3 ways to short Dogecoin (DOGE)

Typical Dogecoin: Pump is followed by dump. But profits can also be made from price falls – for example with futures or leveraged tokens.

Especially with the Dogecoin meme coin, there are always heavy pumps

But what goes up quickly, often lands back on the ground all the faster. A fact from which Dogecoin shortsellers benefit. Here are three ways in which you can bet against the Crowd Millionaire course.

Futures – also known as futures contracts – are a popular instrument to hedge against a price drop or to speculate on a price crash (see Gamestop-GAU ). An underlying asset such as gold, rice or a (crypto) currency is not traded directly. Rather, a futures contract is a purchase agreement. It specifies the number of units of an asset that will be bought or sold, as well as the price and when the asset will change hands.

Since the value of this purchase agreement is derived from the price of this underlying, futures are referred to as derivatives

Settlement of the contract occurs when it reaches its expiration date. Then either the underlying changes hands or the difference between the current price of the underlying and the futures contract is settled in cash (cash settlement). Often times, traders sell their positions before the expiration date.

The buyer of a future is on the long side: he hopes that the price of the underlying asset has risen over the term of the contract. The seller is accordingly on the short side: he profits when the underlying asset loses value – he “shorts”. Particularly in the case of extreme price movements, as is currently the case with Dogecoin (DOGE), returns can be made with futures trading – regardless of the direction in which the needle goes. In addition, there is the possibility of using leverage to multiply both the prospects for profit and the risk of loss.

A rede de cadeias de bloqueio da China adiciona

A rede de cadeias de bloqueio da China adiciona a camada de pagamento CBDC, ConsenSys como parceira

A nova rede de pagamento digital da BSN será um trunfo para o Ethereum, para o stablecoins e para os CBDCs como o yuan digital DCEP da China, mantendo outros criptos de fora.

Em um esforço para atrair mais desenvolvedores internacionais e expandir o ecossistema de blockchain da China continental, a Rede de Serviços baseada em Blockchain (BSN) estatal chinesa está planejando construir um sistema universal de pagamento em moeda Bitcoin Future digital e também adicionar uma camada de protocolo de código aberto para construir aplicações empresariais baseadas em Ethereum.

A nova rede de pagamento digital da BSN facilitará o uso de blockchain na China com moedas digitais do banco central e moedas estáveis, mas não outras moedas criptográficas. De acordo com a BSN, uma versão beta do novo sistema de pagamento será lançada na segunda metade de 2021, e um sistema totalmente funcional que aceita moedas digitais do banco central (CBDCs) de diferentes países estará em funcionamento nos próximos cinco anos.

A BSN também fará uma parceria com a empresa ConsenSys, com sede em Nova York, para usar o Quorum – uma camada de protocolo de código aberto – para apoiar os desenvolvedores na construção de aplicações baseadas no Ethereum para a BSN China, de acordo com a ConsenSys em um anúncio hoje. A BSN China não suporta cadeias públicas, mas tem mais de 100 nós de cidades públicas espalhados por 80 grandes cidades na China continental.

Apoiada por Beijing, bem como por empresas estatais como a China UnionPay, China Mobile e China Merchants Bank, a BSN é o maior ecossistema de cadeia de bloqueio empresarial do mundo, liderado e controlado por um governo. Especialistas dizem que a BSN exemplifica a ambição da China de ser a líder mundial em tecnologia e desenvolvimento de cadeias de bloqueios.

Desde seu lançamento comercial em abril do ano passado, a BSN já passou por uma série de iterações. Uma das mudanças mais notáveis ocorreu em julho passado, quando a rede de cadeias de blocos se dividiu em duas entidades – BSN International e BSN China.

A BSN International fornece serviços sem permissão integrando cadeias públicas como Ethereum, NEO, Nervos e Polkadot. Ela quer atrair desenvolvedores globais para construir DApps através dos portais da BSN International e também trabalhar com alguns nós de cidade para alcançar a interoperabilidade com a BSN China.

A BSN China, onde a ConsenSys Quorum será incorporada, é proprietária da maioria dos nós de cidade da BSN em todo o continente. É um sistema separado e autorizado que não pode acessar nenhuma cadeia pública e está sujeito à supervisão regulatória de acordo com as leis rígidas da China para a moeda criptográfica e a cadeia de bloqueio. Por exemplo, a China exige que todos os desenvolvedores da BSN China forneçam informações de identificação antes que possam utilizar seus serviços de cadeia de bloqueio, de acordo com um documento governamental.

Nova camada de pagamento em moeda digital da BSN

Em suas perspectivas para 2021, a BSN anunciou que se concentraria no desenvolvimento de uma nova rede de pagamentos baseada na tecnologia de cadeia de bloqueio para apoiar as moedas digitais (CBDCs) e moedas estáveis de outros países, as moedas criptográficas vinculadas aos ativos reservados. A evidência disto será vista durante o primeiro trimestre deste ano, quando um novo CBDC e uma camada de pagamento de moedas estáveis, que dará mais opções de pagamento para os desenvolvedores pagarem a taxa de serviços da BSN.

He Yifan, chefe executivo da Red Date Technology, a empresa de tecnologia baseada em Beijing por trás do desenvolvimento tecnológico da BSN, disse em um webinar recente da TechNode que a rede de pagamento digital universal na BSN seria semelhante a uma carteira universal, tal como WeChat Pay e Alipay. Mas a carteira não conteria dinheiro virtual. Ela conteria CBDCs, como o novo yuan digital e-CNY da China e moedas estáveis.

Le marché des pièces de monnaie de DeFi

Le marché des pièces de monnaie de DeFi est en plein essor alors que le marché des cryptos se redresse

Le marché de la cryptographie semble se redresser, les gains les plus importants étant réalisés par les pièces alimentant les protocoles DeFi.

Hoooorrayyyy !!! Profit pour tout le monde sur le marché de la cryptographie aujourd’hui, qui est une mer de verdure dans ces eaux les plus agitées.

Les pièces qui alimentent les protocoles financiers décentralisés sont les plus performantes, mais dans une journée de profit pour tous qui conclut une semaine de Bitcoin Bank lourdes pertes, il est difficile de dire qu’aucune pièce n’a fait le pire. A la poussée, les Tezos, qui ont chuté de 3% aujourd’hui.

Concentrons-nous sur les gains – Decrypt est une publication à moitié pleine, même si nous refusons de divulguer le liquide mousseux et nocif avec lequel nous remplissons ce verre. Au cours des dernières 24 heures, le prix de Bitcoin a augmenté de 1,6 %, celui d’Ethereum de 7,76 % et celui de Polkadot de 0,76 %.

Prix de la CTB

Les pièces de DeFi ont fait un tabac. Aave a augmenté de 20,88% à 238,1 dollars, Uniswap de 18,2% à 10,55 dollars, Synthetix de 12,99% à 16,08 dollars et SushiSwap de 13,84% à 7,93 dollars.

Chainlink, le gagnant d’hier qui a atteint un nouveau record de 25 dollars, est tombé à 23,98 dollars aujourd’hui et n’a augmenté que de 0,63% au cours des dernières 24 heures. Chainlink alimente un réseau d’oracle décentralisé.

Prix LINK

Les monnaies alternatives sont toujours plus volatiles que le reste du marché, en partie à cause de leur faible capitalisation boursière. En outre, leur sort est lié à Ethereum, la plateforme qui héberge leurs contrats intelligents, et à Bitcoin, la plus grande cryptocouronne par capitalisation boursière qui fait osciller l’ensemble du marché.

Bitcoin a subi une dure correction cette semaine

Bitcoin a connu une semaine horrible. Le prix de la pièce a atteint un plancher de 28 900 dollars en début de semaine, son prix le plus bas depuis le 4 janvier. Le problème provient d’un mythe (démystifié) sur le double emploi, selon lequel le même bitcoin aurait été dépensé deux fois. Cela a effrayé le marché et a amené la société de logiciels NexTech AR Solutions à vendre 130 bitcoins, soit environ 4 millions de dollars.

En y regardant de plus près, il s’agit probablement d’un cas de RBF, où la transaction à moindre coût a permis de gagner

– BitMEX Research (@BitMEXResearch) 20 janvier 2021

Ripple (XRP) ist jetzt die fünftgrößte Kryptowährung, da Polkadot, Chainlink und AAVE zu neuen Höchstständen explodieren

Polkadot (DOT) hat Ripples XRP in Bezug auf die Marktkapitalisierung nach einem massiven Anstieg von 31% in den letzten 24 Stunden umgedreht. Damit ist es die neue viertgrößte Kryptowährung nach Marktkapitalisierung.

Bitcoin (BTC) mag in diesem Jahr bedeutende Fortschritte machen, aber Polkadot bleibt einer der stärksten Performer im Jahr 2021 und stellt jeden Tag neue Rekordhöhen auf

Der Polkadot-Preis ist in den letzten sieben Tagen um mehr als 85% und in den letzten sieben Tagen um 84% gestiegen und hat Ripple (XRP) auf den fünften Platz in der Coinmarketcap-Tabelle gebracht.

Der Polkadot-Token stieg von Intraday-Tiefstständen von 12,68 USD auf ein Rekordhoch von 20,05 USD. XRP hingegen konnte in den letzten 24 Stunden nur um 1,9% zulegen, was nicht ausreichte, um den grenzüberschreitenden Transfer-Token über 0,28 USD zu bringen. Die Marktkapitalisierung liegt derzeit mit 13,1 Mrd. USD leicht unter dem DOT.

Die neuntgrößte Kryptowährung, Chainlink (LINK), erreichte ebenfalls Rekordhöhen von 22,95 USD, um später in den Preisermittlungsmodus zu wechseln. Als der Kaufdruck zunahm, stieg der Marktwert des dezentralen Orakel-Tokens von seiner täglichen Eröffnung von 13,26 USD am 13. Januar auf ein neues Allzeithoch von 22,95 USD heute.

Polkadot handelt derzeit bei 17,76 USD, während Chainlink zum Zeitpunkt des Schreibens auf 20,20 USD gesunken ist.

DeFi-Token stehen im Vorfeld des Crypto-Marktes an erster Stelle

Mehrere DeFi-Token haben die Leistung von Bitcoin und Ethereum übertroffen. Bitcoin und Ethereum legten in den letzten 24 Stunden kaum um 1,98% bzw. 6,02% zu. Uniswap ist in den letzten 24 Stunden um 27,83% gestiegen und befindet sich seit November 2020 in einem massiven Aufwärtstrend. Synthetix ist seit November 2020 um über 550% gestiegen.

Aave, YFI, Sushi tägliche Stimmung vs. Tweet Volumen. Mit freundlicher Genehmigung von TheTie
Ebenso hat Aave seit November einen Aufwärtstrend verzeichnet: Er legte in den letzten 24 Stunden um 24,56% und innerhalb von 7 Tagen um 69,31% zu und erreichte mit 204,06 USD bei Coinbase ein neues Allzeithoch. Das DeFi-Protokoll trat anschließend in den Preisfindungsprozess ein und dürfte auf lange Sicht nur auf sehr geringen Widerstand stoßen.

Die Anzahl der Wale, die zwischen 100.000 und 1.000.000 AAVE-Token (16.000.000 bis 160.000.000 USD) halten, ist in den letzten fünf Tagen um vier gestiegen, was darauf hinweist, dass Großinhaber einen noch höheren AAVE-Wert erwarten.

Daten von TheTIE bestätigen auch einen kontinuierlichen Anstieg der Stimmung und der Social-Media-Aktivitäten in den letzten Monaten.

Bitcoin (BTC) plunges 15%, lands at $33,000 – is the bull run over?

Bitcoin (BTC) has dropped significantly overnight – at one point by more than $6,000.

Technical indicators are slowly turning bearish, and the loss of the $32,700 support area would confirm that the bitcoin trend is bearish.

Weekly Bitcoin Outlook

Bitcoin rose considerably during the week of January 4-11, reaching an all-time high of $41,950, but the weekly candle had both long upper and lower wicks – a sign of indecision between sellers and buyers.

BTC started the current week with a bearish candle.

While the Bitcoin Supersplit is still rising, the RSI has started to fall – and the Stochastic Oscillator is about to form a bearish cross.

If a cross were to occur, it would be a very strong bearish sign, especially considering that weekly stochastics have been bullish throughout the bull run.

Current support

On the daily chart, we can see two support levels found at $32,700 and $28,400. BTC has already reached the first support and bounced, possibly creating a long lower wick as the daily candle has not yet closed.

Despite the bounce, technical indicators are gradually turning negative. The MACD has generated the first lower momentum bar in more than two weeks, and the RSI has broken below the 70 level. Moreover, the Stochastic oscillator is about to form a bearish cross.

The six-hour chart is more bullish as it shows both an ascending support line and a hidden bullish divergence in the RSI.

Since the support line coincides with the previously mentioned $32,700 support area, a break below it would be a strong bearish sign that could cause a decline towards $28,400.

However, as long as BTC trades above these two support lines, the possibility of a reversal remains.

Future Movements

The two-hour chart shows that there is no sign of a reversal yet, although the two-hour RSI is oversold.

Until BTC manages to break above certain levels (the 0.5 and 0.618 Fib retracement levels – $37.623 and $38.373, respectively), the trend cannot be considered bullish.

Conclusion

It is possible that Bitcoin (Go to Buy Bitcoin Guide) has started a downtrend that will lead it back to $28,400.

The loss of the current ascending support line and the $33,400 area would likely confirm this, while the recapture of $38,373 (0.618 Fib retracement level) could invalidate this scenario.

Bitcoin-keskittynyt DeFi-projekti, jossa on lähes 500 miljoonaa dollaria TVL: ssä uudelleentunnistustunnuksen käynnistämiseksi

Algoritmisten vakiomallien lisäksi BadgerDAO on ollut viime viikkojen aikana yksi eniten puhutuista Ethereum DeFi -projekteista.

Tämä johtuu suurelta osin ilmaisten BADGER-kolikoiden pudotuksesta kymmenille tuhansille DeFi-käyttäjille. Jopa rahastot, kuten Three Arrows Capital ja Alameda, osallistuivat vaativaan maapalloonsa ja myivät tai panostivat rahakkeitaan.

BadgerDAO on sittemmin kerännyt lähes 500 miljoonan dollarin talletukset alustalleen, kun sijoittajat haluavat ansaita BADGERia ja osallistua alustan tuottomahdollisuuksiin.

Projekti pyrkii pian käynnistämään uudelleenkäynnistysvaltuuden, samanlainen kuin Ampleforth. Uudelleenkäynnistäminen ja algoritmiset vakiomallit ovat olleet viime viikkojen ajan raivoa, ja monet ovat rallinneet tuhansia prosentteja. Uudelleenasennustunnus tunnetaan nimellä DIGG.

DIGG-julkaisu
Äskettäin vahvistettiin, että 14,5 prosenttia kaikesta olemassa olevasta DIGG: stä tulee olemaan „Badgers“ -protokollan käyttäjien lentokenttä.

DIGG pudotetaan protokollan käyttäjille kolmen tekijän perusteella:

Ansaitut mägeripalkinnot yhteensä
Mäyrä ansaittu / Mäyrä sidottu suhde
Mäyrän rahakkeet ajan myötä

Ajatuksena on kannustaa niitä, jotka ovat kiinnittäneet ja pitäneet BADGErejaan, pikemminkin kuin niitä, jotka myivät viljellyt kolikot.

BADGER on noussut 25 prosenttia, koska yllä oleva twiitti jaettiin.

Hallintopanos?
Tunnettu DeFi- ja Bitcoin-keskittynyt analyytikko “DT” tai “Dgntec” sanoo mielestään, että Mäger voisi olla yksi parhaista panoksista hallintomerkkeissä juuri nyt.

He selittävät, että hänen mielestään on tarvetta vain Bitcoiniin keskittyvälle DeFi-protokollalle houkutella valtava määrä likviditeettiä kyseisessä verkossa.

„Mäyrän tarvitsee vähemmän innovaatioita – se voi yksinkertaisesti valita olevansa luokkansa paras (turvallisuus, likviditeetti, UX) kaikissa BTC: n DeFi-pystysuorissa. Ottaen huomioon, että joka päivä enemmän bitcoinereita putoaa DeFi-kanin reikään, kysyntä kasvaa. „

He lisäsivät, että pelkän numeron kannalta BADGER voidaan aliarvioida.

„Badger, tuottoa optimoiva protokolla BTC: lle DeFi: ssä, on yksi parhaista r / r-panoksista hallintomerkkien atm. Plussat: 1) Mkt cap <10M 2) TVL> 350M (BTC-nousun valtava edunsaaja) 3) $ DIGG, heidän uudelleenkäyttäytyvän BTC-tunnuksensa, laskee käyttäjille 4) 300% + APY. “

On huomattava, että on tulossa paljon BADGER-inflaatiota. Liikkeessä on vain miljoona tai kaksi miljoonaa BADGERia ja noin 20 miljoonaa lisää jaettavaksi tulevina vuosina.

DT mainitsee sen yhtenä tärkeimmistä huolenaiheista, kun on kyse protokollan kokonaisarvon lukitsemisesta ja yleisestä selviytymiskyvystä.

Bitwise lancerer Index Fund Tracking Top 10 Crypto-aktiver for amerikanske investorer

Crypto-fondschef Bitwise annoncerede lanceringen af en Crypto Index Fund, der vil spore de 10 bedste kryptokurver. Fondens aktier kan handles via traditionelle mæglerkonti under tickersymbolet „BITW.“

Fonden debuterede onsdag og har ca. 115 millioner dollars i aktiver under forvaltning

„De hidtil usete begivenheder i 2020 har motiveret mange til at investere i krypto for første gang,“ sagde Hunter Horsley, medstifter og administrerende direktør for Bitwise Asset Management.

30. november 2020 havde fonden cirka 75% Bitcoin (BTC) og 13% Ethereum (ETH), med de resterende 12% fordelt på tværs af XRP, Litecoin (LTC), Bitcoin Cash (BCH), Chainlink (LINK) , Stellar (XLM), EOS og Tezos (XTZ). Mønterne opbevares i kølerum med reguleret, forsikret Coinbase-depot.

På et år til dato gennem 30. november 2020 steg fonden med 184% og oversteg en selvstændig position i Bitcoin, bemærkede firmaet.

„Crypto er den bedste aktivklasse i verden i år, og udsigterne for 2021 er stærke,“ sagde Matt Hougan, Bitwise Chief Investment Officer. „Starten af ​​offentlig handel med aktier i BITW vil gøre det betydeligt lettere for finansielle rådgivere, familiekontorer, enkeltpersoner og institutionelle midler at afsætte til rummet.“

Kryptomarkedet er begejstret for

Kryptomarkedet er begejstret for, at de amerikanske investorer nu får adgang til de 10 største kryptoaktiver med kun et køb, hvilket giver en investor mulighed for at få eksponering for en diversificeret portefølje.

Da Bitwise-fonde kan handles via mæglerkonti, kan investorer også få eksponering for kryptoaktiver via fonden på skatteudskudte pensionskonti. Imidlertid handler indekset til en næsten 100% præmie til NAV (nettoaktiver), som forventes at komme tilbage til jorden på et eller andet tidspunkt, ligesom GBTC.

Indekset er lanceret efter mange mislykkede forsøg på børshandlede fonde (ETF’er) fra det selskab, der primært var fokuseret på Bitcoin.

Bitcoin price could reach USD 100,000 if BTC replicates the gains it made from March

Bitcoin’s price has more than quadrupled from its March low and has risen 156% so far this year.

The price of Bitcoin (BTC) has quadrupled in the last nine months, which means that another similar rebound will put $100,000 on the table in the foreseeable future.

Institutions buy Bitcoin at $19,000 while the GBTC premium reaches a 6-month high

Bitcoin (Coinbase) daily chart. Source: TradingView.com
Dan Tapiero, co-founder of 10T Holdings, does not expect the price of Bitcoin to reach $100,000 in the next nine months. But he said this shows how fast the asset is growing and its long-term potential. He wrote:

„It is remarkable to think that just 9 months ago #bitcoin was at 4000. It has had almost a 500% recovery so far. The 500% rally from here puts us at 100k #btc. I don’t think it can happen in 9 months, but it would only be replicating what was done in the last 9 months. It’s hard to understand a market that is growing so fast.
Why is Bitcoin growing so fast?
Bitcoin has evolved rapidly over the course of 2020 due to three factors. Firstly, the reduction in new supply after May’s halving has obviously reduced sales pressure.

One on-chain analyst says Bitcoin hodlers are only getting stronger
Second, the increase in institutional demand has led to a considerable increase in purchasing pressure on BTC.

Third, long-standing BTC holders have continued to express confidence, which has boosted market sentiment.

For institutions, the sudden drop in Bitcoin’s price to less than $4,000 in early 2020 was also a compelling entry point. It was one of the worst performing assets during the pandemic-induced collapse in March, falling by around 50% to just $3,596 on BitMEX.

Since then, Bitcoin has shown resilience and staying power, eventually recovering back to an all-time high and reaching a new record high of over $19,982 on Coinbase on December 1.

At the same time, investors such as MicroStrategy CEO Michael Saylor believe that BTC is in a much stronger position now compared to the previous bullish cycle. For one thing, today’s retail interest is only a fraction of what it was during the euphoria peak in December 2017.

In addition, the growing perception of Bitcoin as a digital store of value and an indispensable tool in every portfolio has boosted its brand image among large investors along with record institutional flows. All this raises the possibility of a six-figure price as soon as next year. Some analysts have even predicted $200,000 or more by December 2021.

„Digital Gold“
Since it is often referred to as „digital gold“, one of the bullish cases for Bitcoin is closing its valuation gap with the precious metal. At $9 trillion, Bitcoin’s market capitalisation of $300 billion is only 3% of gold. If BTC were to reach $100,000, it would reduce this gap to 23%.

Here’s why Bitcoin is like ‚Lebron James,‘ according to MicroStrategy’s CEO
The price of Bitcoin has risen 100% against gold since September with a BTC now buying more than 10 ounces. At the same time, analysts have seen record outflows from the gold market in recent months, some of which ended up at Bitcoin.

Correlation between BTC, gold and S&P500. Source: Cointelegraph Markets, Digital Assets Data
As Cointelegraph reported, the US dollar may weaken further in 2021, something that has traditionally driven both Bitcoin and gold.

Hur Bitcoins aktiva leverans slog både en ATH och en

Bitcoin handlade i skrivande stund långt över $ 19 000 på sjökorten. Men medan det är en hausseartad observation, skulle en närmare titt på Bitcoins grundläggande avslöja en motsättning av olika slag.

Märkligt nog har det aktiva utbudet av Bitcoin drabbat både en ATH och en ATL. Denna motsägelsefulla position är helt möjlig på grund av skillnaden i rörelser för 1Y gammalt utbud och 2Y-3Y gammalt utbud av Bitcoin. Faktum är att Bitcoins Active Supply 2y-3y (1d MA) klättrade till en 4-månaders högsta på 2,622,543,824 BTC, baserat på data från Glassnode, medan föregående 4-månaders högsta på 2,613,571,261 BTC observerades tidigare i augusti.

Varför Bitcoins aktiva utbud har drabbat både ATH och ATL

Intressant nog nådde Bitcoins andel av de senaste aktiva 1+ åren bara ett 5-månaders låg på 61,188%. Den senaste femmånadersnivån i Bitcoins andel av 61,189% observerades också nyligen.

Varför Bitcoins aktiva utbud har drabbat både ATH och ATL

Baserat på data från Glassnode har den procentuella utbudet aktivt under 1Y sjunkit snabbt mot ökande aktivitet från 2Y-3Y-utbudet av Bitcoin. Dessa motsägelser är intressanta eftersom de bygger ett övergripande hausseartat fall för BTC på kort sikt. Bitcoins pris bestäms av dess aktiva utbud, och trots Bitcoins ökande utbud som hålls i vila i plånböcker sedan 2017 och 2018, slår den procentuella aktiva utbudet på 1Y-diagrammen nya nedgångar.

Kedjeanalytiker har förutspått att Bitcoins likviditet måste sjunka innan priset stiger igen, men det procentuella aktiva utbudet slår nyare lågnivåer och det tar hand om den långa berättelsen.

Bristen på leveransberättelsen som ledde Bitcoins prisrally efter tredje halveringen är fortfarande giltig. Dessutom framgår det hausse-känslan av Deribits BTC OI med en strejkfrekvens på $ 36.000. Det var i skrivande stund den ledande strejken med 19.995 kontrakt i OI. Faktum är att det hade ett nominellt värde på 378 miljoner dollar och en majoritet av det var i januari 2021 Options.

Varför Bitcoins aktiva utbud har drabbat både ATH och ATL

Det öppna räntan på de flesta andra derivatbörser stöder bevisen och berättelsen om en långvarig prisrally på korten för Bitcoin.

New day, new hack: Scammers steal $ 2 million from Ethereum DeFi app

With the billions of dollars floating around, it’s no surprise that hacks and software bugs keep popping up in the decentralized finance (DeFi) space.

To name one of the many recent weaknesses of DeFi contracts: Harvest Finance was hacked into stablecoins for 25-33 million dollars – due to a so-called „flash loan attack“.

There was a flaw in the economic logic that the developers at Bitcon Lifestyle scam ignored and that allowed a tech-savvy attacker to withdraw funds.

Similar attack vectors have been exploited with contracts like that of Eminence Finance, an Ethereum- based game that users have invested millions in even though there was no official launch announcement.

The hack transactions on Etherscan

Not to mention, there are a number of fatal mistakes. For example, the developers at Yearn.finance (YFI) had to fix a bug that would have allowed a user to steal $ 650,000 worth of stablecoins from one of their products.

The error was similar to the one used to withdraw funds from Harvest. Unfortunately, not all bugs are discovered and eliminated before they are exploited.

MakerDAO’s Stablecoins worth around $ 2 million were recently stolen from the Akropolis app. Akropolis is a full-fledged DeFi protocol that focuses on giving „normal people“ the opportunity to save their stablecoins and earn interest. Your savings product has now been exploited by an unknown attacker.

Acropolis Ethereum DeFi application hacked for $ 2 million

Early Thursday, Ethereum analysts and Acropolis users began to notice suspicious transactions in the Acropolis savings product called Delphi.

It quickly became clear that an attack had taken place. Data from the chain indicated that the DAI had been routed from Acropolis to an address that was interacting with the log dozens of times per minute – suggesting something was going on.

Within twenty minutes, the attacker sent dozens of transactions to a number of Acropolis Delphi savings pools, each time subtracting a sum of the DAI from the pool.

A total of 2,030,000 DAI were apparently illegally withdrawn from the Acropolis.

These stablecoins were sent to an address and have been there ever since. The alleged attacker has not yet sent a transaction from the address where the stolen funds are located.

How did that happen?

Crypto asset auditing and security firm PeckShield, which has been focusing on DeFi for the past few months, has broken down the details of the attack hours after it was carried out.

To keep it simple, the attacker used a lightning loan from dYdX to trick Akropolis‘ smart contracts into thinking they had deposited funds that the attacker really didn’t have. While some funds were being deposited, the attacker was provided with liquidity tokens worth more than the amount deposited, creating a discrepancy that could result in large withdrawals from the pool.

“The exploit resulted in a large number of pool tokens that were minted without being backed by valuable assets. The withdrawal of these coined pool tokens will then be exercised in order to deduct around 2.0 million DAI from the YCurve and sUSD pools concerned, ”said Peckshield.

Akropolis has also responded to the attack, writing that they are reviewing the code and looking for ways to compensate the affected users of the protocol.