DeFi

Security Breach at Ethena Website

Thursday. September 19 at 8:00 AM

1 min. read

Ethena's website encountered a front-end exploit on Sept. 18, prompting Ethena Labs to advise users to avoid any site or app claiming to be Ethena. The domain registrar account of the website was compromised, leading to its deactivation until the issue is resolved. Despite this, Ethena Labs confirmed that the Ethena protocol and customer funds were unaffected. Security firm Blockaid cautioned users not to engage in transactions or keep wallets connected following the exploit. MetaMask also warned against fake sites using the Ethena exploit to deceive users. In a separate incident, the Penpie protocol and Delta Prime platform fell victim to hacks, resulting in significant financial losses. These events highlight the increasing risks in the crypto space, with losses from hacks surpassing $1.2 billion in 2024. The Delta Prime hacker converted stolen funds to Ethereum, raising concerns of potential connections to North Korean hackers.

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SEC Settlement with DeFi Protocol Rari Capital and Co-Founders

Thursday. September 19 at 12:00 PM

The United States Securities and Exchange Commission (SEC) has reached a settlement with decentralized finance (DeFi) platform Rari Capital and its founders for allegedly deceiving investors and engaging in unregistered broker activities. The SEC accused Rari Capital of operating Earn and Fuse pools as investment funds, allowing investors to deposit crypto assets and earn returns. The platform allegedly conducted unregistered sales of securities by offering interests in these pools and governance tokens. Additionally, Rari Capital and its founders were accused of misleading investors about the pools' features and profitability. The settlement includes injunctions, penalties, disgorgement, and a ban on the founders serving as officers. Rari Capital Infrastructure agreed to a cease-and-desist order. Despite its initial success, Rari Capital faced challenges, including hacks that led to significant losses and eventually led to the platform winding down its operations.

DeFi

Crypto Scammers Fail to Profit from Social Media Hacks

Thursday. September 19 at 11:00 AM

A group of unidentified crypto scammers attempted to hack into several prominent social media accounts on Sept. 18 but only managed to make a small amount of money. The scammers breached accounts like Lenovo India, Yahoo News UK, and others, promoting a Solana memecoin named HACKED. However, their transparent approach did not yield significant profits, with estimates suggesting they only made around $8,000. The HACKED token briefly surged by 900% before crashing, now holding a market cap of $3,100. This incident highlights the ongoing issue of scammers targeting high-profile accounts to promote questionable tokens. Users are advised to review and revoke permissions for unused apps connected to their accounts to prevent such attacks in the future. The prevalence of scam tokens on platforms like Solana underscores the importance of vigilance in the crypto space.

DeFi

Security Breach at Ethena Website

Thursday. September 19 at 8:00 AM

DeFi

Impact of Federal Reserve Interest Rate Cut on Crypto Markets

Wednesday. September 18 at 11:00 AM

According to Joe McCann, the founder and CEO of Asymmetric, a large interest rate cut by the Federal Reserve would benefit risk assets and crypto markets. McCann mentioned that a 25 or 50 basis point cut is likely as the US central bank plans to reduce rates from 5.5%. The CME Fed Watch tool indicates a 65% chance of a 50 basis point cut. McCann believes that a 50 basis point cut would be positive for crypto markets, contrary to the belief that it would be bearish. Saad Ahmed from Gemini exchange stated that the rate cut could influence market breakout. McCann argued that the current economy is stable, and a larger rate cut could stimulate growth until 2025. The uncertainty surrounding the Fed's decision has led to varied market opinions and speculations.

DeFi