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BNB Chain’s Approach to Security BNB Chain places security at the core of its blockchain ecosystem, employing a multi-layered approach to protect users, developers, and assets. As a leading Layer 1 network, BNB Chain actively invests in both preventative and responsive strategies to ensure platform integrity and trust. At the foundation, BNB Chain leverages the Proof-of-Staked-Authority (PoSA) consensus, which balances decentralization with fast block times and validator accountability. Validators are selected based on reputation and staking, ensuring aligned incentives and reducing risks of malicious activity. BNB Chain also runs the AvengerDAO , a community-driven security initiative that detects and prevents scams, phishing, and exploits. This decentralized autonomous organization collaborates with top security firms to analyze suspicious contracts and wallets, providing real-time alerts to users. The BNB Chain Bug Bounty Program , in partnership with platforms like Immunefi, r...

Source: Radiant Capital Radiant Capital , a decentralised finance (DeFi) lending and borrowing platform, was targeted in a major exploit on 16 October 2024, resulting in the loss of approximately $50 million. The attack affected its operations on both the BNB Chain and Arbitrum instances, shaking confidence in the protocol’s security measures. This event is the latest in a series of high-profile hacks that have plagued the DeFi sector, raising concerns about the robustness of blockchain security. PSA: Radiant finance is being exploited live. Withdraw your fund and revoke approvals. Seems like their 3/11 multisig got compromised, ownership transferred and then rekt. Another key management failure. — Mudit Gupta (@Mudit__Gupta) October 16, 2024 Exploit Mechanics: How the Attack Unfolded The attackers leveraged vulnerabilities in Radiant Capital’s smart contracts, particularly those governing liquidity and lending pools. According to reports, the breac...

Binance, the world’s largest cryptocurrency exchange by trading volume, is a central part of the wider digital asset ecosystem. As such, it is often in the crosshairs of cybercriminals — ranging from the lowliest of script kiddies to state-sponsored and sanctioned outfits like the notorious Lazarus Group. Being in the spotlight does have its disadvantages — particularly amidst the growing mainstream appeal and adoption of cryptocurrencies. However, Binance seems to be holding its own rather well — per a recent annual report, the platform’s security efforts have managed to prevent roughly $4.2 billion in losses for some 2.8 million users in 2024 alone. The 24-page report covers a wide variety of topics pertaining to the exchange and the wider industry, but security was obviously a priority. Finbold has reviewed the report shared with it by the exchange to bring readers a digestible, summarized view of the most important points and developments. ...

Blockchain and the Future of Peer-to-Peer Lending! In recent years, the financial sector has experienced profound disruption, primarily driven by the rise of blockchain technology. One of the most transformative innovations in this landscape is peer-to-peer (P2P) lending, a decentralized approach to borrowing and lending money that is free from traditional financial intermediaries. Blockchain technology is at the heart of this new era, promising a future of enhanced transparency, security, and accessibility for borrowers and lenders alike. What is Peer-to-Peer Lending? Peer-to-peer lending enables individuals to borrow and lend money directly to one another, cutting out banks or other centralized financial institutions. This system allows borrowers to access funds at lower interest rates while allowing lenders to earn higher returns. Traditionally, this process was managed by centralized platforms that connected the two parties, but blockchain introduces a decentralized model that take...

Beginner’s Guide to Investing in DeFi Projects! Decentralized Finance, or DeFi, is revolutionizing the financial world by offering a decentralized alternative to traditional financial systems. For beginners, understanding and investing in DeFi projects can seem daunting, but with the right guidance, it can be a rewarding venture. What is DeFi? DeFi refers to a financial system built on blockchain technology that operates without intermediaries like banks or financial institutions. Instead, it uses smart contracts and decentralized applications (dApps) to facilitate financial transactions. This system offers greater transparency, security, and accessibility compared to traditional finance. Key Components of DeFi Blockchain Technology The backbone of DeFi, blockchain ensures transparency and immutability of transactions. Ethereum is the most popular blockchain for DeFi applications due to its smart contract functionality. Smart Contracts These are self-executing contracts with the term...

Tether announced on April Fool’s Day that it had completed an audit — unfortunately, it was a security audit, not a financial audit, the results were not shared publicly, and the positive news came on the heels of a WSJ article implicating the stablecoin in the Russian acquisition of weapons for its ongoing war in Ukraine. A press release states that Tether , which has taken to proclaiming itself “the largest company in the cryptocurrency industry” over the past month, has complete d an audit “ensuring that Tether had robust IT control measures in place to make sure their systems were safe.” It did not bother to explain how over $30 million worth of USDT was somehow hacked and moved in 2017. Tether audit comes with good and really bad news While any audit that Tether can complete is undoubtedly good news, the security audit was announced shortly after a highly critical WSJ article that detailed the use of USDT by Vladimir Putin’s regime to purchase weapons and ammunition....

Federal Judge Rakoff rules $LUNA and $MIR as securities, finding Terraform Labs violated U.S. laws. SEC trial, scheduled Jan 29, 2024, centres on Terra’s UST stablecoin collapse and $25M alleged fraud. Jump Trading’s involvement adds complexity; the SEC insists Judge Rakoff, not a jury, decides securities status. In a recent legal development, Federal Judge Jed Rakoff ruled in favour of the U.S. Securities and Exchange Commission (SEC) against Do Kwon and Terraform Labs. The judgment asserts that Terraform violated U.S. securities laws by selling unregistered securities, specifically LUNA and MIR tokens. This decision sets the stage for a trial scheduled to commence on January 29, 2024, shedding light on alleged fraudulent activities and the involvement of the SEC . LUNA and MIR tokens deemed securities In the summary judgment, Federal Judge Jed Rakoff sided with the SEC in the case against Do Kwon and Terraform Labs. The ruling established tha...

Canadian cryptocurrency exchange CatalX halted operations following a suspected insider job that resulted in a “security breach.” CatalX CTS Ltd., the Canadian crypto exchange operator, said in a press release on Dec. 28 that it had suffered a “ security breach” resulting in the loss of crypto assets held on behalf of its clients. The breach, suspected to involve an employee, prompted the company to consent to a cease trade order issued by the Alberta Securities Commission, the exchange said. “Management suspects that this security breach, which may involve an employee, has resulted in the loss of a portion of the crypto assets held by the company on behalf of its clients.” CatalX You might also like: Canadians allocate over $1b in WonderFi’s two crypto exchanges As a response to the incident , CatalX has temporarily halted all crypto and fiat currency withdrawals from its platform, along with a suspension of all trading activities. T...