Vulcan Forged, the Vulcan Forged platform, was hacked and its customers made about $140 million poorer. A hacker exploited the Polygon-based platform to get hold of the private keys to 96 crypto wallets and grab roughly 4.5 million PYR tokens. The company has vowed to make affected users whole with money from its treasury and claimed that half of the stolen funds have already been repaid.
According to Jamie Thomson the CEO of the company, “What’s happened is someone’s exploited our servers, got the Venly credentials, and used it to extract the private keys of the MyForge users”. (MyForge is an asset management tool that displays users’ crypto and NFT holdings.).
Due to the hack the company vowed to transition to decentralized wallets for greater security.
The launch of Cardano’s first-ever ERC-20 converter has been announced. With the support of IOG, the Cardano developer, the project that had been in the works had now reached its launch milestone. The converter is currently available on the testnet, allowing users to transfer AGIX tokens from Cardano to Ethereum and vice versa. AGIX transactions will be possible on a network with better transaction capacity and lower costs as a result of this.
One of the first DEXs in Cardano, was just launched. On Monday, SundaeSwap was launched to considerable excitement, allowing people to experiment with the project, which is currently live on the testnet.
Cardano is witnessing what is turning up to be an exciting start to decentralized finance on its network, but there are still some problems to sort out. The developer expressed his gratitude to the community.
Shiba Inu ($SHIB), a meme-inspired cryptocurrency that saw its price explode earlier this year, has been added to the Avalanche Bridge. The bridge will allow users to transfer their SHIB onto the Avalanche blockchain. Wrapped ether can be locked in the ChainBridge contract so an equivalent token on Avalanche can be minted. Shiba was listed for a spot trading pair on one of the world’s largest cryptocurrency exchanges this week, ByBit.
Avalanche has detailed that the Avalanche-Ethereum Bridge is a “two-way token bridge that enables seamless ERC-20 and ERC-721 transfers between Avalanche (via the C-Chain) and Ethereum.
NASDAQ-listed tech giant, spearheaded by Michael Saylor, continues its BTC buying spree after another substantial purchase worth more than $80 million. The company has accumulated another 1,434 coins for approximately $82.4 million in cash at an average price of around $57,500 per bitcoin. This is the tech behemoth’s second bitcoin buy in the past few weeks. In November, the firm then spent $414 million to swipe just over 7,000 coins.
The company’s total stash is now 122,478 bitcoins, which were acquired for $3.66 billion at an average price of just under $30,000. This means that MicroStrategy’s entire BTC portfolio is now worth over $6 billion.
Tezos’ native token XTZ has surged around 40% over the past 12 hours on the news that it has been selected by gaming giant Ubisoft. The beta will launch with Tom Clancy’s Ghost Recon Breakpoint on Ubisoft Connect for Windows PC on Dec 9. Starting this week, Ubisoft Quartz will enable players to acquire “Digits” – the first NFTs to be made available in a triple-A game. The first batch of Digits will launch with limited editions with a fixed number of unique in-game items. They can be purchased with cryptocurrency, but are only available in the U.S., Canada, Spain, France, Germany, Italy, Belgium, Australia, and Brazil.
Ubisoft has selected the Tezos network for the properties of its proof-of-stake consensus which is more energy-efficient than mining. Vice President of Ubisoft’s Strategic Innovation Lab, Nicolas Pouard, commented:
Ubisoft Quartz is the first building block in our ambitious vision for developing a true metaverse. And it can’t come to life without overcoming blockchain’s early-form limitations for gaming, including scalability and energy consumption.
El Salvador President Nayib Bukele explained to Peter Schiff why it didn’t make sense to criticize his country for continuing to take advantage of dips in the Bitcoin price. Schiff is the CEO of Euro Pacific Capital, a full-service, registered broker/dealer specializing in foreign markets and securities, and founder and Chairman of SchiffGold. The bill to make Bitcoin legal tender in El Salvador got passed by the Legislative Assembly on June 9 and the Bitcoin Law became effective on September 7. El Salvador’s President, Fausto Bukele, responded to Schiff’s attack on his nation’s gold reserves by pointing out that the value of their gold reserves has gone down by 0.37% over the past one year. The last time El Salvador bought Bitcoin was on October 27/28, and if they had done so back then, the price would be around $204 million.
Square has announced that it is rebranding its company name to “Block” in a move that would see it give its full square brand to its seller business. This will also give the new company a distinct corporate entity from its other businesses, giving it the muscle to expand into other ventures. The company also hinted at building its own fully-fledged metaverse, joining the likes of Meta and Roblox in the crowded field of online gaming companies. This development comes just days after Dorsey stepped down as Twitter C.E.O in what he termed as “critical” to allow Twitter to stand on its own. The move was largely seen by the crypto community as well-timed, allowing Dorsey to concentrate more on building blockchain-based products.
The price of Shiba Inu jumped 25% on the Kraken exchange after whale bought 24.8 billion SHIB tokens. This made the meme token surpass Avalanche’s (AVAX) and pushed it closer to flipping its rival, Dogecoin, once again. On-chain data suggests that short-term traders have not yet entered the market, which means whales are still in control of the current trend.
Borderless Capital has launched a $500 million fund investing in digital assets powering the next generation of decentralized applications on top of Algorand (ALGO). The Miami-based company started its first Alogorand-focused fund in June 2019. It initially raised $200 million and invested in more than 100 companies, including BlockDaemon, Six Clovers and Osprey Funds. “There is a huge room to grow from here,” David Garcia, Borderless Capital’s founding managing partner said. Borderless Capital has announced a new fund that will invest in the Algorand ecosystem specifically for products involving DeFi liquidity mining, yield farming, lending, borrowing and trading
The firm will be announcing specific investments of the new fund in the coming months. SkyBridge Capital and NAX revealed a partnership in September to offer decentralized applications and institutional investment opportunities that will be part of the initiative using Algorand.
According to a popular crypto analyst Avalanche has still more room to grow. He says he’s still bullish on the smart contract platform and said it has more room to grow up to more than 280 USD. He’s comparing the movement of Avalanche to Solana’s parabolic move.
Also quoted from the crypto analyst “If the $SOL (Solana) run is anything to go by, then $AVAX (Avalanche) should have plenty of gas left in the tank.”.
Zooming in the crypto analyst chart, seems he plotted that it will go up to 280 USD with a potential of 110% from its current price 128-133 USD.
At the time of the writing the price of Avalanche still swinging from 120-140 USD with an ATR (Average True Range) of 4.2.