Blockchain Intel Tuesday #8

January 18, 2022 - Another city is making a play for Bitcoin as Treasury. Cardano is on the run. A major exchange experienced 'unusual' incident. More rug pulls and scams.

Blockchain News

• Rio de Janeiro said that the town will be puting 1% of its Treasury into Bitcoin.

• Crypto.com suspends withdrawals. Users are required to reauthenticate and reset their MFA.

• U.S. Commodity Futures Trading Commission (CFTC) has settled charges against Polymarket, an Ethereum-based prediction markets platform, ordering the firm to pay a $1.4M penalty and remove its unauthorized markets by Jan. 14.

• The smart contracts platform Cardano (ADA) is up 8% in the last 24 hours as more projects go live on the network. The project reported that it has entered the era of Basho to improve broad performance in interoperability and scalability across the network. On this coming Thursday, the project is launching of SundaeSwap, the first decentralized finance (DeFi) exchange on the Cardano blockchain. Delegating to ISO prior to the key days will entitled to airdrop of SUNDAE tokens.

Hacks and Scams

• Peckshield reported that there is a vulnerability in the Token BURG contract of the Crypto Burger project, which is currently being exploited. The Crypto Burger project is an NFT project on the BSC chain. The project party posted a message on social media that all wallets and token liquidity have been locked.

• PeckShield has detected 7 IDO protocol rugged! $GOTEM(gotEM) $ONEP (HarmonyPad) $HBARP (HbarPad) $MPLAY (MetaPlay) $ELIT (Electrinity) $PEE (MicroPee) $QDrop (QuizDrop) rugged, more than 5,744 WBNB! The funds have been deposited to @TornadoCash. Total take ran about $2.6M. This one of many examples of Initial DEX Offering (IDO) scams.

• Sports nonfungible token (NFT) minting platform and Animoca Brands subsidiary Lympo suffered a hot wallet security breach and lost 165.2 million LMT tokens worth $18.7 million at the time of the hack. 10 different project wallets were compromised in the attack. It appears that most of the stolen tokens were sent to a single address, swapped for Ether (ETH) on Uniswap and SushiSwap, then sent elsewhere.

• Creators of a non-fungible token (NFT) collection called Frosties vanished after investors poured $1.3 million into the cartoon ice cream digital collectibles. Zero Friction placed the NFT total losses for the year 2022 over $20M so far. Take a test drive of our hack and scam database here.