcoin for their effort. How can that be profitable while the price of Bitcoin is falling?
Crypto is about freedom, even in times of grave danger
February 25, 2022
The last few days have been more than concerning with a war starting between Ukraine and Russia. Many people are in disbelief facing the pictures that are spreading throughout social media and the news. It is safe to say that everybody is longing for peace and freedom, not only in Ukraine but for the whole world. How can cryptocurrencies contribute to the understanding among nations and between different cultures?
Crypto isn’t meant for criminals and here is the proof
February 18, 2022
As soon as it comes down to Bitcoin or crypto in general the things you will hear from critics go something like this: It is for criminals, terrorists, and for tax evasion. Nothing good can come from this since no authority is able to intervene. Sounds familiar? From JPMorgan’s Jamie Dimon over several politicians from different countries, all the way to Warren Buffett and Charlie Munger in Omaha, the prejudice against crypto has always been the same. The good news is that most blockchains are open and public. Therefore, everything can be traced and the results might come as a surprise for most critics.
What is the new Wwft legislation (AML5) and what does it mean for me?
October 23, 2020
The Wwft is an abbreviation for the Money Laundering and Terrorist Financing (Prevention) Act. The purpose of this Act is to combat money laundering and terrorist financing and to guarantee the integrity of the financial markets.