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Crypto Heist: Former Tech Engineer Arrested For $9M Smart Contract Fraud

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On July 11, the first criminal case of its kind involving an attack on a smart contract operated by a decentralized crypto exchange was reported.. According to the press release, Shakeeb Ahmed, a former senior security engineer for an international technology company, has been arrested for defrauding about $9 million. The arrest took place in New York, and Ahmed is scheduled to appear before U.S. Magistrate Judge Robert W. Lehrburger.

Laundering Stolen Cryptocurrency Across Blockchains

According to U.S. Attorney Damian Williams, utilizing his expertise, Ahmed exploited a vulnerability in the decentralized exchange’s smart contract, resulting in the fraudulent generation of inflated fees. Ahmed successfully withdrew the stolen funds from the exchange as cryptocurrency. 

The indictment also reveals Ahmed’s attempts to cover his tracks by engaging in complex transfers across different crypto blockchains and utilizing overseas crypto exchanges. However, law enforcement agencies could trace his activities and apprehend him.

Special Agent in Charge Chad, Plantz of Homeland Security Investigations, emphasized the significance of combating financial crime to uphold consumer confidence in the financial system. He highlighted law enforcement agencies’ commitment and collaborative efforts in dismantling such complex fraud schemes.

Meanwhile, per the press statement, Special Agent in Charge Tyler Hatcher of the Internal Revenue Service – Criminal Investigation’s Cyber Crimes Unit highlighted Ahmed’s failed attempt to hide the stolen funds and assured the public of their dedication to tracking fraudsters and holding them accountable.

The indictment further reveals that Ahmed, a skilled computer security engineer, resorted to extensive measures to conceal the stolen funds. He conducted token-swap transactions, bridged fraud proceeds between blockchains, converted funds into the privacy-focused cryptocurrency Monero, and employed overseas cryptocurrency exchanges.

Following the attack, Ahmed performed online searches related to the incident, including inquiries about his criminal liability, criminal defense attorneys, law enforcement capabilities, and fleeing the country. These searches demonstrate his awareness of the severity of his actions and his attempts to evade justice.

In all, this case serves as a stark reminder of the importance of robust security measures within the cryptocurrency ecosystem. However, with law enforcement agencies dedicated to combating such crimes, perpetrators will find it increasingly challenging to exploit these platforms unlawfully.

Related Reading | Bitcoin Forecasts Emerge From Rich Dad, Poor Dad Author

DEX Transaction Volume Mirrors Ethereum’s Price Surge, Analysis Reveals

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CryptoQuant, a prominent cryptocurrency analytics firm, recently shared an enlightening thread on the correlation between DEX transaction volume and the price of Ethereum. This comprehensive overview sheds light on the significant impact of DEX trades on the soaring value of the world’s second-largest cryptocurrency in 2023.

Since the advent of the new year, the volume of Ethereum ($ETH) traded on decentralized exchanges (DEX) has been steadily on the rise. However, it was in the tumultuous month of March that the U.S. Securities and Exchange Commission (SEC) imposed stringent sanctions on centralized exchanges, triggering a flurry of activity on DEX platforms. 

This regulatory intervention played a pivotal role in driving the largest surge in Ethereum trading volume witnessed to date. This surge in DEX trading volume can be considered a contributing factor to the noteworthy surge in the price of Ethereum during this period. 

Notably, it also indirectly propelled the emergence of the meme coin season, capturing the attention and imagination of crypto enthusiasts worldwide.

Nevertheless, an in-depth analysis of the current scenario paints a different picture. Following the March surge, the volume of Ethereum being swapped on DEX exchanges has experienced a consistent and gradual decline. 

As this downward trend continues, the pertinent question that arises is whether the current price of Ethereum will sustain its upward trajectory or if it signals a potential bottom, presenting an opportune moment for savvy investors to seize a favorable buying opportunity.

However, CryptoQuant’s insightful analysis serves as a reminder that the dynamic nature of the crypto market necessitates vigilance and astute decision-making for those seeking to capitalize on this ever-evolving digital landscape.

Ethereum Price Analysis

Ethereum is experiencing a slight dip in its price. As of today, ETH’s price stands at $1,860.98, with a 24-hour trading volume reaching an impressive $12.12 billion. The current market cap for ETH amounts to a staggering $224.12 billion, while its market dominance remains strong at 18.89%.

ETH 1D graph coinmarketcap 3
Source: CoinMarketcap

Over the past 24 hours, ETH’s price has witnessed a minor decline of 0.56%. Looking at the seven-day chart, the price has experienced a broader decrease of 4.93%. This decline comes as a notable development in the ETH market, potentially indicating a shift in market sentiment.

Considering the current market sentiment, the Ethereum price prediction sentiment leans towards a bearish outlook. Furthermore, the Fear & Greed Index, a renowned indicator for gauging market sentiment, currently stands at 56, indicating a state of greed within the market.

Price predictions suggest that its price could decrease by approximately $9.66 over the next seven days, potentially reaching $1,851.62 by July 17, 2023. However, in the short term, machine learning algorithms have determined that ETH is presently experiencing a neutral trend. 

Related Reading | XRP’s Price Surge: Whales Splurge, Bulls Emerge

OKX & TradingView Unite To Revolutionize Mobile Crypto Trading Experience

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OKX, the second-largest crypto exchange in terms of trading volume, and TradingView, the world’s largest charting platform, have joined forces to bring a new mobile integration to crypto traders. 

In a joint press release, the two companies announced that the exchange’s spot and derivatives products are now available for trading through the TradingView mobile app, a first for the platform.

This integration allows users to connect their OKX accounts to the TradingView mobile app and the existing desktop and web versions. Traders no longer need to switch between platforms, as they can execute spot and derivatives trades directly through TradingView’s charts on their Android or iOS devices.

Lennix Lai, OKX’s Global Chief Commercial Officer, expressed excitement about the enhanced trading experience this integration brings. Users can now execute trades on the go and modify ongoing trades conveniently. 

The collaboration between OKX and TradingView aims to provide a seamless and user-friendly trading experience for all OKX users, Lai added.

Pierce Crosby, TradingView’s General Manager, highlighted the partnership’s goal of empowering traders worldwide. 

OKX users can now access TradingView’s advanced charting and technical analysis tools while directly executing spot and derivatives trades through the charts. Crosby believes this collaboration will enable OKX users to trade more easily and confidently.

The announcement of this mobile integration follows the exchange’s recent promotion, offering “Two Months of Zero-Fee Trading” for new users who sign up, complete KYC, and connect their accounts to TradingView. 

This partnership, established in July 2022, has already made over 260 cryptocurrencies directly accessible to TradingView’s 50 million user base.

OKX Wallet – DEX Introduces Limit Order Feature

Previously, in a move aimed at further empowering crypto traders, the exchange unveiled a new feature for its decentralized exchange (DEX) platform. On May 24, 2023, OKX Wallet – DEX introduced a limit order feature, giving users greater control over their trades.

With the new limit order feature, OKX Wallet – DEX users can set a predetermined price at which they are willing to buy or sell assets. It means that if the market reaches the specified limit price, the order will be executed at that price or at a more favorable one. 

This feature allows traders to establish their desired price parameters and execute trades without constantly monitoring their positions.

Nevertheless, with this new mobile integration, the exchange and TradingView continue to strengthen their collaboration, enhancing the trading experience for crypto enthusiasts and expanding the reach of their respective platforms.

Related Reading | Bitcoin Manufacturer Canaan’s Q1 2023: $55.2M Revenue But A $47.5M Loss 

Can Solana Solve Scalability Issues? DOGE Co-Founder Calls Popular Cryptos “Broken Garbage”

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Billy Markus, one of the co-founders of the popular meme-inspired cryptocurrency DOGE, has taken to Twitter to express his thoughts on the current state of popular cryptocurrencies, including Solana.

In a tweet, Markus, also known on Twitter as Shibetoshi Nakamoto, commented that high gas fees and transaction fees make popular cryptos essentially “broken garbage” unless they can scale their technology effectively.

https://twitter.com/BillyM2k/status/1653550683940098050

The tweet quickly caught the attention of the cryptocurrency community, including GOKU, Director of Vibes at CodeCanvas_Art, who replied to Markus saying that Solana fixed this issue. However, Markus responded that Solana is essentially a centralized database and doesn’t really solve anything.

Another member of the community added that Solana is a VC shitcoin and that this will ultimately benefit Bitcoin in the long run. By discouraging high-frequency trading and transactions, bitcoin will become a true reserve asset with reduced volatility. 

Markus agreed, stating that L2s and L3s will eventually become “regular” day-to-day crypto applications. Still, if a cryptocurrency is not meant to scale, then it won’t be able to compete effectively in the long run.

Markus’ comments have sparked a lively debate within the cryptocurrency community, with many agreeing that scalability is a key issue that needs to be addressed in order for cryptocurrencies to become more widely adopted.

With the rise of new technologies and innovative solutions, cryptocurrencies will ultimately prevail in the highly competitive market remains to be seen.

Solana DEX Volumes Soar Beyond Pre-FTX Levels

In recent crypto news, Step Data Insights, a data analysis company, tweeted about the rebound of Solana DEX volumes after the FTX crash. According to the tweet, Solana DEX volumes have surpassed their pre-FTX levels, with $5.57B recorded in the last four months compared to $5.54B four months before the FTX crash.

GooseFX, a super exchange that allows trading cryptocurrencies, perps, NFTs, and liquidity pools, also confirmed that DEX volumes are bouncing back stronger than ever. The exchange added that the ride is just getting started, hinting at the potential for even higher volumes in the future.

A community member responded to the Step Data Insights tweet, asking how the next 100x in DEX volumes would be achieved. The response to the question was that time would tell, but several narratives are forming on Solana that can lead to higher volumes and adoption.

Another community member commented on the news, saying they always believed that decentralized exchanges were the answer. They expressed happiness at seeing more people using them, adding that it’s the true ethos of cryptocurrency – no middlemen.

Many others agreed, expressing their hopes that the trend would continue to shift towards good decentralized exchanges. However, as the crypto market continues to grow, the demand for decentralized exchanges will only increase, with Solana at the forefront of this movement.

Related Reading | Bitcoin: Here’s How BRC-20 Fuelling Rise In BTC Transactions

Trader Joe’s Entered The Top 5 DEX Due To Liquidity Book Model’s Stability On Arbitrum

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Since launching its V2 platform on Arbitrum on February 1, 2023, Trader Joe’s has quickly climbed to become one of the top five decentralized exchanges in terms of trade volume.

The initiative introduced a liquidity incentive scheme to encourage more deposits for trading in ARB, ETH, and USDC, distributing 300,000 tokens valued at about $171,000. The deadline for the incentive scheme is April 6.

According to the project’s social media account, Trader was responsible for 15.7% of the first week’s ARB trade volume.

While JOE token incentives helped make the ARB token more liquid, the team’s ingenuity in improving the capital efficiency of the DEX is the main driver of its expansion.

Trader Joe’s Advances In The DEX Space Rankings

In Q4 2022, Trader upgraded to its V2 version and introduced the Liquidity Book (LB) model, which competes with the V3 liquidity model from Uniswap.

Trader’s approach permits liquidity providers (LPs) to add liquidity in certain “price bins.” According to Delphi research, its design delivers “zero-slippage” and “enables significantly greater flexibility due to its fungible nature and provides superior flexibility and experience for LPs.”

The DEX received accolades from Power DeFi user Yash for its inventiveness, which is leading to organic growth.

The objective of the Uniswap V3 and LB models is to concentrate liquidity around active trading ranges to maximize fees for liquidity providers and minimize slippage for traders.

Joe’s appears well-positioned to acquire market share in emerging ecosystems such as Ethereum ETH Layer-2s and sidechain. In addition to Uniswap, the project confronts competition from a significant event mandated by source code licensing policies.

The code license for Uniswap V3 expired on April 4, allowing teams to alter their DEX design. PancakeSwap, the leading decentralized exchange (DEX) on Binance Chain, is one of the first teams to fork Uniswap’s model to establish trading desks on BNB Chain and Ethereum-based blockchains.

Price Overview For Joe

Based on the last trade price of $0.57, the Delphi research predicted that sJOE token holders would see a P/E of 15.5% to 7.5% following the release of V2.1 in the second week of April.

PE ratio
Trader Joe's Entered The Top 5 DEX Due To Liquidity Book Model's Stability On Arbitrum 3

Token Terminal data shows that a price-to-earnings ratio of less than 15.2 would rank Trader Joe’s among the top 15 protocols regarding actual earnings for token holders. Regarding widely used DeFi protocols like dYdX, SushiSwap, and Convex Finance, the P/S ratio is determined by dividing a token’s fully diluted market value by its annualized revenue for token holders, which is greater than 15.

Related Reading | This Ethereum L-2’s DEX Stole $100K User Funds

Polkadot (DOT) Leading the Way in Crypto Development, Polygon (MATIC) Whales Move $33.6 Million & TMS Network (TMSN) Being Dubbed the Next Big DEX

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The cryptocurrency market is constantly changing and evolving, with new projects emerging daily. This week has been no different, with Polkadot (DOT) leading the way in crypto development, Polygon (MATIC) whales moving $33.6 million, with almost all transactions being outside of centralised exchanges. Meanwhile, TMS Network (TMSN) is dubbed the next big decentralised exchange.

These developments demonstrate just how much progress has been made in recent months, offering exciting opportunities for investors who are willing to take a risk on these new technologies. With their potential applications ranging from DeFi protocols to NFTs, it’s clear that this industry is worth watching.

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Polkadot (DOT) Leading the Way in Crypto Development, Polygon (MATIC) Whales Move $33.6 Million & TMS Network (TMSN) Being Dubbed the Next Big DEX 6

  Polkadot (DOT) The Development Leaders

Santiment, a prominent crypto analytical firm, has said that the Polkadot (DOT) project has seen the highest development activity compared to other projects. This indicates excellent potential for this cryptocurrency and its associated blockchain applications. With a focus on providing interoperability between different blockchains using para-chains, it’s clear that such technology could revolutionise how data is exchanged across networks. Could Polkadot be the first truly all-encompassing cross-chain layer-1? This year will undoubtedly be a huge stepping stone in their plans.

Polkadot (DOT) is a cryptocurrency project that offers a multi-chain platform with the potential to revolutionise how data and value are transferred across different blockchains. With its innovative para-chains, Polkadot can offer scalability, interoperability and security to the blockchain unlike any other. It is one of the leading cryptocurrency projects in terms of market cap, and with the co-founder of Ethereum – Gavin Wood – its primary developer, it is clear that this project is going places.

  Polygon (MATIC) Whales Going Crazy

Polygon (MATIC) whales have recently stirred up the crypto waters by moving a whopping $33.6 million worth of funds! On-chain analysis data shows these transactions were mainly outside of centralised exchanges. This suggests that large investors are betting on Polygon’s potential to become the leading layer-2 solution for Ethereum and its DeFi applications. With their scalable and low-cost platform for asset ownership, it’s no wonder why investors are flocking to Polygon.

However, $12million+ of these tokens have been moved from unknown wallets onto the polygon network, which indicates the Whales might be preparing to sell into different assent or use the tokens to stake. Who knows what the Whales will do, but on-chain data is tracking their movement, and things will become clearer very soon.

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Polkadot (DOT) Leading the Way in Crypto Development, Polygon (MATIC) Whales Move $33.6 Million & TMS Network (TMSN) Being Dubbed the Next Big DEX 7

  TMS Network (TMSN) The Next Big DEX?

Recently, TMS Network (TMSN) has been dubbed as “the next big decentralised exchange” by many in the cryptocurrency world. Their automated market maker protocol offers traders a more reliable and secure transaction platform. With its advanced liquidity pool, users can access both spot and futures markets in one place.

Moreover, TMS Network (TMSN) has been building a vibrant DeFi ecosystem with features such as its all-encompassing trading platform; you never need to open another account again – trade across multiple major exchanges with just one access point.

If you’re looking for the next big opportunity in the crypto space, then TMS Network (TMSN) is definitely worth keeping an eye on. With its potential to revolutionise the DEX space, it could soon become a significant player in the industry. That’s why many major players in this space are backing TMS Network (TMSN).

Presale: https://presale.tmsnetwork.io

Website: https://tmsnetwork.io

Telegram: https://t.me/tmsnetwork

Twitter: https://twitter.com/tmsnetworkio

Cardano Leading DEX Confirms Investigation Of Potential Front-Running Activity

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MinSwap, the largest decentralized exchange (DEX) in the Cardano ecosystem, confirmed on December 8th the investigation of possible front-running on the DEX. 

Hova, a cryptocurrency investor & enthusiast, first became aware of the alleged front-running of orders and guaranteed earnings on December 8th.

Cardano DEX responded by stating, “We are aware” of that, and a fix is being developed to stop it from happening again. Additionally, they are exerting a lot of effort to do it as quickly as feasible.

Within two hours, MinSwap tweeted that “the issue is fixed now,” and due to his inability to outpace the users, the attacker is currently being watched as he creates and cancels orders. However, the DEX will publish a detailed report as soon as possible.

Front-running has a significant influence on the whole decentralized financial ecosystem and is found inside crypto’s most complex scams. In a front-running attack, a malicious user sees a broadcasted swap transaction waiting to be validated and reorders transactions to their advantage before it is finished.

The old financial system and DeFi have a lot in common. Roles like miners, traders, and arbitrageurs in DEXes use front-running processes in both foundational and malicious ways.

Scammers Targeting Cardano DeFi Projects

Cardano DEX, MinSwap, has been noticing an increase in scams lately, targeting DeFi projects on Cardano. The exchange said unlike other exchanges that require permission or have rules and set criteria for listing tokens; it is completely permissionless – anyone can list a token on it.

According to MinSwap:

As this process is open to everyone, unfortunately, scammers will often find a new legitimate token about to be listed and create a very similar listing before the official one or list a fake token.

At that time, they introduced a “verified” badge to ensure consumers choose genuine tokens and prevent them from being deceived by bogus tokens.

Nevertheless, according to analytics company Crystal Blockchain, more than $14.5 billion in cryptocurrency has been lost to hacks and frauds since 2011, and DeFi is now the attackers’ preferred target.

Crystal’s recent report founds that there have been 123 security breaches on centralized exchanges and more than 167 hacks of DeFi protocols during the previous 11 years.

However, malicious actors’ focus has noticeably turned toward decentralized protocols since 2021. According to the research, decentralized projects have been compromised more than 20 times more frequently than centralized ones this year.

Related Reading | Why Could The SEC Fail To Prevent FTX’s Collapse? lawmaker Ritchie Torres Asks 

GMX DEX loses $565K in a recent exploit

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GMX, a decentralized exchange, fell victim to a recent exploit. According to reports, a price manipulation attack on the decentralized exchange (DEX) GMX allowed an exploiter to steal $565,000 from the Avalanche (AVAX)/USD market.

The attack, which affected GLP token holders who contributed liquidity to GMX in the form of AVAX (the Avalanche token), is believed to have been carried out by an anonymous exploiter who profited from GMX’s “minimum spread” and “zero price effect” characteristics.

GMX confirmed the exploit on Sunday

In a Sunday post on Twitter, the DEX acknowledged the price manipulation exploit but said that despite setting a $2 million cap on long holdings and a $1 million cap on short positions, the AVAX/USD market will continue to be active.

https://twitter.com/GMX_IO/status/1571439325413511169

Joshua Lim, the head of derivatives at Genesis Trading, was one of the first to examine the exploit. He claimed that the perpetrator “successfully extracted profits from the DEX’s AVAX/USD market by starting large positions at 0 slippages” before transporting the AVAX/USD to centralized exchanges at a marginally higher price.

The first cycle of this exploit method, according to Lim, began at 1:15 AM UTC on Sunday and was repeated five times. Approximately $4 to $5 million worth of AVAX were moved during each cycle, and the exploiter profited by about $565,000 after paying spreads to market participants on other exchanges.

While GMX quickly limited short and long open interest for AVAX/USD to safeguard the DEX from further manipulation, Lim stated that GMX may have to do away with its “zero price effect” feature despite having signed up a lot of users thus far.

A trader with the correct approach might wipe out GLP token holders, according to Taureau, the founder of layer-2 DEX ZigZag, who expressed worry about the long-term viability of GMX’s exchange platform in a video chat on September 2.

In other events, a hacker was able to steal 200 WETH from the Ethereum PoW chain thanks to a replay attack on Omni bridge. Security company BlockSec discovered a replay attack on the Ethereum PoW chain on September 18.

Through the Omni bridge, the attacker sent 200 WETH from the Ethereum PoS chain. According to reports, the transaction was duplicated on the Ethereum PoW chain.

Uniswap Brings NFT Marketplace Genie Into Its Fold

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Leading DEX Uniswap has announced buying NFT marketplace aggregator Genie for an unspecified amount. The platform has now expanded its products to include both ERC-20s and NFTs. Further, the exchange published a blog and stated,

NFTs will be integrated into our products, starting with the Uniswap web app, where soon you’ll be able to buy and sell NFTs across all major marketplaces. We’ll also integrate NFTs into our developer APIs and widgets, making Uniswap a comprehensive platform for users and builders in web3.

The trading platform’s foray into NFTs began in 2019, as it launched Unisocks, the first instance of NFT liquidity pools, and of NFTs backed by real-world assets. Per the blog, the DEX revealed a USDC airdrop for historical Genie users.

“The airdrop will launch in August and be claimable for up to 12 months, based on a snapshot that has already been taken. Stay tuned for more details,” the blog read.

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Uniswap Brings NFT Marketplace Genie Into Its Fold 9

The blog post ended with a disclaimer that the acquisition would not affect the Uniswap Protocol, Governance, or the UNI token. And that Genie users will continue to have uninterrupted service to its website until the new Uniswap NFT experience is available.

Following the integration, UNI’s price surged by 16% in just 6 hours. At the time of publication, the value stood at $4.84, up by 7% in the past 24 hours.

Uniswap Surpassed Ethereum in Terms of Daily Fees

Two days back, Uniswap overtook its home network, Ethereum. With $4.3 million in fees generated as of June 20, the world’s largest decentralized exchange [DEX] has jumped to the top of CryptoFees’ leaderboard.

Even though its holders don’t get a piece of the cash flows, which come from users paying a fee when swapping between digital assets.

Still, as one of the most recognizable DeFi players and other smart contract-enabled activities, it’s noteworthy that a protocol topped Ethereum, in terms of fee generation. 

Above all, the lucrative fees have come during an extremely turbulent period for crypto and world markets at large. It is quite apparent by now, despite being a dismal year for digital asset prices, that the DeFi sector keeps on working.

Cardano-backed decentralized exchange ADAX debuts on the mainnet

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A new Cardano-powered decentralized exchange ADAX went live on the mainnet and announced that it is now set to roll out the ADAX DEX v1.0. As per the announcement, the launch is a huge milestone for the whole team behind it as it took six months of work and manpower to deliver what it claims as one of the first decentralized exchange solutions to Cardano that will work in favor of the ecosystem in the long term.’

“Based on the philosophy of decentralization, ADAX DEX is going to utilize the order-book model that brings noncustodial and censorship-resistant trading. Users will be able to execute smart contract-based trades on the platform instantly by paying significantly less compared to Ethereum network fees.”

But what are its features?

The exchange is featuring on-chain swap execution and concentrated liquidity orders that it claims allow it to surpass its closest competitors in terms of efficiency and performance.

Developers of the exchange have also created a custom PAB solution with the help of Plutus smart contracts that ensure full decentralization. In order to avoid congestion and concurrency-related issues, ADAX is splitting each order into smaller UTXOs.

According to the press release, ADAX is launched in a partnership with Stockgeist.AI market sentiment monitoring platform that allows the DEX to offer a trading tool that tracks early signs of trader sentiment changes.

The tool collected data from various social media channels such as Twitter, Facebook, Reddit, and Discord. Each token will have its own metric that will allow traders to determine the “hottest” assets on the market. Having said that, it needs to be seen how the new DEX fares amongst its popular peers like SundaeSwap.

Cardano SundaeSwap rocky launch

As per data from pool.pm, the Cardano network has maintained record capacity for nearly two weeks after the launch of DEX, SundaeSwap, the first of its kind to go live on Cardano. However, not all went smoothly during SundaeSwap’s launch.

Soon, there were reports of failed transactions that began circulating widely on social media. Users then allege that their DEX orders couldn’t be processed, despite submitting them a few days ago. In the midst of these, the platform was also locked in a bitter commercial dispute regarding allegations of failed investor promises with the Cardano accelerator program CardStarter.