Home / Trend News /Ethereum And Solana Disrupt Venture Capital With Coinbase-Backed DAODAO

Ethereum And Solana Disrupt Venture Capital With Coinbase-Backed DAODAO

12 Oct 2022

According to various reports, the Solana-based trading and lending platform Mango Markets was hacked as a malicious actor was able to siphon $117 million from the protocol. An analysis of the hack published by Certik explains that the attacker manipulated the price of the project’s native token mango (MNGO) which allowed them to borrow $117 million against the exploited collateral.

On Tuesday, the Solana-based Mango Markets platform was hacked for $117 million. The team tweeted about the issue at 7:36 p.m. (ET) on October 11. “We are currently investigating an incident where a hacker was able to drain funds from Mango via an oracle price manipulation,” the Mango Market’s Twitter account detailed. “We are taking steps to have third parties freeze funds in flight. We will be disabling deposits on the front end as a precaution, and will keep you updated as the situation evolves.”

The blockchain security and auditing firm Certik summarized the Mango Market hack in a post mortem and the team explained that the hacker was able to manipulate the token mango (MNGO). “The attacker used two addresses to manipulate the price of MNGO – Mango’s native token and collateral asset – from $0.038 to a peak of $0.91,” Certik explained in a note sent to Bitcoin.com News. “This allowed them to borrow heavily against their $MNGO collateral, which they did so to the tune of approximately $117 million, though this figure is fluctuating due to the prices of affected tokens reacting to the news.”

#CertiKSkynetAlert ?

On October 11, 2022 at 11:19 PM UTC, Mango Market was attacked for a total loss of roughly ~$116M.

The attacker was able to manipulate the price of the MNGO token and exploitatively borrowed more assets than what they were supposed to be able to.

?… pic.twitter.com/HSIUsPYyA4

— CertiK Alert (@CertiKAlert) October 12, 2022

According to the blockchain security firm Hacken, the hacker started with roughly $5 million in USDC to accomplish the goals. The official Mango Market Twitter account confirmed that two accounts funded with USDC took out a massive long position in “MNGO-PERP.” “Underlying MNGO/USD prices on various exchanges (FTX, Ascendex) experienced a 5-10x price increase in a matter of minutes,” Mango said. Mango further added that no oracle providers were at fault for the incident. The team stressed:

We want to clarify and add mention here that neither oracle providers have any fault here. The oracle price reporting worked as it should have.

Meanwhile, the blockchain security and auditing firm Certik has disclosed that the attack vector was allegedly known as early as March 2022. “The vulnerability here stemmed from the thin liquidity on the MNGO/USDC market, which was used as the price reference for the MNGO perpetual swap,” Certik’s summary adds. “With only a few million USDC at their disposal, the attacker was able to pump the price of MNGO by 2,394%. This exact attack vector was apparently raised in Mango’s Discord channel back in March of this year,” the Certik post-mortem concludes.

What do you think about the Mango Markets exploit? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals

A bitcoin ATM operator has been indicted in New York for running an illegal business "marketed towards individuals engaged in criminal activity." The district attorney in charge described: "Robert Taylor allegedly went to great lengths to keep his bitcoin kiosk ... read more.

According to various reports, the Solana-based trading and lending platform Mango Markets was hacked as a malicious actor was able to siphon $117 million from the protocol. An analysis of the hack published by Certik explains that the attacker manipulated the price of the project’s native token mango (MNGO) which allowed them to borrow $117 million against the exploited collateral.

On Tuesday, the Solana-based Mango Markets platform was hacked for $117 million. The team tweeted about the issue at 7:36 p.m. (ET) on October 11. “We are currently investigating an incident where a hacker was able to drain funds from Mango via an oracle price manipulation,” the Mango Market’s Twitter account detailed. “We are taking steps to have third parties freeze funds in flight. We will be disabling deposits on the front end as a precaution, and will keep you updated as the situation evolves.”

The blockchain security and auditing firm Certik summarized the Mango Market hack in a post mortem and the team explained that the hacker was able to manipulate the token mango (MNGO). “The attacker used two addresses to manipulate the price of MNGO – Mango’s native token and collateral asset – from $0.038 to a peak of $0.91,” Certik explained in a note sent to Bitcoin.com News. “This allowed them to borrow heavily against their $MNGO collateral, which they did so to the tune of approximately $117 million, though this figure is fluctuating due to the prices of affected tokens reacting to the news.”

#CertiKSkynetAlert ?

On October 11, 2022 at 11:19 PM UTC, Mango Market was attacked for a total loss of roughly ~$116M.

The attacker was able to manipulate the price of the MNGO token and exploitatively borrowed more assets than what they were supposed to be able to.

?… pic.twitter.com/HSIUsPYyA4

— CertiK Alert (@CertiKAlert) October 12, 2022

According to the blockchain security firm Hacken, the hacker started with roughly $5 million in USDC to accomplish the goals. The official Mango Market Twitter account confirmed that two accounts funded with USDC took out a massive long position in “MNGO-PERP.” “Underlying MNGO/USD prices on various exchanges (FTX, Ascendex) experienced a 5-10x price increase in a matter of minutes,” Mango said. Mango further added that no oracle providers were at fault for the incident. The team stressed:

We want to clarify and add mention here that neither oracle providers have any fault here. The oracle price reporting worked as it should have.

Meanwhile, the blockchain security and auditing firm Certik has disclosed that the attack vector was allegedly known as early as March 2022. “The vulnerability here stemmed from the thin liquidity on the MNGO/USDC market, which was used as the price reference for the MNGO perpetual swap,” Certik’s summary adds. “With only a few million USDC at their disposal, the attacker was able to pump the price of MNGO by 2,394%. This exact attack vector was apparently raised in Mango’s Discord channel back in March of this year,” the Certik post-mortem concludes.

What do you think about the Mango Markets exploit? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals

A bitcoin ATM operator has been indicted in New York for running an illegal business "marketed towards individuals engaged in criminal activity." The district attorney in charge described: "Robert Taylor allegedly went to great lengths to keep his bitcoin kiosk ... read more.

Quant continued to trade close to an eight-month high on Wednesday, as prices of the token rose for a second straight day. Hedera was another notable mover in today’s session, as it rose by as much as 11% earlier in the day. Overall, crypto markets are marginally down as of writing.

Quant (QNT) rose for a second consecutive day on Wednesday, as prices remained close to an eight-month high.

On Sunday, the token surged to a peak of $163.83, which is the highest point quant has hit since February 8.

Earlier in today’s session, QNT/USD was at a high of $157.80, which sees prices only $6 away from the aforementioned peak.

As a result of recent gains, QNT is now firmly in overbought territory, with the 14-day relative strength index (RSI) tracking at 70.19.

This is marginally below a ceiling of 71.00, which quant bulls will need to overcome, should they intend to send prices higher.

Price uncertainty will likely be heightened around this region, with bears potentially also waiting for the opportunity to reenter.

Hedera (HBAR) was another notable gainer on hump day, with the token climbing by as much as 11%.

Following a low of $0.05879 on Tuesday, HBAR/USD managed to rise to a peak of $0.06596 earlier today.

As a result of this surge in price, hedera has now hit its strongest point in one month, since when the token was trading above $0.0737.

Looking at the chart, HBAR has since fallen from earlier highs, as bears reentered the market following the failed attempted breakout of a ceiling at $0.06600.

Today’s move comes as the 10-day (red) moving average crossed over its 25-day (blue) counterpart, for the first time since September 13, which is when we last saw HBAR at these current levels.

Should we see this upwards momentum continue, then bulls will likely force a breakout of the resistance point referenced above.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
Analysis, HBAR, hedera, QNT, quant

Could hedera maintain this momentum throughout the remainder of the week? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.

Quant continued to trade close to an eight-month high on Wednesday, as prices of the token rose for a second straight day. Hedera was another notable mover in today’s session, as it rose by as much as 11% earlier in the day. Overall, crypto markets are marginally down as of writing.

Quant (QNT) rose for a second consecutive day on Wednesday, as prices remained close to an eight-month high.

On Sunday, the token surged to a peak of $163.83, which is the highest point quant has hit since February 8.

Earlier in today’s session, QNT/USD was at a high of $157.80, which sees prices only $6 away from the aforementioned peak.

As a result of recent gains, QNT is now firmly in overbought territory, with the 14-day relative strength index (RSI) tracking at 70.19.

This is marginally below a ceiling of 71.00, which quant bulls will need to overcome, should they intend to send prices higher.

Price uncertainty will likely be heightened around this region, with bears potentially also waiting for the opportunity to reenter.

Hedera (HBAR) was another notable gainer on hump day, with the token climbing by as much as 11%.

Following a low of $0.05879 on Tuesday, HBAR/USD managed to rise to a peak of $0.06596 earlier today.

As a result of this surge in price, hedera has now hit its strongest point in one month, since when the token was trading above $0.0737.

Looking at the chart, HBAR has since fallen from earlier highs, as bears reentered the market following the failed attempted breakout of a ceiling at $0.06600.

Today’s move comes as the 10-day (red) moving average crossed over its 25-day (blue) counterpart, for the first time since September 13, which is when we last saw HBAR at these current levels.

Should we see this upwards momentum continue, then bulls will likely force a breakout of the resistance point referenced above.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
Analysis, HBAR, hedera, QNT, quant

Could hedera maintain this momentum throughout the remainder of the week? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.

PRESS RELEASE. Everyday, 320 billion emails are sent worldwide, a figure that is expanding by roughly 3% on an annual basis. In a 24 hour period, the average worker in the U.S receives 120 emails, with roughly 20% of these landing in their inbox as unwanted spam. What this tells us is that the foundational email architecture has remained static over time, and is unfit for today’s privacy-centric environment. Bottom line, it’s time to address the long standing issue of unwanted, unsolicited marketing outreach and reward users for their time and attention.

EtherMail leverages the power of Web3 to enable stronger levels of user autonomy and privacy, while greatly disrupting the dynamics of email communication for the common good. The team believes in fair compensation for the invasion of the personal inbox because countless hours of user’s time and attention are being wasted as they wade through a litany of unwanted inbounds. This time spent sifting through marketing inbounds is grossly undervalued. As you read this, inboxes across the globe are overflowing with 1000s of unread emails, with little to no incentive for users to actually read them.

However, a new paradigm in Web3 email economics is on the horizon.

The EtherMail solution allows advertisers and users to collectively provide a high quality email marketing and communication experience in a mutually beneficial setting. The Web3 landscape provides fertile ground for user autonomy and personalisation, and EtherMail aims to deliver a personalized protective layer to not only filter spam but to incentivize readers. This is why EtherMail is working on the Paywall mechanism, which serves as a type of virtual toll configured by a Web3 user for their inbox. Users will have the ability to control their paywall based on a range of custom preferences.

Also included in EtherMail’s future pipeline will be the introduction of its native utility token, $EMT, an ERC-20 token based on the Ethereum network. EMT will be a first-of-its-kind incentivization mechanism designed to reward email users for their time and attention reading unsolicited emails, creating a much-needed framework for email economics. This will be the cornerstone of EtherMail’s Read-2-Earn model.

One of the other core pillars of the EtherMail solution will be Subscriptions – opt-in email aggregations in which consent is given to advertisers to target a user’s inbox in exchange for $EMT. Users can sign up to receive relevant inbound advertisements based on their scope of interests.

In the meantime, EtherMail is actively helping crypto and NFT projects maintain a direct line of communication with current asset holders, based on blockchain-synced, real-time information. Given the frequency with which holders sell their tokens and NFTs, it is increasingly difficult for projects to maintain direct contact with holders of their assets. EtherMail has developed a solution to address this systemic industry problem, which has recently been thrust into focus after MailChimp took the decision to ditch crypto and Web3 projects from its newsletter distribution service.

EtherMail is on the way to establishing a best-in-class framework for Web3 email communication with its growing roster of partners. For more information on how EtherMail can help your project maintain a direct and secure line of communication with your asset holders, visit: https://ethermail.io/daos

Join the official EtherMail Telegram channel here: https://t.me/ethermail_official and follow the latest developments on twitter: https://twitter.com/ethermail_io

 

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

PRESS RELEASE. Everyday, 320 billion emails are sent worldwide, a figure that is expanding by roughly 3% on an annual basis. In a 24 hour period, the average worker in the U.S receives 120 emails, with roughly 20% of these landing in their inbox as unwanted spam. What this tells us is that the foundational email architecture has remained static over time, and is unfit for today’s privacy-centric environment. Bottom line, it’s time to address the long standing issue of unwanted, unsolicited marketing outreach and reward users for their time and attention.

EtherMail leverages the power of Web3 to enable stronger levels of user autonomy and privacy, while greatly disrupting the dynamics of email communication for the common good. The team believes in fair compensation for the invasion of the personal inbox because countless hours of user’s time and attention are being wasted as they wade through a litany of unwanted inbounds. This time spent sifting through marketing inbounds is grossly undervalued. As you read this, inboxes across the globe are overflowing with 1000s of unread emails, with little to no incentive for users to actually read them.

However, a new paradigm in Web3 email economics is on the horizon.

The EtherMail solution allows advertisers and users to collectively provide a high quality email marketing and communication experience in a mutually beneficial setting. The Web3 landscape provides fertile ground for user autonomy and personalisation, and EtherMail aims to deliver a personalized protective layer to not only filter spam but to incentivize readers. This is why EtherMail is working on the Paywall mechanism, which serves as a type of virtual toll configured by a Web3 user for their inbox. Users will have the ability to control their paywall based on a range of custom preferences.

Also included in EtherMail’s future pipeline will be the introduction of its native utility token, $EMT, an ERC-20 token based on the Ethereum network. EMT will be a first-of-its-kind incentivization mechanism designed to reward email users for their time and attention reading unsolicited emails, creating a much-needed framework for email economics. This will be the cornerstone of EtherMail’s Read-2-Earn model.

One of the other core pillars of the EtherMail solution will be Subscriptions – opt-in email aggregations in which consent is given to advertisers to target a user’s inbox in exchange for $EMT. Users can sign up to receive relevant inbound advertisements based on their scope of interests.

In the meantime, EtherMail is actively helping crypto and NFT projects maintain a direct line of communication with current asset holders, based on blockchain-synced, real-time information. Given the frequency with which holders sell their tokens and NFTs, it is increasingly difficult for projects to maintain direct contact with holders of their assets. EtherMail has developed a solution to address this systemic industry problem, which has recently been thrust into focus after MailChimp took the decision to ditch crypto and Web3 projects from its newsletter distribution service.

EtherMail is on the way to establishing a best-in-class framework for Web3 email communication with its growing roster of partners. For more information on how EtherMail can help your project maintain a direct and secure line of communication with your asset holders, visit: https://ethermail.io/daos

Join the official EtherMail Telegram channel here: https://t.me/ethermail_official and follow the latest developments on twitter: https://twitter.com/ethermail_io

 

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

PRESS RELEASE. Today, the fundraising process for founders is highly-centralized, with a handful of elite venture capitalists controlling who gets funded and who doesn’t. In addition, founders must typically wait ten years or more for their company to “go public” and become traded on a liquid exchange. But that could soon change as blockchains like DeSo enable founders to raise money from millions of Bitcoin, Ethereum, and Solana users with just the click of a button.

A new app called DAODAO is launching today at the forefront of this disruptive trend. Built on the DeSo blockchain, backed by Coinbase, Sequoia, Andreessen Horowitz, and others, DAODAO allows any Bitcoin, Ethereum, or Solana user to invest in promising founders before they go to pitch venture capitalists.

For founders, setting up a fundraiser on DAODAO is as easy as creating a social media account. Funds are automatically converted to USD, and founders can cash out seamlessly to USDC anytime.

However, the most interesting component of DAODAO is that founders can give contributors a liquid token with their purchase, which can immediately trade on DeSo’s decentralized on-chain gas-less order-book exchange.

Such a breakthrough raises the question of whether the traditional fundraising model of waiting ten years for a company to trade on the open market could now be obsolete.

“DeSo is the only blockchain that could support something like DAODAO today,” says Arash Ghaemi, Growth Marketing Lead at DeSo. “DeSo’s recent USDC integration and the MegaSwap swapping facility to convert crypto into USD were both critical, and no other chain has both. On top of that, DeSo’s order-book exchange is the fastest in the world, capable of performing 40,000 matches per second,” he continues.

DeSo is also capable of supporting unique social features leveraged by DAODAO, including on-chain profiles and an on-chain social graph. “It costs about $75 to store a 200-character Tweet on Ethereum and about fifteen cents to store it on Solana, Avalanche, or Polygon. In contrast, DeSo is one ten-thousandth of a cent, making it the first blockchain capable of disrupting storage-heavy applications like social fundraising. It really is the Social Layer for all web3,” Founder of DeSo Nader Al-Naji adds.

This is the latest in a recent string of successes for DeSo. The platform listed on Coinbase earlier this year announced a groundbreaking MetaMask integration last week that has caused a significant price surge, and many new social apps like Diamond, a web3 social network built on DeSo, have launched and are growing rapidly with a recent surge in user numbers.

Recently, the platform announced a USDC integration that has attracted many new builders to the ecosystem, including DAODAO.

With the launch of DAODAO, DeSo’s true disruptive power becomes apparent. It is a platform that can disrupt social media and the trillion-dollar early-stage financing market.

About DeSo Foundation

DeSo is a new layer-1 blockchain built from the ground up to decentralize social media and scale storage-heavy applications to billions of users. They raised $200 million and are backed by Sequoia, Andreessen Horowitz, Coinbase Ventures, Social Capital, Polychain Capital, Winkelvoss Capital, Pantera, and others.

$DESO, the native currency of the DeSo blockchain, is listed on Coinbase.

Check out the full roadmap and claim your username on deso.com.

Contact

Growth Marketing Lead

Ash Ghaemi

DeSo Foundation

ash@deso.org

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.

Source From : News

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