Cypher Protocol: $600,000 in Stolen Funds Now Frozen on CEX
Cypher Protocol, a decentralized futures exchange based on Solana, successfully froze $600,000 worth of stolen cryptocurrency from the August 7th security breach. Cypher Protocol reported on Twitter on August 18th that with the help of several independent blockchain investigators, over half of the stolen funds had been successfully frozen on centralized exchanges. The return of these funds will depend on the cooperation of these centralized exchanges and the issuance of seizure orders by law enforcement agencies.
Solana Co-Founder Believes Most Layer-2 Chains Won't Serve as Sustainable Scaling Solutions in the Long Term
Solana co-founder Anatoly Yakovenko believes that the increasing number of layer-2 solutions, primarily on Ethereum, won't serve as sustainable scaling solutions in the long term. Fragmentation of the user base causes UX to become very complicated, leading to massive composability and user experience problems. <br>
Solend: All Funds Removed in USDH Price Manipulation Bug Returned
Solend, a lending protocol on Solana, announced that all stolen funds from a price manipulation attack in November 2022 have been fully returned.Approximately $1.26 million worth of assets were stolen, and the hacker returned nearly $900,000 after the price changed.
Former Goldman Sachs Executive: Solana Is Like Ethereum in 2018, Has the Potential To Perform Well
Former Goldman Sachs executive Raoul Pal said that Solana (SOL) is like Ethereum during the bear market of 2018 and 2019.
Pal said in an interview that SOL is his second largest cryptocurrency investment portfolio allocation and believes that it is likely to repeat the dramatic recovery from the bear market to new highs that Ethereum experienced a few years ago.
Solana Saga sees significant price reduction, but sales have dropped since April highs
Solana Mobile has announced a price reduction of $400 for its Android-based Solana Saga, bringing the price down from $1,000 to $599. However, on-chain data compiled by Flipside Crypto shows that sales for the Solana Saga have decreased significantly since their peak in April and May, with only slightly over 2,100 unique Saga Genesis NFT owners as of July 25. <br>
Solana Launches Developer Educator Program
Solana has announced the launch of a developer educator program. Users can participate in the Solana developer seminar held on August 14th, 16th, and 17th, with the goal of teaching the next generation of web3 developers by attending the seminar. <br>
Analyst Predicts Deep Correction for Sam Altman’s Worldcoin, Updates Outlook on Solana and Two Other Altcoins
Altcoin Sherpa, a well-known analyst, has expressed bearish sentiments towards Worldcoin (WLD), the AI-based crypto project co-created by ChatGPT founder Sam Altman. The analyst predicts that WLD is likely to experience a 40% devaluation from its current price after losing the 0.618 Fibonacci level. Altcoin Sherpa also shared his thoughts on Solana (SOL), Maker (MKR), and Rollbit Coin (RLB), stating that SOL is currently in an area of interest, MKR is his favorite setup, and RLB looks primed for a rally up to its immediate resistance at $0.126.
Cypher Protocol Halts Smart Contract After $1 Million Exploit on Solana-Based Futures Exchange
Cypher Protocol, a decentralized futures exchange based on Solana, has frozen its smart contract after an estimated $1 million exploit. The team is investigating the cause of the exploit and has reached out to the hacker to negotiate a potential return of stolen funds. The wallet believed to be tied to the exploit managed to steal approximately 38,530 Solana (SOL) tokens as well as $123,184 USD Coin (USDC) — netting a total of $1,035,203 in illicitly gained funds.
Bitcoin Trades Flat With Record Low Volatility, Solana Leads Top 10 Gainers
Bitcoin remained steady above the support level of US$29,000 on Monday, with its volatility rating hitting a record low. Ether also showed little movement, while other top 10 non-stablecoin cryptocurrencies had mixed results, with Solana leading the winners. The Forkast 500 NFT index decreased slightly, while U.S. stock futures rose after last week's losses. Investors are now waiting for another busy week of corporate earnings reports and U.S. inflation data.
Cypher Protocol's Barrett Believes Success of Solana's DeFi Ecosystem Depends on New Tokens
Solana's success in making a comeback depends on new tokens from blockchain teams that have not issued them before. These tokens are crucial for increasing liquidity, trading activity, and attracting new users to the decentralized finance ecosystem. Cypher and MarginFi have contributed to Solana's growth by offering loyalty programs that reward crypto traders with "points" for participating in their respective markets. If Solana DeFi succeeds, it could return to its multibillion-dollar heights, but failure could lead to irrelevance.
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