Cointelegraph By Jordan Finneseth
This week Linear Finance (LINA) emerged as a viable competitor to Ethereum-based projects in the DeFi sector that find themselves hampered by congestion and high transaction costs.
Data from Cointelegraph Markets and TradingView shows that on Jan.13 LINA was trading for $0.0135 with a 24-hour trading volume of $2.3 million. Since that time its price increased by 750% to an all-time high of $0.10 on Feb.12.
Originally an ERC-20 based project, LINA transitioned to the Binance Smart Chain in mid-January ahead of its mainnet launch on Jan.28.
On the same day of the mainnet launch, the team also released Linear Exchange to further establish itself as an all-encompassing decentralized finance protocol. Following its release, the price of LINA increased from $0.034 on Jan.29 to 0.082 on Feb.8, boosted by a record $1.56 billion in 24-hour trading volume.
Partnerships and exchange integrations boost LINA price
A scroll through the project’s Twitter feed points to a growing list of partners and exchange integrations that have accompanied the increase in token value and trading volume. The Linear platform is currently integrated with Band Protocol (BAND), which supplies price oracles for all assets helping to create a reliable synthetic asset trading experience.
Through these integrations, all assets built on the exchange are able to be swapped to ERC-20 tokens, enabling users to access both BSC and Ethereum-based DeFi ecosystems with ease utilizing the Linear Swap functionality.
As DeFi continues to expand and projects built on different blockchain platforms gain traction, interoperability will become increasingly important for the ecosystem as a whole.
Price analysis 3/5: BTC, ETH, ADA, BNB, DOT, XRP, UNI, LTC, LINK, BCH
PAID Network exploiter nets $3 million in infinite mint attack
Cointelegraph By Andrew Thurman
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:
Summary of $PAID incident:
Total PAID swapped to WETH: 2079.603371141493
Total PAID left in account: 594,717,455.71
Total amount in attacker account = $27,418,034.33
Stay Safe. pic.twitter.com/Lz93qGKAq0
— vasa (@vasa_develop) March 5, 2021
The attacker’s wallet still has over 57 million PAID tokens worth $37 million.
The exploit is conceptually similar to an attack on insurance protocol Cover that took place in late December last year. In that instance, the team took a “snapshot” of holders prior to the attack and issued a new token, returning the supply of the token to pre-exploit levels.
The team confirmed on Twitter that they are currently planning for a snapshot and restoration:
We are investigating the issue. We pulled liquidity, are creating a new smart contract, & will be restoring everyone’s original balances to before the hack.
Those with staked, Lpool & UniFarm $PAID will have their tokens be sent to them manually.
We will share more updates soon
— PAID NETWORK (@paid_network) March 5, 2021
However, token holders anxious for a resolution may be out of luck. Some in the community are speculating that the attack on PAID wasn’t an exploit at all, but instead a “rugpull” — a colloquial term for an insider designing contracts to specifically make them exploitable and swiping user funds.
Nick Chong of Parafi Capital noted on Twitter that Paid’s deployer contract, an externally controlled account, transferred ownership of the deployer to the attacker shortly before the mint, indicating that a member of the team either rugpulled, or errantly allowed the attack to take place with a security lapse:
Paid Network’s deployer, an EOA, transferred ownership of a contract to the attacker 30 mins before the minthttps://t.co/h14GdV4fCf
— Nick Chong (@n2ckchong) March 5, 2021
Additionally, a DeFi risk analysis account @WARONRUGS warned of exactly this exploit in late January, noting that the contract owner can mint PAID tokens at any time:
❌ Scam Advisory #86- PAID Network $PAID (0x8c8687fC965593DFb2F0b4EAeFD55E9D8df348df)
Reason: The owner can mint tokens and did mint tokens to fresh wallets who never bought the presale. Contract is behind a proxy.
Likeliness of losing all funds: Very High
— #WARONRUGS❌ (@WARONRUGS) January 25, 2021
An on-chain note sent to the attacker has ominously warned that “the LAPD will be in contact with Kyle Chasse very shortly.” Kyle Chasse is the CEO of Paid Network.
Paid Network did not respond to a request for comment by the time of publication.
Cryptocurrency exchange Bybit shuts up shop in UK in compliance with FCA ban
Cointelegraph By Greg Thomson
Singapore-based cryptocurrency derivatives exchange Bybit announced on Friday that it would be suspending services for its customers n the United Kingdom. Bybit offers a range of high-end trading products for cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and more.
The move follows a blanket ban on all retail cryptocurrency derivatives trading by the Financial Conduct Authority, and U.K. customers will be given until March 31 to close out positions and withdraw their funds from the platform, a company announcement stated.
The post also affirmed the company’s intention to continue dialogue with regulators in the hope of opening up shop in the U.K. once more.
“We request your immediate cooperation in this matter. We regret this situation, and will seek dialogue with regulators to explore options. We hope to be able to earn the privilege to serve you again in the future,” stated the announcement.
Going forward, new sign-ups to the exchange using U.K.-based mobile phone numbers or IP addresses will be rejected automatically.
In October 2020, the FCA issued an announcement declaring that all retail cryptocurrency derivatives trading, encompassing products such as options, futures and exchange-traded notes, would be banned. The ban went into effect in early January 2021.
Remarkably, the FCA’s decision to ban these products flew in the face of feedback received from industry consultants. The FCA canvassed the opinions of trade bodies, national authorities, exchanges and legal representatives, with 97% of respondents arguing against the prospect of a ban.
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