☠️Mystery Wallet Exploit Targets Crypto Veterans – – BSC News
An unknown wallet-draining exploit has security researchers perplexed after siphoning over $10M over the past five months. MetaMask and other wallet providers are investigating. Meanwhile, decentralized exchange KyberSwap discovered a critical bug in its Elastic platform and asked users to withdraw their assets.
✍️ In today’s newsletter:
Wallet-draining exploit has stolen $10M since DecemberKyberSwap discovers a vulnerability in its ‘Elastic’ exchange
📈 Markets in last 24 hrs:
Watch our video on the ongoing memecoin rally. And check out our podcast with Harsh Rajat, the founder of Push Protocol, who talks about the intersection of web3 and AI.
Unknown Exploit Has Drained Over $10M In The Past Five Months
TLDR A sophisticated wallet drainer has stolen over $10 million worth of assets across 11 different blockchains, targeting experienced users who created their wallets between 2014 and 2022. The exact attack vector is unknown, but the attacker swapped users’ tokens for ETH and converted them into Bitcoin using various services, including privacy mixers. This exploit is not specific to MetaMask, and all wallets, including hardware wallets, are affected.
SO WHAT Crypto exploits are a major cause of concern for Web3 participants, highlighting the need to remain vigilant and take steps to safeguard crypto assets. Users should consider spreading their assets across multiple wallets and not holding everything in wallets secured by the same seed phrase.
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Tranchess is a structured asset management protocol that offers liquid staking on both Ethereum and Binance Smart Chain. Liquid staking allows users to earn staking rewards while their assets remain liquid, which they can use in other DeFi investments.
Tranchess mints liquid tokens equivalent to the amount of staked ETH or BNB (qETH or nQueen) and receives rewards as proxy validators. The NAV of these tokens increases with the value of the staked asset, including the yields from staking. Liquidity pools provided by both Tranchess and partners allows users to trade their liquid tokens for the staked asset with ease.
Tranchess is unique in offering a tranche mechanism that allows users to split their liquid tokens into BISHOP and ROOK tokens. The ROOK token represents a high-risk, high-return strategy where users can take leveraged long positions on ETH, BNB, and BTC, whilst BISHOP represents a market neutral or stable coin like structure. Tranchess uses a combination of its Rebalance model and Time-Weighted Average Price (TWAP) to minimize any market risk to its ecosystem.
Tranchess is a DeFi protocol that provides a differential layer of financial products and services by offering risk tranche options for investors with different risk levels. Tranchess’ novel tranche twists, QUEEN, ROOK and BISHOP, are unavailable on other liquid staking platforms.
Follow @Tranchess on Twitter, @Tranchess on Telegram, Discord and be sure to visit https://tranchess.com/!
KyberSwap Discovers Critical Bug In ‘Elastic’ AMM
TLDR Kyber Network discovered a vulnerability in their KyberSwap Elastic platform and instructed liquidity providers to withdraw their assets. The incident did not result in any user losses, but the exchange’s total value locked (TVL) has dropped significantly. KyberSwap Elastic will be redeployed with an upgraded smart contract, and LPs who do not withdraw their liquidity will lose any unclaimed rewards.
SO WHAT This incident highlights the ongoing risk of vulnerabilities and exploits in the DeFi space. It also underscores the importance of prompt action and transparency by exchange teams in mitigating potential losses for users.
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Here’s what Owen is looking at this week👀
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