“The Ethereum Layer 2 lending project, SwirlLend, allegedly perpetrated an exit scam, leading to user losses around $460,000. The scam was exposed by cyber-security firm PeckShield, revealing suspicious activities such as the sudden disappearance of SwirlLend’s social media presence. This incident emphasizes the ever-present risk in the DeFi ecosystem and the importance of due diligence.”
Search Results for: SwirlLend
Web 3 Dilemma: $1.2 Billion Lost to Hacks and Fraud Amid the Blockchain Revolution
“The digital ecosystem of Web 3 platforms has reported a loss of over $1.2 billion this year due to hacks and rug pulls, states web3 bug bounty establishment, Immunefi. With heavy losses in August 2021, Ethereum witnessed the most manifold of attacks. Hacks clearly outweighed frauds as the root cause of these financial missteps. These financial drains highlight the need for thorough scrutiny of blockchain technology’s defense mechanisms.”
Cross-Border Crypto Regulations: A Comparative Study between the US and Canada
“Jeremy Koven, president of CoinSmart, discusses the differential path of crypto regulations in various countries, emphasizing the clarity in Canada compared to the fragmentation in the US regulatory landscape. This perspective highlights regulatory hurdles possibly hindering US crypto growth.”
Scammer’s Paradise? Investigating Security Setbacks on Coinbase’s Base Platform
Recently, a crypto lender, SwirlLend, scammed the newly launched Base platform, resulting in a significant loss of cryptocurrency and trust. This incident, second in a few days, has raised security concerns and emphasizes the necessity for robust cybersecurity measures in the crypto realm.
Stellar Foundation’s Unprecedented Investment in MoneyGram: A Leap or a Stumble?
Stellar Development Foundation becomes a minority investor in MoneyGram International, deviating from the norm. ZetaChain closes an equity funding round, aiming to simplify asset and data management across multiple blockchains. Adidas and BAPE merge fashion and NFTs.