Vee Finance Exploited for $35 M | India will not Scrap Bitcoin

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  • Vee Finance exploited for $35 million as Avalanche takes another hit.
  • Dubai World Trade Centre (DWTC) takes pro-crypto stance with trading agreement.
  • On a Solana-based oracle project, Pyth Network, Bitcoin crashes to $5,400 after a glitch.
  • Bitcoin mining estimated to represent 0.9% of global carbon emissions in 2030
  • India’s finance minister says we won’t rule out a futuristic technology, i.e., cryptocurrency. However, we might not follow El Salvador’s lead on adoption.
  • Leaked docs say, Chainalysis used an IP-scraping block explorer to aid law enforcement

Vee Finance exploited for $35 million

DeFi hacks seem an everyday thing these days, coming up first, Vee Finance, decentralised finance (DeFi) protocol on the Avalanche (AVAX) chain, has been attacked, just a week after Zabu Finance.

The hack was disclosed on Twitter by the loan protocol platform, and it is the second big attack in the Avalanche ecosystem. “It’s possible that our platform has been abused. All services have been brought to a halt. While posting the news on Twitter, the exploited protocol alarmed, “We are researching the cause, please follow our official accounts for the newest update.” 

Vee Finance Exploited For $35 M | India Will Not Scrap Bitcoin

The team has stated that the platform was attacked for a total of 8803 Wrapped Ethereum (WETH) valued around $26 million and 213 Wrapped Bitcoin (WBTC) worth around $9 million by revealing the attackers’ address. “According to address monitoring, the attacker has not yet transferred or processed the attacked assets any further,” the team noted while reassuring that it is working with contract auditors and exchanges to find the bad actor and assist in the asset recovery.

Meanwhile, the protocol, which has only released limited details on the incident so far, has promised to provide a detailed report as soon as possible, dismissing rumours of an inside job. (News Source)

DWTC takes pro-crypto stance

Coming up next, The Securities and Commodities Authority (SCA) will be in charge of regulatory oversight for the issuance, offering, listing, and trading of virtual assets in Dubai, according to the Dubai World Trade Centre. The SCA will also be in charge of regulating the relevant financial operations that fall under the DWTCA’s jurisdiction. 

Vee Finance Exploited For $35 M | India Will Not Scrap Bitcoin

The agreement also permits the SCA to oversee the inspection of firms operating within DWTCA’s free zone, as well as laying out a system for DWTCA to provide appropriate approvals and licences, permitting formal operations of crypto-asset-related financial activities. (News Source)

Bitcoin crashes to $5,400 on Pyth

The aggregate price for the BTC/USD pair was below $40,000 on Monday, September 20th, according to Pyth Network, a Solana-based oracle provider. The oracle network’s lowest price for a single slot was $5,400, with a confidence interval of slightly over $21,600.

Vee Finance Exploited For $35 M | India Will Not Scrap Bitcoin

The substantial discrepancy between the average market price for BTC/USD and Pyth’s stated pricing resulted in a large number of market liquidations, wiping away as much as 12% of Bitcoin’s price in a single day.

Pyth Network recognised the event several hours after it occurred, saying that its engineers were looking into it and producing a detailed report. Pyth’s flash crash, according to data analytics platform Bonfida, resulted in a sequence of liquidations on the perpetual futures protocol Audaces. 

Vee Finance Exploited For $35 M | India Will Not Scrap Bitcoin

According to ChainLinkGod, a community ambassador for Chainlink, the fact that Pyth only followed a handful of market makers and exchanges, caused the tragedy. Not only does providing precise pricing to a large number of blockchain networks necessitate a large number of data sources, but it also necessitates the greatest degree of data quality. News Source

0.9% of global carbon emissions in 2030 due to BTC minging

Coming up next, Bitcoin’s energy consumption will remain below 0.5 percent of global total over the next decade, according to a recent report from the New York Digital Investment Group (NYDIG).

This month, NYDIG released its ‘Bitcoin Net Zero’ research paper, which found that, despite rising prices, Bitcoin’s energy usage and carbon emissions will not soar in the next few years.

The analysis, written by Castle Island Ventures partner Nic Carter and NYDIG founder Ross Stevens, looks at how the network’s carbon emissions may alter in the future as a result of price volatility, mining difficulty, and energy use.

Vee Finance Exploited For $35 M | India Will Not Scrap Bitcoin
Bitcoin Mining

The study’s most aggressive outlook found that Bitcoin’s emission would still represent a tiny fraction of the global total even if the price of BTC went through the roof by the year 2030, concluding:

“Even in our most aggressive, high price scenario, in which Bitcoin reaches $10 trillion by 2030, its emissions amount to only 0.9 per cent of the world’s total, and its energy outlay is just 0.4 per cent of the global total.” (News Source)

India will stay with Crypto regulation

India’s finance minister says we won’t rule out futuristic technology, i.e., cryptocurrency. However, we might not follow El Salvador’s lead on adoption.

India cannot rule out a “futuristic” technology like Bitcoin, but the country may not be ready to follow El Salvador’s lead, according to India’s finance minister Nirmala Sitharaman. Earlier this month, El Salvador became the first government in the world to recognise Bitcoin as legal cash.

Protests against Bitcoin adoption in El Salvador, for example, illustrate that people care about what money is adopted in a country, according to Sitharaman.

Vee Finance Exploited For $35 M | India Will Not Scrap Bitcoin
Indian Finance Minister

“You’d think common people don’t care about digital currency; but the public took to the streets against the move,” Sitharaman said. “It’s not a question of literacy or understanding — it’s also a question of to what extent this is a transparent currency; is it going to be a currency available for everyone?” (News Source)

Chainalysis used an IP-scraping block explorer

Chainalysis advertises the usage of an affiliated wallet explorer as a means of acquiring IP information to aid in police investigations, according to documents released on the dark web and first published by CoinDesk’s Danny Nelson.

According to the deck, which was purportedly prepared for a presentation to Italian law enforcement, the firm used to collect user IP information on bitcoin users who visited the site:

Vee Finance Exploited For $35 M | India Will Not Scrap Bitcoin

“Using this dataset we were able to provide law enforcement with meaningful leads related to IP data associated with a relevant cryptocurrency address. It is also possible to conduct a reverse lookup on any known IP address to identify other BTC addresses. It can also collect data from a data form address that has yet to transit the Blockchain — that is, the BTC address provided as part of a kidnapping or life-threatening investigation — if the suspect checks their address.” (News Source)

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Prabhat Tiwari
Prabhat Tiwari

I am someone who loves swimming in the ocean of DeFi and believes the disruptive technology, i.e., Bitcoin will change a lot of things and not just our financial system.

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