Binance Square
--

Grayscale Plans to Launch Aave Trust Fund

According to CoinDesk: Grayscale has launched the Grayscale Aave Trust, offering investors exposure to Aave's AAVE token, and expanding its lineup of digital asset investment products. Aave, a leading decentralized lending protocol based on the Ethereum blockchain, has become the largest lending platform by total value locked (TVL), according to DeFiLlama.Grayscale's head of product and research, Rayhaneh Sharif-Askary, highlighted the potential of Aave to "revolutionize traditional finance" by optimizing lending and borrowing processes, removing intermediaries, and reducing reliance on human judgment through blockchain and smart contracts.This launch follows Grayscale's recent rollout of the Grayscale Avalanche Trust, adding to its growing portfolio of over 20 crypto investment products. Grayscale also launched various trusts earlier this year, including the Grayscale Bitcoin Trust (GBTC), Grayscale Mini Bitcoin Trust (BTC), Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Mini Trust (ETH).
5
--

Synthetix Overhaul Plan Gains Overwhelming Support

According to Cointelegraph, an activist investor's proposal to completely revamp the decentralized finance protocol Synthetix has received overwhelming support from voters. The SR-2 proposal, introduced by Benjamin Celermajer on September 25, aims to address significant flaws in Synthetix's governance and daily operations, which have hindered its growth and adoption despite a broader market resurgence. Celermajer's plan has garnered 99.4% approval from 200 SNX holders, representing 18 million SNX tokens. The proposal outlines a comprehensive strategy to rejuvenate the project, including a token redesign, new revenue capture methods, and deploying new contracts on additional chains like Ethereum and Solana. The ultimate goal is to foster a culture of innovation, rapid iteration, and fast shipping, thereby restoring industry confidence in Synthetix as a DeFi leader. Key changes in the overhaul include redesigning the native SNX token and enhancing the functionality of Synthetix's Layer-2 network, Snaxchain. The proposal also plans to migrate SNX to the L2 network, introduce a native stablecoin, and deploy the protocol on Solana to leverage its strong community. Celermajer believes that many DeFi protocols will eventually migrate to Solana, despite its past issues, due to its robust community. Another critical aspect of the SR-2 proposal is addressing governance inefficiencies. Currently, Synthetix is governed by three separate councils: the Spartan Council, Grants Council, and Treasury Council. Celermajer argues that this fragmented model leads to incomplete decision-making and inefficiency. The proposal seeks to consolidate all governance power into a single Spartan Council with seven seats, each having equal voting power. This consolidation aims to ensure accountability and thorough deliberation on strategic, commercial, and operational decisions, thereby enabling faster product delivery and a stronger return to relevance in the DeFi sector. The total value locked (TVL) on Synthetix has significantly declined, currently standing at $262 million, an 89% decrease from its all-time high of over $2.9 billion in February 2021, according to DeFiLlama data. The proposed changes aim to reverse this trend and reinvigorate the protocol.
8
--

Kasikornbank to Launch Thailand's First Licensed Digital Asset Custodian

According to Cointelegraph, Thailand’s Kasikornbank, the country's second-largest bank by assets, plans to introduce orbix Custodian as the nation’s first licensed digital asset custodian. The custodian has received a Digital Asset Custodian license from the Ministry of Finance and will be regulated by the Securities and Exchange Commission (SEC). The license was granted on September 13, with operations expected to commence in early 2025.This initiative is part of a broader strategy by Kasikornbank to expand its presence in the digital asset sector. President Pipit Aneaknithi stated that this move aims to establish a robust foundation for the development of digital financial infrastructure, positioning Thailand as a digital economy hub and advancing the country's digital industry in line with government policies.Kasikornbank owns orbix Custodian through its digital-focused subsidiary, Unita Capital, which also oversees orbix Invest and orbix Technology. The orbix Trade platform, a cryptocurrency exchange previously known as Satang, was acquired by Unita Capital in October 2023. orbix Technology provides blockchain infrastructure services, a division inherited from Satang.In early September, orbix Technology launched the Q-Bond project, issuing Q Bonds worth 500 million baht ($15.4 million) on the Quarix blockchain. These bonds have a one-year maturity and a fixed interest rate of 2.38%. KBank partnered with state-owned oil and gas company PTT for this issuance. Additionally, orbix Invest, a digital asset fund manager, was launched in July, and orbix Reward, a customer loyalty program for orbix Trade, was introduced at the beginning of September.Beyond its digital asset ventures, KBank's subsidiary, Kasikorn Business Technology Group (KBTG), has joined AI Singapore and Google Research in developing large language models (LLMs) for Southeast Asia through Project SEALD (Southeast Asian Languages in One Network Data). This project, launched in March, aims to create LLMs in Thai, Indonesian, Tamil, Filipino, and Burmese, with KBTG's participation announced on September 24.
15
--

Onyx Protocol Set To Relaunch After $3.8 Million Hack

According to Cointelegraph, decentralized finance (DeFi) protocol Onyx is set to relaunch its open-source, permissioned financial network, Onyx Core, following a $3.8 million hack on Sept. 27. The hack exploited a known but unaddressed security vulnerability. The Onyx Improvement Proposal (OIP)-46, introduced on the same day as the exploit, called for significant changes to the protocol, including shutting down its Ethereum-based lending market and reimbursing lenders in full. By Sept. 29, the OIP-46 proposal had received unanimous support from the Onyx community, with no votes against the proposed changes. The proposal is scheduled for execution on Oct. 1. The Onyx team plans to issue a revised white paper for the relaunch of Onyx Core as a primary product, alongside Onyxcoin (XCN) staking. The restructuring will involve operating the Onyx Protocol as a closed-ended lending protocol on Onyx Core, allowing users to wrap non-fungible tokens (NFTs), real-world assets (RWA), and crypto assets. The hack was executed by manipulating an NFTLiquidation contract to inflate the self-liquidation reward amount. Blockchain security firm PeckShield noted that the same vulnerability was previously used to attack Onyx in October 2023. Other hacks exploiting the same vulnerability include the Hundred Finance hack in April 2023. The proposed restructuring aims to secure the Onyx Protocol from future attacks. According to Web3 cybersecurity company Cyvers, losses from crypto hacks in the first three quarters of 2024 exceeded $2.1 billion. Centralized finance operators, such as crypto exchanges, were the biggest targets, with a 984% year-on-year increase in the first three quarters of 2024. Much of that came in the year’s second quarter when $401 million was lost. While losses in the DeFi sector dropped 25% year-on-year in Q2, the sector still saw $171.3 million lost from 62 incidents.
7
--

User Loses $32 Million in Sophisticated spWETH Phishing Attack Amid Rising Crypto Scams

According to Cointelegraph: A user recently lost $32 million worth of Spark Wrapped Ethereum (spWETH) in a sophisticated phishing attack, marking one of the latest and most significant crypto heists of 2024. The attack, which took place on September 27, targeted a wallet ending in "e57," draining it of 12,083 spWETH tokens. This incident comes amidst a sharp rise in phishing scams in the crypto space.Attack Details and Fund TransfersAccording to security firm CertiK, the stolen tokens — approximately 10,000 spWETH worth $26 million — were first transferred to a wallet beginning with "0x471c." The funds were subsequently dispersed to four additional wallets:1,750 Ether (ETH) to wallet "0x105c"2,613 ETH to wallet "0x278d"3,730 ETH to address "0x408d"Approximately 1,865 ETH to "0xfaf2"Crypto analytics firm Arkham Intelligence suggested that the compromised wallet may belong to F2Pool founder Shixing Mao, though this has yet to be officially confirmed.Phishing Attacks Spike in August 2024Phishing attacks within the cryptocurrency space have been on the rise, with August 2024 seeing a 215% spike in such incidents. According to crypto security firm Scam Sniffer, total losses due to phishing attacks in August exceeded $66 million. In one instance, a single wallet suffered a loss of $55 million from a phishing attack targeting proxy ownership.Source: CertiK AlertA separate report from Blockaid in September 2024 highlighted an upgrade in phishing tactics by the infamous Angel Drainer software, now upgraded to AngelX. This new version of the phishing software deployed over 300 phishing decentralized applications (DApps) in just four days. AngelX's control panel offers malicious actors enhanced capabilities to create increasingly sophisticated phishing scams, making it particularly concerning for blockchain networks such as The Open Network and Tron.Search Engines Featuring Malicious Phishing LinksAdding to the growing problem, search engines have unknowingly contributed to the spread of these scams. On September 11, Scam Sniffer revealed that search engine DuckDuckGo had inadvertently displayed fraudulent Etherscan sites. These malicious links prompt users to connect their MetaMask wallets, potentially giving hackers access to user funds.ConclusionAs crypto phishing attacks continue to rise, with losses reaching tens of millions of dollars, the recent spWETH theft serves as a stark reminder of the vulnerabilities in the crypto ecosystem. Enhanced security measures, greater user education, and vigilance are more important than ever to prevent such high-profile losses. The increasing sophistication of phishing tools like AngelX and the appearance of malicious links on legitimate platforms underline the urgent need for heightened awareness among crypto users and industry participants.
20
--

Fed Rate Cut Expected to Impact Stablecoin Revenue

According to PANews, the Federal Reserve's recent decision to cut interest rates for the first time since March 2020 is anticipated to affect the revenue streams of five major centralized stablecoins. A report by CCData, released on September 27, indicates that these stablecoins collectively hold nearly $125 billion in U.S. Treasury bonds. Each 50 basis point (bps) rate cut could result in an estimated $625 million loss in interest income. The report highlights that U.S. Treasury bonds constitute 80.2% of the reserves held by these primary stablecoins.Data from the Chicago Mercantile Exchange's FedWatch tool suggests that the market expects a total rate cut of 75 bps by the end of 2024, including a 50 bps cut in November and an additional 25 bps cut in December. If these predictions materialize, stablecoins could face an additional $937.5 million in revenue losses, bringing the potential total loss due to the Fed's easing policy to $1.5625 billion.Among the affected stablecoins, Tether's USDT holds the largest share of U.S. Treasury-backed reserves, amounting to $93.2 billion, including Treasury bonds and repurchase agreements. Circle's USD Coin (USDC) follows with $28.7 billion in U.S. Treasury holdings through the Circle Reserve Fund. Other stablecoins, such as First Digital USD (FDUSD), PayPal USD (PYUSD), and TrueUSD (TUSD), hold smaller Treasury positions of $1.83 billion, $634 million, and $502 million, respectively.Despite these potential financial setbacks, the stablecoin market continues to demonstrate resilience. CCData reports that in September, the total market capitalization of stablecoins increased by 1.50%, reaching $172 billion, marking twelve consecutive months of growth.
20
Последние новости криптовалют
⚡️ Участвуйте в последних обсуждениях в криптомире
💬 Общайтесь с любимыми авторами
👍 Изучайте темы, которые вам интересны
Эл. почта/номер телефона
Связанные авторы
LIVE
Binance News
@Binance_News

Последние новости

--
Подробнее
Структура веб-страницы
Cookie Preferences
Правила и условия платформы