Skip to main content

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Post a Comment

Poly Network Hacked for More Than $600 Million — Hacker Trolls Project Saying ‘It Could Have Been a Billion’

Poly Network Hacked for More Than $600 Million — Hacker Trolls Project Saying 'It Could Have Been a Billion'

On August 10, the decentralized finance (defi) project Poly Network suffered a loss of over $600 million according to various reports. The hack follows a recent Ciphertrace report on how defi-related hacks and fraud in 2021 have already surpassed 2020. The Poly Network hack on Tuesday is well above the entire year’s worth of defi hacks.

$600 Million Drained, Poly Network Defi Hack Eclipses 2021’s Defi Hacks

This week, the blockchain analysis and intelligence company Ciphertrace published a report that shows $474 million was lost to defi-related hacks and fraud. The findings highlight how defi hacks have hit record highs but the Poly Network hack on Tuesday takes the cake.

Around 9:00 a.m. (EDT) the Poly Network’s official Twitter account tweeted about the massive hack. “We are sorry to announce that Poly Network was attacked,” the Twitter account said and explained that the hacker was able to access funds on various chains.

The Poly Network project originally stems from the Neo project which leverages three different blockchain networks. This means the Poly Network hacker was able to obtain funds stemming from the Polygon, Ethereum, and Binance Smart Chain (BSC) protocols.

The assets stolen include a great number of tokens including ETH, DAI, UNI, SHIB, FEI, BUSD, BTCB, ETHB, BNB, USDT, and more. A great number of people assessed the situation on Twitter and although tedious it is estimated that more than $600 million in tokens were stolen.

Hacker Says It Could Have Been More

Sushiswap “super-coder” Mudit Gupta claimed that the issue was not a “defi or smart contract hack but a traditional key compromise combined with irresponsible design decisions taken by Poly Network.” The company Tether Limited has frozen the USDT on the Ethereum chain which equates to roughly $33 million.

The team behind the Poly Network project has also written a letter asking the hacker to cooperate with the team. “We want to establish communication with you and urge you to return the hacked funds,” the letter reads.

However, it doesn’t seem like the hacker is willing to cooperate with the Poly Network project. Some transaction messages that allegedly stem from the hacker and can be read on etherscan.io, detail how the hacker is now trolling the project with a few statements.

“It would have been a billion hack if I had moved [the] remaining sh**coins. Did I just save the project? Not so interested in money, now considering returning some tokens or just leaving them here.” The hacker’s message continued:

What if I make a new token and let the DAO decide where the tokens go?

What do you think about the $600 million defi hack against the Poly Network project? What do you think about the hacker’s trolling comments? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Post a Comment
Read more

Year of sponsorships: Celebrities who embraced crypto in 2021

From Matt Damon appearing in a TV spot for Crypto.com to Kim Kardashian shilling EthereumMax, 2021 saw celebrities with higher profiles getting into crypto. Though the crypto space has seemingly moved beyond the endorsements many minor celebrities bestowed on token projects during the 2018 initial coin offering boom, its growing popularity and acceptance now has professional sports players, Hollywood elites and politicians backing major companies dealing with digital assets. In June 2021, Kim Kardashian promoted EthereumMax (EMAX) via an Instagram story shared with  her more than 200 million followers . The token, which was used as payment for online ticket purchases for some pay-per-view events, gained 116,000% in just one week following the celebrity’s activity before falling more than 99% and leaving many investors in the red. Kim Kardashian promoting EthereumMax on Instagram Stories, June 2021. Source: Instagram Though EthereumMax is somewhat of a cautionary tale for cry...
Post a Comment
Read more

Top 3 Rebase Token Markets Shudder — Stats Show TIME, OHM, BTRFLY Lost Billions Since All-Time Highs

While the crypto economy has shed more than 3% in fiat value during the last 24 hours dropping to $2.09 trillion, the top rebase tokens by market capitalization have seen significant losses this week. At the time of writing, the rebase token economy is valued at over $3.2 billion but has lost more than 10% in value during the last 24 hours. The largest rebase token economies such as Wonderland, Olympus, and Redacted Cartel have shed between 36% to 55% over the last week. Top 3 Rebase Token Protocols Shed Billions in Value Over the Last Week, Wonderland Down 87% Since High On the first day of November 2021, Bitcoin.com News took a deep dive into the Olympus DAO and the reserve-backed asset called OHM . Olympus is a decentralized finance (defi) project that is described as a rebase token and since Olympus started, a myriad of Olympus forks have been born. Essentially, rebase token protocols adjust the token supply in a periodic fashion or when the price fluctuates. Olympus was once ...
Post a Comment
Read more