Peckshield has reported that Aave's Earning Farm has fallen victim to a reentrancy attack, leading to the theft of around $287,000 worth of Ether.
The connection between this attack and the vulnerabilities in Curve Finance's pools remains uncertain.
Coinlive reported previously on July 30 how reentrancy attacks drained over $61 million from the stable pools of the DeFi protocol.
The exploit in the Curve hack stemmed from a vulnerability impacting three iterations of the Vyper programming language, widely used by DeFi protocol developers.
Earning Farm stands as a user-friendly protocol catering to Ether, wrapped Bitcoin (wBTC), and USD Coin holders.
The protocol, as per its website, underwent a security audit by the Slowmist security firm.
This incident is not the first instance of an attack on the protocol. In October 2022, Earning Farm experienced two malicious hacks on its EFLeverVault due to flash loan attacks.
These attacks involve borrowing a substantial amount of cryptocurrency within a single transaction, manipulating its value through various transactions, and promptly repaying the loan, all within the same transaction.
Exploiting price inconsistencies and momentary imbalances within the system allows hackers to profit from these attacks
Many are wondering how the industry plans to safeguard against future attacks.
Blockchain security experts are increasingly advocating for comprehensive security audits and testing of smart contracts, which are the building blocks of these projects.
By identifying vulnerabilities and weaknesses early on, developers can proactively strengthen the protocols.
Santiment, a crypto analytics firm, has identified bullish divergences in the native token of a decentralized finance (DeFi) project based on Ethereum (ETH).
ZoeyIn response to the discovery of a technical glitch, Aave has taken measures to safeguard user funds, momentarily suspending market operations while prioritising the security of assets.
CatherineIndian YouTuber Ranveer Allahbadia, known as Beer Biceps, experienced a significant cyber attack that resulted in hackers renaming his channels to names associated with Elon Musk, Trump, and Tesla, while deleting most of his content. Fortunately, his channels were restored shortly after, prompting him to emphasize the importance of cybersecurity to his followers.
AnaisEpic Games has sued Google and Samsung, accusing them of restricting competition. The lawsuit claims Samsung’s Auto Blocker prevents app installations outside the Google Play Store, limiting consumer choice and harming developers.
CatherineStarting from 4 October 2024, digital asset firms in Singapore must follow new rules to protect retail investors, including safeguarding customer assets and banning incentives to attract new customers. The second phase, effective 19 June 2025, requires firms to assess retail investors’ understanding of the risks involved with cryptocurrency investments.
WeatherlyGemini is closing all Canadian accounts by December 2024 due to stricter regulations from the Canadian Securities Administrators. Several other exchanges, like Binance and Bybit, have also left Canada because of these new rules.
WeatherlyJesse Pollak, creator of Base, will lead Coinbase Wallet and join the executive team. Experts believe his role could help solve the user experience issues that have slowed cryptocurrency adoption.
KikyoSony Semiconductor Solutions and Raspberry Pi have launched the Raspberry Pi AI Camera, which features the advanced Sony IMX500 sensor for AI image processing. This camera is easy to use, integrates seamlessly with Raspberry Pi devices, and is priced at US$70, making it accessible for hobbyists and developers.
JoyAs crypto regulation discussions heat up, former Chinese Finance Ministry official Zhu Guangyao has urged the government to reconsider its strict ban on virtual assets. He acknowledged the risks of cryptocurrencies while emphasizing the need to analyse global trends and policy changes to guide China's approach.
CatherineIndonesia's first NFT postage stamp, featuring the Cenderawasih bird, was launched on September 27, 2024, to celebrate the 79th anniversary of the Indonesian Post. This collectible item, available in limited quantities, aims to attract younger collectors and enhance the traditional stamp hobby through blockchain technology, ensuring authenticity and security.
JoyBitwise has filed for an XRP ETF in Delaware, focused on Ripple's token. Despite the news, XRP's price stayed low, while the broader crypto market saw sharp declines in the past 24 hours.
CatherineTelegram's top crypto games, Hamster Kombat (HMSTR) and Catizen (CATI), have seen their tokens drop over 50% from peak values, echoing declines in other gaming tokens like Notcoin (NOT) and Toncoin (TON). The question now is whether they can recover or face a continued decline and possible collapse.
Kikyo
