Another day, another attack against the DeFi. The Pickle Finance protocol lost nearly 20 million dollars in stablecoin Dai after a hacker exploited a loophole.

A hacker drains $20 million from the Pickle Finance protocol
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The Pickle Finance protocol challenged
On 21 November at 18:37 (UTC), hackers exploited a loophole in the Pickle Finance protocol and managed to drain 19,759,355 Dai, or nearly $20 million.

Like many other protocols, Pickle Finance is a performance aggregation service similar to Yearn.Finance and its YFI token. The protocol is fully automated and rewards those providing liquidity to stablecoin pools through PICKLE tokens.

On 20 November, the Pickle Finance team deployed a new strategy to optimise the returns from the Dai stablecoin. The product, called „PickleJar pDAI“ used the Compound protocol to earn interest on Dai deposits. It contained cDAI tokens issued by Compound when Pickle Finance deposited Dai in the protocol.

It was therefore by exploiting a loophole in the „PickleJar pDAI“ that as yet unidentified individuals managed to drain all the funds. For the moment, the team has not yet disclosed how the hackers managed to do this. Pickle Finance is now working with a team of white hat hackers to close the loophole.

„This attack was very complicated and involved many elements of the Pickle protocol. At this point in time, it does not appear that any more funds are at risk,“ said the Medium project team.

As a result of this major attack, the price of the PICKLE token has dropped drastically. According to CoinGecko, PICKLE went from $23.27 to $8.70 at its lowest point in about 6 hours, a drop of -62.61%. At the time of writing, the PICKLE token had risen above $12:

Price of the PICKLE token

Attacks against DeFi are multiplying
In 2020, the year of the development of decentralised finance, attacks against its protocols have multiplied. This trend has arisen as a result of the very rapid deployment of protocols, without them being audited by companies specialising in security.

The result is indisputable: the majority of funds stolen in the cryptomoney industry come from DeFi protocols. Although the exchange platforms are still the target of massive attacks, they are much less vulnerable than certain DeFi protocols.

A report by the blockchain analysis firm CipherTrace highlights that attacks against the DeFi represent 50% of all attacks in the cryptomatics sector in the second half of 2020.

Moreover, the attack against Pickle Finance comes less than one month after the attack against Harvest Finance. This other DeFi protocol lost 24 million dollars in a similar attack.

Unfortunately, it is only a matter of time before another protocol suffers the same fate. If you invest in the DeFi, be on your guard and take all necessary measures to ensure that the protocol in which you deposit funds is sufficiently secure.

After a difficult start, preparations for the launch of Ethereum 2.0 are seeing a significant increase in interest. More than half of the ETH required for network deployment has been deposited into the deposit agreement. Will Ethereum 2.0 go live before 2021?

Ethereum 2.0 deployment is getting closer

Driven by a rapid and continuous rise in the price of Ether (ETH) in recent days, the launch of Ethereum 2.0 is approaching. More than half of the Ethers needed for the deployment of the network are now in the deposit contract.

At the time of this writing, 294,336 ETH has been deposited into the contract, or nearly $ 170 million . The launch of ETH 2.0 will take place when an additional 229,952 ETH has been deposited, making a total of 524,288 ETH .

The graphic below speaks for itself. The amount of ETH deposited in the contract has increased dramatically since November 19, from almost 100,000 ETH to almost 300,000 ETH.

This rapid increase in the number of ETH engaged is done in parallel with the increase in the price of ETH, which went from $ 470 to $ 585 in 3 days:

Ethereum 2.0 Stacked total value

In addition, Ethereum 2.0 will only see the light of day if 16,384 validators join the network in its early stages. This second prerequisite is also in a good mood to be reached. As of this writing, 8,834 validators are already ready , with a minimum of 32 ETH deposited each.

Like the number of ETH deposited, the number of validators almost tripled in just 3 days, from 3,000 to almost 9,000:

A launch before 2021 thanks to whales?

The whales of ETH are partly responsible for this rapid progression. According to a report by Bison Trails , a very wealthy whale deposited 17,088 ETH on November 14, which had been dormant in her wallet from 2017 until they were deposited into the contract.

In addition, even leading investment funds participate. This is particularly the case of a Dubai-based company, IBC Group , which deposited more than 20,000 ETH in the contract to support the launch of Ethereum 2.0.

In addition, Vitalik Buterin himself made a strong contribution, depositing 3,200 ETH as soon as the deposit contract was available to all. A gesture by the founder of the network that will most certainly have motivated Ethereum followers to follow him.

Originally scheduled for December 1 , the launch of phase 0 of Ethereum 2.0 is probably postponed for the current of the same month. If the deposits in the contract are growing at the same rate, a launch in mid-December seems plausible. Indeed, as soon as the 524,288 ETH is deposited in the contract, the launch of Ethereum 2.0 will occur 7 days later .

This is a weekly news digest with the results of the past week. If speed is important to you, you can read the news in our Telegram channel, and if you want to keep your hand on the pulse, subscribe to the email newsletter and receive the digests right to your letterbox.

On 31 October 2008, a document titled Bitcoin: A Peer-to-Peer Electronic Cash System, aka White Paper by Bitcoin and authored by Satoshi Nakamoto, was published in a chiffropunk mailing list.

This day, along with 3 January 2009, when the genesis block was generated, is considered one of the key dates in Bitcoin history.

After 12 years, the 9-page technical document has become a world famous project with a $250 billion capitalisation, no fundraising, no budget marketing, no office and no paid staff.

The best thing to do on this day is to read/read Satoshi’s document. If for some reason you have not already done so, there is a good opportunity now. Gain knowledge and appreciate how ingenious everything is.

We have a great vision – Krypto Psychopath. It’s a video about Bitcoin as the best technology for the 10th anniversary, we made it for the Surprise Wylsacom competition, but he wasn’t surprised somehow.

Price of Bitcoin 31 October in different years

2010 — $0.2
2011 — $3.27
2012 — $11.06
2013 — $204
2014 — $338
2015 — $314
2016 — $700
2017 — $6,468
2018 — $6,317
2019 — $9,199
2020 — $14,140

Happy 12th WhitePaper day!

Birthday Incrypted!

We turned 3 years old. For us it is forever and at the same time „like yesterday“. During this time we have made mistakes and worked on mistakes, tried to develop and make the content better, videos more interesting, news faster.

There is still a lot to be done, but the main thing that we have received over these 3 years is people. Friends, channel admins, traders, project representatives, bloggers, and of course our subscribers.

It was people who prevented us from giving up this idea in the most difficult times. Thank you! So while you are with us, we are not afraid of any ordeals!

On 30 October we held a festive stream, where we told our story about the creation of the project, answered your questions, watched the final battle of portfolios, announced all the winners of the competitions, and also many interesting stories from our friends!

For those who were not present, do not miss the strip recording on our Youtube channel.

Jeremy Aller, CEO of Circle, the developer and issuer of the USDC, has published a screenshot of a $100 BTC purchase using the PayPal service.

The service is likely to be under testing for a limited number of users The official launch of the service is planned for the near future, but the exact date is not yet known.

Keeping Bitcoin for 2 months is more profitable than selling the software for 3.5 years?

Over the last 3.5 years Microstrategy has earned $78 million from its commercial activities (mainly analytical software development).

And at the same time Microstrategy has made about $100 million in the last 2 months since buying Bitcoin – $425 million invested in Bitcoin turned into $525 million, the average purchase of BTC was $11,000.

Comparison of BTC 2016 and 2020 charts

The last two months of the post-halving 2020 Bitcoin schedule correlated very strongly with the 2016 schedule.

At this stage, the BTC was worth $895 in 2016, and a year later it increased 20 times!

Fundamental Bitcoin metrics could cause the largest growth in history

A new report from the analytical company Ethereum Code says that bitcoin has been growing since the March collapse in terms of parameters that were not present during previous growth periods. And this time, fundamental onchain metrics show that bitcoin is ready for the biggest breakthrough in history.

Among the growth factors, analysts note:

• Changes in the correlation between Bitcoin and gold and the dollar. With gold on highs, and with the dollar – on lows;
• Recent investments in BTC by public companies, such as MicroStrategy and Square;
• Continued outflow of BTCs from central exchanges. This is usually due to the desire of users to keep the BTC on their own, focusing on the long-term perspective;
• Increasing the number of long-term holdings, which confirms its perception as a means of preserving capital on an equal footing with gold;
• Decrease in emissions after the May halving with steady price growth.

Le graphique de Bitcoin est actuellement très chaud, car le jeton continue sa quête pour re-tester 12 000 $ au cours des prochaines 24 heures. Alors que le marché est toujours haussier pour les bitcoins, d’autres altcoins indiquent une tendance baissière, et le même sentiment pourrait donc se glisser dans le graphique de Bitcoin. Pour le moment, Bitcoin se négocie près de 11,85 k$, mais la volatilité a poussé le prix momentanément au-dessus de 11 900 $.

Retrouvant son plus bas niveau local la première semaine de septembre, Bitcoin a réagi fortement après avoir testé la fourchette de support de 9 800 à 10 000 dollars. En franchissant les principales lignes de Fibonacci, la CTB se situe actuellement au-dessus des 0,786 lignes après une rupture massive du triangle symétrique. Le prix a rapidement dépassé les 11 550 dollars, puis s’est consolidé au-dessus de 11 700 dollars au cours des dernières heures.

Maintenant, dans la dernière fenêtre de 4 heures, le prix a ouvert une fenêtre de négociation entre 11.711 et 11.943 dollars. La volatilité s’est poursuivie jusqu’à la prochaine bougie puisque Bitcoin est évalué à 11 883 dollars au moment de la mise sous presse.

Maintenant, grâce au soutien de la moyenne mobile de 50, le marché de la CTB a également bénéficié d’une augmentation du volume en équilibre (OBV). L’inclinaison constante de l’OBV au cours des dernières semaines est fondamentalement importante du point de vue de la chaîne. Le marché est actif et pourrait bien favoriser un pic de bitcoin.

Cependant, la rupture imminente au-dessus de 12 000 dollars pourrait être au mieux de courte durée. En raison de la reprise rapide, une période de correction devrait également être prise en compte. Alors que le prix a oscillé entre un canal ascendant, le prix va connaître une fausse rupture haussière, avant de tomber en dessous de 12 000 $.

Un nouveau test à 12 000 $ serait toujours positif, car il serait plus probable que la CTB teste à nouveau la résistance vers la fin du mois. Le RSI stochastique a suggéré un croisement haussier près de la zone de survente, d’où un déplacement certain de la dynamique vers les acheteurs. Les marchés seront agités au cours de la semaine actuelle, alors que le Bitcoin se consolide près de la fourchette des 12 000 dollars.

As it stands now, PayPal’s crypto drive is more about keeping regulators happy than providing crypto services to users.

PayPal has confirmed that the company will offer crypto payments on its global platform in the coming months.

The launch will begin in the United States, where a conditional PayPal called Bitlicense of the New York Financial received has. The regulator has the program last summer launched .

The devil is in the details

For crypto, this news is something big. But PayPal is being watched closely. The conditional bit license means that conditional licensees must partner with companies that have a full bit license (in this case that company is Paxos). This will then act as a kind of mentor. As the NYDFS explains, Conditional Licensees may also be subject to „enhanced review as to the scope and frequency of testing or otherwise.“

The conditional license is valid for two years. A renewal or upgrade to a full Bitlicense depends on the decision of Superintendent Linda Lacewell.

PayPal representatives did not want to comment on the form in which an intensified check would take place. Cointelegraph should speak to NYDFS about this. The representatives of the NYDFS did not want to specify exactly what an „intensified check“ would mean for PayPal.

The representatives of Paxos, however, did not want to comment on their role in the conditional Bitlicense from PayPal. This means that all three organizations made this news public, but did not want to go into the details regarding the regulatory agreement. It’s worrying when they don’t want to do this even when asked.

Crypto is what crypto does

Nobody knows which hurdles PayPal, with its more than 340 million users worldwide, still has to overcome in order to satisfy the regulatory authorities. But the company will clearly have to do everything in its power to prevent crypto from behaving like crypto on its platform. Customer data collection, which PayPal has always done, is a problem here.

The PayPal wallet is not only used for storage, but also as a silo. According to the company’s FAQs on cryptocurrencies, users will neither have private keys nor be able to transfer their holdings to other wallets:

„Currently, you can only hold the cryptocurrency that you buy from PayPal in your account. In addition, the cryptocurrency in your account cannot be transferred to other accounts with or outside of PayPal.“
What does that mean? The coins do not belong to the user on PayPal. Other large companies will probably have to comply with this standard in order to work in the crypto sector.

For some time now one has heard of regulatory „whitelists“. These are crypto exchanges and companies that want to adhere to strict regulations and that can only do business with approved wallet addresses. This practice is not yet enshrined in law.

With PayPal it could come to the point that the regulatory authorities only allow crypto on the major platforms if these currencies cannot be transferred to other platforms. This is a more aggressive measure than a whitelist. This means that you are completely dependent on third parties, there is no risk of peer-to-peer transfers, and you cannot interact with people who cannot already open PayPal accounts. That doesn’t really correspond to the crypto idea. At least as it is now.

 

Mode, una delle apps bancarie Bitcoin in più rapida crescita a Londra, ha iniziato a fare trading sul London Stock Exchange.

La società FinTech ha emesso 15 milioni di azioni ordinarie, con un conseguente aumento di 7,5 milioni di sterline. A causa dell’eccesso di sottoscrizione, Mode ha superato il suo obiettivo originale di raccogliere 5,0 milioni di sterline. Mode sta alimentando la progressione verso l’economia digitale, introducendo un’infrastruttura bancaria di nuova generazione per il denaro e Bitcoin.
Mode inizia a fare trading sulla LSE

Secondo un recente rapporto, Mode ha iniziato a fare trading sulla LSE ( London Stock Exchange ), in cui ha sovrascritto. La società FinTech dietro un’applicazione della banca Bitcoin cercava originariamente di raccogliere 5,0 milioni di sterline attraverso il mercato principale della LSE, ma ha finito per solidificare 7,5 milioni di sterline attraverso 15 milioni di nuove azioni ordinarie.

Jonathan Rowland, il Presidente Esecutivo, ha dichiarato questo:

„Oggi segna un momento cruciale per Mode, come una delle prime società di servizi finanziari quotate in borsa con un’offerta di beni digitali focalizzata sul consumatore da quotare sul mercato principale di LSE“.

Rowland ha aggiunto anche questo:

„L’ammissione di Mode è un voto di fiducia nella nostra strategia di business e nella nostra missione di ridurre la frammentazione e le inefficienze nel settore bancario, dei pagamenti, degli investimenti e della fidelizzazione“.

Mode Bitcoin Bank App

Mode continua a concentrarsi sull’economia digitale, creando un’esperienza di nuova generazione che unisce banche, pagamenti, investimenti, fedeltà e valute digitali. Con l’attenzione della Banca d’Inghilterra per i tassi di interesse negativi, si ritiene che circa l’83% dei possessori di BTC sia alla ricerca di migliori opportunità di interesse nei mercati cripto. Oltre a comprare, vendere e inviare Bitcoin, Mode offre un ambiente di tassi di interesse redditizio per i possessori di Bitcoin.
Comprare, vendere, tenere e inviare Bitcoin

In una spinta per rendere il Bitcoin più accessibile e conveniente per le masse, l’applicazione di banca Mode Bitcoin crea un’esperienza senza soluzione di continuità per l’acquisto, la vendita, la detenzione e l’invio di Bitcoin.
Mode

Facendo leva sui fondi in sterline e in euro, gli utenti della piattaforma possono acquistare Bitcoin istantaneamente. A differenza di molte altre piattaforme FinTech, Mode cerca di mantenere i prezzi al minimo. Se un utente decide di acquistare Bitcoin istantaneamente, incorrerà in una piccola tassa dello 0,99% per acquisti e vendite. È importante notare che non c’è un periodo di lockup sulla piattaforma. Se un utente ha bisogno di accedere al proprio Bitcoin, i prelievi saranno istantanei e possono avvenire in qualsiasi momento.
Banca Bitcoin

Uno dei tanti modi in cui il Mode sta portando il Bitcoin alle masse è l’introduzione di un approccio interattivo. Come mostrato sopra, le piattaforme permettono di trasferire gratuitamente e istantaneamente il Bitcoin ad amici / familiari sull’app. Con molte app bancarie oggi, il processo di „ripagamento“ di un amico può ancora richiedere molto tempo. Con Mode, l’esperienza è immacolata, creando una piattaforma interattiva senza costi e senza attese.

Interesse Bitcoin

Il „Bitcoin Jar“ di Mode è un protocollo che permette agli utenti di guadagnare interesse sul loro Bitcoin. Come discusso in precedenza, in un ambiente in cui la Banca d’Inghilterra sta esplorando i tassi di interesse negativi, crea poche opportunità per i risparmiatori. I mercati di Crypto, d’altra parte, stanno capitalizzando questa opportunità, offrendo servizi finanziari che sono inesistenti nel settore bancario tradizionale.

Banca Bitcoin

La modalità offre attualmente il 5% di APY (variabile) per i possessori di Bitcoin. Nel settore bancario tradizionale, il conto di risparmio medio rende molto meno dell’1%. Per quanto riguarda il 5% APY, i rendimenti sono maturati giornalmente, e sono poi composti settimanalmente. I risparmiatori sulla piattaforma sono pagati settimanalmente, in cui i guadagni sono applicati ad un utente „Bitcoin Jar“ ogni venerdì.

Prospettive future

Dopo la quotazione in borsa della LSE, Mode prevede di continuare a costruire la sua piattaforma bancaria aperta. Ciò include l’integrazione dei motori di fidelizzazione e di ricompensa nell’app di Mode. La società FinTech immagina un mondo in cui i consumatori non hanno bisogno di una carta per interagire finanziariamente.

Der Äther hat die Bitcoin in Bezug auf die Transaktionsgebühren umgangen.

Die Gebühren für die Bearbeitung von Transaktionen über das Flugnetz steigen weiter an, und seit April ist diese Zahl um mehr als 500% in die Höhe geschnellt.

Analysten führen den starken Anstieg der Kosten für eine Blockierungstransaktion auf die Expansion des DeFi-Marktes zurück. Diese Woche haben die Ätherwellen das Bitcoin-Netzwerk in Bezug auf die Transaktionsgebühren umgangen, so der Tweet des Unfolded-Teams. Die ETH-Bergleute konnten mehr verdienen als ihre Kollegen mit Bitmünzen.

Es sei daran erinnert, dass nach der Einführung von UniSwap (UNI) auf der Grundlage des dezentralisierten DeFi-Finanzierungsmarktes die Luftminenarbeiter in nur einer Stunde etwa 1 Million Dollar an Transaktionsgebühren verdienten.

Ein Vertreter des Teams der Stiftung Ethereum, Justin Drake, betonte, dass die ETH-Mineure am 17. September 1,4 Millionen Transaktionen bearbeitet hätten – ein neuer historischer Rekord. Die Provisionen stiegen auf 16 Millionen Dollar, etwa 50% mehr als die Einnahmen von Bitcoin.

An diesem Wochenende hat sich die Aktivität der ETH-Benutzer abgeschwächt. Nach Angaben des Etherscan-Dienstes verarbeitete das Netzwerk am Samstag, den 19. September, 1,09 Millionen Transaktionen.

Die Krypterium-Analytiker stellten eine Korrelation zwischen der Aktivität der DeFi-Benutzer und dem Luftpreis (ETH) fest. Als die Zahl der Transaktionen auf dem Markt der dezentralen Anwendungen auf ein Maximum stieg, stieg die ETH-Rate von 365 Dollar auf 386 Dollar.

Heute wird die größte Altmünze mit 380 Dollar gehandelt, wobei der Preis nach der Abschwächung der Aktivität der DeFi-Benutzer gefallen ist.

Ethereum har studsat på det långsiktiga supportområdet $ 325.

Långsiktiga tekniska indikatorer är hausse.

ETH handlar mellan stöd och motstånd till 0,0325 ฿ 0,04

Trust Project är ett internationellt konsortium av nyhetsorganisationer som bygger standarder för transparens.

Trots en kraftig nedgång i början av september är prisrörelsen för The News Spy fortfarande intakt. En kortvarig nedgång kan dock inträffa innan priset återupptar sin långsiktiga uppåtgående rörelse.

Långsiktiga indikatorer

Cryptocurrency-näringsidkaren @Iamcryptowolf skisserade ett ETH-diagram som noterade att avläsningen av glidande medel (MA) under det gångna året liknar kusligt BTC under 2015, före den massiva tjurkörningen som ledde till den eventuella rekordhöga tiden.

Alla tre förekomsterna ledde till en uppåtgående rörelse, men omfattningen och längden på uppåtgående rörelse skilde sig åt. Även om det bara varade några månader 2019, varade flytten 2017 i mer än ett år, och 2020-flytten pågår fortfarande.

Avläsningarna från MACD och RSI är likartade i korsningarna 2017 och 2020 (gröna pilar), medan de skiljer sig från 2019 (röd). Detta gör det mer troligt att korsningarna 2017 och 2020 var mer lik varandra än 2019 och stöder möjligheten till ett ihållande uppåtgående drag.

En närmare titt på årets rörelse avslöjar att den hausseartade strukturen fortfarande är intakt. Priset har följt en stigande supportlinje sedan mars, som fortfarande är intakt. Dessutom har ETH brutit ut över det horisontella motståndsområdet på $ 315 och validerat det som stöd efteråt.

Priset avvisades emellertid av 0,5 Fib-nivån för den tidigare nedåtgående rörelsen, vilket skapade en lång övre veke. Om priset skulle bryta ut över denna nivå skulle nästa motståndsområden hittas på $ 545 och $ 690.

En närmare titt på det dagliga diagrammet avslöjar att ETH har avvisats av $ 390-området, vilket är både den tidigare stödnivån som nu vänt motstånd och mellan 0,382 – 0,5 Fib-nivåerna för hela föregående nedgång.

Nivån har redan avvisat priset en gång

Tills ETH framgångsrikt bryter ut över denna nivå är det mer troligt att det senaste rallyt från 5 september låg är en retracement snarare än början på ett nytt steg uppåt.

Avvisandet skulle bekräftas genom en uppdelning från den kortfristiga stigande supportlinjen, som har funnits sedan tidigare nedgångar. Detta skulle sannolikt orsaka ett prisfall mot mindre veke-stöd på 325 dollar.

ETH / BTC-paret har väldigt liknande tekniska indikatoravläsningar på den veckovisa tidsramen. Stokastisk oscillator har redan gjort ett hausseartat kors och MACD stiger. Medan RSI är översålt har det inte bildat någon baisseartad avvikelse än.

I skrivande stund handlades priset mellan stöd och motstånd på 0,0325 respektive 0,040, efter att ha validerat det förstnämnda som stöd flera gånger.

En breakout över motståndsområdet kan utlösa en mycket snabb ökning eftersom det nästan inte finns något motstånd hela vägen till ฿ 0,055.