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Sign (SIGN) price has jumped more than 80% amid multiple exchange listings, including on South Korea’s largest crypto exchange. Upbit plans to list SIGN trading pairs for Korean won, Bitcoin and Tether (USDT). Profit taking could derail Sign price momentum. Sign (SIGN) is up more than 80% in the past 24 hours, skyrocketing as multiple […]
The post Sign token surges 80% after major exchange listings appeared first on CoinJournal.
Upbit dominates 80% of South Korea's crypto trading, rivaling global giants like Coinbase.
Market price surges following token listing announcements are not new to the crypto industry. This is very prevalent when it comes to announcements from top crypto exchanges with a wide user base. The recent token listing announcement by Upbit exchange has triggered a price surge in DeepBook Protocols DEEP token.
One of the biggest cryptocurrency exchanges in South Korea, Upbit, will halt any transactions involving digital assets worth more than 1 million won ($721). This is a reaction to recent developments at Ten&Ten, a local facilitator of deposits and withdrawals and a virtual asset service provider (VASP). Upbit announced the
Upbit, a South Korean cryptocurrency exchange, has temporarily suspended deposits and withdrawals of CRV, the governance token of Curve Finance, a decentralized exchange for stablecoins. The move comes as hackers over the weekend exploited a ‘re-entrancy’ bug in Vyper to steal millions of dollars.
Curve Suffers Hack
Reentrancy is a type of vulnerability in smart contracts that enables attackers to make repeated calls to a protocol, creating the opportunity to steal funds from such smart contracts or execute other malicious actions. On the other hand, Vyper is a Python-like language for the Ethereum Virtual Machine (EVM), which is a software that runs on Ethereum and handles the blockchain’s smart contracts system.
In an announcement released today (Monday), Upbit explained that it took the decision to halt the withdrawal of CRV in order “to ensure the safety of digital asset transactions.”
“Today, certain vulnerabilities have been discovered in some of the stablecoin pools associated with Curve (CRV). As a result, CRV is currently experiencing significant volatility. We advise exercising caution when considering any investments related to CRV,” Upbit stated.
Vyper announced the exploit earlier yesterday (Sunday), noting that certain versions of its language were vulnerable to ‘malfunctioning reentrancy locks’. Curve Finance also followed up with an update, saying the event affected 'a number of stable pools'.
A number of stablepools (alETH/msETH/pETH) using Vyper 0.2.15 have been exploited as a result of a malfunctioning reentrancy lock. We are assessing the situation and will update the community as things develop.Other pools are safe. https://t.co/eWy2d3cDDj
— Curve Finance (@CurveFinance) July 30, 2023According to Cointelegraph, Michael Egorov, Curve Finance’s CEO confirmed through a Telegram Channel that 32 million CRV tokens worth over $22 million were stolen. However, BlockSec, a smart contracts audit platform, puts the figure at over $41 million.
The sheet updated. Losses have already ~$41m!https://t.co/lCaS4uEPzm https://t.co/stQYNJFS7y pic.twitter.com/P7jG8NHnV4
— BlockSec (@BlockSecTeam) July 30, 2023Furthermore, Huobi Global estimated that losses from the attack were up to $52 million. The Seychelles-based crypto exchange added that it was closely monitoring the situation.
#DeFi projects: #Curve's JPED'd: pETH-ETH pool, & Alchemix, & JPEG'd, faced attacks resulting in a $52M loss. Your asset security is our top priority. We are monitoring the situation closely.#Huobi supports RWA tokens such as like $MKR, $COMP, $CRV, #WSTUSDT, and $TRX . Trade… pic.twitter.com/2YHGaFuGkc
— Huobi (@HuobiGlobal) July 31, 2023Crypto Hack Losses Surge YTD
Meanwhile, Finance Magnates reported that the amount of money lost through hacks and exploits in the cryptocurrency sector surged to the highest level year-to-date in July 2023. This is even as hackers stole $313 million through different kinds of scams and malicious exploits during the second quarter of the year.
Speaking on the hack at Curve, Zachary Townsend, Co-Founder and CEO of Meanwhile, a provider of life insurance for the crypto economy, emphasized the importance of audits in preventing such incidents.
“In any case involving an exploit of crypto protocols, it’s important that audits are conducted very early on and preferably before formal launch,” Townsend told Finance Magnates. “Obviously, Curve is a reputable protocol and has a venerable track record in the DeFi industry. But, again, this incident should serve as a reminder that extensive testing and auditing are key.”
Also commenting, Brian D. Evans, the CEO and Founder of BDE Ventures, a web3 venture studio and advisory firm, noted that the most important thing going forward is to learn from the mistake, improve and do the utmost to ensure that such exploits never happen again. Evans, however, pointed out that the sophistication and complexity of the DeFi ecosystem offer no 100% guarantee.
“The fact that all these protocols are composable with each other elevates the risk that an exploit in one protocol can quickly cascade into the other protocols, heightening the risk of mass liquidation events,” the BDE Ventures' CEO stated. “Even the most sophisticated of audits aren’t going to catch everything or be able to future-proof all protocols.”
New Zealand's FMI standards; ICE delists Bakkt's contracts; read today's news nuggets.
This article was written by Solomon Oladipupo at www.financemagnates.com.A South Korean court has temporarily halted a regulatory suspension imposed on Upbit, allowing the crypto exchange to resume new user registrations. The Financial Intelligence Unit (FIU) had earlier barred Upbit from onboarding clients, citing policy violations. However, the court granted an injunction that delayed enforcement of the ban until 30 days after the final […]
South Korea’s top crypto exchanges Upbit and Bithumb are in troubled waters over charging hefty fees for token listing. In the explosive Wu Blockchain report, several crypto projects have allegedly paid fees to the tune of $2 million and $10 million. Those crypto projects have also alleged links with Upbit’s shareholders and market makers, raising […]
In the last two months, the crypto community has been buzzing about a wallet affectionately named ‘Mr. 100.’ This moniker originates from its pattern of receiving 100 bitcoin deposits every few days, leading to speculation that it might belong to a wealthy individual from the Middle East. However, onchain analysts from Arkham Intelligence suspect that [...]
The post Unveiling Mr. 100 The Mystery Bitcoin Wallet Linked to Upbits Cold Storage appeared first on Crypto Breaking News.
ARKM surged up to 55% after getting listed on South Korea’s Upbit. However, the price dropped sharply, giving up most of its increase within a few hours. With the current decline in the cryptocurrency market, virtually all cryptocurrency are affected both Bitcoin and other popular altcoins. Bitcoin fell to around $76K, while Ether, XRP, Solana, […]
According to a statement published by the South Korean Financial Services Commission (FSC), the entity’s Korea Financial Intelligence Unit held a meeting with virtual asset service providers (VASPs) in order to strengthen regulatory compliance. The top five South Korean cryptocurrency exchanges including Upbit, Bithumb, Coinone, Korbit, and Gopax have created compliance systems to monitor illegal [...]
The post Top 5 South Korean Crypto Exchanges Reveal Compliance Strategies to Curb Illicit Activities appeared first on Crypto Breaking News.
BLUR, the native token of the Blur NFT marketplace, saw a recent boost in its market price following a particular announcement. According to data by CoinMarketCap, BLUR has gained by 11.75% in the last 24 hours, emerging as one of the top gainers in today’s market. Looking at its price overview, BLUR has shown a [...]
The post BLUR Up By 11% Following This Announcement appeared first on Crypto Breaking News.
The Avalanche C chain, a blockchain platform, has faced an hour-long block production halt, as per reports from earlier today. According to the Avalanche blockchain browser, the latest block time is 7:26 UTC+8, with a block height of 27788298. However, it has been resolved, according to the latest update. As a result of this, several […]
Regulators may require Binance, the leading crypto exchange, to reapply for certification following the acquisition of Gopax, as reported by Chosun Biz. The report suggests that the financial authorities are concerned about the high risk of financial crimes, such as illegal money laundering and large-scale damage to investors, due to the lack of transparency in […]
Shiba Inu was able to incline by 28% after surpassing its lowering channel last week. As anticipated, SHIB’s price dropped a zero and surpassed $0.000011. SHIB has already produced two consecutive red candles on its daily chart as a result of the correction that was necessary due to the overbought conditions. SHIB attempted to break […]
UPbit, the popular Korean cryptocurrency exchange, recently announced the listing of seven fan tokens. This is the first time the platform has added fan tokens since 2020. Covering 80% of the Korean crypto market share, UPbit has listed these tokens on the platform – $AFC, $ACM, $BAR, $ATM, $NAP, $CITY, and $INTER. Given the sheer …
As Chiliz puts the last touches on the Chiliz 2.0, Upbit welcomes seven well-known soccer club cryptos.
<p class="MsoNormal text-align-justify">Upbit, a South Korea-based crypto exchange, has signed a back-of-shirt partnership agreement with Italian football club SSC Napoli. The deal will remain active until the end of the 2023/24 season of the Series A and Coppa Italia football contests.</p><p class="MsoNormal text-align-justify">Napoli Looking Towards International Markets in Upbit Partnership</p><p class="MsoNormal">Speaking on the deal, Tommaso Bianchini, Napoli’s Chief International Development Officer noted that the partnership is evidence of the club’s positive inclination towards the international markets and advanced technology in a continuous bid to improve its global brand.</p><p class="MsoNormal">“This partnership enshrines the union of two game-changers in their respective sectors, underlining the objective of a future vision where innovation and technology are at the heart of the project,” Bianchini explained.</p><p class="MsoNormal text-align-justify">Also speaking on the agreement, Sirgoo Lee, CEO of Dunamu, the operator of Upbit, expressed excitement at collaborating with one of the world’s top football clubs. "We look forward to finding more meaningful collaborations throughout the season,” Lee said. </p><p class="MsoNormal text-align-justify">Other Recent Fintech-Football Deals</p><p class="MsoNormal text-align-justify">In recent months, fintech and forex brokerage companies have entered deals with various football clubs. In early December 2022, financial services firm Ebury <a href="https://www.financemagnates.com/fintech/ebury-inks-sponsorship-deal-with-italian-football-club-parma-calcio-1913/" target="_blank" rel="follow">inked a sponsorship deal</a> with another Italian football club, Parma Calcio 1913, becoming its official training kit partner. This means that Ebury’s branding is now part of the football club’s training kit and shirts.</p><p class="MsoNormal">Earlier in October, forex and CFD broker RoboForex also signed <a href="https://www.financemagnates.com/forex/brokers/exclusive-roboforex-inks-sponsorship-deal-with-perus-football-club-cienciano/" target="_blank" rel="follow">a sponsorship deal</a> with Peru’s football club Cienciano. Although the financial terms of the deal were not disclosed, both partners signed a contract for the 2022/2023 season. </p><p class="MsoNormal">However, while financial firms <a href="https://www.financemagnates.com/forex/did-retail-brokers-save-football/" target="_blank" rel="follow">played a critical role</a> in assuaging the football industry’s downtime following the COVID-19 pandemic, <a href="https://www.financemagnates.com/cryptocurrency/can-ftxs-sports-partners-be-held-accountable-for-bankman-frieds-alleged-fraud/" target="_blank" rel="follow">questions remain</a> as to whether sports partners can be held accountable for fraud in situations such as that of failed crypto exchange FTX which entered into several million-dollars sports sponsorship deals during its heydays. </p> This article was written by Solomon Oladipupo at www.financemagnates.com.
Dunamu has partnered with Serie A league leader, Napoli, making Upbit the back-of-shirt and crypto exchange partner of the club.
The partnership was made possible through a sponsorship deal between Napoli and Dunamu, the South Korean firm operating UpBit. UpBit, South Korea’s largest exchange by trade volume, is the new back-of-shirt partner of prominent Italian football club S. S. C. Napoli. The partnership is a product of the recent sponsorship deal between the football club […]
The post South Korean Exchange UpBit Becomes Shirt Partner Of Napoli first appeared on The Crypto Basic.
WEMIX, the native token of South Korean video game developer, Wemade was delisted by the nation’s four crypto exchanges on the grounds of inaccurate reporting of circulation data. Bithumb, Upbeat, Coinone, Korbit, and Gopax — which are part of the Digital Asset eXchange Alliance (DAXA) — announced on Nov. 24 that they would end the […]
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