Cosmos Unveils New Blockchain, Sagan, A Canary Network to Allow Developers to Run Tests And Experiments

Cosmos Unveils New Blockchain, Sagan, A Canary Network to Allow Developers to Run Tests And Experiments

As issues of scalability and interoperability become a major problem in the blockchain space, cross-chain network Cosmos has launched a new blockchain solution named Sagan.

On Tuesday, the firm announced that the Sagan’s blockchain solution  would allow developers to experiment with new protocols.

Cosmos had teased the release of the blockchain with a video message accompanied with a quote from Carl Sagan, the famous astronomer, and an image of a canary.

Cosmos and Its Sagan

Before the announcement, Cosmos was working to release Optimint, a scaling solution that will allow developers to build Cosmos-based blockchains which can be deployed in clusters. Cosmos was built on the Tendermint frame and the intention is to make Optimint a drop-in replacement.

A source familiar with the development said the canary symbol on the Sagan blockchain is an indication that it will be a canary network. The canary concept — a blockchain that controls testnets used to try protocols before they go mainnet — was first coined by Polkadot and Kusama network.

After launching its inter-blockchain communication protocol in March this year, the company grew. This protocol allows the seamless transfer of digital assets compatible with blockchains, also covering those in DeFi.

Comos’ Steady Growth

Data from the last 30 days suggests that Cosmos has had over 1,285,426 transfers across its ecosystem. Cosmos, which is said to be the second-largest ecosystem in the crypto space after Ethereum, has secured more than $120 billion worth of digital assets with over 250 blockchain apps and services in the network.

Cosmos recently signed a partnership with Starport, an all-in-one platform to build, launch, and maintain any crypto application on a sovereign and secured blockchain. Part of the deal allows developers to create their blockchains and freely connect them to the Cosmos ecosystem. Developers would also have the opportunity to list their tokens on any of the network’s decentralized exchanges, and get noticed in the crypto world.

Cosmos is also partnering with Forte, a blockchain gaming platform, to build gaming solutions. The partnership will allow Cosmos developers to work with Forte to ensure that all third-party game developers on the Forte platform can access Cosmos’ technology and easily integrate their games with the Cosmos network.

Forte will also add ATOM and other Cosmos-enabled currencies, such as stablecoins, to the Forte network to be used as payment, liquidity, or collateral for users. Cosmos considers all of these achievements a great milestone.

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Author: Jimmy Aki

Sports Betting Platform DraftKings to Become Polygon Network Validator & Support Custom NFTs Drops

Sports Betting Platform DraftKings to Become Polygon Network Validator & Support Custom NFTs Drops in Marketplace

Popular sports betting company DraftKings has taken a step further into the world of cryptocurrencies and blockchain by becoming a full validator for Polygon Network, an Ethereum-based scaling platform.

The firm, whose market capitalization currently stands at $20 billion, announced that scalability remains a challenge in the blockchain space, noting that they aim to set the ground running for the DraftKings marketplace — an ecosystem that focuses specifically on NFTs.

To become a validator, the betting giant will launch a node on the Polygon Network to enhance the verification of transitions using a proof-of-stake (PoS) consensus protocol.

DraftKings and Its Validator Status

Paul Liberman, co-founder and president of global product and technology at DraftKings, in a statement, said,

“Scalability and sustainability remain among the critical challenges of blockchain technology, so as we lay the groundwork today for the vision of DraftKings Marketplace tomorrow, the vast insights and proven products from Polygon around scalable solutions are invaluable.”

Through this collaboration, DraftKings will have the option of contributing to Polygon’s governance. This means the betting firm, being a token holder, will have a say in implementing changes to the network after staking their tokens on the platform.

DraftKings, in August this year, collaborated with the Tom Brady-backed NFT marketplace Autograph to roll out the Preseason Access Collection, a marketplace for NFT collectibles from famous athletes. Some of these athletes include Jamaican sprinter Usain Bolt and U.S. gymnast Simone Biles.

The marketplace debut came as trades in blockchain-registered images soared, making NFTs more attractive to retail traders.

DraftKings’ NFT

As sports companies and athletes are more interested in the NFT markets than ever before, DraftKings, backed by over 5.5 million users, is ready to tap the potentials of this market.

According to DraftKings’ president, Matt Kalish, turning that audience onto NFTs and keeping them engaged was a key focus of the marketplace launch.

“Whether someone is well-versed or barely familiar with digital collectibles, we envision DraftKings Marketplace being a premier platform for all within a trend that is decidedly here to stay.”

As issues of stability and increased transaction fees continue to trail the Ethereum blockchain, decentralized applications (dApps) development are now shifting attention to alternatives with more scalable solutions and lesser transaction fees. Some of these solutions include Algorand, Solana, Cardano, and Polygon.

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Author: Jimmy Aki

Celsius Network Raises $400M Led by Canada’s 2nd Largest Pension Fund to Reassure Regulators

Celsius Network Raises $400M Led by Canada’s 2nd Largest Pension Fund to Reassure Regulators

Cryptocurrency lender platform Celsius Network has raised $400 million at a valuation for more than $3 billion in new equity funding from investors despite seeing increased scrutiny from US regulators.

Canada’s second-largest pension fund Caisse de dépôt et placement du Québec (CDPQ) led the funding round along with WestCap, a fund founded by former Airbnb and Blackstone executive Laurence Tosi.

Last year, Celsius had raised $30 million in an equity round led by USDT issuer Tether at a pre-money valuation of $120 million.

The crypto lender has been subject to regulatory pushback by state regulators of Kentucky, Alabama, Texas, and New Jersey in the US for its lending products. The lender says the company’s interest earnings accounts violate securities laws and don’t clarify to its customers if their deposits are protected.

With its latest funding round, CEO Alex Mashinsky Mashinsky told the Financial Times, he hopes to reassure regulators about the stability of the business and open the doors to mainstream financial markets.

“It’s not $ 400 million, it’s the credibility that comes with the people who wrote those checks.”

The company currently manages $25 billion of crypto assets, up from $10 billion just six months back in March. Celsius Network has more than one million registered users.

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Author: AnTy

Blockstream’s Liquid Network Battles Transaction Pile Up Due To Functionary Upgrade

Blockstream’s Liquid Network Battles Transaction Pile Up Due To Functionary Upgrade

Canadian-based Bitcoin sidechain Liquid Network is having difficulty validating transactions on its network.

Transaction Pile Up Caused By ‘Functionary Upgrade’

The Blockstream-owned multichain solution announced via Twitter that there was an issue with the network, and they were working to resolve it.

A subsequent tweet identified the problem from the block signing of transactions on the network. The culprit was said to be a recent “functionary upgrade.” However, the firm assured users that their funds were unaffected and safe.

Block signing is a digital signature used by blockchain protocols to validate the correctness of a transaction before adding it to the network. Difficulties signing blocks mean that many transactions will be pending and stored in a temporary shed on-chain.

A look at the network’s mempool – a pool where all valid transactions are piled before being confirmed on the Bitcoin network – shows that transactions are slowly filling up the chamber, waiting for the sidechain to process them.

This event has seen the network’s users question if the network’s recent upgrade prompted the issue.

In a September 29 tweet, the Bitcoin layer-two protocol launched its hard fork for Liquid BTC (L-BTC), named DynaFed or Dynamic Federations.

The hardfork is expected to introduce extensive features to the Bitcoin network and improve key areas around decentralization, security, and network flexibility.

Liquid node users were advised to upgrade to Element v0.8.1.11 or newer versions to access the new upgrade.

Stokr Partners Liquid Network For Tokenized Digital Securities

Blockstream was formed in 2018 by Adam Back and a few developers who set out to solve the scalability issues surrounding Bitcoin. This led to the development of the Liquid Network, which is reputed to reach block finality within two minutes while ensuring faster and more secure transactions on the Bitcoin network.

Although facing competition from the Lightning Network, another layer-two protocol, Liquid Network, has been favored by traders and exchanges for its fast block finalization window and private transaction settlements.

The Liquid Network uses an entirely different consensus algorithm from the Bitcoin network as it favors functionaries. These functionaries are similar to validators and enable the proposal and signing of blocks to be added to the sidechain. The DynaFed upgrade was meant to streamline this process by allowing the addition and removal of functionaries without adversely impacting network operations.

Meanwhile, the Liquid Network has continued to rack up integrations. The latest is security token issuance platform Stokr which recently partnered with the Bitcoin sidechain. In a release, the securities firm announced that users will now be able to access tokenized digital securities as investment vehicles. The Liquid Network is expected to play a critical role in facilitating the tokenization of Bitcoin.

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Author: Jimmy Aki

32% of El Salvador Population Actively Using Bitcoin Wallet, Lightning Network Capacity Surpasses 2,900 BTC

32% of El Salvador Population Actively Using Bitcoin Wallet, Lightning Network Capacity Surpasses 2,900 BTC

El Salvador’s Bitcoin adoption continues to gain traction, as evident from the number of people using the government’s Bitcoin wallet called Chivo.

Over the weekend, president Nayib Bukele claimed on Twitter that 2.1 million Salvadorans are actively using the Chivo wallet.

“Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users than all banks in El Salvador combined.”

“This is wild!”

On Sept 7. El Salvador became the world’s first nation to adopt Bitcoin as legal tender alongside the US dollar. Despite the protests and polls suggesting criticism against this move, already a third of the country’s population is using the cryptocurrency.

To spread the Bitcoin adoption in the Central American country, the government has been offering an incentive of $30 in BTC for anyone who downloads the app. The wallet app has also been dominating the Finance category in El Salvador’s app stores, both iOS APP Store and Google Play Store.

Like the Chivo wallet, Bitcoin ATMs in the country have also grown to hit 205 to become the third-largest after the US and Canada, which have 23,588 and 1,938 respectively, according to Coin ATM Radar.

This Bitcoin adoption also facilitates the growth of the layer 2 solution Lightning Network that allows faster and cheaper bitcoin transactions.

With 32% of El Salvador’s population onboarded to the Lightning Network in less than 3 weeks, the capacity of the network has climbed to a new all-time high of 2,947.67 BTC. This capacity has been growing throughout this year, and at the end of January, it was only around 1,050 BTC.

1MLLightningNetwork

Like the network capacity, the number of nodes and channels has hit new highs of 27,186 and 74,153, respectively.

A Lightning node is a software that connects and interacts with the main blockchain network and within the LN itself. The nodes open payment channels with each other that are funded with BTC. Transactions are made across these channels, and balance is not broadcast on-chain, thus creating a second layer on top of the bitcoin network.

Last week, Twitter also announced a new feature that allows tipping with Bitcoin over the LN through the payment app built on the network called Strike. Twitter users can basically use any Bitcoin Lightning wallet to send tips to someone’s Strike account.

If this catches on, this could further drive Bitcoin and Lightning Network adoption.

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Author: AnTy

Even Ethereum Layer 2 Solutions Are Earning Significantly Higher Fee Revenue than Bitcoin

Ethereum is a clear winner when it comes to earning fees. This second-largest network generated $22.6 million in transaction fee revenue in the past 24 hours and more than $45 million on a 7-day average.

When it comes to its competitors, Binance Smart Chain (BSC) made $1.68 million in 1-day fees but still comes at 3rd place while Avalanche is doing just under $268k, Cardano $49k, and Polkadot $253, according to CryptoFees.

It is the popular DEX Uniswap that is the second-highest fee earner at just over $3 million. As for other decentralized finance (DeFi) projects, Aave is recording $1.3 million, SushiSwap $1.2 million, Compound $996 million, MakerDAO $140k, and Polygon $33k in the past 24 hours.

In all of this, the largest network, Bitcoin, falls at 9th place by generating roughly $400k in 1-day fees. This low fee is resulting in a drop in revenue from fees as a percentage of total miner revenue to a mere 1.3%, the lowest since January 2020.

The use of Layer 2 solution Lightning Network could also be a reason for this, whose capacity has been increasing throughout the year, going from 1,050 BTC to a new ATH of 2,583 BTC now.

Even Arbitrum, Ethereum Layer 2 solution, generated more fees at over $613k than Bitcoin. Arbitrum’s competitor, meanwhile, comes just a step below Bitcoin at roughly $332k.

Arbitrum has been outshining the EVM-compatibility competitors despite a flurry of liquidity mining announcements coming from Avalanche, Fantom, and Harmony.

On Sept. 10 and 11, Arbitrum’s bridge contact recorded a sharp increase that sent its total value locked (TVL) to $2.1 billion, from $173 million.

However, most capital in Arbitrum right now is farming speculative projects. But with projects like Aave, Balancer, Chainlink, Coinbase Wallet, DAI, Curve, Cream Finance, Etherscan, Gnosis Safe, Infura, Metamask, OKEx, Nansen, perpetual protocol, Sushi, The Graph, Tether, USDC, Uniswap, WBTC, Zapper, and many others soon to be deployed on Arbitrum, this could change really quickly.

According to Dune Analytics, TVL on Arbitrum Bridge jumped another 25% in the past week to $2.7 billion, while a 51% increase was recorded on Optimism ERC20 Bridges, standing at $37.6 million.

Arbitrum Bridge currently accounts for 34.6% share of Ethereum bridges TVL followed by Polygon ETC20 Bridge at 30.4% share, Avalanche Bridge at 24.4%, and Fantom Anyswap Bridge at 6.3%.

When it comes to the breakdown of assets being bridged out of Ethereum, WETH/ETH, USDC, USDT, DAI, and WBTC account for nearly 90% of asset value.

Daily unique validators on Arbitrum are currently 81, down from the 588 peak from last week. Optimism saw a huge jump in deposits on Sept 11 as it went from 234 to 9828 in a day only to get more than halved in the next couple of days and currently at 446.

Arbitrum’s take-off in early September actually coincided with a sharp decrease in the daily median gas price on Ethereum mainnet. But it’s to be seen if it is just a coincidence or a causal relationship as NFTs also lost steam around this time, which has been the biggest contributor to the increase in gas prices.

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Author: AnTy

Bitcoin Rewards App Fold to Move to Full Lightning Network Support by 2022

Bitcoin Rewards App Fold to Move to Full Lightning Network Support by 2022

Bitcoin rewards and payments app Fold would integrate the Lightning Network by the end of 2022. The Lightning Network is a second-layer scaling solution added to Bitcoin’s network. The Network enables off-chain transactions and near-instant micropayment processing, alongside enhanced privacy.

Fold Partners With OpenNode

In an official press release, Fold said it was committed to integrating Lightning Network support by the end of next year as part of its plans to support and push the Network adoption.

To do this, Fold would partner with Bitcoin payment processor OpenNode for the transition. OpenNode helps businesses to accept Bitcoin payments on the Lightning Network. The app provides instant, low-cost prices with zero chargebacks using Bitcoin.

The collaboration with OpenNode would enable Fold app users to enjoy instantaneous withdrawals of their Bitcoin rewards.

This integration is expected to bring many Fold users to the Lightning Network.

Over 500,000 Fold users are expected to benefit from this integration, many of whom have never experienced Lightning payments before.

“We are continuing our tradition of moving the space towards Lightning as we did before in the early days with Lightning Pizza. By incentivizing users to use Lightning and opt to receive their rewards in a Lightning wallet, we are bootstrapping LN adoption,” Fold CEO Will Reeves explained in the release.

Fold was founded in 2014 by Chris Martin, Corbin Pon, Matt Luongo, and Will Reeves. The Bitcoin rewards firm claims to offer the easiest and simplest way to earn Bitcoin. The app provides Bitcoin cashback through its Visa debit card and mobile application.

Fold’s Lightning integration follows its augmented reality (AR) feature that allows users to earn Bitcoin and in-app benefits by exploring their physical surroundings. Fold launched the new feature alongside a free plan for the firm’s Bitcoin Rewards Debit Card.

Growth In Adoption Of Lightning Network

The Lightning Network has gotten much recognition lately as there has been a lot of enthusiasm surrounding it. Just yesterday, it was widely reported that Twitter was testing a Bitcoin Lightning tipping service. The tipping function is expected to use Lightning for smaller bitcoin payments and would support both custodial and non-custodial wallets.

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Author: Jimmy Aki

Twitter Testing Tipping Users in Bitcoin Through Lightning Network in Beta

Twitter Testing Tipping Users in Bitcoin Through Lightning Network in Beta

Twitter has started testing the ability to tip users on the platform in Bitcoin.

According to MacRumors, the Twitter beta shows that the social media giant is testing this service. Mobile developer Alessandro Paluzzi has also leaked an image of what it would look like.

According to the report, this tipping function will use the Lightning Network to make smaller Bitcoin payments and would support both custodial and non-custodial wallets.

Lightning Network is a layer 2 solution for faster and cheaper Bitcoin transactions. The capacity of LN has risen to a new all-time high of 2,350 BTC while the number of channels and number of nodes is also hitting new highs at 68,787 and 25,969, respectively, according to 1ML.

The leaked image shows that Twitter will use Jack Maller’s LN app Strike to generate Bitcoin Lightning invoices. This means, in order to use this feature, users would require a Strike account to receive tips.

“We use Strike to generate Bitcoin Lightning invoices so you’ll need to connect your account to accept Bitcoin tips.”

Back in July, on Twitter’s second-quarter earnings, CEO Jack Dorsey suggested that Bitcoin would be coming to Tip Jar and other products, including Super Follows, Commerce, and Subscriptions.

At the time, he also reiterated that Bitcoin is the “best candidate” to become the “native currency” of the internet which will mean “people and companies can freely trade goods and services anywhere on the planet.”

As we recently reported, Dorsey said he’s using LN to enable a currency for the internet by allowing every account on Twitter to link to a Bitcoin Lightning Wallet. He also said the company is planning a Bitcoin hardware wallet and a KYC-complaint DEX for Bitcoin and exchanging other assets like stablecoins but with a decentralized identity solution.

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Author: AnTy

76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market

76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market

Trading near $117, SOL is currently down just over 7.5% from its all-time high of almost $130, which was hit just about 24 hours back.

With a market cap of $32.2 billion, SOL sits at 8th place in the cryptocurrency market.

Last week, the Solana team helped push the prices of the token even higher by teasing a new feature. An ignition teaser video featuring a purple flame lighter was tweeted on August 27th.

The tweet featuring the video was speculated to be referring to the burning of the SOL tokens paid in fees.

Solana is an Ethereum competitor that markets itself as a faster and cheaper alternative. It is a public base-layer blockchain that features a new timestamp system called Proof-of-History (PoH) for enabling automatically ordered transactions and uses the Proof of Stake (PoS) consensus algorithm to help secure the network.

The token SOL is used to pay the transaction fees, and the protocol burns a portion of the fees it collects. Solana also creates new tokens based on a “dis-inflationary inflation schedule.”

Besides being used to pay the fees, SOL is also used to secure the network through staking. While Ethereum has just started staking and only 6% of its supply staked and locked in the deposit contract, a whopping 76.81% of SOL supply is currently staked, according to Stakingrewards.com.

Among popular PoS blockchains, Cardano, Polkadot, Terra, Avalanche, BSC, and Algorand, Solana has the highest percentage of its supply staked. Binance Smart Chain comes second at 71%, followed by Cardano’s 69.65%.

ADA 1.78% Cardano / USD ADAUSD $ 2.83
$0.051.78%
Volume 4.39 b Change $0.05 Open $2.83 Circulating 32.15 b Market Cap 90.95 b
10 h 76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market 1 d Cardano (ADA) Remains A Favorite Among Retail & Institutions Alike with Alonzo Upgrade “On Schedule” 2 d Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH
DOT -2.14% Polkadot / USD DOTUSD $ 30.17
-$0.65-2.14%
Volume 3.77 b Change -$0.65 Open $30.17 Circulating 987.58 m Market Cap 29.8 b
10 h 76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market 1 d Cardano (ADA) Remains A Favorite Among Retail & Institutions Alike with Alonzo Upgrade “On Schedule” 2 d Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH
LUNA 12.73% Luna Coin / USD LUNAUSD $ 0.01
$0.0012.73%
Volume 0 Change $0.00 Open $0.01 Circulating 1.71 m Market Cap 14.59 K
10 h 76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market 2 d Historically September Records Losses, But Will This Time Be Any Different? 2 d Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH
AVAX 3.16% Avalanche / USD AVAXUSD $ 44.20
$1.403.16%
Volume 1.09 b Change $1.40 Open $44.20 Circulating 175.14 m Market Cap 7.74 b
10 h 76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market 1 d Fantom Sees an Avalanche of New Activity to Hit Records, Announces Rewards to Build on the Platform 2 d Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH
ALGO 2.51% Algorand / USD ALGOUSD $ 1.15
$0.032.51%
Volume 329.45 m Change $0.03 Open $1.15 Circulating 3.46 b Market Cap 3.98 b
10 h 76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market 4 w Zcash Founder Proposes Moving to A ‘More Decentralized’ & Eco-Friendly PoS as PoW Has ‘Security Flaws’ 1 mon Tether in ‘Open Dialogue’ with DOJ, says Company on Report of its Executives Being Under Probe for Bank Fraud

This means, only a small portion of the SOL supply is liquid and available for purchase in the market, which further puts upward pressure on the cryptocurrency.

Much like other growing metrics, Solana also has an increasing amount of total value locked (TVL) in it, currently sitting at a $3.44 billion peak, with Raydium accounting for 32.16% of it.

Solana-based DEX, Serum, which got the backing of FTX CEO Sam Bankman Fried, also has a $464 million value locked in it, up from $175 million a month back. SRM -2.07% Serum / USD SRMUSD $ 8.72
-$0.18-2.07%
Volume 639.21 m Change -$0.18 Open $8.72 Circulating 50 m Market Cap 435.76 m
10 h 76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market 1 d OpenSea Dominates the NFT Market, Floor Price Continues Its Uptrend as Alameda Apes In, Solana Joins Too 1 w South Koreans Turn to Serum (SRM) As Solana (SOL) Ecosystem Pumps

As we reported, Solana has also joined the NFT scene with their floor price – the cheapest price available for sale, moving up. The first-ever NFT on Solana, which gives its holders a share of revenue on their NFT platform, Solarians has their floor price rising to 39 SOL as well.

On Tuesday, Aurory, a Solana-powered NFT game, launched its NFTs whose floor price is already past 60 SOL. Black Friday actually came early for Aurory as minting the NFTs cost 1 SOL instead of initially stated 5 SOL.

However, some people fell victim to scams and ended up losing their SOL and NFTs both. Still, overall the project was a success as the team noted that the website saw 55k visitors rushing in to get their hands on NFTs, and everything was sold out in under 3 seconds.

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Author: AnTy

$4.77M Returned, Poly Network Hacker Starts Giving Back the Stolen $611M Crypto Assets

$4.77M Returned, Poly Network Hacker Starts Giving Back the Stolen $611 Million Crypto Assets

The attacker of cross-chain Poly Network has already started to return the $611 million worth of crypto assets just a day after stealing them.

“Its already a legend to win so much fortune. It will be an eternal legend to save the world. I made the decision, no more DAO,” read one of the messages from the attacker.

$4.77 million has been returned so far, shared by the Poly Network team on Twitter. As we reported, Tether had saved the loss of $33 million yesterday by freezing USDT addresses.

On the day of the attack, blockchain security firm Slowmist also obtained information about the attacker, including their IP address, email ID, and device fingerprints through on-chain and off-chain tracking, following which the hacker announced their decision to return the funds.

Slowmist further said that the attacker used a little-known Chinese cryptocurrency exchange Hoo for the attack, adding, “this is likely to be a long-planned, organized and prepared attack.”

The Poly Network team also reached out to the attacker, urging them to return the hacked funds on the grounds that the amount stolen was the biggest one in DeFi history and because law enforcement will regard this as “a major economic crime.”

While previously suspected to be the leakage of the single keeper’s private key, the attack actually happened “because the keeper of the EthCrossChainData contract can be modified by the EthCrossChainManager contract, and the verifyHeaderAndExecuteTx function of the EthCrossChainManager contract can execute the data passed in by the user through the _executeCrossChainTx function. Therefore, the attacker uses this function to pass in carefully constructed data to modify the keeper of the EthCrossChainData contract,” explained Slowmist in its analysis.

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Author: AnTy