Cryptocurrency

On 13 March 2023 at 08:56:35 AM +UTC, DeFi lending protocol Euler Finance experienced a Flash Loan Attack. Euler Finance is a protocol that operates as a permissionless lending protocol. Its primary goal is to facilitate lending and borrowing of various cryptocurrencies for users. The UK-based tech startup utilizes mathematical principles to develop non-custodial protocols on Ethereum and other blockchain networks, with a focus on achieving high performance. Based on on-chain data analysis, the attacker has successfully executed multiple transactions resulting…

In the latest development in the world of Decentralized Finance (DeFi), Tender.fi, a DeFi lending protocol, fell victim to a white hat attack. The alleged ethical hacker behind the attack had managed to drain a whopping $1.6 million from the platform, forcing the service to halt borrowing while it attempts to recover its assets. The attack, which took place on Mar-07-2023 at 08:21:38 AM +UTC, has caused significant concern among the DeFi community. According to Numen Cyber’s on-chain monitoring, the attacker siphoned 198…

Crypto copycat projects are cryptocurrencies designed to imitate the functionality and success of existing cryptocurrencies. These projects typically try to capitalize on the popularity of established cryptocurrencies, such as Bitcoin, Ethereum, or Binance Coin, by offering similar features, branding, or even a name close to the original currency. The aim of copycat crypto projects is often to ride the coattails of the original cryptocurrency's success and make a profit by selling tokens or coins to investors who are attracted to…

Fake crypto projects, also known as scams, fraudulent projects, or Ponzi schemes, are illegitimate projects that deceive investors by promising high returns on investment but absconding with the investors’ funds. Cryptocurrency scams have become more prevalent due to the high level of anonymity, decentralization, and lack of regulation in the crypto industry. This article will explore the characteristics of fake crypto projects and how to spot them. Characteristics of Fake Crypto Projects Lack of transparency: A fake crypto project will…

Smart contracts have gained popularity in recent years because they enable the automation of certain tasks, eliminate the need for intermediaries, and ensure that agreements are carried out in a trustless manner. However, like any new technology, smart contracts have also given rise to a new form of fraud known as smart contract scams. Smart contract scams exploit the trust of investors attracted to the promise of high returns. Scammers create fraudulent smart contracts that appear to offer lucrative investment…

A "death cross" is a technical indicator used in cryptocurrency trading when the 50-day moving average (MA) crosses below the 200-day MA on a price chart. This event is seen as a bearish signal by traders and is thought to indicate a potential further decline in the cryptocurrency's price. The 50-day MA is calculated by taking the average price of a cryptocurrency over the past 50 days, while the 200-day MA is calculated using the average price over the past…

TVL (Total Value Locked) is a metric used in the decentralized finance (DeFi) space to represent the total value locked into DeFi protocols. This value is locked in the form of cryptocurrencies, stablecoins, and other digital assets and is used to calculate the overall value invested in DeFi protocols. How Is TVL Calculated? TVL is an important metric in DeFi as it measures the health of the DeFi ecosystem and the level of adoption of DeFi protocols. A high TVL…

Diluted Market Cap in crypto refers to the total market value of all outstanding tokens or coins in a cryptocurrency after considering the potential issuance of new coins or tokens in the future. It considers the current market capitalization of a cryptocurrency and the potential future supply of coins that could be generated through various mechanisms such as token minting, token burning, token airdrops, or other token generation events (TGE). How Does Crypto Diluted Market Cap Work In practical terms,…

Sim swapping, also known as SIM hijacking, is a form of identity theft that targets individuals with cryptocurrency holdings. The attacker impersonates the victim and convinces the mobile network operator to transfer the victim's phone number to a SIM card controlled by the attacker. With control of the victim's phone number, the attacker can reset passwords and gain access to accounts that use two-factor authentication (2FA) via SMS. How Does Sim Swapping Work? The process of sim swapping starts with…