Wemade, a South Korea-based blockchain developer, has announced the launch of its new block explorer, WEMIX Scan, designed for the WEMIX3.0 Mainnet and testnet. This development is part of the company’s broader efforts in the blockchain space.
The block explorer is a result of Wemade’s collaboration with Etherscan, known for its expertise in blockchain data services. The partnership, initiated in May, also includes plans for a block explorer for the Ethereum layer 2 project ‘Kroma’. The release timeline for the Kroma block explorer remains unspecified.
WEMIX Scan, in its design and functionality, aligns with the standards observed in block explorers of major global blockchains. It offers users access to various data points, including transaction methods, total USD value, top 25 NCP data, and gas fees from tokens listed on platforms such as CMC/CoinGecko.
The introduction of WEMIX Scan took place during Korea Blockchain Week on September 5, 2023. Wemade participated as a sponsor for the IMPACT conference, a segment of the event.
Etherscan, primarily recognized for its Ethereum block explorer, has a track record of developing block explorers for various mainnets and testnets, including Bscscan and Polygonscan.
Wemade’s endeavors in the blockchain domain extend beyond just development. With the gaming industry showing increased interest in blockchain technology, Wemade is exploring avenues to integrate these technologies.
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According to data from block explorer, Etherscan, the attacker of the TempleDAO hack, has moved the funds stolen via the recently sanctioned crypto mixer, Tornado Cash.
This information was first disclosed by blockchain data firm on Sunday, PeckShield. A roughly amount of ETH was seen transferred from an address supposed to be that of the TempleDAO hacker to the Tornado Cash platform. The transaction started with a deposit of 0.1, and ETHoccurred place within hours on Sunday.
Tornado Cash is an Ethereum-based crypto mixer used to anonymize transactions on the Ethereum blockchain. In August, the platform got sanctioned by the United States Treasury Department’s Office of Foreign Assets Control (OFAC).
Declaring that the crypto mixer is mainly associated with high-profile hacks such as the Ronin and Harmony breaches. Specifically, OFAC claimed the crypto mixer benefited North Korea’s Lazarus Group and that the platform has been used to launder hundreds of millions of dollars worth of crypto since its launch.
Last week, TempleDAO, a protocol staking platform, suffered a hack on one of its staking vaults. As seen on Etherscan, the hacker made away with 1,830 ETH, which was roughly $2.3 million at the time.
Notably, this hack comes amid the rise of cryptocurrency hacks this month. According to new data from Chainanalysis, October 2022 is the month with the most hacking activity ever.
The data averred roughly 11 hacks amounting to $718 million happened this month alone. Chainanalysis stated, “At this rate, 2022 will likely surpass 2021 as the biggest year for hacking on record.”
Last week, trading and lending platform Mango Market suffered an exploit which happened via an oracle price manipulation attack. In addition, on October 6, popular crypto exchange, Binance confirmed a BNB cross-chain bridge hack with Roughly $100 million of Binance Coin (BNB) stolen due to the exploit.
Etherscan is the most trusted tool for navigating through all the public data on the Ethereum blockchain and is sometimes called “Ethplorer.” This data includes transaction data, wallet addresses, smart contracts and much more. The application is self-contained and is neither sponsored nor administered by the Ethereum Foundation, which is a non-profit organization.
The team behind Etherscan includes seasoned developers and industry professionals, who developed the Etherscan app to make the Ethereum blockchain more accessible to everyday users.
Although Etherscan is a centralized platform, the app does make it easier for people to search through the Ethereum blockchain.
Is Etherscan a wallet?
Etherscan is not an Ethereum wallet, nor is it a wallet service provider. Users don’t receive an Etherscan wallet when they search the Ethereum blockchain on Etherscan.
Etherscan.io is an independent Ethereum-based block explorer. The Etherscan app keeps track of blockchain transactions on the Ethereum network. The app then displays the results like a search engine.
This allows users to find the details of transactions on the Ethereum blockchain, which may give someone peace of mind if their transferred funds have not yet appeared in their wallet.
While Etherscan can track the activity on an Ethereum wallet address, users will need to link the app to an existing crypto wallet to do so.
You may wonder — Is Etherscan free to use? Yes, Etherscan is completely free.
What is Etherscan used for?
Etherscan allows users to view the assets held on any public Ethereum wallet address. Using Etherscan, enter any Ethereum address into the search box to see the current balance and transaction history of the wallet under consideration. Etherscan will also display any gas fees and smart contracts involving that address.
Users can use Etherscan to:
Calculate Ethereum gas fees with the Etherscan gas tracker
Lookup and verify smart contracts
View the crypto assets held in or associated with a public wallet address
Observe live transactions taking place on the Ethereum blockchain
Lookup a single transaction made from any Ethereum wallet
Discover which smart contracts have a verified source code and security audit
Keep track of how many smart contracts a user has authorized with their wallet
Review and revoke access to a wallet for any decentralized applications (DApps)
Users can view any transaction of the Ethereum blockchain on Etherscan. These transactions include failed and pending transactions.
Etherscan can also keep track of the progress of an incoming transfer. One way to track a transaction using Etherscan is to look it up on Etherscan.io using its hash key. The hash provides users with an estimate of how long the transaction will take to confirm. The page refreshes once the transaction is complete.
Etherscan also works as an analytics platform. Anyone can use Etherscan to analyze on-chain metrics like changes to Ether (ETH) gas costs, as well as keep track of their portfolio and monitor their transaction history for suspicious activity.
Only information that is public on the Ethereum blockchain is displayed on Etherscan, so information like a user’s private keys can’t be viewed on the app. Etherscan doesn’t store any private keys and is not involved in any of the transactions shown. The app also cannot be used to solve a transaction failure.
Do users need an account to use Etherscan?
Users are not required to sign up for an account before using the Etherscan app. However, signing up for an Etherscan account does give users access to additional features. These features include the ability to track addresses and receive notifications whenever a transaction occurs. Developers may also sign up to gain free access to Etherscan’s blockchain explorer data and application programming interfaces (APIs).
Thus, users with accounts can add their addresses to the “watch list” on the block explorer to monitor or track their investments. Users can also set alerts so that they’re notified of every incoming transaction via email. Etherscan also provides API services for developers so that they can create decentralized applications.
Etherscan provides the following information for all incoming and outgoing transactions:
Number of blocks within which the transaction was recorded and the time at which the transaction was confirmed
Sender and receiver addresses
Total transaction fee
How does Etherscan work?
To use Etherscan, simply enter any public Ethereum wallet address into the search field at the top of the Etherscan.io homepage. Doing so will allow users to view all the transactions associated with that address.
Viewing a transaction and wallet on Etherscan
Exploring a wallet address on Etherscan under the “Transactions” tab will show a list of all ETH transactions (Txns), or transactions that have used gas (Gwei) associated with that specific wallet.
Type the wallet address on Etherscan’s homepage and click “Search” to be redirected to a page that displays all of that wallet’s information. The data will include its ETH balance and its value denominated in United States dollar, as well as an overview of the wallet’s transaction history.
Click on the wallet’s Transactions tab, which will open up a new page displaying details on all the transactions involving that address. Details include the transaction ID, block height and when the transaction was confirmed.
The block height refers to the block in which the transaction was included. The sender and recipient addresses and the total transaction fee are shown as well.
To explore and track a single transaction, users will need the transaction hash or transaction ID, or TxHash. A TxHash is a unique string of numbers that identifies a transaction on the blockchain.
When users input the TxHash into the Etherscan search bar, a list of information on that transaction will be populated on the page. From here, users can go to the Transactions tab to review additional information about the said transaction. Such data includes whether the transaction status was successful, pending or failed, as well as the total amount that was transferred.
The value of the transaction in ETH, as well as the USD value of ETH at the time of the transaction, can also be viewed. Etherscan also displays the timestamp for each transaction in addition to the transaction cost, denominated in USD.
How to use the Etherscan gas tracker?
“Gas” refers to the transaction fee associated with a transaction to be executed successfully on the Ethereum blockchain. Transaction costs on Ethereum are referred to as gas fees.
Ethereum’s network can get highly congested. When a considerable amount of traffic is running on Ethereum’s blockchain due to Ethereum’s auction-based model, the average gas price goes up as users compete against one another and bid to have their transactions included in the next block. Consequently, transactions are delayed and some transactions fail.
Gas prices vary depending on the block that the user transaction has been included in, as well as the degree of network congestion. Moreover, users may not be able to discern an accurate estimate of the gas fees they’ll be required to pay before initiating a transaction.
To determine a transaction’s gas fees with accuracy, it’s best to use Etherscan’s gas tracker. Etherscan’s gas tracker does more than simply show users the difference in gas prices at various time intervals. It’s also useful for estimating how congested the network is and what the transaction cost will be per transaction.
The Etherscan gas tracker functions as an ETH gas calculator. It examines pending transactions on the Ethereum blockchain to determine how much gas a transaction will require.
Users receive a gas fee estimate so they can adjust the timing of their transactions to avoid high network traffic. Doing so saves transaction costs and allows for cheaper and smoother transactions, without suffering the anxiety that comes with not knowing whether a transaction will fail or succeed.
How to use Etherscan to check the wallet balance and history?
To see how the balance in a user’s wallet has changed over time, look up the address of the wallet on Etherscan and select “Analytics.” From here, users can see the data analytics of a user’s wallet, such as the user’s ETH balance, the entire transfer history, transactions and fees paid.
Using Etherscan to review smart contracts and wallet access
Smart contracts can be read and edited without the need for special permissions by using the Etherscan app’s “Read Contract” and “Write Contract” features. These tabs provide real-time information on various tokens and smart contracts. Users may also use these features to initiate a token transfer and approve smart contract transactions.
Removing a token’s access to the user’s wallet can be achieved using Etherscan’s Token Approval Checker. When users interact with DApps to buy or swap tokens, they tap directly into a user’s wallet with their permission. Therefore, DApps are an appealing target for scammers looking to gain access to users’ Ethereum wallet addresses.
If users see suspicious activity or believe that a DApp has been compromised, they can use Etherscan to revoke its access to a specific wallet address. The user’s assets inside the wallet will not be lost, but users will need to reauthorize the tokens when they access the DApp the next time around.
To use Etherscan to review a user’s approved token list, look up the user’s wallet address on Etherscan’s Token Approval Checker. Doing so will provide users with a list of all approved smart contract interactions with that wallet. From there, users can connect their wallet to Etherscan and click “revoke” to ensure that the specific DApp no longer has access to the user’s wallet.
The road ahead
Etherscan is one of the leading tools for accessing reliable Ethereum blockchain data. Etherscan can review smart contract code, track gas prices and monitor the Ethereum blockchain in real time.
Finally, Etherscan is free and doesn’t require a user to register to access all of its features. Overall, it’s a great place to start for users who would like to learn the full range of functionalities of a blockchain, as well as their Ethereum wallet and what information they can garner from a blockchain explorer.
The team behind the popular blockchain explorer and analytics platform Etherscan has launched an Ethereum-based wallet-to-wallet instant messaging service dubbed “Blockscan Chat.”
Blockscan is currently in beta testing mode, and it currently enables users to engage in an instant wallet-to-wallet chat, access chats from multiple devices, block spammy or unwanted addresses and get notified on the block explorer when a message has been received.
While the new feature is a great way to talk to other anons — say to negotiate an anonymous purchase — it might come in particularly handy for dealing with whitehat hackers, who have often left messages embedded in Ethereum transactions to communicate with individuals and exploited crypto platforms.
Last week’s Multichain hack, which saw a supposed whitehat hacker return 322 Ether (but keep a hefty finder’s fee) and the $610 million PolyNetwork from last year both involved anon discussion via Ethereum transactions as part of negotiations between the culprit and victims.
Etherescan subtly unveiled the new feature via a Jan. 26 tweet that read “wonder what this is for…?” with a screenshot depicting messenger notifications on the platform.
The OpenSea Opportunist seems to be quite the popular address… https://t.co/378ecWBWhO pic.twitter.com/sh7sEHyTzT
— “The Etherscan” (@etherscan) January 25, 2022
Apart from pleading with hackers to return funds for a bounty, such as the service could be helpful in the NFT market.
Twitter user “bdmartino” argued that the feature could be utilized for the negotiations of NFTs purchases between buyers and sellers, adding that if the transaction was conducted by a decentralized exchange both parties could reduce the fees associated with NFT platforms such as OpenSea.
5. Taking this one step further, why not just integrate sudoswap-like functionality directly into the Blockscan messaging app? Conversations about NFT trading will likely be a major use case.
— Bruno (@bdmartino) January 25, 2022
It also states that the information will not be traded to third parties, but will be disclosed or transferred to partnered parties such as data warehouses, IT service providers and data analytics agencies.
According to its terms of service any user who violates its acceptable use policies such as providing false, inaccurate or misleading information may be barred from a portion of, or all of Blockscan and Etherscan’s related services.
The second most popular NFT collection, Bored Ape Yacht Club, is back on the news. On the one hand, a deadly mistake cost a pseudonymous user more than $250K. On the other, a feelgood story of a diamond-hand holder that minted a Bored Ape seven months ago and just sold it for over $1M. Or did he? The deal is tainted by a suspect second transaction that the community immediately detected.
Related Reading | The Sandbox Purchase Bored Ape Yacht Club NFT for More Than $2.9 Million
Exciting beginning of the week in the Yacht Club, and NewsBTC has all the juicy details on both stories.
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A Costly-Costly Mistake In The Bored Ape Yacht Club
Maxnaut’s membership to the Yacht Club has been revoked. This person’s distraction while listing his Bored Ape for 75ETH, lead him to actually list it for 0.75ETH. A bot immediately snatched it, paying anextra high transaction feeto ensure the extremely profitable buy. Not only that, the botlisted it for 88 ETHstraight away. Forget the Roomba and those goofy Boston Dynamics robots, this is the most useful and effective bot ever created.
The ex-owner, Maxnaut,told Cnet:
“I list a lot of items every day and just wasn’t paying attention properly. I instantly saw the error as my finger clicked the mouse but a bot sent a transaction with over 8 eth [$34,000] of gas fees so it was instantly sniped before I could click cancel, and just like that, $250k was gone.”
A horror story if we ever heard one. Multitasking takes another victim.
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ETH price chart for 12/13/2021 on Kraken | Source: ETH/USD on TradingView.com
From Diamond Hands To Millionaire, But Wait…
Only 10.000 Bored Apes exist. All of them were minted for 0.08ETH each. The photographer John Knopf was one of the lucky people that believed in the project from the get-go and was greatly rewarded. This is his story. “I bought my ape for .08 on minting night and just sold it for 347 ETH. (…) I am crying so much. Thank you Bored Ape Yacht Club for completely changing my life and everyone in the community!”
I bought my ape for .08 on minting night and just sold it for 347 ETH. I am at a loss for words right now. I am crying so much. Thank you @BoredApeYC for completely changing my life and everyone in the community!!!! And thank you @_jeffnicholas_ for telling us all to buy them! https://t.co/BxeexYDmM7 pic.twitter.com/FuKtrFwhdH
— John Knopf (@JohnKnopfPhotos) December 12, 2021
The person who told him to buy completes the heartwarming story. “Going from degening into Bored Ape Yacht Club because I liked the art, to telling John Knopf to ape in that fateful Friday night (…) I’m so so so happy for you. Massive. Massive for you, and for the BAYC community.”
Going from degening into @BoredApeYC because I liked the art, to telling @JohnKnopfPhotos to ape in that fateful Friday night when he was all 🍄🤪, to this result 8mo later. Wow. @JohnKnopfPhotos I’m so so so happy for you. Massive. Massive for you, and for the BAYC community. https://t.co/bJTE83XLKl pic.twitter.com/snhIlLRi63
— jeffnicholas.eth 🍌🏴☠️🙏🏼✨ (@_jeffnicholas_) December 12, 2021
But wait, what is this? The Ethereum blockchain shows that John Knopf sent 230 ETH back to the wallet that bought his Bored Ape.
And then he transfer 230E to the wallet that bought the Ape?
I dont get it pic.twitter.com/f2UgKrKS2W
— !etavares (@Eurico_RT) December 12, 2021
But wait, what is this? The owner of the wallet did send a message to John Knopf through the blockchain asking him to return the funds. Apparently, he was trying to make a bid and made a million Dollar mistake.
Yo yo @JohnKnopfPhotos is not in the WRONG
Buyer fucked up the offer. Chill out y’allhttps://t.co/fPOsXeITnr pic.twitter.com/iiG4mD0Tm0
— jiran.eth | Sherblock Nodes (@Jiran_z) December 12, 2021
The New Bored Ape Owner Shared His Side Of The Story
A few days later, Deepak Thapliyal, the Bored Ape 9452’s new owner, told his story. “I decided I wanted this ape no matter what (…) I knew I wanted it, so originally I moved 655 ETH into my wallet because I was actually prepared to buy it at full ask.”
6/ Here comes the interesting part. The message signed in the blockchain wasn’t the __full story__ on how I mistakenly sent the eth but was the high level overview of it as far as anyone publicly needed to be concerned at the time.
— Deepak Thapliyal (@dt_chain) December 12, 2021
He wasn’t actually making a bid, but checking John Knopf’s wallet activity in Etherscan. However, “After I placed my originally bid, I had to move 230 ETH to another wallet in mobile. I _thought_ the copy button for the address I was sending too was pressed properly. PS: I was multi tasking.” Here we go, multitasking takes another victim.
11/ I finally took spaces out manually via a mobile phone (took a few mins) then missed a space and had to do it again (mind you I’m moving quickly to try to get the message out ASAP). Finally getting the message out but no funds were sent back. Thankfully I found Johns Twitter.
— Deepak Thapliyal (@dt_chain) December 12, 2021
Deepak found Knopf’s on Twitter, and “I tweeted at him and he followed so I could DM him. I explained my story and told him how I wanted his ape. He quickly informed me he had no intentions to keep my money and would send it back. He asked if I wanted the ape still which I said “yes”.” They agreed on a price and the rest is history. “Funny story to tell my kids one day when I give them this ape. Thanks to John for being a standup guy and returning my ETH.”
14/ Odd way to start but very nostalgic to “aping in” as it goes. Funny story to tell my kids one day when I give them this ape. Thanks to John for being a standup guy and returning my ETH and giving me a discount of what I was prepared to spend already.
— Deepak Thapliyal (@dt_chain) December 12, 2021
Facts And Burning Questions
And that’s pretty much it. Do you buy Deepak Thapliyal’s story? Was it an innocent mistake? Or do you think he and Knopf were up to something? The high price buy raises all of the Bored Ape’s prices, specially Bored Ape 9452’s value. However, the blockchain doesn’t lie and Knopf ended up with 347 ETH total.
Related Reading | Miramax Sues Quentin Tarantino Over “Pulp Fiction” NFTs. Tarantino Moves Forward
You have all the facts and every side of the story. Reach your own conclusions.
Featured Image: Screenshot from the Bored Ape's website | Charts by TradingView
According to block explorer Etherscan, the funds were sent to an unknown wallet which also received 0.020 ETH (about $92) from a Coinbase wallet a few minutes after the massive transaction.
The destination wallet now holds 229,766.49 ETH currently worth $1.03 billion, making it the 34th-richest Ethereum wallet in the world.
Crypto Whale detected several other large Ethereum transactions this week, including the transfers of 20,000 ETH, worth $90.54 million, from crypto trading platform Kraken, and 21,487 ETH, worth $99.41 million, from digital assets exchange Binance.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 20,000 #ETH (90,542,373 USD) transferred from #Kraken to unknown wallethttps://t.co/OZZJGIFVaN
— Whale Alert (@whale_alert) November 4, 2021
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 21,487 #ETH (99,415,117 USD) transferred from #Binance to unknown wallethttps://t.co/yHigNfcusj
The massive transactions were made as Ethereum hit a new all-time high. ETH breached a record price above $4,600 on Wednesday, and at time of writing the token is trading at $4,481, data from CoinMarketCap shows.
Crypto analyst Michaël van de Poppe forecasted last month that Ethereum could surge to as high as $5,000, but warned that the coin could first see a price correction before rising.
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Kraken and five other DeFi projects contribute $250,000 each to support the teams that work on the Ethereum upgrade. In addition, they donated the sum to the ETH Foundation to develop the network’s version 2.0.
Open-source developer teams like Erigon, Besu, Nimbus, Geth, and Nethermind will join the ETH Foundation in the donation.
1/ A diverse execution-layer client ecosystem is at the heart of all that we’re building together.
Today, we’re excited to announce that @compoundgrants, @krakenfx, @LidoFinance, @synthetix_io, @graphprotocol & @Uniswap are donating $250K each to support #Ethereum client teams.
— Ethereum (@ethereum) August 24, 2021
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The Ethereum Foundation announced the source of the donations. They mentioned that the tips came from crypto exchange Kraken, Synthetix, the Graph, Compound Grants, and Uniswap Grants.
Related Reading | Blockchain Startup In Pakistan Dubbed Bazaar Secures $30 Million In Funds
The donations will add to the funds the Foundation provided earlier back the layer teams of ETH execution.
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The Funds Aim To Empower The Ethereum Team
The Foundation of what we build together incudes the various client ecosystem of Ethereum. It consists of the consensus layer clients and the execution layer; both are vital aspects of future Ethereum mergers. The announcement also reads:
“The donation sums up to $1.5 million and goes to open-source developer teams like Nimbus, Besu, Geth, Erigon, and Nethermind”.
The developer team is to make provision for the network’s critical infrastructure to see the transition of ETH. The ETH is to transit to proof-of-stake mechanism from a proof of work. An August 24th post on the Ethereum web page reads:
“In the heart of what we are developing together is a broad execution-layer client ecosystem. So today, we gladly announce that Kraken-fx, Uniswap, synthetix_io, graph-protocol, compound-grants, LidoFinance, and donates $250K each to support ETH 20 client teams.”
ETH is trading in a sideways momentum on the daily chart | Source: ETHUSD on TradingView.com
Jesse Powel, the co-founder and CEO of Kraken, says that the company is proud to give back to valiant builders who work hard on cutting-edge crypto innovation.
Kraken proposed that the exchange users would have staked up to 800,000 ETH in Eth2 by July. This is worth about $2.5 billion with current prices. The network platform had given out 25,300ETH as rewards emerging from staking when it started initially.
Related Reading | Kraken To Re-Enter The European Market By Applying For A New License
This project portrays an effort to ensure the security of Ethereum’s consistent growth and decentralization. Each of the elements is exemplified by the diversity of clients, our belief in Ethereum’s continued success, and the strength of the teams. The announcement revealed.
The ETH Improvement Proposal (EIP) 1559 upgrade was launched early this month. It introduces a burning mechanism as an aspect of its regulated gas fee structure.
According to Etherscan data, about 4.85 ETH worth almost $15,300 are burned every minute as of writing. Over 70,000 Ethereum (ETH) has been burned or removed from the network’s circulation.
Etherscan is a Block Explorer and Analytics Platform for Ethereum, a decentralized smart contracts platform. As of August 12, 31,792.48 ETH has been burned via Etherscan, amounting to $99,871,306.11.
Featured image from Pixabay, chart from TradingView.com
Ethereum blockchain explorer and analytics platform Etherscan has enabled NFT tracking as part of its transaction tracking tool kit.
In a Twitter post yesterday, Etherscan revealed that users will now be able to “track most NFT activity on Ethereum,” which includes both ERC721 and ERC1155 based non-fungible tokens.
Did you know?
Transaction Action now supports most NFT activity on Ethereum – including both ERC721 and ERC1155! pic.twitter.com/MAOQcIIU9Y
— Etherscan.io (@etherscan) June 1, 2021
The new feature will help provide more transparency on a significant percentage of the NFT market, and may help new investors ascertain the value of an NFT as they can now look up its entire price history, transaction dates and minting date.
Etherscan users can use the “non-fungible tokens transfers” section to look up NFT minting, distribution, transfers, and burn events of popular non-fungible projects such as CryptoPunks, Bored Ape Yacht Club and Sorare.
Etherscan’s NFT tracker shows that Sorare in particular, has had a rolling seven-day average of 26,138 NFT transfers, with the next best seven-day transfer volume from Bonsai at 9,557.
The ability to track NFTs will also mean the transactions on popular NFT marketplaces such as Nifty Gateway, Rarible, and OpenSea are more transparent, with the NFT tracking showing the marketplace where the trade was conducted, as well as the recipient address of the trade.
Collectors using NBA Top Shot however won’t be able to view the platform’s NFT transactions as that project uses Flow Blockchain.
Etherscan was built and launched in 2015, and is focused on providing real-time Ethereum network analytics such recording and updating the status of transactions and addresses on the network.
The firm adds NFT tracking to its list of other blockchain-based services, including “Binance BSC Explorer” which is a block explorer for the Binance Smart Chain, “ETHProtect” — which is a detection system used to identify if incoming funds are tainted — and “Blockscan” which is a search engine for decentralized website domains.
On May 21, Ethereum layer-two scaling solutions provider Optimism announced a partnership with Etherscan. Optimism has integrated Etherscan to enable users to monitor deposits, withdrawals, and view when layer-two transactions are pre-confirmed along with when they have been posted and finalized in batches on layer-one.
The OpenEthereum client for Ethereum, formerly known as the Parity client, is reportedly malfunctioning for a number of users on Thursday afternoon UTC, including the popular block explorer Etherscan.
According to multiple user reports on Github, the OpenEthereum client has been stuck on block 12,244,294, or just 294 blocks after the Berlin hard fork was executed. The error message seems to indicate that the client is rejecting the new blocks, thinking that its state Merkle root is invalid.
The issue seems to be only affecting OpenEthereum nodes, with the more popular Geth functioning as normal. Issues with the OpenEthereum client resulted in an outage on Etherscan, the popular block explorer. Its homepage shows block 12,244,294 as the last block to be mined, even though other explorers are updating correctly.
It is yet unclear what caused the issue with the team currently working on diagnosing and fixing the problem. Until that happens, Etherscan will remain unusable.
As the issue only affects OpenEthereum, the Ethereum blockchain itself and many service providers such as Infura continue to be working correctly. Unlike the previous consensus bug, there is no alternative chain with its own transactions this time. Given the timing with the Berlin hard fork, it appears likely that some of its changes were implemented incorrectly.
In one of the largest exploits of the DeFi era, this morning an attacker successfully drained over $37 million from Alpha Homora by leveraging Cream’s Iron Bank protocol-to-protocol lending platform.
Alpha Finance Lab, whose protocol was audited by Quantstamp and Peckshield, announced on Twitter this morning that they were aware of an attack, that the “loophole” that allowed it had been patched, and that the team had a “prime suspect”:
Dear Alpha community, we’ve been notified of an exploit on Alpha Homora V2. We’re now working with @AndreCronjeTech and @CreamdotFinance together on this.
The loophole has been patched.
We’re in the process of investigating the stolen fund, and have a prime suspect already.
— Alpha Finance Lab (@AlphaFinanceLab) February 13, 2021
The transaction from the exploit is notably complex. The attacker used Alpha Homora to borrow and lend repeatedly with Iron Bank, which allows for leveraged lending. Some analysts have speculated that a faked “spell” (Alpha’s branded term for a smart contract) is what enabled the exploit:
That contract is a faked Alpha Homora spell, Alpha Homora’s system thought it was one of their own;
That “contract” is “owned” by Alpha pic.twitter.com/5OHlWh9Mi1
— Arrundai (@arrundai) February 13, 2021
This “fake spell/contract” exploit conceptually echoes the “evil jar” attack on Pickle Finance that netted an attacker $20 million late last year. In both cases, the exploited protocols errantly responded to faked contracts.
Shortly after the successful exploit, the attacker “tipped” the Alpha and Iron Bank deployers 1,000 Ether each, and also made a Gitcoin donation.
Cream Finance said in a statement on Twitter that the Iron Bank exploit did not impact any of their other contracts, and that their money markets were functioning normally:
C.R.E.A.M. contracts and markets were investigated and found to be functioning as normal. Markets have been re-enabled across both V1 and V2.
Post mortem to follow.
— Cream Finance (@CreamdotFinance) February 13, 2021
The question now turns to how users will be compensated in the event the protocols cannot pressure their “prime suspect” into returning the funds.
The Yearn.Finance team and MakerDAO set a precedent with “DAOs bailing out DAOs” last week when MakerDAO allowed for the creation of a custom-built collateralized debt position from Yearn’s newly-minted treasury.
While the size of the exploit is larger than the $11 million Yearn suffered, some have speculated that Alpha will likewise print tokens to cover the loss — and some traders and institutions have already positioned themselves for such a dilution.
Intrepid chain activity monitors noticed that Three Arrows Capital sent over $3 million in ALPHA tokens to Binance this morning, possibly with the intention of selling:
Currently, ALPHA, the governance token of the protocol which suffered the losses, is down 20% to $1.83; CREAM, the governance token of the protocol that enabled the exploit, is down 16% to $222; AAVE, the governance token of the protocol that the exploiter used for a flash loan, is down 2% to $505.