Ethereum fork token ETHPoW climbs 150% after smart contract hack — A fakeout rally?

ETHW has logged a significant price rebound despite its blockchain network, ETHPoW, suffering a smart contract hack in the first week after its launch. The short analysis of the attackhttps://t.co/87OVRqaYb2 https://t.co/vhRJyZVc72 — BlockSec (@BlockSecTeam) September 18, 2022 Bull trap risks surround ETHW market ETHW rebounded more than 150% eight days after the attack and traded for around $10.30 on Sept. 27. Fundamentally, this suggests that traders ignored the hack and trusted ETHPoW’s long-term viability as a blockchain project. But from a technical perspective, the ETHW price rally has accompanied weaker…

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Many NFT projects lack adequate smart contract testing, says nameless founder

Jimmy McNelis, the founder of Web3 tech firm nameless, says there are too many NFT projects rushing to market without proper smart contract testing — potentially leading to millions lost. Speaking with Cointelegraph, McNelis suggested that a lot of NFT projects often rush to market without fully simulating how its smart contracts will work, even skipping extensive audits in some cases. McNelis said an example of this was observed during the sale of the Akutars NFT collection in February 2021 — featuring 15,000 tokens that went up for sale on Winklevoss-owned NFT…

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ETHW confirms contract vulnerability exploit, dismisses replay attack claims

Post-Ethereum Merge proof-of-work (PoW) chain ETHW has moved to quell claims that it had suffered an on-chain replay attack over the weekend. Smart contract auditing firm BlockSec flagged what it described as a replay attack that took place on Sept. 16, in which attackers harvested ETHW tokens by replaying the call data of Ethereum’s proof-of-stake (PoS) chain on the forked Ethereum PoW chain. According to BlockSec, the root cause of the exploit was due to the fact that the Omni cross-chain bridge on the ETHW chain used old chainID and…

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Ethereum advances with standards for smart contract security audits

The Ethereum ecosystem continues to witness a flurry of activity that has individuals and organizations deploying token contracts, adding liquidity to pools and deploying smart contracts to support a wide range of business models. While notable, this growth has also been riddled with security exploits, leaving decentralized finance (DeFi) protocols vulnerable to hacks and scams.  For instance, recent findings from crypto intelligence firm Chainalysis show that crypto-related hacks have increased by 58.3% from the beginning of the year through July 2022. The report further notes that $1.9 billion has been…

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BendDAO contract drained overnight with 15 ETH left to pay lenders

Lending protocol BendDAO has run out of Wrapped Ether (wETH) in its contract. At the time of writing, the contract only has 15 WETH to pay lenders, and an estimated 15,000 Ether (ETH) left to be paid to lenders.  Researcher NFTStatistics.eth dissected the issue in a Twitter thread, highlighting that NFT borrowers in the platform should now pay 100% interest on the ETH they borrowed. In addition, the debt positioned against the NFTs is also on the rise. Furthermore, the researcher noted that many of the NFTs that have been…

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Bank of China unveils new e-CNY smart contract test program for school education

According to local news outlet Sohu.com, on Tuesday, the state-owned Bank of China announced a new program to bridge primary school education with smart contracts. In a combined partnership with local education and financial authorities, parents residing in the city of Chengdu, located in China’s Sichuan province, will be able to enroll their children in after-school or extracurricular lessons using the digital yuan central bank digital currency, or e-CNY. Under the pilot test, parents start by paying a deposit to a private educational entity for a series of lessons. Afterward, a…

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Galaxy Digital terminates BitGo acquisition, citing breach of contract

After more than a year of efforts to acquire the digital asset custodian BitGo, Mike Novogratz’s cryptocurrency investment firm Galaxy Digital has decided to drop the acquisition. Galaxy has terminated the BitGo acquisition, citing a breach of contract, the firm officially announced on Monday. According to the statement, Galaxy exercised its right to terminate the deal in line with the acquisition agreement after BitGo failed to deliver audited financial statements for 2021 by July 31, 2022. Galaxy noted that no termination fee is payable in connection with the termination. As…

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Launching a blockchain to be as easy as deploying a smart contract

Developers and communities will be able to deploy their own sovereign, custom-made blockchains at the “click of a button” says Celestia co-founder Ismail Khoffi.  Speaking with Cointelegraph at Korean Blockchain Week 2022 last week, Khoffi said that the project’s vision is to decouple the consensus and application execution layers to unlock new possibilities for decentralized app builders. Celesita is basically a stripped back minimalist layer one blockchain that offers users the infrastructure that makes it easy to deploy their own blockchain, or layer two rollup. in the future, we’ll all…

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Circle freezes blacklisted Tornado Cash smart contract addresses

According to crypto data aggregator Dune Analytics, on Monday, Circle, the issuer of the USD Coin stablecoin (USDC), froze over 75,000 USDC worth of funds linked to the 44 Tornado Cash addresses sanctioned by the U.S. Office of Foreign Assets Control’s (OFAC) Specially Designated Nationals and Blocked Persons (SDN) list. Tornado Cash is a decentralized application, or dApp, used to obfuscate the trail of previous cryptocurrency transactions on the Ethereum blockchain.  All U.S. persons and entities are prohibited from interacting with the virtual currency mixer’s USDC and Ethereum smart contract…

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BNB rallies 39% despite smart contract deposits dropping 28% — Should investors be worried?

Cryptocurrencies’ total market capitalization bounced from $860 billion on June 30 to the current $1.03 trillion, a 20.6% relief in five weeks. Ether (ETH) might have been the absolute leader among the largest smart contract chains, but BNB managed to gain 39% over that period. BNB (blue) vs. Ether (orange), AVAX (cyan), SOL (yellow). Source: TradingView BNB token’s year-to-date performance remains negative by 43%, but the current $49.5 billion market capitalization ranks it the third largest, excluding stablecoins. Furthermore, the leading decentralized application (DApp) is PancakeSwap — 843,630 active addresses in…

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