DeFI News by Thebittimes.Com

An error on the Binance Oracle application has led to false reports of Venus Protocol’s hack, resulting in an 11.5% drop of XVS price. Brad Harrison, Head of Venus Labs, took to X on Dec. 10, 2023, to explain that reports of Venus Protocol‘s exploit are inaccurate as Binance Oracle, a decentralized app that helps smart contracts access data outside a blockchain, reported a wrong price “resulting in about $200,000 of borrows.” Some facts: Binance Oracle, which supports the asset of snBNB in the *isolated* pool reported a wrong price resulting in about $200k of borrows. This is the only reported issue. This user is associated with a Binance account. There's no issue with the core pool or otherwise. — Brad 🫀/acc (@bradherenow) December 10, 2023 Harrison noted that “no other pools were affected,” adding the Venus team will “look ahead to enhance the security on isolated pools by adding support for price resilience.” The state...

After securing a $3.6 million seed funding round , Curvance, a decentralized finance (defi) platform, has surfaced from stealth mode. Positioned as the “everything app” for decentralized finance, lending, and borrowing, Curvance seeks to tackle fragmentation challenges across various chains and protocols. Curvance to tackle defi fragmentation The seed round , conducted on Dec. 5, garnered support from over 20 decentralized autonomous organizations (DAOs) and prominent developers.  Noteworthy contributors from over 20 decentralized autonomous organizations and prominent developers. Among the backers were Offchain Labs, the developer of Arbitrum, cross-chain messaging platform Wormhole, and angel investors, including Sandeep Nailwal, Polygon co-founder. Noteworthy contributors from various crypto projects — Scroll, Mantle, Eigenlayer, GMX, Curve Finance, Convex Finance, Balancer, Aura Finance, and Pendle Finance, along with DAOs like Frax Finance — participated in the fu...

Bitcoin (BTC) metrics signal mixed sentiments amid the recent spike to $31,000. Notably, while the number of new addresses on the bitcoin network recently surged to a three -month high, a drop in fees to a four -month low might suggest decreasing network activity. On-chain data provider Glassnode revealed these metrics in two separate disclosures. According to the blockchain data resource, the number of new addresses on the bitcoin network recently skyrocketed to 20,360.  #Bitcoin $BTC Number of New Addresses (7d MA) just reached a 3-month high of 20,360.107 View metric:https://t.co/tDzY9Fl7QL pic.twitter.com/vu4qIBRUso — glassnode alerts (@glassnodealerts) July 11, 2023 The last time the network observed such many newly-added addresses over the seven-day moving average was in April. This metric indicates a significant increase in user activity and interest in the world’s leading cryptocurrency. You might also like: Arkham is allegedly privacy trafficking...

Floating Point Group (FPG) has suspended fund deposits and withdrawals on its platform citing a security breach. The company claims that between $15 million to $20 million has been stolen from its coffers and it’s now collaborating with law enforcement agents to investigate the heist. FPG targeted by hackers  Floating Point Group (FPG), a digital assets brokerage company headquartered in Southeast Asia and Asia Pacific (APAC), has indefinitely suspended fund withdrawals , due to a cyber security attack it encountered on June 11. According to a Twitter thread by FPG, upon discovering the security breach, it froze all third-party accounts under its custody and migrated funds to more secure wallets. Though the team claims its account segregation system cushioned the impact of the attack, the bad actors however managed to steal between $15 million to $20 million. Founded in 2018 by John Peurifoy, Kevin March, and Van Phu, FPG claims to eliminate the barriers to liquidity acc...