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ETH, WBNB, USDC Stolen as Radiant Capital Suffers $50M Loss

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3 hours ago

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Radiant Capital, a decentralized finance (DeFi) lender, reported a significant security breach across multiple blockchain networks, resulting in substantial financial losses. On Wednesday, unidentified attackers exploited vulnerabilities in Radiant’s blockchain contracts on both the Binance Smart Chain (BSC) and Arbitrum platforms. 

This breach allowed the perpetrators to siphon off digital assets, including USD Coin (USDC), Wrapped BNB (WBNB), and Ethereum (ETH), totaling over $50 million.

USDC, WBNB, ETH Vanish in $50M Radiant Capital Cyberattack

In a recent report by web3 security startup Ancilia, the attack involved exploiting the ‘transferFrom’ function in the blockchain contracts. Through this vulnerability the attackers were able to perform unauthorized transactions from users accounts leading to the direct theft of USDC, WBNB, and ETH from Radiant’s liquidity pools.

The firm, however, stated that the exploitation of this function could have been prevented by the implementation of more security measures together with regular audits of contract changes.

In addition, revelations show that out of the eleven private keys used for protection and enhancement of the Radiant protocols, three had been tampered with. Security experts are investigating how the keys were obtained, suspecting a phishing attack on key holders or a compromised interface.

De.Fi Antivirus Web3De.Fi Antivirus Web3
Courtesy: De.Fi Antivirus Web3

Security Measures and Community Response

As a result of the breach, all the lending operations on the Binance Chain and Arbitrum markets initiated by Radiant Capital have been suspended. The organization has partnered with blockchain security companies, SEAL911 and Hypernative, to combat the issues and prevent other future cases.

Radiant has also called on its users to delete questionable approvals on their profiles and temporarily suspended new transactions.

The community response has been one of worry since similar incidents have occurred in the DeFi sector over the past few months. The loss at Radiant Capital poses a question about the effectiveness of existing measures to protect user’s assets.

Moreover, experts suggest that multi-signature wallets, although used by Radiant Capital, require real-time monitoring to prevent unauthorized access. Likewise, it increases support for the higher measures and enhance the protection against such ETH, WBNB, and USDC losses.

With higher regulatory attention towards the growing crypto hacks, Ilya Lichtenstein received a proposed 5 years imprisonment from the US prosecutors. This is for planning the 2016 hack of the Bitfinex exchange, where $6 billion was stolen. Lichtenstein pleaded guilty to charges of money laundering alongside his wife, Heather Morgan, who is facing an 18-month imprisonment.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Thailand Bank SCB Unveils New Stablecoin Remittance Solution

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6 hours ago

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October 16, 2024

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Siam Commercial Bank (SCB) has teamed up with SCB 10X to launch the first cross-border payment using stablecoins in Thailand. The new solution, created together with Lightnet, is to provide a simple and fast cross-border payment solution using stablecoins and public blockchain.

Thailand Bank SCB Unveils New Stablecoin Remittance

In a press release sent to CoinGape, SCB has revealed that this new innovation of theirs is a great leap forward in modernizing cross-border payments. By using stablecoins—digital assets pegged to the U.S. dollar or gold—the system is designed to make cross-border transactions faster, more efficient, and cost-effective.

The service is available at any time of the day – the company’s clients can send and receive payments at any moment which also improves the flexibility comparing with the standard schedule of banking institutions. Since the users can transact using local currencies, the stablecoin system makes it easier to convert between the digital asset and the local currency, making the transaction seamless.

This initiative also removes the requirement of pre-funded accounts between financial partners thus enhancing capital utilization while at the same time cutting on expenses. This system is a major advancement for the financial services industry in Thailand, given the partnership between SCB and Lightnet.

Fireblocks Security of Cross-Border Transactions

Security is a key element of this new payment solution with Fireblocks offering the required custody solutions to secure the digital assets. Through the use of Fireblocks’ custody technology, SCB assures that the assets being traded are well protected and there is little chance of the assets being stolen or lost.

Michael Shaulov, the CEO and Co-founder of Fireblocks, said,

“With the Fireblocks’ secure custody technology, the cross-border transactions are not only faster and easier but also more secure.”

This added layer of protection is important as the financial industry is quickly embracing digital assets and security breaches are still a rising concern.

Thailand SEC Launches Sandbox to Boost Crypto Innovation

This stablecoin remittance project is among the first to complete the Bank of Thailand’s (BOT) regulatory sandbox which ended in October 2024. The sandbox, regulated by the Thailand Securities and Exchange Commission (SEC), provides the financial institutions the opportunity to experiment new financial solutions and products such as those based on blockchain technology and digital assets.

The sandbox was introduced by Thai regulators as a part of the larger plan to promote cryptocurrency and blockchain in the country. For instance, the SEC’s Digital Asset Regulatory Sandbox initiative launched in 2024 allows financial firms to conduct trials of cryptocurrencies in a legal framework. This was warmly embraced during the public hearing and has opened new possibilities for financial innovation within Thailand’s digital asset market.

The completion of SCB’s stablecoin project from the sandboxing process shows that the system has undergone proper regulatory assessment and is now ready for the commercial market. This milestone also paves way forward for the adoption of blockchain technology in the traditional banking sector.

Plans for Corporate Expansion

Following the system’s successful launch for retail users, SCB and Lightnet are now preparing to expand the service to corporate clients. The aim is to offer businesses the same advantages currently enjoyed by individual customers, including lower transaction costs, faster payments, and 24/7 availability.

Eliminating pre-funding requirements and operational inefficiencies will streamline cash flow management for corporate clients, especially those engaged in international trade. This will provide businesses with a seamless and cost-effective solution for both inbound and outbound remittances.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Is $5000 Ethereum Price Possible In 2024?

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10 hours ago

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October 16, 2024

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With the crypto market again buzzing, there are questions about whether the Ethereum price can reach $5,000 this year, a price level that would mark a new all-time high for the crypto. However, ETH reaching $5,000 depends on some factors, which will be explored in this article.

Will Ethereum Price Reach $5,000 This Year

From a fundamental analysis perspective, several events and happenings support the ETH price reaching $5,000 this year. For instance, Ethereum’s co-founder Vitalik Buterin recently outlined a roadmap for key technical improvements to the network. Vitalik proposes lowering the staking requirement to one ETH.

This will allow greater participation in the Ethereum network and make it more decentralized. Such development is also bullish for the Ethereum price as it will increase the number of ETH tokens staked, potentially leading to a supply shock as more coins get removed from circulation.

Another factor that supports a price surge to $5,000 this year is that Ethereum whales are still bullish on ETH. Santiment data shows that these whales control over 44% of the crypto’s supply. This indicates that these investors anticipate that the ETH price will rise significantly in this market cycle.

IntoTheBlock data also shows that these whales have been actively accumulating ETH even when the price remained tepid. The large holders’ netflow has surged by almost 50% in the last seven days, indicating that whales are withdrawing more ETH from exchanges than they are depositing. Withdrawals from exchanges suggest they are looking to hold for the long term.

On the other hand, it is worth mentioning a couple of fundamentals that paint a bearish picture for Ethereum and could prevent the ETH price from reaching $5,000 this year. One is that other networks are currently stealing mindshare from Ethereum. For instance, SOL recently overtook ETH in weekly and daily DEX volumes.

Ethereum has thrived as the home of decentralized finance (DeFi). However, its dominance in the DeFi space is at risk, with networks like Solana on its heels. Ethereum potentially losing its dominance to Solana will ultimately lead to a decline in ETH’s utility.

The Spot Ethereum ETFs are also currently bearish for the Ethereum price as they continue to witness significant outflows. On October 15, they saw $12.7 million in net outflows despite the crypto market rallying on the day.

This indicates the outflows these funds have witnessed before now weren’t necessarily because of the market conditions but more likely because institutional investors haven’t warmed up to ETH as they did with Bitcoin. SoSoValue data shows that the Spot Ethereum ETFs have witnessed $554 million in net outflows since they launched in July.

From A Technical Analysis Perspective

Crypto analysts like Mikybull Crypto have predicted that the Ethereum price can reach $5,000 and even surpass it. Mikybull Crypto recently stated that ETH’s run to $6,000 will kick off soon as the crypto’s price is about to break out. However, his accompanying chart suggested that the rise to $5,000 and then $6,000 might not happen this year.

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Crypto analyst Ali Martinez also recently predicted that the Ethereum price could rally to $5,000 and then $6,000. He noted that every bounce of this channel’s lower boundary has historically led to an average 130% price increase for Ethereum.

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The analyst added that if the pattern holds, ETH could rally to $6,000 if the key $2,300 support level stays intact. However, his accompanying chart showed that the rise to $6,000 is unlikely this year. Crypto influencer Poseidon believes the Ethereum price surge will be the “most hated rally” when it happens.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Standard Chartered-Backed Zodia Custody Launches Wallet, Partners Galaxy Digital

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14 hours ago

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October 16, 2024

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Zodia Custody, a leading digital asset custodian backed by Standard Chartered, has launched its latest product, Unified Wallets today. The product focuses on boosting operational efficiency for institutional clients. Notably, this move comes as the firm partners with Galaxy Digital to expand its custody solutions.

Meanwhile, the new wallet feature allows institutions to pool assets and streamline transactions without compromising security, making it a game-changer for digital asset managers.

Standard Chartered Backed Zodia Custody Launches Wallet

Zodia Custody’s Unified Wallets offer a significant leap in digital asset management. The new solution allows institutions and fund managers to pool funds from various clients into individual wallets, simplifying transaction processing.

Notably, this innovation reduces costs, ensures smooth transfers, and enhances operational efficiency for businesses dealing with digital assets. By partnering with financial institutions like Galaxy Digital, the firm positions itself as a leader in the institutional digital asset space.

Meanwhile, the Unified Wallets system allows businesses to track deposits in real time and quickly withdraw assets from a cold wallet, all without sacrificing control or security. Zodia’s CEO Julian Sawyer emphasized this, stating that Unified Wallets combine the flexibility of omnibus wallets with the security of segregated assets, making it ideal for optimizing operations in the digital asset sector.

It’s worth noting that Galaxy Digital is the first to implement this feature, marking a milestone in Zodia Custody’s expansion into more sophisticated digital asset management. Andrew Taubman, Deputy Chief Operations Officer at Galaxy, praised the partnership, noting that the firm’s approach enhances their trading operations while maintaining top-tier security.

Strengthening Partnership With Galaxy Digital

Zodia Custody’s partnership with Galaxy Digital showcases its dedication to delivering secure and scalable solutions for institutional investors. As institutional engagement with digital assets grows, custodians like the firm need to offer solutions that balance operational efficiency with strong security measures.

The company’s clients like Galaxy, can now enjoy the benefits of the Unified Wallets alongside Zodia’s other offerings, such as the unique Interchange service. This feature allows sophisticated investors to choose their preferred trading venues while benefiting from off-venue settlement for market makers and OTC desks.

In addition, this enhances the flexibility of trading and settlement processes, providing clients with more control over their assets. Sawyer believes the growing adoption of Zodia Custody’s solutions reflects the strength of the platform. Besides, it also gained notable traction as investors often look for the top crypto wallets to safely keep their holdings.

He stressed that the company’s products are designed to meet the unique needs of digital asset businesses, providing the flexibility, security, and operational ease that today’s institutional investors demand.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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