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Fintech CEO: Beanstalk Farms 9-Figure Exploit was Avoidable

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PeckShield flagged an attack on Beanstalk Farms, an Ethereum-based stablecoin protocol. The attackers are estimated to have made off with over $80MM in cryptocurrencies, though the exploit, in totality, is expected to be valued at over $180MM. Afterwards, the stablecoin’s market plummeted from its $1 peg.

“According to Beanstalk’s summary of the event, the attacker was able to exploit a failure to implement flash loan resistance measures, allowing the attacker to take out a flash loan in order to attain a significant amount of Stalk, the governing token of Beanstalk. That allowed the attacker to utilize the voting rights of the Stalk to propose a governance proposal which flushed the protocol funds. These kinds of exploits… they’re just entirely avoidable with the right security and audits in place,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.

The company’s summary said, in part, “Beanstalk did not use a flash loan resistant measure to determine the % of Stalk that had voted in favor of the BIP. This was the fault that allowed the hacker to exploit Beanstalk.”

“It is important that audits are done regularly, especially as changes are made, which might allow for additional vulnerabilities. Like in this case, where the company underwent an audit on its smart contracts, but not since the flash loan vulnerability was introduced. Security isn’t a one-and-done thing. Security in the digital assets space must be an ongoing pursuit,” said Gardner.

“One item of interest, beyond solely the hack in question, is that it looks like the attacker sent a small chunk of the proceeds of the exploit to a wallet for Ukrainian relief efforts. At this point, it hasn’t been identified if the attack is related to a particular ideology, nor is it certain that a donation of roughly $250,000 is indicative of anything ideological at all, considering that’s dwarfed by the total value of the attack. However, it is definitely worth noting,” said Gardner.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Modulus has provided its exchange solution to some of the industry’s most profitable digital asset exchanges, including a well-known multi-billion-dollar cryptocurrency exchange. Over the past twenty years, the company has built technology for the world’s most notable institutions, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

“Given the geopolitical conflict that is going on around the world, now more than ever, the industry should be on high alert, buttoning up any faults that may exist. Especially after the United States linked the North Korean Lazurus Group to the previous major crypto hack, it should be clear that it isn’t solely issues in Eastern Europe which should draw heightened awareness,” said Gardner.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Busha Digital and Quidax Receive SEC Nod to Launch Crypto Platforms in Nigeria

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The Securities and Exchange Commission (SEC) has granted approval in principle to two prominent digital asset exchanges, Busha Digital Limited and Quidax Technologies Limited.

These approvals, part of the SEC’s Accelerated Regulatory Incubation Programme (ARIP), represent the beginning of a new chapter for crypto trading in Nigeria.

This development was announced by the SEC in a statement on Thursday, which highlighted the importance of this move in the evolving landscape of digital assets and blockchain technology in the country.

Both Busha and Quidax, well-established players in the Nigerian crypto space, will now be able to operate under this regulatory framework, fostering more secure and transparent trading platforms for the nation’s growing number of crypto enthusiasts.

Busha Digital, known for its accessible digital exchange platform, allows individuals and businesses to buy, sell, store, and invest in cryptocurrencies using fiat currency.

Its services are aimed at providing easy access to basic digital asset investment for users across Nigeria and other developing economies.

The platform, available through mobile and web applications, has gained popularity for its user-friendly interface and commitment to making crypto investment seamless and safe for Nigerians.

Quidax Technologies, another major player, operates a cryptocurrency trading platform leveraging blockchain technology.

The exchange facilitates trading in a variety of cryptocurrencies and provides users with a digital wallet for secure transactions.

Quidax’s platform is both mobile and web-enabled, offering a wide range of crypto tokens for trading, making it a key player in the adoption of digital currencies in Nigeria.

According to the SEC, the current ARIP cohort includes two digital asset exchanges, four digital asset offering platforms, and one digital asset custodian.

This programme was designed to assess the business models of digital asset firms and allow them to test their innovative products, services, and technologies in a controlled environment.

The outcome will inform future policies in the digital asset space.

Speaking on the significance of the ARIP programme, the SEC explained that the approvals are a precursor to full registration, ensuring that appropriate safeguards are in place to protect investors and promote transparency in the cryptocurrency sector.

“The RI (Regulatory Incubation) Programme was created to assess the business models of digital assets firms and test innovative products, services, and technology in a real-time market environment under close supervision by the SEC,” the commission stated.

The approval of Busha and Quidax is seen as a major step forward in bringing legitimacy to Nigeria’s burgeoning cryptocurrency market, which has faced regulatory uncertainty in recent years. These digital asset exchanges will now operate under SEC’s guidance, ensuring that users of the platforms can trade with more confidence and security.

The SEC also took the opportunity to remind the public to only engage with approved digital platforms and urged caution when dealing with unregulated crypto exchanges.

“The SEC uses this medium to reiterate that only approved digital exchanges and platforms are legally authorized to carry out the business of crypto trading in any form in Nigeria,” the commission advised.

This approval comes at a time when cryptocurrencies are gaining traction globally, and Nigeria has become one of the leading markets for crypto adoption in Africa.

With Busha Digital and Quidax now moving forward under SEC oversight, the future of cryptocurrency trading in Nigeria looks set for greater growth, innovation, and regulation.

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TikTok Job Offer Scam Defrauds UK Man of £6,000 in Crypto Payments

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A new wave of crypto scams has hit TikTok, targeting vulnerable job seekers with fake advertisements that promise lucrative pay for minimal work.

One such victim, a Leicester man named Omar Al Selk, fell prey to this scheme after responding to an enticing job offer he found on the platform.

The scam began in early August when Al Selk clicked on a TikTok ad that promoted a “data provider user” role with a company called Clickaine, advertised as an international app marketing firm.

The job was presented as requiring no experience and promised a monthly salary of up to £4,650 ($5,800) for just an hour of work per day, with wages paid in USDT, a popular cryptocurrency.

After clicking on the ad, Al Selk was contacted by supposed recruiters via WhatsApp. These scammers lured him in with promises of quick earnings and sent him small initial tasks for which he was paid promptly.

The tasks involved transferring small amounts of money to a specific crypto wallet, which was later refunded along with bonuses, creating a false sense of security.

As the scheme progressed, Al Selk was asked to make larger and larger deposits to the wallet to continue the tasks. These deposits quickly ballooned from £30 to over £8,000.

After completing a few tasks successfully and receiving his refunds, Al Selk trusted the scammers and made a final large deposit of £6,000 to the crypto wallet.

However, after this transfer, communication from the scammers abruptly stopped, and no further tasks were assigned.

Realizing he had been defrauded, Al Selk took to TikTok to warn others about the scam. He shared his story with his online community, which sparked widespread conversation about similar incidents. Many other users came forward, revealing that they too had been targeted by similar scams on the platform.

This type of fraud, often referred to as a “pig butchering” scam, involves scammers establishing long-term relationships with their victims, building trust before ultimately defrauding them.

The scammers involved in this scheme falsely used the name of Clickaine, a legitimate Czech marketing company, which has since denied any involvement in the fraudulent activity.

The incident has sparked concerns over the rise of crypto-related scams on social media platforms like TikTok, where scammers prey on unsuspecting users with promises of high-paying jobs.

Despite TikTok’s guidelines prohibiting fraudulent schemes, scammers continue to exploit the platform, taking advantage of job seekers desperate for employment.

Cybersecurity experts are urging social media users to remain vigilant and avoid engaging with unsolicited job offers that require upfront payments, especially those involving cryptocurrency.

“This scam is part of a growing trend where fraudsters manipulate users into making crypto payments by exploiting trust,” said a cybersecurity analyst. “The key is to verify the legitimacy of job offers and be cautious of any requests for upfront deposits.”

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DOGS Leads Crypto Gainers with 21% Spike, Trading Volume Hits $1.9 Billion

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DOGS, a meme coin based on The Open Network (TON) blockchain, has emerged as the highest gainer after surging by 21%.

This dramatic price jump follows a recently concluded airdrop that has sparked enthusiasm within the Telegram community.

DOGS, inspired by the beloved dog mascot “Spotty” and created by Telegram founder Pavel Durov, has captivated investors and traders alike.

Today, DOGS boasts a trading volume of $1.9 billion and a market capitalization of $765 million, making it one of the hottest tokens in the crypto market.

The token, which has gained widespread attention due to its strong association with Telegram, is now listed on major cryptocurrency exchanges, including Binance, OKX, and Bybit.

The recent airdrop campaign has significantly contributed to its popularity, distributing 440 billion DOGS tokens out of the total 550 billion supply. Of this, 81.5% is allocated to the community with 73% specifically reserved for Telegram’s earliest adopters.

DOGS’ rise to prominence reflects a growing trend among meme-inspired tokens, particularly those connected to large online communities like Telegram.

Unlike other short-lived token surges, analysts suggest that DOGS’ community shows long-term commitment rather than chasing quick profits.

The token’s recent consolidation in price further indicates a stabilizing market position.

The success of the DOGS airdrop, especially in regions like Nigeria, has also fueled its rise. Nigerian crypto enthusiasts have been keen to participate in airdrops following delays and disappointments with other projects.

DOGS’ timely and successful distribution has been a breath of fresh air for these investors.

Data from Coinglass, a leading crypto analytics platform, shows that DOGS’ rally is driven by a 42.6% increase in open interest, reaching $162.49 million, along with a 119.7% surge in trading volume.

However, the weighted funding rate has dropped, signaling a slight decline in bullish sentiment.

Despite this, DOGS continues to gain traction, consolidating its place in the market. The community-driven nature of the token and its association with Telegram have positioned DOGS as a strong contender in the growing world of memecoins.

Currently, the price of DOGS is $0.00148, and analysts predict further growth as the token gains more attention globally.

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