$700,000 worth of funds has been drained from BNB Chain DeFi protocol LaunchZone, with the project alleging that an attacker has carried out an exploit. Details remain scarce after more than 80% of funds in the LaunchZone liquidity pool were drained on Feb. 27. A message on the project’s official Telegram group warned users not to buy tokens until more information has been gathered: “$LZ is being hacked from DND exploiter. The team is handling the situation, please don't buy the token at this stage. Please keep calm. We will update timely (sic).” The value of LaunchZone’s native token $LZ …

FTX Token (FTT) and Solana (SOL) endured a tough weekend of trading which saw altcoins take double-digit losses in the 15% to 30% range, but the tide turned as news broke that Binance could be in the process of acquiring FTX. On Nov. 8, FTX CEO Sam Bankman-Fried first took to Twitter to announce a liquidity sharing partnership with Binance exchange. Changpeng Zhao “CZ”, the CEO of Binance agreed to step in and provide liquidity to what was beginning to look like a bank run. Bankman-Fried billed the development as user-focused which benefits the entire industry. 1) Hey all: I …

Days after GameFi project Gala Games and decentralized finance (DeFi) protocol pNetwork assured its community that everything was fine, crypto exchange Huobi Global came out with its version of the story, accusing pNetwork of earning a $4.5 million profit from the recent pGALA crash. On Nov. 3, a suspected attacker minted $2 billion worth of Gala tokens (GALA) on the Binance Smart Chain and dumped a portion of the tokens on PancakeSwap, earning a total of 12,977 Binance Coin (BNB), which was worth around $4.5 million at the time. This drained a PancakeSwap pool and caused a drop in the …

After a year-long struggle to fend off the market bears, parts of the crypto ecosystem started showing signs of recovery in the third quarter of 2022. BNB Chain’s Q3 report confirms significant growth in crypto trading volumes and decentralized finance (DeFi) but a drop in nonfungible token (NFT) trading. According to DappRadar BNB Chain Report Q3, BNB Chain retained its position as the second biggest DeFi blockchain after Ethereum (ETH), with a Total Value locked (TVL) of $7.6 billion. On the DeFi side of things, BNB Chain suffered a 93% decrease from Q3 of 2021 but has since shown signs …

The crypto community never shies away from deploying new cryptocurrencies that are themed on current events, and Halloween was no exception. The industry saw an influx of Halloween-themed cryptocurrencies hoping to cash in on the hype around the festivities. Halloween-themed cryptocurrencies have taken over the crypto ecosystem on Twitter, typically offering no real use case or future for investors. Projects like these have a track record of being sourced as an off-the-shelf product, which can be quickly renamed and deployed in the free market for trading. Our target is 50 millions market cap an 0.01$ price — Halloween Token (@CyberMetaWorld) …

BNB Chain (BNB) the blockchain of cryptocurrency exchange Binance, was paused on Oct. 6 due to what it states is “irregular activity” on the network with the team having determined a potential exploit. The official Twitter account of the BNB Chain announced the temporary pause, soon after adding it had found a possible exploit. Binance provide an update that the blockchain was “under maintenance” suspending all deposits and withdrawals. To confirm, we have suspended BSC after having determined a potential exploit. All systems are now contained, and we are immediately investigating the potential vulnerability. We know the Community will assist …

Bear markets are always tough, but one of the positives is they clear the clutter and this allows legitimate projects to stand out. While most investors are focused on the latest centralized finance (CeFi) and decentralized finances (DeFi) scandal, the blockchain gaming sector has quietly weathered the storm better than other niches of the market. As shown on the chart above, all sectors of the market have experienced a noticeable decline in active users, but the gaming sector has proven to be the most resilient at retaining users as the bear market intensified. Transactions continue to rise Further proof of …

May was an incredibly challenging month for the cryptocurrency market as the majority of tokens booked heavy losses as a bear market was confirmed, but not every project dropped back to pre-bull market lows. Chain (XCN), a protocol designed to help organizations launch their own blockchain network or connect with other more established networks, has managed to rally more than 120% since May 19. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.0712 on May 11, XCN has reversed course to hit a record-high at $0.176 on May 31. The three reasons for the …

In many ways, cryptocurrencies were designed to be an equalizer, a characteristic likened to the asset’s abilities to promote financial inclusion. Similarly, nonfungible tokens (NFTs) were designed to accomplish the same mission of equality, only across industries such as art, real estate and gaming. Unfortunately, despite these lofty goals, the early use of NFTs has unintentionally introduced new forms of inequality. Consider the gaming industry, for example. Conventional NFT games have introduced the concept of rewarding players as members of a community-built ecosystem. The intention of many developers was to allow gamers to earn fair compensation for their efforts and …

In a rare comedic bungle among decentralized finance (DeFi) exploits, an attacker has fumbled their heist at the finish line leaving behind over $1 million in stolen crypto. Just after 8:00 am UTC on Thursday, blockchain security and analytics firm BlockSec shared it had detected an attack on a little-known DeFi lending protocol called Zeed, which styles itself a “decentralized financial integrated ecosystem.” The attacker exploited a vulnerability in the way the protocol distributes rewards, allowing them to mint extra tokens, which were then sold, crashing the price to zero, but netting just over $1 million for the exploiter. Blockchain …

An experiment from Dragonfly Research that compared the performance of six blockchains by testing the capacity of Automated Market Makers on each has found Solana’s Orca DEX was the clear winner in trades per second. It managed 273.34 trades per second and created a new block every 590 milliseconds. Binance Smart Chain (BSC) wasn’t too far behind with 194.6 trades per second on PancakeSwap, followed by Polygon (MATIC), Avalanche (AVAX), Celo (CELO), and finally Ethereum (ETH). A blog post by researcher “GM” argued that while there was a rich ecosystem built on Ethereum Virtual Machine (EVM) compatible chains, the results …

Avalanche (AVAX), a Layer-1 proof-of-stake (PoS) blockchain network, gets a new cross-chain bridge from Umbria Network to help traders transfer liquidity between Ethereum mainnet and the Avalanche blockchain. Avalanche blockchain supports multiple virtual machines, including WebAssembly (WASM) and Ethereum Virtual Machine (EVM), allowing different sub-chains to incorporate a specific way of operations. Multiple virtual machine support enables easy connection with Avalanche. The network launched its official Ethereum bridge in 2021 to allow the two-way transfer of ERC-20 and ERC-721 tokens across the two blockchains. But its growth as a network, along with its native token AVAX seeing serious gains over …