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DeFi protocols Yearn Finance and Aave suffered exploitation to the time of more than $11.6 million owing to a misconfigured yUSDT, blockchain security expert Peckshield revealed.

Initially, the attack was thought to be limited to Aave V1, but later on-chain sleuths found that the latter was instead exploited to mint huge yUSDT from a small $10K USDT.

The huge yUSDT was then cashed out by swapping to other stablecoins. The flash loan exploiter has so far stolen millions worth of USDT, TUSD, BUSD, USDC, and DAI.

Meanwhile, Yearn issued a public statement as its team continues its investigation.

Were looking into an issue with iearn, an outdated contract from before Vaults v1 and v2. This problem seems exclusive to iEarn and does not impact current Yearn contracts or protocols. iearn is an immutable contract predating YFI, it was deprecated in 2020. Vaults v1, with upgradeable strategies, was also deprecated in 2021. Theres no indication its affected. The current version, Yearn v2 Vaults [written in Vyper], remains unaffected as well.

As further information came to light, different security analysts pointed out that the issue is still specific to the liquidity pool and the 2020-launched iEarn legacy protocol. Vaults for Yearn v2 dont appear to be affected.

It seems like the iEarn USDT token [yUSDT] has been broken since deployment, which was *checks notes* over 1000 days ago. It was misconfigured to use the Fulcrum iUSDC token instead of the Fulcrum iUSDT token, white-hat hacker samczsun stated.

For those new, prominent Web3 developer Andre Cronje pioneered two DeFi projects yEarn Finance and iEarn. Cronje renamed iEarn to Yearn Finance [YFI] in July 2020 after it showed success in yield aggregation.

Meanwhile, a similar incident of smart contract exploitation took place a few days back.

Popular decentralized protocol Sushi DEX reported a loss of over $3 million due to a bug on the RouterProcessor2 contract that is used to route trades on the SushiSwap exchange.

The issue seems to only impact customers who approved SushiSwap contracts in the previous four days, according to @0xngmi, a pseudonymous DefiLlama developer.

After the incident, SushiSwap chief developer Jared Grey requested users to remove access to any contracts on the platform as a security precaution.

Grey also assured that the team was working with security teams to mitigate the issue.

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DeFi: Yearn Finance Lost $11M After Attackers Exploited An Outdated Contract - TronWeekly

Mahe, Seychelles, April 13, 2023 (GLOBE NEWSWIRE) -- With the emergence of the cryptocurrency market, more investors are focusing on this field. However, for novice investors, the cryptocurrency market is full of various uncertainties and risks. How to be in this market with ease? SureX zero-operation financial products are here to provide a reliable alternative for novice investors.

Fascinating Cryptocurrency and DeFi

"DeFi" is an acronym for Decentralized Finance, which allows users to trade and invest without a central authority. This financial model is based on cryptocurrency and blockchain technology. And it aims to provide a more secure and transparent financial experience.

In the past, cryptocurrencies have been seen as mysterious digital assets. But with the rise of DeFi, it has gradually become a more open and inclusive investment way. the concept of DeFi has expanded from the early days of cryptocurrencies and smart contracts to a wider range of areas, including liquidity mining, flash loan, decentralized exchanges and more.

The total market capitalization of bitcoin and cryptocurrencies has surged along since the crisis that hit Silicon Valley banks in recent weeks, as cryptocurrencies became one of the risk-averse options for investors. Bitcoin has again become the best-performing global broad asset class so far in 2023, ranking first in global broad asset class gains and its Nasdaq far outpacing the second one.

Since the inception of Bitcoin in 2008, the total market capitalization of cryptocurrencies has reached $3 trillion in 2021, driven by concepts such as Defi, which has seen numerous stories of "windfall" until now:

Deal-hunters rewarded millions of dollars in tokens through airdrop farming; someone bought a nameless coin on chain before going to bed and woke up to find that the value of these coins had been equivalent to the total of their 60-year salary; someone held the coin for a month and it went up 1500%, and even more comically after selling the coin, it went up to 3000%; some people use Defi lending + liquidity mining model to earn $20 million in 5 days, with a yield in percent million; someone's token YFI rises over 32,000% in one month, becoming the first cryptocurrency in history to surpass Bitcoin in price.....

Relying on DeFi to manage your money has a higher yield cap than any legitimate and transparent financial product you currently know.

But against the context of such staggering returns, the current state of Defi is caught in a loop of suspended growth for users, with ultra-high barriers (i.e. more learning costs, technical risks, operation mode, etc.) preventing the enter for vast majority of wealth-seekers.

SureX - a crypto exchange built on Inclusive Finance

"How to turn decentralized finance into inclusive finance that benefits the general public?"

This was the initial proposition of SureX Exchange at the beginning of its establishment, and its ultimate mission is "to help more people to receive the DeFi dividend".

As the first exchange to launch Defi and single pledge wealth management, SureX has made a product design that is perfectly compatible with Defi's financial management and community power.

The SureX development team came up with a "spot-blasting" approach to address the high threshold and fees of DeFi. They combined the best of centralized and decentralized finance to create a one-stop access platform for Defi's portfolio of financial products. This platform allows ordinary people to easily participate in the global ecosystem of decentralized finance without the need to master smart wallets and complex on-chain operations. In this way, the barriers to DeFi are significantly lowered and people can more easily participate and invest in cryptocurrencies. At the same time, the SureX platform also offers low fees and high yield financial products, allowing more people to enjoy the benefits of DeFi.

SureX Term Pledge Wealth Management

Simply put, this type of investment is bringing together the funds of a group of dispersed investors and then invested by one institution or team. These funds are put into a securely audited liquidity pool, and then the returns are obtained through on-chain liquidity mining. This approach safeguards investors' funds while earning higher returns.

You can understand it as a time deposit in a bank, as long as you use the funds to subscribe to finance you can collect interest daily. The difference only lies in the need to use cryptocurrency, a minimum of 100USDT to escrow, enjoy a monthly rate of 7.2%, daily settlement and a minimum annualized return of 21%.

SureX Pledge Wealth Management Documentary Trading System

A community of top traders in the industry who will teach you how to start investing in cryptocurrencies and create a long-term stable profit model through low-risk passive investments.

The order-following pledge system is a model similar to that of a fund manager investing on behalf of a professional trader and dealer who develops position strategies, and the user can decide which teacher to follow by using data such as the historical returns of these professionals. The user only needs to follow the order with one click, during which he can check the fluctuation of the return of the financial management.

In this way, all investors need to do is to choose traders they consider reliable.

SureX Bull & Bear Battle

Compared with the traditional trading mechanism, the bull-bear battle has the characteristics of wide audience, quick start and considerable profit. And its the gameplay is simple and rough, even a crypto novice can easily get started in three minutes.

It is divided into "bull side" and "bear side", and adopts the PK matchmaking method. The "bull" side is matched to the "bear" side through the SureX exchange's matchmaking, and the two sides place their orders and become each other's opponents.

Players can choose the currency and time, and decide whether the next market direction will be "bull" (up) or "bear" (down) by betting on different values of USDT. If a player buys in a bull market and the closing price is greater than the opening price, the player wins, and vice versa, the other player wins, and vice versa for the rules for buying in a bear market.

Of course, the novice grows. And SureX has prepared higher latitude products such as futures contracts and liquidity mining system, and is also on track to continue developing more quality services.

All of SureX's products have three distinctive features:

1. High yield

2. Low threshold

3. Low fees and charges

All products revolve around SureX's core philosophy and service tenet: insight into user needs, and fully assist users in financial investment, and to create a simple and professional digital currency trading platform for all decentralized financial participants, serving not only professional traders, but also newcomers to cryptocurrency investment.

The current concept boom of DeFi, Web3, NFT, Metaverse has gave birth to numerous projects, but there is still no excellent intermediate product in the market that meets the usage habits of traditional finance-leaning and Defi novice, which is the problem but also an opportunity for SureX to stand out from the centralized exchanges.

The SureX team believes that complementary and win-win cooperation is the best driving force to build a global inclusive financial ecosystem.

See the rest here:

SureX Launched New Investment Matrix, Leading the New Trend of ... - InvestorsObserver

In August 2022, WhiteBIT launched its asset, the WhiteBIT Token (WBT). Now, the company has taken another critical step in its development by launching a test network of its blockchain.

This is an essential step before introducing it to the main network, which will allow the exchange to improve its product and ensure reliability, speed, and low fees to users in a secure environment.

Testnet is a test network that allows testing the blockchains functionality and capabilities in real-time but without tangible digital assets. Its network will make WBT an independent entity, turning it from a token into a coin.

The blockchain is built based on Geth (Go-Ethereum) to ensure compatibility with contracts and solutions of the Ethereum ecosystem.

The WB Network operates on the Proof-of-Authority (PoA) consensus mechanism. In simple terms, this is an algorithm in which trusted and known members of the network, rather than miners as in Proof-of-Work (PoW) or stakers as in Proof-of-Stake (PoS), are used to generate new blocks and confirm transactions.

In addition to low transaction fees, it should also be noted:

According to WB Network Explorer, the max networks TPS is 153.5, which is a reasonably good performance indicator. The average transaction fee is 0.00002566 WBT equal to 0.00012317 USDT*.

*based on the WBT price as of 12.4.2023

You can already join the network using Metamask and receive test WBTs. Go to the Faucet | page WB Explorer, insert the wallet address in the following field, confirm the operation, and click Claim. To test the network, you can send assets from one account to another.

In addition, you can also deploy your own smart contract using the Remix tool. You can find more details on how to do this in the documentation.

The exchange also recently expanded the Checkout Mastercard withdrawal method for Checkout Visa/Mastercard for BGN, CZK, EUR, PLN, and USD currencies.

Checkout.com is one of the largest fintech companies that provides payment processing services for other companies. The platform combines digital payments, analytics, and a system for monitoring fraudulent transactions. So, using Checkout Visa is a safe and secure way to receive payments.

Moreover, WhiteBIT has partnered with the cryptocurrency tax calculator service Koinly. It allows importing transactions, matching transfers between wallets, generating tax reports, and more. You can easily calculate your capital gains and income by connecting your crypto wallet and exchanging via API or CSV files. Then youll be able to download a complete Tax Report. For more details, visit the WhiteBIT blog.

WhiteBIT is one of the biggest centralized cryptocurrency exchanges from Ukraine, founded in 2018. Today, the company counts over 700 specialists. The exchange offers 350+ trading pairs, 270+ assets, and 10+ national currencies. The highest average daily trading volume is more than $2.5 billion.

This article contains a press release provided by an external source and may not necessarily reflect the views or opinions of BeInCrypto. In compliance with the Trust Project guidelines, BeInCrypto remains committed to transparent and unbiased reporting. Readers are advised to verify information independently and consult with a professional before making decisions based on this press release content.

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WhiteBIT Has Launched a Testnet of Its Own Blockchain - BeInCrypto

Cross-chain messaging and native interoperability are key to unlocking the full potential of a multi-chain future, and our accelerator program is a major step towards helping developers define that future

MIAMI (PRWEB) April 13, 2023

Moonbeam, the top destination for multi-chain applications on Polkadot, is excited to announce the debut cohort of Web3 startups in the Moonbeam Accelerator program operated by Rokk3r. Designed to support early-stage and growth-stage startups, this program offers top-notch support for teams currently building on Moonbeam's smart contract platform or those looking to get started and bring their innovative ideas to life on Moonbeam.

The Moonbeam Accelerator is supported by leading Web3 venture capital firms Arrington Capital, Borderless Capital, and Paka, all of whom are committed to helping drive support and adoption for innovative cross-chain projects.

"Theres a fresh wave of energy within the multi-chain space, catalyzing a trend that is pushing the industry toward true interoperability and making blockchain accessible to a mass audience, said Michael Arrington, Co-Founder at Arrington Capital. It is important for us to back the early innovators when it comes to this area and we are excited to support Moonbeams vision of enabling seamless cross-chain integration for startups. I look forward to seeing the teams in this cohort accelerate their progress.

The accelerators goal is to foster and reinforce core skills in areas such as technology stacks, business, marketing, financials, and fundraising. By providing access to an extensive network of industry experts, resources, and tools, the Moonbeam Foundation and its VC partners aim to accelerate the growth of innovative projects and companies in Web3. The accelerator is organized and led by Rokk3r, a strategic holding company that partners with entrepreneurs, corporations, and investors to build and scale their business models, which enables cohort teams access to live mentorship and an unmatched library of content and tools.

Bootcamps, pitching sessions, and live and pre-recorded technical sessions all round out the benefits that startups will receive when accepted into the Moonbeam accelerator program. This all leads up to Demo Day later this year, when selected teams will pitch investors, aiming to raise additional capital for their projects.

Cross-chain messaging and native interoperability are key to unlocking the full potential of a multi-chain future, and our accelerator program is a major step towards helping developers define that future," shared Derek Yoo, CEO of PureStake and co-founder of the Moonbeam Network. We invite all startups and teams to apply and join us in building a more connected and inclusive blockchain ecosystem.

The projects selected as the initial cohort span DeFi, gaming, infrastructure, and user acquisition tooling:

For more information about the Moonbeam accelerator program and how to apply for future cohorts, please visit https://moonbeamaccelerator.com/

For media inquiries, please contact Jonathan Duran at (310) 260-7901 or Jonathan(at)Melrosepr(dot)com

About Moonbeam

Moonbeam is a smart contract platform for building cross-chain connected applications that can access users, assets, and services on any chain. By uniting functionality from Ethereum, Cosmos, Polkadot and more into a single platform, Moonbeam solves todays fragmented user experience unlocking true interoperability and paving the way for the next generation of applications. The Moonbeam platform uses integrated cross-chain messaging to allow developers to create smart contracts that access services across many remote blockchains. This approach, plus Moonbeams developer-friendly EVM platform, vast tool support, and modern Substrate architecture, creates the ideal development environment for building connected applications.

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Arrington Capital and Borderless Capital Double Down on ... - PR Web

Blockchain is the latest tech advancement that ensures increased security and transparency. Since it was first developed in 2008, this technology has attracted the interest of many. Due to its unique characteristics, blockchain brings a lot of opportunities in many industries, including finance and medicine.

Regardless of its application, this technology changes how processes work. The software development industry can also benefit from using blockchain, and thats because of its potential to ensure the accuracy and consistency of the data.

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Gates Capital Management's ECF Value Funds have a fantastic track record. The funds (full-name Excess Cash Flow Value Funds), which invest in an event-driven equity and credit strategy, have produced a 12.6% annualised return over the past 26 years. The funds added 7.7% overall in the second half of 2022, outperforming the 3.4% return for Read More

Blockchain is the invention of an individual or a group of individuals known as Satoshi Nakamoto. Created in 2008, this technology was first associated with Bitcoin, a decentralized digital currency based on the PoW consensus mechanism.

Without blockchain, cryptocurrencies would not exist today. For the first time in history, people can use digital money without relying on an intermediary, and that's only possible due to the blockchain.

Since the database is reliable, popular companies have implemented this technology to boost their operations. For instance, Walmart uses blockchain to help clients trace the products' origins before purchasing them online.

Similarly, Microsoft enabled the development of dApps on its blockchain platform Azure Blockchain Service to issue invoices faster and securely and track food safety. With blockchain, companies can save time and money spent on processes.

Crypto is the first thing that comes to mind when hearing about blockchain. After all, this technology powers popular cryptocurrencies like Bitcoin and Ethereum, making digital transactions possible and efficient. Over the years, digital assets have become increasingly popular, appealing to investors who seek to maximize their profits.

Some even believe crypto is the future of finance. However, the industry was never consistent, and cryptocurrencies have experienced fluctuations in price over the years. Hence, it's imperative to be realistic when joining the crypto space and be prepared for what it involves.

Choosing a reliable cryptocurrency is essential, as it can impact the entire investing experience. For instance, crypto enthusiasts prefer to buy ethereum instead of other currencies due to its outstanding features and high performance over the years.

While blockchain enables cryptocurrencies, the technology has applications in other industries, too, such as:

Companies adopt blockchain because of its ability to decrease costs and automate tasks, thus saving precious time that can be used to develop ideas that can drive growth. Here are other advantages blockchain brings to businesses:

Software development involves computer science activities where developers create, design and deploy software. Since the process is complex, it's imperative to look for ways to increase efficiency. That can be achieved by using different technologies, such as:

Blockchain can boost the software development sector due to its security and immutability. Developers can create blockchain-based applications without relying on a bank or a financial institution.

Plus, the technology also eliminates worries about falling victim to hacking and theft. Let's further discuss what blockchain can do for the software development sector.

In a software development project, security is of the utmost importance. Fortunately, blockchain can guarantee it through the immutability and decentralization of data. This means it's impossible to manipulate the data, unlike traditional applications where a user can access all data.

Any hacking attempt is easily recognized, as all the transactions are recorded on the blockchain, and if anyone tries to modify them later, the network owners will notice immediately.

Software developers also deal with data integrity challenges. Apps are created daily, and it can be tricky to ensure they won't get compromised because of data integrity. Blockchain brings a solution to this problem because it offers transparency.

For instance, through smart contracts, developers can write code that can't be modified after being deployed on the blockchain, thus ensuring everyone has access to reliable information about what is happening during the entire process.

This transparency creates trust among teams in the software development sector. Since everyone is aware of the latest updates, there's no room for disputes and misunderstandings.

Society is moving at a fast pace nowadays, and businesses in the software development sector struggle to keep up with the market demands. That's because it takes significant time to launch the product after the concept has been developed.

But blockchain speeds up time-to-market, making processes like digital payments less complex. Due to blockchain's decentralized feature, a team can develop an app independently from another, regardless of location.

This means developers aren't limited in what they can create through blockchain technology. They don't need consensus from everyone involved in the app development process which is different from developing a traditional app.

Using blockchain also allows software developers to create more resilient applications that can recover more rapidly from disruption. Traditional applications can break down due to poor internet connection or failure in a database server. However, blockchain creates a more robust network infrastructure because, unlike servers, it relies on several copies of data stored in the nodes.

The adoption of blockchain in software development results in faster turnaround times for critical projects because the paperwork used is reduced.

Most business practices are susceptible to errors, but blockchain automates processes like content creation through smart contracts, thus making them more straightforward. Automation boosts the quality of software developers' services, which can help companies in the industry thrive.

Blockchain technology has led to new opportunities in the market, allowing more talented developers to compete with reputable companies.

This is possible because blockchain-based applications are developed on open-source platforms. Hence, it's easier for those with adequate knowledge to build a software product. Even startups can create something impressive, even if they lack resources or capital.

Blockchain has revolutionized many industries, and adopting it in software development can enhance product data quality, speed up delivery, and more.

Continued here:

Understanding The Use Of Blockchain In Software Development - ValueWalk