FTX Hack

The catastrophic failure of the widely used digital asset exchange FTX, with the loss of billions of dollars in cash, was the most significant cryptocurrency event of 2022 and perhaps the most important news story of the year.

In addition to filing for Chapter 11 bankruptcy on November 12, the celebrity-backed exchange was the target of an unknown cyberattack.

About $640 million worth of tokens were stolen from many wallets believed to belong to FTX. The money was then transferred to other cryptocurrency exchanges and changed into other digital currencies.

Unfortunately, the thief or thieves responsible for the missing funds remain unknown. New FTX management’s attorney, James Bromley, said during the collapsed exchange’s first court hearing that a significant proportion of the exchange’s assets are either lost or stolen.

$566,000,000 for Binance (Binance Smart Chain)

On October 6, hackers stole $566 million worth of BNB from a blockchain affiliated with the largest cryptocurrency exchange in the world.

This vulnerability affected the inter-chain bridge BSC Token Hub. The hackers basically created tokens out of thin air by forging withdrawal proofs. However, the assault against Binance did not result in user losses on the Binance blockchain.

Although a large number of tokens were stolen, the perpetrators could not get away with them all; according to Binance CEO Changpeng Zhao, the exchange was able to keep between 80% to 90% of the stolen assets safe.

It is because, after the assault, validators on the BSC chain halted the network, but hackers did transfer around $100 million to other chains.

$552,000,000 for Ronin

In March, hackers stole an estimated $552 million in Ethereum and USDC from Ronin, a sidechain for the widely played NFT game Axie Infinity. One week after Axie Infinity creator Sky Mavis announced the flaw, the total worth of the stolen cash had reached $622 million.

What strategy did they employ? The “hacked private keys” were used to make fake transactions and steal money.

Approximately $7 million in Ethereum was transmitted to cryptocurrency mixing provider Tornado Cash for fast laundering.

U.S. Treasury investigators subsequently found cryptocurrency wallet addresses that they believed belonged to the Lazarus cyber organization in North Korea.

$326 million Wormhole

It was a terrible year for decentralized financial protocols. DeFi is a catch-all word for the still-evolving category of applications that banks and brokerages use to automate routine tasks. It implies there is a safety concern, especially with bridges, which enable users to move cash across different blockchains.

The famous bridge, Wormhole, was vulnerable to an attack in February. Tokens were minted by hackers who focused on Solana (where users lock Ethereum within a smart contract in exchange for a similar amount of Wrapped Ethereum, or WETH). About $120,000’s worth of WETH tokens. That equated to around $326 million back in the day.

In the DeFi ecosystem, WETH, a token tied to the price of Ethereum at a ratio of 1:1, facilitates rapid monetary transfers.

Wormhole’s parent business, Jump Trading, a prominent participant in the Solana ecosystem, stepped in to replace the stolen goods and restore bridge service.

Nomad, $190 million

In August, there was a second attack on a bridge. All of Nomad’s Ethereum, USDC, DAI, FXS, and CQT were stolen by hackers who took advantage of a flaw in the update. Nomad is a service that allows users to exchange digital assets across multiple blockchains.

The money began trickling back in when the protocol’s backers promised a 10% incentive to hackers who returned the tokens (without imposing law enforcement).

Although around $22 million was recovered from the incident, it led the FBI to issue a warning to investors about the increased interest of cyber criminals in exploiting weak DeFi systems.

The $100M Harmony Bridge Hack

Another $100 million in various cryptocurrencies were stolen via a breach of the Horizon Bridge, which connects Ethereum, Bitcoin, and BNB Chain to Harmony’s layer-1 blockchain.

Because the money was laundered in a manner consistent with known Lazarus Group operations, blockchain forensics company Elliptic has concluded that the breach was carried out by that group of North Korean cybercriminals.

It is believed that Lazarus stole employee login credentials for the Harmony platform, compromised the site’s security, and took control of the protocol before using automated laundering programs to transfer funds.

The Wintermute $160M Hack

Approximately $160 million in 70 different tokens were stolen from the hot wallet of United Kingdom-based crypto-exchange Wintermute.

CertiK, a blockchain security company, conducted an analysis and found that a private key presumably produced by Profanity, an app that lets users construct vanity crypto addresses, was exploited.

Using the private key, the attacker could then perform a function that, according to CertiK, would enable the attacker to replace the swap contract on the platform with the attacker’s own.

BlockSec, a blockchain security company, disproved rumors that the attack was an “inside job” because of the method by which it was executed.

$182 million Beanstalk Farms

Beanstalk Farms is an Ethereum-based stablecoin system. Tokens called STALK were utilized in this technology. It would need the consent of the majority of STALK holders in order for any assets to be transferred out of Beanstalk Farms.

A hacker purchased a controlling stake in STALK via a flash loan (a very short-term crypto loan) in April. They then utilized STALK tokens to propose a huge transfer of cash and approve it. An estimated $80 million in profits were made by the hacker, but the attack led the stablecoin to fall, leading to total losses of $182 million.

The post Top 8 of 2022’s Worst Crypto Exploits appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

NFT scams are the cash on the revolutionary opportunity for content creators to monetize their work. Basically, NFT is a one-of-a-kind digital code representing digital objects like art or music.

A long time ago, long-time internet users appreciated the relatively open and accessible internet assets. For instance, most tutorials, videos, or articles come to users at no cost. Even if you pay for a course or a post, it is usually distributed among thousands of buyers. 

So, NFT pioneers like the idea that digital objects are fit for sale. In an NFT-driven environment, we might soon see galleries showcasing digital art and collectors bidding on online goods. Furthermore, as NFT reports record revenue streams, interested parties will likely face more NFT scams.

What is an NFT?

A non-fungible token (NFT) is a digital asset stored on a blockchain. Owners can sell or trade these items that should be impossible to replicate. Usually, an NFT can represent anything, be it a Tweet or a picture, as an Ethereum-based asset. Also, having an NFT helps people assign or prove ownership of such unique items.

How do NFTs work? How do people buy them?

Essentially, owning an NFT means buyers can boast about owning the original version of a digital asset. Content creators generate them by a process called minting. The latter turns one’s digital work into an NFT by introducing a representation of the file on blockchain networks. The easiest way to perform minting is through NFT platforms and marketplaces like OpenSea.

Once creators generate an NFT, they can put it for sale. The only possible way to make an NFT purchase is via a crypto exchange. So, interested parties will need Ethereum to get their hands on NFTs. Many marketplaces are in auction form, so you might need to submit a bid and hope for the best.

Overview of Twitter NFT Scammers

NFT Scammers are always playing their tricks on the people interested in investing in the NFTs or who are beginners in the mania of NFTs. Sometimes, the investors are even experienced but have little or no knowledge about the scams. 

Speaking of the NFT scammers and we won’t mention these new Twitter scammers in the market?

The interesting part here is these scammers are not individuals doing the scam separately, but it’s only the one person doing all the scams by using different accounts. 

We are mentioning the Twitter accounts below: 

• @AssemblageOfNft
• @NftEliteClub
• @NFTsSaga
• @NftsPlanett
• @GlobalNftCentre

Scams always look authentic and real until it happens to you. The same is the story for these accounts; when you visit these accounts, you’ll feel nothing scammy about these accounts. However, the scenario is totally opposite!

These NFT scammer accounts buy cheap followers and buy ads to increase the followers of their accounts. The usual scam starts when they tweet some NFT, and over that NFT post and through the help of these fake followers, they also buy the likes and retweets, which help them optimize their advert, and they eventually sell the Fake NFT to the real people. 

The prices of these NFTs vary between $59-$520. Another reason why people buy from these accounts is because of the fake paid followers and Retweets by these fake and paid accounts. Though these retweets, likes and comments are fake, they are enough to get anyone’s attention to their twitter spaces. 

To ensure nobody comes into their scam, we are mentioning their ETH address:

 0xf4c0839c5af1d86e86400b24a43e0c22b63c2812

Conclusion

To conclude, we can all say that you should always buy NFTs from reliable marketplaces. Official platforms are the only places you should look for investment opportunities. Such marketplaces put specific security mechanisms in place, like continuously banning scammers’ accounts.

Moreover, be skeptical of new but actively promoted projects. A highly prominent marketing campaign for NFTs does not mean that they are reliable, just as we’ve mentioned in the scam above.  NFT scammers can mimic the hype by purchasing ads or influencer posts.

The post Twitter NFT Scammers That Are Looting People With the Fake Followers and Ads appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Like opening a gift, buyers expect to get a rare or special product at a relatively small amount. The curiosity and expectation attract people of all ages. You can also consider mystery boxes like an advanced version of fun treat or surprise chocolate eggs you have had in your early days. 

Usually, these chocolate eggs have a toy or any other surprise in a capsule. Before opening it, you don’t know what’s inside it. You may not or may like the gift, but that little surprise makes you thrilled about it. 

NFT Mystery Box has the same functionality, except that you don’t receive a delectable chocolate shell, plus the number of boxes is restricted. The trend of mystery boxes has appeared in the cryptocurrency world with the rise of the NFT marketplace in early 2021.

Today, plenty of companies are launching limited-edition mystery boxes containing NFTs of various levels of rarity to attract their buyers. 

Presently, there are hundreds of thousands of mystery boxes available out there. When you purchase it from a collection, you can have an idea of the product inside it by reading its description. Some blockchain games, like Metamon, DeHero, and Axie Infinity, give you unique in-game products in mystery boxes. 

These limited NFT products can be skins, virtual lands, characters, or other collectibles. The NFT within the mystery box might astonish you. Since the usual NFTs could rapidly lose their value after the first sale, the unique NFTs can only value more than their price tag if there is a huge demand. If you are fortunate to explore these very demanded mystery box NFTs, you can quickly sell them in auction houses or NFT marketplaces.

Where can you receive an NFT mystery box?

Multiple NFT collections are available in the cryptocurrency marketplace, and you can buy them from various platforms. Every day, there is new NFT series launching, so the perfect way to get new mystery boxes is through the best NFT marketplaces, such as SuperRare, Rarible, OpenSea, and the Binance NFT Marketplace.

A few NFT marketplaces team up with famous brands to regularly launch mystery boxes. To purchase a mystery box on the Binance platform, you will first have to create your account. If you already signed up, you can use your account to buy an NFT mystery box without creating a new account. 

To buy on other platforms or keep your NFTs, you will require a crypto wallet on Ethereum networks or Binance Smart Chain (BSC), based on the marketplace you’re using. You can choose from wallets like Binance Wallet, Trust Wallet, and MetaMask. Buying NFT mystery boxes typically needs BUSD, BNB, or ETH. 

How to buy a Mystery Box on Binance NFT

Follow these steps to buy a Mystery box on Binance. 

• Visit your Binance NFT app and log in to your binance account. If you don’t have your account, you will need to create one first. 
• Now click on the option Mystery Boxes. Then look for the options Explore Marketplace, and you will be redirected to the available Mystery Box Market.
• Choose the filter Unopened for finding sealed NFT mystery boxes of your preference. 
• For instance, you will find VOGUE SG MYSTERY BOX. Click on it to visit the product page.
• You will now discover more information regarding the NFT mystery box, comprising the expiration date, price, description, and other information.
• For instance, you can click on the option “Series Content” and see the NFT rarity ranking, such as the chance to get a “super rare mystery box from the box. 
• Now, click on the “buy now” option to purchase the mystery box. A pop-up will appear with the details of your order. Click on the confirm option to confirm your purchase.

How you can open your NFT mystery box

When you buy your mystery box, it will get saved in Collection – Mystery Boxes menu.

• Click on the option “mystery box” and enter the product page
• Now, click on the option “click to reveal” for opening it
• You will get a pop-up saying “Open Box” click on it
• Then you will spot the artwork, which will be saved in Collection – Mystery Boxes.

How to sell a Mystery Box on Binance NFT

You can prefer selling the unopened boxes or the NFTs you have received from them on your Binance NFT Market. 

• Go to the product page and click on List NFT.
• You will reach the product listing page. If you want to sell it at auction, select the “Highest Bid” option. In the “Minimum Bid,” you can type the initial price for your product listing. Also, you can add a “Buy-out Price” to make a direct purchase. If you want to have a quick sale without bidding, you can choose the option of “Set Price.”
• Then you will notice a “Price” section to select how much you demand selling your NFT. You can refer to get BUSD, BNB, or ETH as payment. 
• Select a finish date for your sale and agree on the terms and click on submit.

How to withdraw an NFT from Binance

Presently, the Binance NFT market doesn’t give the withdrawal option of NFT mystery box. In its place, you will require opening your mystery box, and after that, you can withdraw your NFT.  

• Once you open the mystery box, visit the option Collection-Boxes and then click on your preferred NFT that you want to withdraw. After that, click on Withdraw option on the NFT page. 
• Now, choose the preferred wallet network, and add the Destination Wallet Address. If you have not linked any wallet, you can click on the option “Add a Wallet.” You will go to the Connect Wallet option. 
• At last, verify that your chosen blockchain network is compatible; otherwise, you might lose your NFT.

Conclusion

Since the volume of NFT trading keeps surging, mystery boxes can be an excellent way to begin getting engaged with NFTs. The notion of surprise, plus the possibility to receive rare NFT artwork at a reduced price, will keep these boxes’ buzz going.

The post What Is An NFT Mystery Box? appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

In other updates from the crypto exchange, Binance has recently introduced Stock Tokens. With these tokens, users can trade fractional stocks. By the time of writing, it listed and opened trading for Tesla Inc. (TSLA) and Coinbase (COIN) Stock Tokens.

The CEO of Binance Changpeng Zhao has revealed that Binance’s plan for this year is to work on launching the Binance Card as soon as possible. In particular, the card will allow P2P crypto transactions and payments to merchants with cryptocurrency.

Binance Coin (BNB) has posted massive gains this year. Starting with the price of about $37.7 on January 1, the token grew to an all-time high of $637.44 on April 12, per Coin Market Cap data. It now ranks third among cryptocurrencies, with a market cap of over $79.6 billion. The token is now down over 6% from yesterday, trading at about $514 at the time of writing.

Analyst Nicholas Merten attributes the BNB rally to the delay in the Ethereum upgrade that made some traders migrate to Binance Smart Chain for altcoin trading.

The post New trading pairs available, and other Binance news appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Beefy.Finance is a token for maximizing yield farming earnings on Binance Smart Chain. The token is native to the platform and is used for staking and governance.  

The token currently ranks #251 on CoinMarketCap.com. BeefyFinance is trading at around $2,376 at the time of writing, per CoinMarketCap.com data. Moreover, it has a 24-hour trading volume of $556,606 and a market cap of $181,610,531.

Trading in the Innovation Zone on the Binance platform enables the traders to gain access to the pairs with innovative DeFi tokens. Since these tokens are relatively new, they might have higher price volatility and be riskier to trade, Binance notes. That is why every trader has to answer a brief questionnaire before accessing the Innovation Zone.

For more information about trading in the Innovation Zone and the new trading pairs BIFI/BNB and BIFI/BUSD available today, please consult the announcement on the Binance website.

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