PAID Network exploiter nets $3 million in infinite mint attack

Paid Network, a DeFi platform aimed at real-world businesses, has been exploited today in an “infinite mint” attack that has sent PAID token prices plunging upwards of 85%. While the exploit netted nearly $180 million in PAID tokens at the time of the attack — what would have comfortably been the largest exploit of a DeFi protocol — the hacker’s payday will end up being far less. One observer noted that the attacker’s wallet only converted some of their tokens to wrapped ether, leaving the rest in rapidly-devaluing PAID tokens: …

Sony Joins Theta Network as Validator Node

Share this article Theta Network, a blockchain-based media sharing platform, has added Sony’s European research branch as a network validator. Sony to Run a Theta Network Node Sony Europe’s R&D Center in Brussels houses the company’s blockchain expertise and will look “to further enhance the global experience for users of the Theta Network.” In 2016, Sony’s corporate venture capital participated in the seed funding round of Theta Labs, the team behind the blockchain project, to kickstart the online platform’s designing.  THETA, the native token, powers the micro-payments on the platform,…

Fantom brushes off network outage with another 30% price surge

The decentralized smart contract platform Fantom (FTM) continued its resurgent rally to the tune of 32% on Monday, despite a temporary network outage that saw the blockchain stop producing blocks for seven hours. Fantom emerged among the top 100 in the market cap rankings in January — eventually going on a 5,000% run that peaked in late February. Since then, the coin’s bull run subsided, but its value against the United States dollar still stands 3,434% higher than it did on Jan. 1. But Fantom was subject to a brief…

3 reasons why Reef Finance, Bridge Mutual and Morpheus Network are rallying

As new institutional and retail investors enter the cryptocurrency space on a daily basis, large-cap top performers like Bitcoin (BTC) and Ether (ETH) attract the lion’s share of investor’s attention as they are the well-known ‘secure’ blockchain projects.  Once these new investors get a taste of the mainstay cryptocurrencies and how to navigate the volatile markets, their attention soon turns to smaller cap coins as they search for the up-and-coming projects that could be the next big thing. Currently, CoinMarketCap shows that there are 8,475 tokens and more are added daily.…

Polkadot Reworks Network to Solve “Free-Rider Problem”

Key Takeaways Polkadot uses an on-chain auction system for parachains to get support from the Relay Chain. The current auction system allows “free riders” to use parachain slots without making a contribution. Polkadot is introducing two types of common good chain, to be allocated through a governance process. Share this article Polkadot is introducing governance-allocated parachain slots.  Polkadot’s “Free-Rider Problem” Polkadot has announced details of a governance process for allocating parachain slots.  In a blog post, the team outlined plans for the use of “common good parachains.” The chains have…

China, UAE’s Central Bank Take on SWIFT With Global CBDC Payment Network

China and the UAE’s central bank have joined a cross-border payment network called the “multiple CBDC (m-CBDC) bridge.”  Powering Cross-Border CBDC Payments The Digital Currency Institute (DCI) of the People’s Bank of China (PBC) and the Central Bank of the United Arab Emirates (CBUAE) have joined m-CBDC, a payment network incubated by the Bank for International Settlements (BIS) since 2019.  The Multiple CBDC (m-CBDC) Bridge is an international effort to promote central bank-issued digital currency payments. The initiative is spearheaded by the BIS Innovation Hub (BISIH), the Hong Kong Monetary…

State Bank of India joins JPMorgan’s blockchain payments network

The State Bank of India, or SBI, a major Indian government-owned bank, is looking to improve cross-border payments with a blockchain solution by American investment bank JPMorgan Chase. According to a Feb. 23 report by The Economic Times, the SBI has joined Liink, a new blockchain-based interbank data network developed by JPMorgan. By integrating the technology, the bank expects to reduce transaction costs and improve cross-border payments for its customers. SBI deputy managing director Venkat Nageswar said that the bank has already gone live on Liink. “We are excited to…

Harmony (ONE) gains 230% after Ethereum network integration

Since the start of February, Harmony (ONE) has rallied by 230% and while the proof-of-stake smart contract platform benefited from Ethereum’s skyrocketing gas fees, the recent meteoric rise appears to be driven by more fundamental factors. Harmony (ONE), ATOM, SOL, NEAR, OMG at Binance. Source: TradingView Although other scaling-focused solutions such as Cosmos (ATOM), Solana (SOL), NEAR, and OMG also rallied during the same time period, Harmony’s performance stands out. Harmony is a sharding protocol with a trustless Ethereum bridge that separates the chain into segments that process transactions and…

Gemini launches crypto education platform featuring ‘Expert Network’

Cameron Winklevoss, Gemini’s president, unveiled Cryptopedia on Thursday. He described the new platform as a “free resource that provides open-access, high-quality crypto education to the world.” The platform currently includes categories devoted to cryptocurrencies, security, trading and investing, and DeFi. Cryptopedia was also designed for subject matter experts to share their knowledge about digital assets. The platform’s “Expert Network” includes founders and thought leaders from some of the industry’s biggest projects, including Brave CEO Brendan Eich, Aave CEO Stani Kulechov, Tezos co-founder Kathleen Breitman and others. Although crypto markets have…