dai Archives - Top Crypto Game https://topcryptogame.com/tag/dai/ The latest crypto news! Wed, 21 Aug 2024 12:09:38 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://topcryptogame.com/wp-content/uploads/2022/01/cropped-favicon-32x32.png dai Archives - Top Crypto Game https://topcryptogame.com/tag/dai/ 32 32 Crypto trader loses $55M in DAI to phishing attack using Inferno Drainer kit https://topcryptogame.com/crypto-trader-loses-55m-in-dai-to-phishing-attack-using-inferno-drainer-kit/ https://topcryptogame.com/crypto-trader-loses-55m-in-dai-to-phishing-attack-using-inferno-drainer-kit/#respond Wed, 21 Aug 2024 12:09:38 +0000 https://topcryptogame.com/crypto-trader-loses-55m-in-dai-to-phishing-attack-using-inferno-drainer-kit/ Blockchain security platform Scam Sniffer reported that a crypto trader lost $55.47 million in DAI stablecoin to a phishing attack. According to the firm, the trader lost their assets after mistakenly transferring ownership of their collateralized debt position (CDP) on DeFi Saver Proxy to a malicious wallet. DeFi Saver Proxy is a proxy contract deployed […]

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Blockchain security platform Scam Sniffer reported that a crypto trader lost $55.47 million in DAI stablecoin to a phishing attack.

According to the firm, the trader lost their assets after mistakenly transferring ownership of their collateralized debt position (CDP) on DeFi Saver Proxy to a malicious wallet.

DeFi Saver Proxy is a proxy contract deployed by Maker, the issuer of DAI stablecoin, for traders managing collateralized debt positions (CDPs).

The victim, identified as ‘0xf2B8,’ executed a ‘SetOwner’ transaction, unknowingly redirecting ownership of their DeFi Saver Proxy contract to a phishing address. When the victim attempted to execute a transaction, it failed because they no longer owned the DeFi Saver Proxy.

The attacker then transferred ownership to another address and drained the entire $55.47 million in DAI from the victim’s account.

Yu Xian, the founder of blockchain security firm SlowMist, pointed out that the attacker utilized the notorious Inferno Drainer crypto wallet-draining kit to perpetrate the attack.

Meanwhile, the blockchain analytical platform Lookonchain stated that the attacker had exchanged 27.5 million DAI for 10,625 ETH as of press time.

Phishing exploits

This latest exploit highlights the continued threat of phishing attacks in the crypto industry. In these frauds, attackers impersonate legitimate entities to steal sensitive data and gain access to their victims’ crypto wallets.

According to a report by Scam Sniffer, Wallet Drainers, a type of phishing malware, are often used on these phishing websites to trick users into signing malicious transactions. This year alone, over $314 million worth of digital assets were stolen through phishing exploits in the first half of 2024.

These attacks affected 266,713 victims and involved various phishing methods, including Permit, Increase Allowance, Increase Approval, and Uniswap Permit2. Pendle tokens were the most affected assets, followed by Restaking and Aave Collateral assets.

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]]> https://topcryptogame.com/crypto-trader-loses-55m-in-dai-to-phishing-attack-using-inferno-drainer-kit/feed/ 0 MakerDAO’s dual stablecoin solution promises to resolve longstanding trilemma https://topcryptogame.com/makerdaos-dual-stablecoin-solution-promises-to-resolve-longstanding-trilemma/ https://topcryptogame.com/makerdaos-dual-stablecoin-solution-promises-to-resolve-longstanding-trilemma/#respond Thu, 16 May 2024 13:10:47 +0000 https://topcryptogame.com/makerdaos-dual-stablecoin-solution-promises-to-resolve-longstanding-trilemma/ Rune Christensen, the founder of MakerDAO, has proposed a novel solution to the Stablecoin Trilemma. This trilemma posits that achieving a stable value pegged to the dollar, maintaining decentralization, and scaling to meet demand are mutually exclusive goals. Christensen’s solution involves a dual stablecoin framework, envisioning the evolution of Maker’s DAI stablecoin into two distinct […]

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Rune Christensen, the founder of MakerDAO, has proposed a novel solution to the Stablecoin Trilemma.

This trilemma posits that achieving a stable value pegged to the dollar, maintaining decentralization, and scaling to meet demand are mutually exclusive goals.

Christensen’s solution involves a dual stablecoin framework, envisioning the evolution of Maker’s DAI stablecoin into two distinct entitiesNewStable and PureDAI. These stablecoins will address critical aspects of the trilemma by prioritizing utility and scalability while ensuring a dollar peg and upholding pure decentralization.

According to Christensen, DAI will be fully deprecated once the ecosystem implements and adopts these solutions. However, the timeline for this transition depends on the community’s adoption speed.

NewStable

NewStable will be the primary successor to DAI, prioritizing growth, yield, and resilience. The decentralized stablecoin would be crafted with utility and adoption in mind.

According to Christensen:

“Most Dai use cases will be succeeded by NewStable, which will focus on mass market adoption and regulatorily compliant Real-World Asset (RWA) backing, with decentralization used as a powerful tool to ensure transparency, resilience, and checks and balances.”

The stablecoin will maintain a relationship with Maker and inherit Endgame’s tokenomics, growth focus, and governance framework.

Additionally, NewStable incorporates a freeze function akin to industry standards seen in other major RWA-backed stablecoins. Implementing the freeze function is anticipated to adhere to the rule of law in jurisdictions crucial for Maker’s legal recourse against RWA collateral.

This approach enhances security, stability, and reliability, bolstering NewStable’s global mass market adoption potential.

PureDai

On the other hand, PureDAI aims for total autonomy, distancing itself from centralized influence by relying on decentralized collateral.

Christensen explained:

“PureDai will feature only purely decentralized collateral such as ETH and stETH, free-floating peg like Rai, maximally decentralized oracles and no governance or budgets.”

He said this stablecoin would become available after “a few years” and would cut all enduring ties to Maker at launch.

Upon release, DAI users can seamlessly transition to PureDAI through Maker frontends. However, it would be exclusive to the Ethereum mainnet and may expand its reach through layer-2 solutions and bridges supporting cross-chain transport.

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]]> https://topcryptogame.com/top-5-coins-whales-accumulated-in-2022-that-will-be-big-in-2023-shorts/feed/ 0 SAFEST Stablecoin – USDT, BUSD, USDC, DAI, Frax or UST https://topcryptogame.com/safest-stablecoin-usdt-busd-usdc-dai-frax-or-ust/ https://topcryptogame.com/safest-stablecoin-usdt-busd-usdc-dai-frax-or-ust/#respond Thu, 30 Jun 2022 09:08:26 +0000 https://topcryptogame.com/safest-stablecoin-usdt-busd-usdc-dai-frax-or-ust/ ⬆️Get $124 for signing up with MEXC Exchange (FREE $25 in your MEXC wallet + 1-month ALTCOIN BUZZ ACCESS PRO membership (worth $99) – 1,900+ trading pairs and services are also available for US customers. (To secure your ALTCOIN BUZZ ACCESS PRO membership DM us with your ‘newly signed up MEXC UID’ and ‘Telegram ID’ […]

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An attack on UST the day before the new Curve 4pool would start created an enormous chain reaction in the entire crypto market. More importantly, it led to a crisis of confidence in stablecoins, which are supposed to be the safe place we hold our crypto while deciding what to do next. In this video, we discuss the main ways stablecoins use to maintain their price stability pegs and what the risks are in all of the top 6 stablecoins in the market today.

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Please do your own due diligence and rating before making any investments and consult your financial advisor. The information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.

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