Forex-News has been the world leading economy news website since 2005. It has been a joyful path full of changing variables in this changing world. During the last three years we have also covered some of the most important news regarding Bitcoin and other cryptocurrencies. Wherever the news are, we are there.
Ethereum Classic

Hackers extract $ 15 million from Eminence, a project by developer Yearn Finance


Yearn Finance developer Eminence’s DeFi project was attacked by hackers who stole more than $ 15 million. But, it doesn’t end there, something strange happened.

Hackers attack DeFi Eminence project

Andre Cronje, developer at Yearn Finance, is known in the crypto community for his “I test in prod” approach. This approach basically refers to testing on the Ethereum mainnet, rather than the testnet.

Just yesterday Cronje posted some progress of the project on Twitter and many crypto investors rushed to acquire the EMN tokens from Eminence. In fact, more than $ 15 million worth of EMN tokens were purchased in less than three hours.

This was probably a consequence of the FOMO; but happiness did not last long.

A sneaky hackers decided to take the time to read Eminence’s (EMN) smart contract and found a flaw that allowed it to mint an unlimited number of tokens, burn an equal number of tokens against another cryptocurrency, and sell that cryptocurrency to those who were rushing to buy the EMN.

But, a rather distinctive detail is that the hackers decided to return $ 8 million of the stolen funds to Cronje.

Consequently, the developer immediately ran to social media to ensure that everyone who rushed to buy EMN would be returned. Likewise, Cronje emphasized that neither the contracts nor the Eminence ecosystem is final and, therefore, he did not plan to launch the project until another three weeks.

Will the hacker attack on Eminence be a stain for Andre Cronje?

Unprecedented crypto streak for Bitcoin

Yesterday, Bitcoin established its longest period of consecutive days with a value greater than $ 10,000. The previous record was 62 days at the end of 2017.

As a result of the latest record, Jason Deane, Bitcoin analyst at Quantum Economics, pointed out to Decrypt that this was part of the ‘MicroStrategy effect’, a company that has bet significantly on crypto.

The future of the Cardano Foundation

This is how today Cardano celebrated its third anniversary of the launch of the mainnet. And, in this way, Frederik Gregaard, CEO of the Cardano Foundation, seems to have brilliant plans.

For this reason, according to CoinTelegraph, Gregaard has plans with his sights set on the long term. Specifically, the new CEO assured that he plans to increase the security generated by the use of the platform and leave behind what he called “the trust gap.”

Bitcoin needs to mature

Marcos Galperlin, founder and president of Mercado Libre, was recently critical of Bitcoin on Twitter.

Essentially Galperlin established that for more than 5 years there has been talk about the potential of Bitcoin, pointing out that it seems to have an endless childhood.

In a few lines

  • The owner of Bulgarian crypto exchange RG Coins, Rossen Iossifov, has been convicted of operating a money laundering ring.
  • The class action lawsuit accusing MakerDAO of misrepresenting the risks associated with DAI has been suspended.
  • Tomorrow, September 30, the digital meeting “Governance in DeFi: The case of Uniswap” will be held, where it is expected to discuss UNI tokens, Yield Farming and other aspects of governance in DeFi.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More