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Seneca Protocol Exploited: $6.4 Million Losses Reported, Investigations Underway

Decentralised finance (DeFi) lending platform and stablecoin issuer Seneca Protocol has fallen victim to exploitation, as stated in a Feb. 28 announcement on the protocol’s official X account.

According to a report disclosed to Cointelegraph, blockchain analytics firm CertiK has estimated the losses at $6.4 million thus far.

The Seneca team has urged users to revoke approvals for the affected contracts and has asserted that its personnel are “presently collaborating with security specialists to investigate the bug”.

Seneca Protocol is a DeFi lending application enabling users to deposit various cryptocurrencies as collateral, which can then be utilised to mint and borrow the protocol’s native stablecoin, SenecaUSD.

Blockchain data reveals that an account ending in 42DC managed to transfer approximately 1,385.23 Pendleton Kelp restaked Ether (PT Kelp rsETH) from a Seneca collateral pool by invoking the “performOperations” function.

Subsequently, this account exchanged these tokens for approximately $4 million worth of Ether (ETH) through three transactions.

Following these swaps, the account proceeded to transfer an additional 717.04 ETH derivative tokens from various collateral pools and exchanged them for ETH.

According to CertiK’s report, these transfers were maliciously executed due to a flaw in the protocol’s “performOperations” function.

The bug permits any account to invoke the function while specifying OPERATION_CALL as the action to be executed.

Consequently, the attacker gains the ability to “perform external calls to any address as the callee and callData are fully controlled by the attacker”.

Hence, CertiK contends, the attacker managed to drain funds from the collateral pool not under its ownership.

Blockchain investigator Spreek also alerted users about the exploit on X, describing it as a “critical vulnerability”.

Spreek recommended that users should revoke approvals for the addresses used in the exploit.

According to security researcher ddimitrov22, Seneca suffers from an additional vulnerability preventing developers from pausing the Seneca contracts, as the pause and unpause functions within them are labelled as “internal”, rendering them inaccessible.

In their acknowledgment of the attack, the development team stated that they are currently conducting an investigation and will provide an update “shortly”.

Hacks and exploits continue to pose threats to Web3 users in 2024.

On Feb. 23, Axie Infinity co-founder Jeff “Jihoz” Zirlin lost $9.7 million due to a hack of his personal wallets. Concurrently, on the same day, DeFi protocol Blueberry was exploited for 457 ETH.

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Chainalysis Report Reveals Surge in Darknet Market Revenue Amidst Crypto Crime Landscape

Crypto News Today/DeFi

The cryptocurrency industry continues to grapple with cybercrimes, with darknet markets standing out as one of the two sectors experiencing a surge in revenue in 2023, as per the latest findings from blockchain analysis firm Chainalysis.

Released on February 29, the Chainalysis “2024 Crypto Crime Report” unveils that darknet marketplaces amassed a minimum revenue of $1.7 billion in 2023.

This marks a recovery from the data of 2022, when authorities dismantled Hydra, the world’s largest darknet marketplace.

Although no single marketplace has replaced Hydra, the report highlights the emergence of smaller marketplaces catering to specific niches and adopting more “specialised roles.”

Mega Darknet Market leads the pack with over $500 billion in crypto inflows.

Nevertheless, the revenue from darknet markets hasn’t yet reached the peak levels observed during the reign of Hydra.

The report forecasts ongoing scrutiny and crackdowns by law enforcement agencies, particularly due to the availability of fentanyl products on many of these platforms.

Eric Jardine, cybercrime research lead at Chainalysis, noted that the phenomenon of “niche darknet marketplaces” vying for market share isn’t new and mirrors trends seen after the closures of platforms like the Silk Road and AlphaBay.

In addition to the rise in darknet market revenue, 2023 witnessed a doubling of crypto-linked sanctions by the United States Office of Foreign Assets Control (OFAC), totalling 18 sanctions on individuals or entities, all with cryptocurrency addresses tied to them.

Such inflows to sanctioned entities and regions constituted 61.5% of all illicit transaction volume, amounting to $14.9 billion in 2023.

Moreover, the report indicates a shift in crypto-linked OFAC sanctions towards individual actors and groups, moving away from major darknet markets like Garantex and Hydra, as well as mixers like Tornado Cash.

However, amidst these concerning trends, there are some positive indicators. Revenue from crypto-based scams experienced a year-over-year decline, dropping to $4.6 billion in 2023 from $5.9 billion in the previous year.

Nonetheless, new types of scams emerged, including romance scams, which more than doubled in revenue year-over-year, showing an 85-fold increase since 2020.

Jardine highlighted the rising prevalence of romance scams, attributing it to their effectiveness in exploiting victims’ trust over extended periods.

He underscored the importance of vigilance in online interactions and advocated for a collaborative effort among public and private sector entities, as well as individuals, to create a safer digital environment.

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Shido Token Plummets by 94% Following Exploit on Ethereum-Based Staking Contract

Crypto News Today/DeFi

The token representing the layer-1 blockchain Shido plummeted by as much as 94% in a mere 30 minutes subsequent to falling victim to an exploit on its Ethereum-based staking contract.

Blockchain security firm PeckShield alerted its audience to the plunge in a post dated Feb. 29 X.

In a subsequent post, it elucidated that an exploiter had succeeded in transferring the blockchain’s Ethereum staking contract to another address, following which the new owner upgraded the contract with a concealed function to withdraw staked tokens.

According to CoinGecko data, PeckShield disclosed that the attacker had withdrawn over 4.3 billion Shido tokens, equating to nearly half of the circulating token supply, which was approximately 9 billion tokens.

Before the price downturn, the value of these tokens stood at approximately $35 million.

In another post, the pseudonymous on-chain researcher ZachXBT revealed that they had identified the exploiter’s address, which had been funded through cryptocurrency initially bridged from the cross-chain protocol Layerswap and subsequently from the Arbitrum blockchain.

ZachXBT claimed to have uncovered the true identity of the wallet owner who funded the exploiter but suggested that they too had fallen victim to hacking, as “their assets were suddenly transferred before funding the exploiter.”

Several hours after the incident commenced, the Shido team issued an official statement asserting that they had neutralised any further threats against Shido.

The protocol also stated that they had initiated an investigation and urged the hacker to engage in negotiation regarding a bounty.

Shido also assured users who staked their tokens that their assets would be returned.

Shido, a layer-1 proof-of-stake blockchain that is yet to launch its mainnet, announced its impending mainnet launch in a post dated Feb. 24 X.

SHIDO, an Ethereum-based ERC-20 token, allowed staking on the project’s connected decentralized exchange (DEX) to earn an 8% annual yield, according to its website.

Shido did not provide an immediate response to a request for comment regarding the contract exploit.

According to PeckShield, last year witnessed over 600 crypto-related hacks resulting in $2.1 billion in losses, marking a nearly 30% decrease from 2022.

Up until January of this year, there had been 30 attacks resulting in $182.5 million lost.

February also seemed to conclude as a significant month for exploiters, with $290 million stolen from PlayDapp, alongside several million dollars’ worth of crypto stolen in various wallet breaches and phishing scams.

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Hong Kong Halts Crypto Exchange License Applications

Crypto News Today/DeFi

Hong Kong, as of February 29, has ceased accepting license applications from cryptocurrency exchanges and will imminently mandate that all non-compliant trading platforms shutter their operations within the local jurisdiction.

The Securities and Futures Commission (SFC) of Hong Kong has underscored that cryptocurrency exchanges within the region failing to submit license applications must conclude their business affairs by May 31, 2024.

The SFC of Hong Kong has also advised investors utilising virtual asset trading platforms to “make preparations early” and transition to entities that have either acquired operating licenses or have initiated the application process.

Formal licensure has been granted to two cryptocurrency trading operators in Hong Kong: OSL Digital Securities on December 15, 2020, and HashKey Exchange on November 9, 2022.

The regulatory body received license applications from 22 cryptocurrency trading platforms, encompassing four exchanges that had applied under the SFC’s preceding opt-in regime for such platforms.

Moreover, four other exchanges—Huobi HK, Meex, BitHarbour, and Ammbr—initially pursued licensure but subsequently either withdrew their applications or had them returned.

The SFC will maintain a publicly accessible list of cryptocurrency platforms slated for mandated closure by law, aimed at informing citizens of associated risks.

Throughout the winding-down phase, Hong Kong will curtail the operational capacities of these exchanges and enforce cessation of all marketing endeavours within the region.

The SFC of Hong Kong will also publish a roster of cryptocurrency exchanges deemed licensed as of June 1, 2024. Nonetheless, it will not assure licensure for all entities mentioned.

Upon securing licensure from the SFC of Hong Kong, cryptocurrency exchanges will be permitted to onboard retail investors for trading Bitcoin and Ether.

Various altcoins and stablecoins are presently under SFC review for trading approval.

Recent developments have seen Hong Kong-based cryptocurrency exchange BitForex become unresponsive subsequent to suspending withdrawals for a minimum of three days.

The exchange’s X account has remained stagnant since May 2023.

Users on its official Telegram channel have reported a spectrum of issues, ranging from inability to access their accounts to asset dashboards failing to display.

Multiple users have encountered a pop-up screen indicating they are blocked from accessing the company’s website. An internal investigation by Cointelegraph replicated this issue.

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Bitcoin Bull Market Ignited on March 1, PlanB’s S2F Model Signals FOMO Ahead

Bitcoin/Crypto News Today

The Bitcoin bull market commenced on March 1, according to the pseudonymous quantitative analyst PlanB, renowned for devising the controversial stock-to-flow (S2F) model for Bitcoin’s price.

As per a recent post by PlanB referencing the S2F chart, the Bitcoin accumulation phase has concluded, marking the cessation of straightforward Bitcoin buying opportunities.

“Bull market has started.

If history is any guide, we will see ~10 months of face-melting [fear of missing out] FOMO: extreme price pumps combined with multiple -30% drops.”

This assertion from the pseudonymous analyst followed Bitcoin’s surge past $60,000, the first time in over two years.

Bitcoin’s value experienced a minor decline of 0.75% in the 24-hour period ending at 3:00 pm Central European Time, settling at $62,472.

While the S2F model garnered attention during the 2021 bull run, it’s not an infallible predictor of Bitcoin’s price.

Notably, according to the chart, Bitcoin was projected to surpass $100,000 in early August 2021, when its actual value was around $44,000.

Ethereum co-founder Vitalik Buterin has also criticized the S2F model for fostering a “false sense of certainty.”

PlanB’s predictions align with those of other analysts.

c, a senior analyst at K33 Research, highlighted that Bitcoin typically consolidates post-halving but experiences rallies in subsequent months.

“Each halving has proven to be a solid point to enter the market. 150–400 days after the halving tends to be the sweet spot where the compounding effects of subdued miner selling pressure impact BTC positively directionally,” Lunde explained to Cointelegraph.

Moreover, the recent approval of spot Bitcoin exchange-traded funds (ETFs) has intensified investor interest in Bitcoin, contributing to its price appreciation.

Despite a 3% correction following Grayscale’s Grayscale Bitcoin Trust ETF’s sale of $598.9 million worth of BTC on Feb. 29, Bitcoin’s price surged over 22% in the past week, according to CoinMarketCap.

Excluding Grayscale’s ETF, the nine new spot Bitcoin ETFs witnessed over $2 billion in combined daily volume for the second consecutive day on Feb. 28.

These ETFs accounted for 75% of new Bitcoin investments since their launch on Jan. 11, according to a report by CryptoQuant.

Bitfinex Analysts predict that the ETFs will propel Bitcoin to new all-time highs before 2024-end, with a conservative price objective of $100,000-$120,000 by Q4 2024 and a cycle peak expected in 2025 concerning total crypto market capitalization.

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Karma3 Labs Raises a $4.5M Seed Round Led By Galaxy and IDEO CoLab to Build OpenRank, a Decentralized Reputation Protocol

Press Releases

Palo Alto, California, March 1st, 2024, Chainwire

Using OpenRank, developers and web3 companies can build consumer apps where people can discover, use, fund, read, or buy something on-chain without worrying about getting spammed or scammed.

Karma3 Labs has raised $4.5M in seed funding led by Galaxy and IDEO CoLab Ventures to build OpenRank, a decentralized reputation protocol. Using OpenRank, developers and web3 protocols can power consumer apps, communities and marketplaces with an open ranking and recommendation layer that provides users with security and peace of mind when making decisions onchain, without having to trust centralized gatekeepers. Some of the early use cases of OpenRank include leveraging a community rating system for App Marketplaces like Metamask Snaps; Ranking and Recommendation APIs for Lens and Farcaster; On-Chain discovery feeds for consumer apps and wallets; and reputation-based voting and governance.

Introducing trust and reputation mechanisms is critical to web3, just as it has been for web2, where there have been countless use cases in decentralized peer-to-peer utility. For example, Uber decentralized taxi services because of driver ratings; AirBnB decentralized hotels because of host ratings; eBay decentralized the shopping mall because of seller ratings; Reddit decentralized gated community forums because of user karma badges; Google allowed for the practical use of the decentralized web because of PageRank. However, none of these services were able to be fully decentralized because a single entity owned the reputation scores. To prevent centralized gatekeeping, there is a need for decentralized reputation mechanisms. Such reputation systems need to be open-source, permissionless, flexible to different contexts, and Sybil-resistant.

OpenRank solves for this in web3, creating a decentralized reputation mechanism that sets the foundation for a future where peer-to-peer interactions and collective community intelligence power a decentralized web of trust, rendering centralized gatekeepers obsolete. The protocol aims for a scenario where Twitter’s Community Notes like system was possible, but not owned by a single company, openly and cheaply accessible to any developer, who could define their own algorithm of choice.

“A decentralized internet characterized by fairness and transparency hinges on the existence of a robust reputation system,” said Sahil Dewan, founder and CEO of Karma3 Labs. “We believe that on-chain social and consumer experiences will need a decentralized reputation protocol and we’re excited to onboard builders and developers for OpenRank.”

OpenRank enables any developer to permissionlessly compute on Reputation Graphs for ratings, ranking or recommendation for their apps or communities. These graphs can be constructed using on-chain or any peer-to-peer social graph data. Using graph algorithms, like EigenTrust, the OpenRank will enable verifiable compute on these reputation graphs.

OpenRank leverages zero-knowledge proving systems for running graph algorithm computations. Developers can use any on-chain data that suits their application context without having to worry about the cost or verifiability of computing on the data. Consumer applications and marketplaces will be able to integrate context-specific, native rankings and recommendations seamlessly. Moreoever, developers can also leverage rankings and reputation from other ecosystems and communities to bootstrap their own reputation system. OpenRank believes that a reputation compute layer in web3 would allow a broader range of useful applications, including those that resist cryptographic or game-theoretic mechanisms of trust. To achieve this, the team needs a system that is resilient to Sybil contexts, provides scalable compute and can be permissionlessly used by any developer.

“OpenRank represents a pivotal advance in web3 social and on-chain interactions. We’ve seen the impact PageRank has had in web2 and there is a massive opportunity to build a similar reputation primitive on-chain,” said Mike Giampapa, General Partner of Galaxy’s venture team. “We’re excited for the future of Karma3 Labs and what they’ve built with OpenRank, and are proud to lead the company’s seed round.”

The fundraise was led by Galaxy and IDEO CoLab Ventures, with participation from Spartan, SevenX, HashKey, Flybridge, Delta Fund, Draper Dragon, and Compa Capital. Angel investors from Xooglers Fund and veterans from Coinbase, ConsenSys, IPFS, along with Andrew Hong from Dune Analytics and Liang Wu from the Harvard Crypto Lab also invested in the seed round. The raise enables OpenRank to broaden adoption across early use cases and help launch protocol v1 for developers, ushering in a new era of permission-less and verifiable reputation computation.

“Karma3 Labs and the OpenRank protocol for reputation and trust will enable radical innovation around choice, personalization and safety for a rapidly evolving internet. We are excited to see OpenRank already being implemented to enable open marketplaces, spam reduction and choose your own algorithms. This only scratches the surface of what’s possible and we look forward to working with the Karma3 Labs team to bring these possibilities to life,” said Joe Gerber, Managing Director of IDEO CoLab.

About OpenRank

OpenRank is a decentralized reputation protocol founded by Karma3 Labs. OpenRank introduces decentralized reputation mechanisms that set the foundation for a future where peer-to-peer interactions and collective community intelligence power a decentralized web of trust, rendering centralized gatekeepers obsolete. With OpenRank, we can build a more reputable world.

Contact

Karma3 Labs
hello@karma3labs.com

Former FTX CEO Seeks Lenient Sentence Amidst Fraud Conviction Fallout

Crypto News Today

The legal representative for former FTX CEO Sam “SBF” Bankman-Fried has submitted a memorandum to the United States District Court for the Southern District of New York, urging the judge to impose a prison term ranging between five and a quarter and six and a half years.

SBF faces a potential maximum sentence of 110 years subsequent to a jury convicting him of multiple instances of fraud and money laundering in November 2023.

SBF stands accused of two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy, and one count of money laundering conspiracy. Judge Lewis Kaplan, presiding over the SBF trial, is slated to declare the sentence on March 28.

While federal prosecutors are anticipated to present their recommendations for sentencing by March 15, the Pre-sentence Investigation Report (PSR) has advised a 100-year term for the erstwhile FTX CEO.

FTX legal representatives contend that the proposed 100-year sentence in the PSR is excessively harsh.

They argue that SBF, a first-time offender devoid of prior criminal records, engaged in the conduct alongside “at least four other culpable individuals,” in a situation where victims are expected to recover the entirety of their losses.

The filing deliberated on the absence of harm to customers, lenders, and investors, as the FTX bankruptcy estate is projected to reimburse customers entirely.

Additionally, the legal counsel highlighted numerous letters from friends and family advocating for a merciful sentence.

SBF has been incarcerated at the Metropolitan Detention Center in Brooklyn, New York, since the summer of 2023. Various accounts of his time in jail have emerged, from bartering mackerel for a haircut to facing extortion for protection.

Now, another anecdote from his imprisonment has surfaced, with The New York Times reporting that SBF is dispensing trading and investment guidance, and encouraging prison guards to invest in Solana’s crypto token, with which he has a lengthy association.

FTX was once among the foremost cryptocurrency exchanges, boasting a valuation of $32 billion in January 2022, before its collapse in November of the same year.

SBF was found guilty of mishandling $8 billion in customer funds and multiple other instances of fraud.

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Bitcoin Surges to Highest Point in Over Two Years on Institutional Endorsement and ETF Optimism

Bitcoin/Crypto News Today

Bitcoin, the inaugural cryptocurrency, experienced a 3.79% surge in the 24-hour period preceding 8:20 am UTC, reaching a trading value of £58,504, marking its highest point in two years and three months.

According to data from CoinMarketCap, Bitcoin has seen an increase of over 13.5% on the weekly chart and more than 38% on the monthly chart.

This surge in Bitcoin’s price follows the recent announcement that Michael Saylor’s MicroStrategy had purchased an additional 3,000 BTC, totalling $155 million at an average price of $51,813 between Feb. 15 and 25.

With a cumulative acquisition of 193,000 BTC for $6.09 billion at an average price of $31,544, MicroStrategy stands as the largest Bitcoin holder among publicly traded companies.

Founder of the digital asset investment fund ARK36, Mikkel Morch, attributes MicroStrategy’s recent acquisition as the driving force behind this rally. Morch stated in a research note shared with Cointelegraph:

“This rally is not merely reflected in numbers on a chart; it signifies the confidence among institutional investors in the transformative potential of cryptocurrencies…

Additionally, the approval for Bitcoin-owning ETFs in the United States has infused a new wave of positivity, increasing trading volumes and bringing crypto-linked firms into focus amidst a broader market overshadowed by uncertainty.”

Over the past 24 hours, the total crypto market capitalization has risen by 2.85% to £2.19 trillion.

On Feb. 27, the industry reclaimed the £2-trillion market capitalization as Bitcoin surpassed £57,000, boosted by inflows into Bitcoin exchange-traded funds (ETFs) and an uplift in crypto investor sentiment.

Morch predicts the potential for a new all-time high for both Bitcoin and Ether (ETH) in the coming weeks, driven by the anticipation surrounding the upcoming Bitcoin halving and the potential approval of a United States spot Ether ETF. He elaborated:

“The excitement surrounding the approval of spot Ether ETFs further highlights the maturity of the cryptocurrency market, acknowledging Ethereum’s role not only as a digital currency but also as an infrastructure backbone for a future where finance and technology converge more seamlessly.”

The nine spot Bitcoin ETFs recorded a combined trading volume of over $2 billion for the second consecutive day on Feb. 28.

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Saudi Ministry of Culture Unveils Cultural Metaverse Initiative on Nation’s Founding Day

Crypto News Today/Metaverse

The Ministry of Culture in Saudi Arabia has inaugurated a metaverse dedicated to exhibiting and safeguarding the cultural heritage of the nation, marking its founding day.

The Saudi government’s Cultural Universe metaverse initiative, which traces the extensive history of Saudi Arabia back to 1727, was launched on February 22.

Utilising Oracle’s Hyperledger Fabric 2.5 blockchain technology, the metaverse was crafted by droppGroup’s Generative Media Intelligence artificial intelligence (AI) system, known as droppPhygital.

The virtual realm adopts a first-person shooter approach to aid users in navigating the metaverse.

Users can freely traverse a shared path alongside others, exploring information displayed on either side of the route.

Proximity to virtual depictions of historical events triggers voice audio that elaborates on the event in depth.

However, this audio feature is currently limited to Arabic and does not offer English translations.

The Cultural Universe encompasses various sectors dedicated to music, art, history, cuisine, crafts, and other facets of Saudi heritage, along with mini video games.

This service is freely accessible via websites, mobile devices, virtual reality headsets, and other compatible digital platforms. The official announcement from the Saudi government stated:

“This cross-platform compatibility embodies the Ministry of Culture’s commitment to inclusivity, enabling a diverse global audience to explore and engage with the rich history of Saudi culture.”

The Saudi Ministry of Culture, entrusted with conserving and promoting the nation’s cultural legacy while fostering contemporary artistic expression, perceives the metaverse as a “transformative moment” and regards the initiative as a cultural revolution.

According to Samuel Huber, CEO of LandVault, a metaverse company collaborating with various government entities in the Middle East, Saudi Arabia, alongside other Middle Eastern nations, has transcended the metaverse’s “era of hype” and is progressing towards leveraging the technology to bolster their economies.

In an interview with Cointelegraph, Huber elucidated that the metaverse entails constructing 3D experiences embedded within websites. He remarked:

“What we found is the biggest segment are the governments in the Middle East, especially the UAE [United Arab Emirates], Saudi and Qatar, which are trying to digitalise their infrastructure and create really interesting economies for their citizens.”

He further stated that, akin to blockchain and AI, the metaverse stands as “one of those pillars” that the Middle East is eyeing for economic advancement.

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Senator Elizabeth Warren Advocates Fair Crypto Regulation and Curbs on Big Tech AI Dominance

Crypto News Today

United States Senator Elizabeth Warren has emphasised the need for a fair regulatory framework for cryptocurrency and advocated for restrictions on Big Tech’s development of artificial intelligence (AI) models.

Warren restated her stance on cryptocurrency, expressing her desire “to collaborate with the industry” during a Bloomberg Television interview on February 27.

“In our financial system, pretty much everybody follows the same set of rules,” she remarked, further stating:

“My view is that it’s the same kind of activity, the same kind of risk, and should have the same kind of regulations […] I’m not looking for fancier regulations or anything tougher; I just want a level playing field.”

However, she lamented that collaboration efforts had been hindered, alleging that the industry claims the only way “they can survive” is if there’s “plenty of space” for criminal activity — citing ransomware scammers, drug and human traffickers, and terrorists as among those the crypto industry seeks concessions for.

Warren’s proposed legislation, the Digital Asset Anti-Money Laundering Act, seeks to categorise decentralized technologies like blockchain nodes, validators, noncustodial wallets, and software providers as financial institutions akin to banks and stock brokers.

Criticism of the bill from crypto industry figures, organisations, and associations has been vocal, with concerns raised about its suitability for the technology and its potential to drive innovation and investment abroad.

The U.S. Treasury Department has acknowledged that assertions regarding crypto’s use in terrorism were exaggerated.

During a conference in Washington D.C., Warren reiterated her desire to curb the development of AI large language models by major tech players such as Microsoft, Google, and Amazon.

“Each of the major cloud services — Google, Microsoft, and Amazon — should not be allowed to use their enormous size to dominate a whole new field, and that means blocking them from operating large language models,” she asserted.

Warren argued that Big Tech firms possess the resources and infrastructure to monopolise emerging AI sectors like chatbots, potentially stifling smaller competitors.

She portrayed this as a fresh battleground in her crusade against Big Tech’s dominance and concentration within the industry.

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