The Uniswap rival manages to fend off an attack in a matter of hours.
As exploits and hacks run rampant across the DeFi ecosystem, at least one project appears to have fended off the worst of an attack — the once-maligned “vampire” AMM (automated market maker) exchange Sushiswap.
Observers noticed last night that Sushiswap — which got its start leeching liquidity from rival AMM Uniswap — was experiencing an exploit, and that anonymous head developer 0xMaki was taking steps to mitigate it:
Possible @SushiSwap exploit found? @0xMaki sends exploiter a tx with a message to collect bug bounty.
Reports from the Sushiswap Discord channel now indicate that the exploit has been resolved, and that all lost user funds (between $10,000 and $15,000) will be covered by the Sushiswap treasury.
To gain a better understanding of the exploit and what it means for Sushiswap, Cointelegraph spoke to one of the smart contract engineers that 0xMaki personally thanked on Twitter for helping to mitigate its effects: self-described “DeFi degen” and solidity developer ‘andy.’
Post-Mortem when I wake up, exploiter got around 10-15k so far from the 0.05% fees cut of Sushiswap.
LP - xSushi holders are safe!
It is a fascinating one thanks @andy8052@danielque & sushi core devs for the quick reaction and help.
According to andy, 0xMaki contacted him at 10pm EDT.
“He (0xMaki) said there was some weirdness going on but was unsure what it was. We spent about 1 hour in a discord call going through transactions until we figured out what the exploit was.”
Andy explained that the attacker wrapped liquidity pool tokens and deployed them to a new pool, allowing the attacker to execute “really weird logic to pull the underlying tokens from the reward contract.”
The affected contracts were patched within hours, and according to 0xMaki the auditing firm Peckshield will be reviewing the changes
Adding a layer of intrigue to the exploit is that 0xMaki and the Sushiswap team attempted to communicate with the exploiter as they searched to find a solution, sending a short message to the exploiters address:
“I see you, we are working on fixing it. Contact me on Discord for a bug bounty - 0xMaki,” the message read.
With the passage of time, however, the market is once again showing signs of faith in Sushiswap. The price of the exchange’s SUSHI governance token is up over 100% on the month.
For his part, andy’s faith never wavered and the response to the attack is just another sign of the competency from the new Sushi team.
“They have been heads down working super hard. Just look at all the cool stuff they have released and are working on. It definitely doesn't hurt my view of them but also didn't really change much for me personally as I already thought pretty highly of the team.”
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Fast food chains like Burger King and Church's Chicken already accept crypto payments in the South American nation.
A famous U.S.-based pizza chain has begun accepting cryptocurrency payments in all its stores in Venezuela.
According to a Nov. 27 tweet from crypto services firm CryptoBuyer, Pizza Hut stores in the South American nation now accept crypto as a form of payment for food and drinks. The move follows the crypto firm partnering with Mega Soft to drive adoption in Venezuela by facilitating crypto payments at more than 20,000 shops and businesses.
“Pizza Hut nowadays cannot be detached from these technological advances and all those incorporating new approaches for daily necessities," said Richard ElKhouri, General Director for Venezuelan operations of the pizza chain, in an interview with local news outlet ElAxioma. “It is important that we accommodate young people, modern adults, and people technologically knowledgeable.”
Using CryptoBuyer, customers can purchase pizza at the restaurant chain with Bitcoin (BTC), Litecoin (LTC), Dash (DASH), Binance Coin (BNB), Binance USD (BUSD), Ether (ETH), Tether (USDT), Dai (DAI), and its native token XPT. Pizza Hut has locations in the capital, Caracas, as well in the cities of Maracay, Maracaibo and Barquisimeto.
Based in Panama, Cryptobuyer is a cryptocurrency merchant gateway startup that also runs Bitcoin ATMs across Central and South America. The firm has already opened popular companies for crypto payments, including U.S.-based fast food chains like Burger King, the Tamanaco Intercontinental Hotel in Caracas, and Traki, the largest chain of retail stores in the country.
Bitcoin's beginnings go hand-in-hand with the American staple dish, as the first documented commercial purchase using the cryptocurrency was an order for two pizzas. On May 22, 2010, programmer Laszlo Hanyecz completed the first documented commercial Bitcoin purchase, paying 10,000 BTC — now worth roughly $181 million — for a Bitcoin Talk forum user to send him two pies from a Papa John's store in the United States.
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“I think that the days when folks believed that there’s only going to be Bitcoin, I think, are over,” said Asheesh Birla.
In a podcast for Lend Academy recorded Nov. 5, Asheesh Birla called Bitcoin (BTC) a “pretty innovative alternative to gold,” but added that 2020 had shown there was room for a lot of tokens in the crypto space.
“I think that the days when folks believed that there’s only going to be Bitcoin, I think, are over. I think it’s clear that there’s gonna be a lot of digital assets and there’s gonna be a lot more traditional assets that are gonna be tokenized as digital assets.”
The RippleNet GM made the comments when the price of XRP was roughly $0.25. It has since tripled, surging to $0.92 last week before crashing 30% amid a wider market rout.
Despite the lack of movement in XRP at the time, Birla added he was feeling bullish over the crypto space coming back “red hot again” after the 2018 crash.
“I don’t see the traditional venture capitalists as interested as they were in 2017,” he said. “But in my mind I couldn’t be happier in terms of innovation in the space.”
Both Ripple co-founder Chris Larsen and CEO Brad Garlinghouse have recently expressed frustration at the lack of regulatory clarity for Ripple in the United States. Last month, SBI Holdings CEO and Ripple board member Yoshitaka Kitao said that the blockchain-based payments may be considering relocating its headquarters to Japan. Larsen believes authorities in the U.S. have a “regulation through enforcement” policy and are “woefully behind” in preparing for the cryptocurrency-based next generation of a global financial system.
At the time of publication, the price of XRP is $0.61, having dropped 3% in the last 24 hours.
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Bitcoin and a few altcoins have seen aggressive buying at lower levels, which could result in a retest of their recent highs.
As Bitcoin price rallied to a new 2020 high, the open interest on CME Bitcoin (BTC) futures rose to $1.16 billion, making it the world’s largest Bitcoin futures market, according to Arcane Research. This suggests that institutional investors are relatively unmoved by the recent sharp correction in Bitcoin price.
Guggenheim Partners has become the latest and the largest Wall Street institution that plans to invest in Bitcoin.
Guggenheim has sought the Securities and Exchange Commission's (SEC) nod to invest up to 10% of its Macro Opportunities Fund’s net asset value in Bitcoin through the Grayscale Bitcoin Trust. The fund currently has $5.3 billion in assets, hence, Guggenheim may buy $500 million or more worth of Bitcoin.
The increase in institutional investor’s appetite comes even as Bitcoin is close to its all-time high and this shows they are confident in the long term story of the digital asset.
Global Macro Investor and Real Vision CEO Raoul Pal said in an interview with Cointelegraph that Bitcoin’s most conservative target is a rally to $150,000 by November 2021. If a large amount of institutional money continues to flow into the crypto space, Bitcoin could even rise to $250,000, added Pal.
The long-term fundamentals of cryptocurrencies continue to improve but the price could still fall in the short term and it's likely that investors will view each dip as a buying opportunity.
Let’s analyze the charts of the top-five cryptocurrencies to find out what opportunities exist.
BTC/USD
In a strong uptrend, the bulls generally buy the dip to the 20-day exponential moving average. The long tails on the Nov. 26 and 27 candlesticks show that bulls aggressively purchased Bitcoin (BTC) at lower levels.
The upsloping moving averages and the relative strength index (RSI) in the positive zone suggest that bulls are in control.
However, the bears will try to stall the current up-move at $18,210.77, which is the 61.8% Fibonacci retracement level of the most recent fall. If the price turns down from this resistance, a few days of range-bound action is possible.
Conversely, if the bulls can push the price above $18,210.77, the BTC/USD pair could rally to $19,459.22 and then to the magical number of $20,000. A breakout of this resistance could start the next leg of the uptrend.
This bullish view will be invalidated if the price turns down from the current levels and plummets below $16,000.
The 4-hour chart shows that the rebound off the lower levels has hit a wall near the 50-simple moving average, which is placed just below the 61.8% Fibonacci retracement level of $18,210.77.
If the bears can sink the price below $17,500, a retest of $16,400 will be on the cards. If the bulls again buy at lower levels, a few days of range-bound action could ensue.
On the contrary, if the bulls can propel the price above $18,210.77, a retest of $19,459.22 is possible.
ETH/USD
The long tails on the Nov. 26 and 27 candlesticks show that the bulls purchased the dips in Ether (ETH) to the breakout level of $488.134 aggressively. This suggests that the sentiment remains positive.
The upsloping moving averages and the RSI in the positive zone suggest that bulls have the upper hand. However, the buyers are unlikely to have an easy path to $625. The bears will try to stall the current rally at the 61.8% Fibonacci retracement level of $569.019.
If the price turns down from this resistance and breaks the 20-day EMA ($512), then a retest of $482 will be on the cards.
Conversely, if the bulls can push the price above $569.019, the ETH/USD pair could rally to $592.674 and then $622.807. A breakout of this level may start the next leg of the uptrend that could propel the pair to $800.
The 4-hour chart shows that the bears are defending the 50-SMA. If the price turns down from the current levels and drops below $520, a retest of $482 will be on the cards.
However, if the bulls can push the price above $569.019, a rally to $592.674 and then to $622.807 is possible.
Traders can keep an eye on the RSI because if it sustains above 60, it will suggest that bulls are back in command. On the other hand, if the RSI turns down from 60, it will suggest resistance at higher levels and that could result in a few days of range-bound action.
ADA/USD
Cardano's ADA had corrected to $0.1199845 on Nov. 26, just above the 78.6% Fibonacci retracement level of $0.1173063. Usually, such a large fall reduces the possibility of the continuation of the uptrend.
However, the long tail on the Nov. 26 candlestick and the sharp rebound on Nov. 28 has again brought the bulls back in contention. The bounce shows that the bull aggressively purchased at lower levels.
The upsloping moving averages and the RSI near the overbought territory suggest that bulls are in command. If the bulls can thrust the price above $0.1826315, the next leg of the uptrend to $0.2129 and then to $0.235 could begin.
Contrary to this assumption, if the price turns down from the $0.1826315 resistance, the ADA/USD pair may remain range-bound for a few days.
The upsloping moving averages on the 4-hour chart and the RSI in the positive zone show that the bulls have the upper hand. The buyers will now try to drive the price above $0.175 resistance.
If they can do that, a retest of $0.1826315 is possible. Conversely, if the price turns down from the overhead resistance, the pair could remain range-bound for a few days. A break below the moving averages will suggest that the bears have made a comeback.
XLM/USD
The correction in Stellar Lumens (XLM), from the recent highs of $0.231655 on Nov. 25, only lasted only for a day on Nov. 26. This suggests that the bulls aggressively purchased the dips as they expect the rally to extend further.
The upsloping moving averages and the RSI in the overbought territory suggest that bulls are in command. The buyers made their intention clear with the 22.83% rally on Nov. 27.
If the bulls can push the price above $0.231655, the next leg of the uptrend could begin. The next level to watch on the upside is $0.2933.
However, the bears have other plans as they are trying to stall the up-move in the $0.22 to $0.2316555 resistance zone.
The bulls are attempting to defend the 20-EMA. If the price bounces off this support, the bulls will try to push it above the downtrend line. If they succeed, a retest of $0.231655 will be on the cards.
Contrary to this assumption, if the bears sink the price below the 20-EMA, the pair could drop to the 50-SMA. If that happens, the pair may consolidate in a large symmetrical triangle for a few days.
The advantage will shift in favor of the bears if the pair drops below the $0.145 to $0.140 support zone.
XEM/USD
NEM (XEM) broke out and closed above $0.1690655 on Nov. 25 but the long wick on the day’s candlestick showed that the bulls booked profits at higher levels. That was followed by a sharp decline on Nov. 26.
However, the bulls purchased the dip to the 20-day EMA ($0.147) as seen from the long tail on the Nov. 26 candlestick. The bulls pushed the price back above the overhead resistance on Nov. 27.
The price has sustained above $0.1690655 for the past two days but the bulls are facing resistance close to $0.190. The bears are currently attempting to sink the price back below $0.1690655. If they succeed, a drop to the 20-day EMA will be on the cards.
Conversely, if the bulls can push the price above the $0.190 to $0.2122 resistance zone, the next leg of the uptrend to $0.275 could begin.
The bulls are currently attempting to defend the critical support at $0.1690655. If the pair rebounds off this support, the bulls will try to push the price above the downtrend line. If they succeed, the XEM/USD pair could rise to the $0.203 to $0.2122 resistance zone.
Contrary to this assumption, if the bears sink the price below $0.1690655, a drop to the 50-SMA is possible. A break below this level could result in a retest of the $0.1428512 support.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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One reason for Bitcoin’s rise is Paypal. Since offering cryptocurrency services a month ago, the payments company has taken 70% of newly minted Bitcoin. Add in Square’s Cash App, and more than 100% of new Bitcoins are going to the two payment companies. And it’s just as well that those companies are getting into the Bitcoin game because current players are struggling to handle the demand. Coinbase has suffered a number of outages as demand has risen.
Of course, there’s always the government to get in the way. The US Federal Reserve and the Financial Crimes Enforcement Network have proposed a rule to acquire more information about small, international transactions—including digital currencies. They’ve suggested lowering the threshold to $250. President-elect Joe Biden will appoint Janet Yellen to serve as Treasury Secretary. Yellen previously chaired the Federal Reserve and has called Bitcoin “anything but useful.” On the other hand, Andrew Yang appears to be in line for the job of Secretary of Commerce. Yang has talked of implementing blockchain-based voting and laid out plans to regulate cryptocurrency. Nigeria appears to be doing better. The country’s Ministry of Finance is talking to the securities regulator to create a crypto framework.
That mystery shows why understanding and discussing crypto is so important. CNBC’s Ran Neuner has launched a 24/7 crypto call-in show. Crypto Banter, the first show of its kind, aims to be a source of live, credible information about cryptocurrencies.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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With cheap and scalable trustless systems, blockchain tech has the ability to drive industry adoption to a new level.
When most people imagine the problems solved and industries disrupted by blockchain technology, the typical use cases come to mind: global currency, store of value and even a way to track goods on an immutable ledger.
A good starting point in understanding what drives the adoption of new technology is to take a deeper look at human psychology and understand what motivates the average person to participate in the cryptocurrency space. As of now, the lion’s share of users who participate in the space do so in the pursuit of riches, not dissimilar to that in the days of the gold rush. Hierarchy of needs creator Abraham Maslow wrote in his book:
“It is as necessary for man to live in beauty rather than ugliness as it is necessary for him to have food for an aching belly or rest for a weary body.”
While this innate drive toward wealth and prosperity is a strong human motivator in itself, there are even stronger human motivations that blockchain can appease. The possible synergies between blockchain technology and philanthropy is best illustrated in The Bottom Billion, a book written by Oxford University professor Paul Collier exploring the reasons why impoverished countries fail to progress despite international aid and support. In the book, Collier argues that there are 60 countries whose combined 1 billion residents experienced little, if any, income growth over the 1980s and 1990s. Although there are several “development traps” explored by Collier that these countries can fall victim to, two in particular can be disrupted using blockchain technology: bad governance and the natural resource trap.
The natural resource trap
As a result of systematic oppression, many of these countries in the bottom billion have governance issues preventing the countries from flourishing. The most glaring governance issue in many of these countries is corruption. A complete lack of transparency of authoritarian governments with little to no democratic values such as freedom of press and speech create a black hole that absorbs all resources coming into the country. In addition to blatant corruption, fiscal policies in some of these countries are poorly formulated by regulators who don’t have the experience or educational background to develop and maintain a sound economic environment.
Blockchain technology is a good solution to both of these issues. By having an immutable ledger that cannot be manipulated by anyone, regardless of power or influence, a country can have a transparent and trustworthy view of their countries’ natural resources and funds. Additionally, using blockchain technology protocols as a store of value could bring economic stability to these types of countries that often face massive inflation, bank runs and strict currency controls. The ability to have a source of value completely separated from their government’s reach and their country’s economic woes would help millions around the world in the fight against poverty.
Tying in with corruption and governance issues is the natural resource trap. Paradoxically, countries that are rich in natural resources are usually worse off than other countries. Natural resources make conflict near-inevitable, as nontransparent government officials often use surpluses for their own benefit. Fortunately, blockchain technology, through the recent explosion in companies exploring the tokenization of assets, provides a workable solution to ensuring that a country’s wealth is being utilized properly for the benefit of everyone, not just a few autocrats.
How does this tie in with philanthropy? The reality is that philanthropic efforts can only reach their true potential in a transparent and trustworthy system. Unfortunately, some pretty ugly stories surrounding forms of aid being misused or stolen have arisen over the past few decades. Often, the opacity of the systems in place prevent philanthropic efforts from ever truly reaching the people in need, with no one ever taking accountability for how the aid was used or where resources went. A great example of how blockchain technology can be used to directly impact philanthropic needs is the work being done by Mercy Corps, a nongovernmental humanitarian aid organization in Uganda.
Blockchain technology’s ability to deliver relatively cheap and scalable trustless systems may be the catalyst that many philanthropic organizations have been waiting for to make bigger strides in their humanitarian efforts. These tools provide a way to ensure that resources end up actually reaching the “bottom billion” who are struggling, and could be a starting point for seeking accountability when resources disappear.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Jarred Winn is a blockchain philanthropist, having advised for the non-profit and philanthropic arms of the world’s leading cryptocurrency exchanges, collectively raising millions towards blockchain philanthropy and COVID-19 initiatives. Previously, Winn co-founded and launched Winn.solutions, a strategic blockchain consulting and advisory firm. In addition, Winn co-founded Mindful Miracle Schools, a non-profit school in California where he leads partnerships and business operations.
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