Who is Andean Medjedovic, the alleged $48M KyberSwap hacker?
A Canadian man, Andean Medjedovic, has been accused of orchestrating a massive $48 million exploit on the decentralized finance (DeFi) protocol KyberSwap. This shocking news has sent shockwaves through the cryptocurrency community, raising concerns about the security and vulnerability of DeFi platforms.
According to reports, Medjedovic allegedly used a flash loan attack to manipulate the price of a token on KyberSwap, resulting in a significant loss for the platform. Flash loans are a type of loan that allows users to borrow large amounts of cryptocurrency without any collateral, as long as the loan is repaid within the same transaction. This makes them a popular tool for hackers looking to exploit vulnerabilities in DeFi protocols.
The incident has once again highlighted the risks associated with DeFi platforms, which have been gaining popularity in recent years. While DeFi promises to revolutionize the traditional financial system by providing decentralized and permissionless access to financial services, it also comes with its fair share of risks. The lack of regulation and oversight in the DeFi space makes it an attractive target for hackers and scammers.
This is not the first time that DeFi has been targeted by hackers. In 2020 alone, DeFi platforms have lost over $100 million to various exploits and attacks. This has raised concerns about the security measures in place and the need for stricter regulations to protect investors and users.
The KyberSwap incident serves as a wake-up call for the DeFi community to prioritize security and implement stronger measures to prevent such attacks. It also highlights the importance of due diligence and caution when investing in DeFi projects.
As for Medjedovic, he is currently facing charges of fraud and money laundering in Canada. This incident serves as a reminder that illegal activities in the cryptocurrency space will not go unpunished, and perpetrators will be held accountable for their actions.
In conclusion, the $48 million exploit on KyberSwap has once again brought to light the risks and vulnerabilities of DeFi platforms. It is crucial for the DeFi community to work together to strengthen security measures and prevent such incidents from happening in the future.
Ethereum game Moonray to launch on Xbox and PS5: Web3 Gamer
Get ready gamers, because the highly anticipated Ethereum game Moonray is set to launch on Xbox and Playstation later this year. With the success of Off The Grid, many are wondering if Moonray will be able to replicate its achievements and become the next big hit in the gaming world.
For those unfamiliar with Web3 gaming, it is a revolutionary concept that combines blockchain technology with traditional gaming. This allows for true ownership of in-game assets and a decentralized gaming experience. And Moonray is at the forefront of this movement, offering players a unique and immersive gaming experience.
But what sets Moonray apart from other Web3 games? For starters, it boasts stunning graphics and a captivating storyline that will keep players hooked from the very beginning. The game takes place in a futuristic world where players must navigate through challenges and obstacles to uncover the secrets of the Moonray Corporation.
But it’s not just about the gameplay, Moonray also offers players the opportunity to truly own their in-game assets. This means that any items or characters acquired in the game can be bought, sold, or traded on the blockchain, giving players a sense of true ownership and control over their gaming experience.
And with its upcoming launch on Xbox and Playstation, Moonray is set to reach a wider audience and potentially become the next big hit in the gaming world. The success of Off The Grid has already proven the potential of Web3 gaming, and Moonray is poised to take it to the next level.
So, can Moonray repeat the success of Off The Grid? Only time will tell, but with its unique concept, stunning graphics, and upcoming launch on major gaming platforms, it certainly has the potential to become the next big thing in the world of gaming. Keep an eye out for Moonray and get ready to embark on an unforgettable Web3 gaming experience.
Ether must hold $2.7K to avoid deeper correction, analysts say
As the cryptocurrency market continues to experience volatility, traders are keeping a close eye on the price of Ether, the native token of the Ethereum blockchain. With its recent surge in value, reaching an all-time high of over $4,000, many investors are wondering if this upward trend will continue or if a correction is on the horizon.
One factor that could potentially impact the price of Ether is the amount of leveraged long positions in the market. Leveraged trading allows traders to borrow funds to increase their buying power, but it also comes with a higher risk. If the price of Ether were to drop significantly, these leveraged long positions would be automatically liquidated, resulting in a loss for the traders.
According to recent data, leveraged long liquidations for Ether have already surpassed $500 million in the past 24 hours. And if the price were to fall below $2,650, this number could potentially reach over $1 billion. This highlights the potential impact of leveraged trading on the cryptocurrency market and the importance of carefully managing risk.
While some experts believe that the recent surge in Ether’s price is driven by fundamental factors such as the growing adoption of decentralized finance (DeFi) and the upcoming Ethereum 2.0 upgrade, others warn that it could also be fueled by speculation and hype. This makes it even more crucial for traders to stay vigilant and not get caught up in the excitement of a bull market.
In addition to leveraged trading, other factors that could potentially impact the price of Ether include regulatory changes, market sentiment, and the overall health of the cryptocurrency market. As with any investment, it’s important to do thorough research and carefully consider the potential risks before making any decisions.
In conclusion, while the current price of Ether may be enticing for traders, it’s important to approach it with caution and not get carried away by the hype. With leveraged long liquidations already surpassing $500 million, it’s clear that the market is highly volatile and unpredictable. As always, it’s crucial to carefully manage risk and make informed decisions when it comes to investing in cryptocurrencies.
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WazirX urges creditors to approve restructuring plan or face delays
WazirX, one of India’s leading cryptocurrency exchanges, has issued a warning to its creditors that they may face significant delays in repayments if they reject the company’s proposed restructuring plan. The plan, which was recently approved by the Singapore High Court, aims to address the financial challenges faced by the exchange and ensure its long-term sustainability.
In a statement released by WazirX, the company emphasized the importance of the approved restructuring plan in securing the future of the exchange and its users. The plan includes a proposed repayment schedule that extends until 2030, with the first installment to be paid in 2022. However, if creditors reject the plan, the exchange warns that repayments could be delayed until 2030, causing further financial strain for all parties involved.
The restructuring plan was put forth by WazirX’s parent company, Binance, in response to the ongoing legal battle between the exchange and its creditors. The dispute arose after the Reserve Bank of India (RBI) imposed a ban on banks dealing with cryptocurrency exchanges in 2018, leading to financial difficulties for WazirX. The exchange was forced to halt its operations and was subsequently acquired by Binance in 2019.
Since then, WazirX has been working towards finding a solution to its financial challenges and ensuring the safety of its users’ funds. The approved restructuring plan is a crucial step in this direction, and the exchange urges its creditors to support it for the sake of all stakeholders.
WazirX’s warning to its creditors serves as a reminder of the potential consequences of rejecting the proposed plan. The delay in repayments until 2030 could have a significant impact on the exchange’s ability to operate and fulfill its obligations towards its users. It is in the best interest of all parties involved to support the approved restructuring plan and work towards a sustainable future for WazirX.
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