On Wednesday, one day after $117 million was drained from Solana DeFi platform Mango Markets via a price feed exploit, the hacker responsible for the attack demanded a settlement. The proposal was filed on the Mango Markets decentralized autonomous organization (DAO) governance forum. If passed, the procedure would involve the hacker sending stolen Mango Markets (MNGO), Solana (SOL), and Marinade Staked SOL tokens to an address provided by the Mango DAO team. Users without bad debt will be remade whole. However, the hacker demands that any bad debt will be viewed as a bug bounty and insurance, to be paid …

Solana (SOL) based decentralized finance (DeFi) exchange Mango Markets has been hit with a reported exploit of over $100 million through an attacker manipulating price oracle data, allowing them to take out under-collateralized cryptocurrency loans. The exploit was first identified by blockchain security firm OtterSec which tweeted the exchange had been drained of over $100 million due to the attacker manipulating the value of their Mango (MNGO) native token collateral, then taking out “massive loans” from Mango’s treasury. It appears the attacker was able to manipulate their Mango collateral. They temporarily spiked up their collateral value, and then took out …

TempleDAO, a yield-farming Decentralized Finance (DeFi) protocol, lost over $2.34M to a hack on Oct 11. The exploit was announced by twitter account holder @spreekaway, who shared that the Defi platform had been hacked, along with a snapshot of how the stolen funds had been moved. .@templedao exploited for $2m it seems pic.twitter.com/k0nBLSoxnx — Spreek (@spreekaway) October 11, 2022 Blockchain Security companies Blocksec and Pecksheild confirmed in a series of tweets that the exploit had indeed occurred. Blocksec shared that the root cause of the attack was “insufficient access to control to the migrateStake function.” TempleDao @templedao has been attacked. …

Decentralized autonomous organizations, or DAOs, have caught the imagination of many in the blockchain industry. What was once just a theory talked about on internet forums in the early days of the blockchain revolution has become a growing trend in how organizations form. Cointelegraph Research has unveiled a primer on DAOs, exploring their historical origins up through how they are currently impacting the cryptoverse. There has been a massive spike in DAOs — or at least the modern conception of them — with over 4,000 active as of the latter half of 2022, according to data from Snapshot. Every cryptocurrency …

The Ethereum network brought smart contracts into the blockchain space, making concepts like decentralized finance (DeFi) possible. Smart contracts can automatically execute processes once certain conditions have been met. Along with this new technology, a new coding language was developed called Solidity. As the blockchain industry continues to grow and new blockchain networks emerge, additional programming languages are being brought into the space, notably Vyper and Scrypto. Programming languages are a set of rules that convert strings of text and numbers into machine-readable code. In simple terms, programming languages enable computers to understand instructions that are input by human beings. …

Even though one of the stars of the show is a talking robot, human interaction was still the highlight of the recent Blockchain Economy Dubai Summit 2022 held at Le Meridien Dubai Hotel and Conference Centre. Titan, an 8-foot-tall talking robot previously seen on Britain's Got Talent 2022, was one of the event's main attractions. The robot gave a Transformers-like introduction at the beginning of the event and mingled with the audience at various times. Cointelegraph was involved in various aspects of the event including interviewing keynote speakers like Bitcoin.com CEO Dennis Jarvis and former NFL player Lewis Neal. Apart …

As the Web3 industry matures, Zero-knowledge Know Your Customer (zkKYC) is becoming more widely discussed as a means to comply with strict financial regulations while maintaining user privacy, according to the partner of a venture capital firm. In an interview with Cointelegraph, John Henderson, partner at Australian-based venture capital firm Airtree Ventures said the successful implementation of a zkKYC system would be “great news for both regulators and consumers” and could increase cryptocurrency adoption: “Institutions and retail users are more likely to participate in DeFi if they can be confident that they are complying with their AML/CTF obligations.” Henderson explained …

According to a recent Twitter post by 0xngmi, the anonymous creator of decentralized finance (DeFi) project aggregator Defi Llama, the smart contract code for a novel nonfungible tokens (NFT) borrowing and lending protocol dubbed 'LlamaLend" is near completion. The protocol aims to solve the problem of NFT holders needing to obtain liquidity when holding their digital collectibles and primarily targets small NFT collections. The project's LlamaLend GitHub page explains: "If a holder needs liquid money because a good opportunity has appeared, all they can do [now] is just sell their NFTs." As per its GitHub page, LlamaLend will allow users …

Cardano founder Charles Hoskinson has been pointing out the flaws affecting the Ethereum protocol following its latest upgrade. A major issue, according to Hoskinson, is the locking mechanism that prevents investors from withdrawing their staked Ether (ETH) from the Beacon Chain until the completion of the next upgrade. “Ethereum is the Hotel California of cryptocurrencies. You can check in but you can't check out,” said Hoskinson in a recent Cointelegraph Interview. According to Hoskison, this mechanism heavily impacts ETH's liquidity and could eventually spark a liquidity crisis. “You'll have less and less Ether trading in the marketplace," he explained. "And …

BNB Chain, the blockchain of the Binance crypto exchange and Binance Coin (BNB), launched its latest development-focused initiative, which targets European developers to build and scale decentralized applications (DApps) on the network. The three-week virtual “innovation incubator” program focuses on Web3 startups with at least one key member based in the European Union (EU). Those accepted into the program receive mentorship from industry experts and BNB Chain specialists on tokenomics design and Web3 marketing strategies. The incubator will host exclusive meet-ups in cities across the continent, such as Lisbon, Paris, Berlin, Barcelona, Warsaw and London. According to Zoe Wei, the …

The idea of Web3 has begun to take hold among business web developers in recent years. Modern business models emphasize the significance of moving beyond Web2 and discovering new ways to manage, organize and create meaning from the enormous volume of user-generated data, even though ideas about the current developments of the Web are still hazy and unclear. The Semantic Web is frequently linked to the concept of Web3 as business strategies and web developers envisioned it. Tim Berners-Lee, the inventor of the World Wide Web, initially proposed the idea in 1999. He saw the potential for enabling robots to …

Launched in July 2020, Yearn.finance has emerged as one of the major players in the emerging decentralized finance (DeFi) space that provides services such as staking, lending aggregation and yield generation on the Ethereum blockchain. Boasting the most user-friendly crypto trading services that are being meted out autonomously, the project uses its native ERC-20 Yearn Finance (YFI) cryptocurrency to incentivize those who lock their crypto tokens in Yearn.finance contracts through any of the supported platforms such as Balancer and Curve DeFi. With all of its protocols operating on the Ethereum blockchain, Yearn.finance is managed through developers that act in accordance …