Tag: Mainnet

Mixin Network Suffers $200 Million Hack

by Blockchain News

Key Takeaways

Mixin Network’s cloud service provider database was attacked on September 23, 2023, resulting in a loss of approximately $200 million.

Blockchain security firm SlowMist is assisting in the ongoing investigation.

Deposit and withdrawal services on Mixin Network have been temporarily suspended.

Security Breach and Financial Impact

In a significant security breach, Mixin Network’s cloud service provider database was compromised on September 23, 2023, Hong Kong time. The attack led to the loss of assets on the mainnet, with the funds involved estimated to be around $200 million. The announcement was made on September 25, 2023, via Mixin’s official Twitter account, which has garnered significant attention, accumulating over 140K views.

Investigation and Immediate Actions

Mixin Network has enlisted the help of blockchain security company SlowMist to assist in the investigation. SlowMist has also issued a security alert regarding the incident. In addition to SlowMist, Mixin Network has contacted Google for further assistance. Deposit and withdrawal services on the network have been temporarily suspended until vulnerabilities are confirmed and fixed. However, transfers between accounts remain unaffected during this period.

Community Reactions and Previous Incidents

The crypto community has expressed concern and frustration over the incident, especially considering the recent hacks involving Stake, CoinEX, and Remitano exchanges. Crypto detective ZachXBT highlighted the alarming frequency of these nine-figure hacks, stating, “Wtf another 9 figure hack (all liquid assets).

Upcoming Announcements

Mixin founder Feng Xiaodong is scheduled to explain the incident in a public Mandarin livestream at 13:00 HKT on September 25, 2023. The Mixin team will later summarize the content in English for broader dissemination. Plans on how to deal with the lost assets will be announced subsequently.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Mars Hub Launches Independent Cosmos Application Chain

by Blockchain News

Mars Hub, the original Terra lending system, made an announcement on January 31 about the launch of its separate Cosmos application chain. This announcement was accompanied by the distribution of MARS tokens to customers who held Terra Classic during any of the two snapshots.

According to a statement released on January 20, the Mars Hub mainnet will go live with 16 genesis validators. Some of these validators are Block Pane, Chill Validation, Chorus One, Cosmology, CryptoCrew Validators, and ECO Stake.

Following the launch, there will be a possible expansion of 34 more seats for permissionless validators.

During the launch, a total of 50 million MARS tokens will be assigned to genesis validators, and then they will be restored to the community pool after an interval of one month. According to the release, ” This temporary delegation will assist safeguard the network from assault by a rogue validator that could possibly acquire a substantial delegation of MARS quickly after genesis and begin altering transactions on-chain.” This is noted in the statement. The first launch of the mainnet is the third and final stage of a process that initially consisted of a private testnet for developers and other select members of the community, which was then followed by the launch of a public testnet.

In the beginning of February 2023, the Osmosis blockchain will be used to establish the first Mars settlement.

MARS tokens will be made claimable by qualifying addresses through an airdrop that goes live alongside the mainnet. This will unlock a total of 64.4 million tokens for anyone who owned MARS during the two historical snapshots that were taken on Terra Classic.

A blockchain’s recorded state at a specific moment is saved in a file called a snapshot. This file contains all of the address and transaction data that was previously stored on the blockchain.

The distribution of MARS tokens was decided by snapshots obtained before and after the depeg of Terra Class USD (UST). These snapshots were taken at block 7544910 (May 7, 2022, approximately 11 a.m. EST) and block 7816580 (May 28, 2022, approximately 11 a.m. EST).

The tokens will be made accessible through Station, Terra’s new interchain wallet, beginning six months after the introduction of the platform.

Users who possessed the MARS token on Terra Classic will also gain the ability to rule.

The failure of Terra LUNA and its stablecoin TerraUSD (UST) in May 2022 had a widespread effect on the cryptocurrency markets, causing the values of tokens used in decentralised finance (DeFi) projects that were hosted on the Terra protocol, such as Mars Protocol, to plummet.

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First Shadow Fork Launches on Ethereum Mainnet,Transition to PoS Gains Steam

by Blockchain News

The move from proof-of-work (PoW) to proof-of-stake (PoS), known as the merge, attained a landmark achievement after the first shadow fork went live on the Ethereum (ETH) mainnet.

As a the merge’s trial, the shadow fork is a means of stress testing state growth and syncing on the ETH network, according to Ethereum Foundation developer Parithosh Jayanthi. He added:

“We additionally wanted a way to check if our assumptions work on existing testnets and/or mainnet.”

Moreover, some information will be shared by both the shadow fork and the main Ethereum network. As a result, some transactions might emerge on both chains. 

Having already processed 1,558,014 transactions at an average block time of 13.8 seconds, the shadow hardfork showcases what the merge will entail, according to the block explorer page by Ethereum Foundation developer Marius Van Der Wijden.

Deemed as a historical event, Van Der Wijden came up with the shadow fork idea so that it could help with testing the merge. 

The merge is slated for Q2 2022 and will act as the biggest software upgrade in the Ethereum ecosystem. Validators will take up the role of miners when it comes to the confirmation of blocks based on the amount of ETH staked, given that it acts as collateral against dishonest behaviour. 

Market analyst Lark Davis recently noted that the merge would prompt a supply growth rate of -2.8% in the ETH network. He explained:

“At -2.8% supply growth a year post Merge, Ethereum will see about 3.3 million ETH a year burned. By the end of the decade total ETH supply will drop under 100 million. Or put another way, we will burn the equivalent of ALL ETH currently sitting on exchanges.”

Therefore, the merge is viewed as a game-changer that will make the ETH network cost-effective and environmentally friendly and boost the second-largest cryptocurrency as a deflationary asset.

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Umbrella Network Announces New Launch: Decentralized Oracles On Ethereum Mainnet

by NEWSBTC

Umbrella Network, the decentralized Layer-2 oracle solution, has officially launched on Ethereum Mainnet. The company made this announcement on its blog on Friday.

Umbrella Network is a community-owned Layer-2 oracle network that batches data for providing low-cost, scalable, and secure data. It utilizes the advances in Merkle tree technology to write multiple data points on a single on-chain transaction, making batching data to smart contracts more accurate and cost-effective. Umbrella network believes a community-owned oracle solution is essential to creating a truly decentralized financial system.

Blockchain Oracles Explained

Most blockchains have cryptocurrencies that are used to transfer value and enable the operations of the protocol. Some blockchains also enable Smart contracts.

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According to Wikipedia, a smart contract is a computer program or a transaction protocol that is intended to automatically execute, control, or document legally relevant events and actions according to the terms of a contract or an agreement. The objectives of smart contracts are the reduction of need in trusted intermediates, arbitrations, and enforcement costs, fraud losses, as well as the reduction of malicious and accidental exceptions.

Related Reading | DOTOracle – Rendering Decentralized Solutions to Polkadot and its Ecosystem

However, there needs to be a way for blockchains and on-chain smart contracts to make use of external, off-chain data for smart contracts to have any real-world applications.

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Ethereum.org clearly defines what an oracle is, the oracle problem, and how decentralized oracles solve it. “An oracle is a bridge between the blockchain and the real world. They act as on-chain APIs you can query to get information into your smart contracts. This could be anything from price information to weather reports. Oracles can also be bi-directional, used to “send” data out to the real world.”

Blockchain (e.g. Ethereum) transactions cannot access off-chain data directly. At the same time, relying on a single source of truth to provide data is insecure and invalidates the decentralization of a smart contract. This is known as the oracle problem.

This oracle problem can be avoided by using a decentralized oracle that pulls from multiple data sources; if one data source is hacked or fails, the smart contract will still function as intended.

Related Reading | Decentralized Oracle Plugin Offers Solution for XinFin’s Smart Contract

Umbrella Network claims its decentralized network is a superior solution to its competitors. It provides comparatively quick and affordable price feeds. It also says that it would make available more data pairs (currently 1,200 data pairs growing to over 10,000 by end of 2021) than any other oracle in the ecosystem.

According to Cointelegraph, the need for reliable data feeds appears to be growing as smart contract technology becomes more mainstream. For example, Brazil’s main stock exchange is exploring ways to provide data inputs for the country’s central bank digital currency (CBDC) project.

Umbrella Network Mainnet Launch On Ethereum

Umbrella Network’s mainnet launch on Ethereum means that it deployed Smart contracts on the Ethereum Blockchain. This means that Ethereum-based dApps can communicate with Umbrella Network code in the live environment — requesting and getting data that is reliable, comprehensive, and cost-effective.

ETHUSD Chart on TradingView.com

ETHUSD Chart on TradingView.com


ETH price at $3,431 | Source: ETHUSD on TradingView.com

Speaking on the mainnet launch, founding partner Sam Kim said, “We are absolutely thrilled to be able to achieve this important milestone. We will now be able to serve the needs of the largest DeFi community with our decentralized oracles, and look to address real challenges the community faces when it comes to the high cost, low availability of data offerings in the ecosystem today.”

The company has been busy with acquisitions and new products in recent months. In May, the network launched on Binance Smart Chain (BSC) mainnet. Umbrella network also stated its plans for future cross-chain integration with Polygon, Solana, Cardano, and Avalanche, in the coming months. In the same breath, it mentioned the launch of its in-house developed Token Bridge next week. This enables seamless transfers of $UMB across all supported Blockchains.

Featured image by @UmbNetwork on Twitter, Chart from TradingView.com

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Bitcoin Lightning Network Goes Parabolic after Hitting ATH Capacity of 2,738 BTC

by Blockchain News

The Bitcoin (BTC) lightning network has been experiencing an uptick, given that its capacity recently reached a record high.

On-chain metrics provider Glassnode explained:

“The Bitcoin Lightning Network is currently at an all-time-high (ATH) capacity of 2,738 BTC, equivalent to $116.3M in value.”

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Market analyst Will Clemente echoed these sentiments. He said:

“The capacity of the Lightning Network has now reached 2,738 BTC. In just the last week, we’ve seen the two largest daily upticks in LN capacity ever. This growth is crucial for BTC to eventually make the transition from primarily being a store of value to a medium of exchange.”

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The Lightning Network is a second layer incorporated into the Bitcoin blockchain to undertake off-chain transactions. As a result, micropayment channels are utilized to scale the blockchain’s capacity to carry out transactions more efficiently. 

Therefore, transactions undertaken on lightning networks are more readily confirmed, cheaper, and faster compared to those processed on-chain or bitcoin mainnet (layer one).

Meanwhile, Bitcoin addresses by holding more than 0.1 coins reached a 4-month high of 3,243. Holding is one of the strategies used in the BTC market because investors store their coins for future purposes rather than speculation.

Bitcoin whales are some of the notable holders, given that they recently added 31,843 BTC to their investment.

Furthermore, Bitcoin supply has been steadily maturing to old hands. Nearly 2 million BTC have transitioned from short-term to long-term holders from the time an ATH price of $64.8K was attained in mid-April. 

Nevertheless, BTC’s perpetual swap open interest recently dropped below $11 billion for the first time since August. Open interest usually increases with a price surge, thus showing the two are strongly correlated. 

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Privacy-Focused Concordium Blockchain Raises $36 Million Ahead of Mainnet Launch

by Btcmanager

Today, privacy-focused blockchain network Concordium announced the completion of its 4th global Private Placement round of the cryptocurrency GTU.

Concordium Concludes 4th Private Placement Round

In yet another major milestone for the Concordium ecosystem, the privacy-centric blockchain project today announced the conclusion of its 4th global Private Placement round of the cryptocurrency GTU.

Notably, this development comes 2 months ahead of Concordium’s highly-anticipated mainnet launch. According to the announcement, the funds raised will be used toward financing the project’s further development, decentralization, mainnet launch, and listing of the project’s token on various exchanges.

It is worthy of note that Private Placement rounds have helped Concordium secure a capital injection of $36 million. During the 4th round of fundraising, the company’s valuation stood at $1.45 billion.

Commenting on the development, Lone Fonss Schroder, CEO, Concordium, noted:

“In recent months, we have experienced great interest from companies and developers around the world. Concordium’s blockchain code has just become publicly available, enabling developers in general and RustLang developers, in particular, to create their applications on Concordium.”

How Will the Funds Be Used?

In addition to the aforementioned uses, the funds will be used toward enabling technical development of core protocols and tooling which were highlighted in Concordium’s newest roadmap here. Further, the funds will be used for the development of specific features pertaining to privacy and identity.

For the uninitiated, Concordium is poised to launch its blockchain in June 2021 which will soon be followed by the listing of the network’s token on several cryptocurrency exchanges.

Concordium aims to accomplish a broad application of blockchain technology which has, until now, not quite come to fruition despite the technology’s immense potential.

Concordium wants to solve some of the hurdles that have so far hindered the widespread adoption of blockchain technology. This, the projects plans to achieve by focusing on the needs of developers and companies and taking into account future regulatory rules.

Concordium uses the Proof-of-Stake consensus algorithm to achieve decentralization along with efficient energy consumption.

To open an account on Concordium’s blockchain, users are required to be identified. Concordium’s blockchain enables fast, secure, and cost-efficient transactions unlike other blockchains whose transaction costs tend to fluctuate based on the current exchange rate of the cryptocurrency.

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Theta Token Dips by 20% as Theta Pushes Mainnet 3.0 Launch to June

by Blockchain News

Theta’s Mainnet 3.0 launch, which was previously anticipated for this April, has been pushed back to June 30, 2021.

The developers behind Theta have said that this was a more prudent strategy moving forward and that the extra time allocated to the project will be directed towards “more thorough code review and testing.” They asserted that progress has been made with Theta Mainnet 3.0, which will feature Elite Edge Nodes and TFUEL staking and burning. Additionally, the team is still working on developing building blocks for a non-fungible token (NFT) marketplace on Theta Mainnet 3.0. Per the official blog announcement:

“To ensure the edge network functions efficiently as it scales to 100K+ Elite Edge Nodes and to incorporate some building blocks for our longer-term NFT vision, we decided that additional time to conduct a more thorough code review and testing was important.”

Theta, a blockchain-powered network for video streaming and computing services, saw considerable growth at the beginning of the week. Its native token THETA underwent a surge and set a new all-time high of $14.99 on CoinMarketCap. The cryptocurrency’s rise in value was partially attributed to the anticipation of Theta’s new mainnet. Since January 1, 2021, THETA token experienced a growth of more than 450%.

Is altcoin season on pause?

However, after touching $14.99 momentarily, THETA has pulled back. Currently, in tandem with the announcement that Theta Mainnet 3.0’s launch will be delayed, THETA token has dropped by 19% in the past 24 hours. Its trading volume in the last 24 hours has also decreased.

THETA is currently undergoing a period of high volatility. However, it is not the only altcoin that has been retracing dramatically. Along with Bitcoin trading down at $52K, most of the cryptocurrency market has also been trading in the red. Currently, in the last 24 hours, Ethereum (ETH) has been down by approximately 5%, Cardano (ADA) by 3%, Polkadot by 12.92%, Ripple (XRP) by 12%, and Uniswap (UNI) by 10.56%.

Elon Musk’s announcement yesterday that Tesla now accepts Bitcoin payments for their electric cars has not been enough to reverse the cryptocurrency market’s downward trend.

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China’s Blockchain Infrastructure Services Provider BSN Adds Casper to Network

by Coindesk

China’s Blockchain-Based Service Network (BSN) announced that it has integrated with the Casper Network, a layer-1 proof-of-stake (PoS) blockchain that forked from Ethereum. 

The integration means the Casper Network will be available to developers on BSN after its mainnet launch in the first quarter of 2021, according to the firm’s press statement, which was shared with CoinDesk. 

The partnership is part of BSN’s efforts to become a global blockchain infrastructure services provider. The state-backed project aims to offer cloud services and a standardized development environment, where decentralized applications (dapp) developers across various blockchain networks can build or run their dapps on the same platform. 

BSN was co-founded by Chinese state-owned telecom giant China Mobile, UnionPay and IT startup Red Date in April 2020. It has integrated some of the most popular blockchain networks, including Ethereum, Cosmos and Palkdot. BSN claimed its inclusive platform can help dapp developers reduce operational costs and improve flexibility with regulatory oversight. 

“Casper is the first fully decentralized, scalable and highly secure proof-of-stake blockchain,” Mrinal Manohar, CEO and co-founder of CasperLabs, said in the statement. “Via our close partnership with BSN, we look forward to helping promote the continued adoption of this important public technology across global markets.”

As one of many possible Ethereum competitors, the Casper Network hopes to improve security without sacrificing the scalability as a PoS network. Advised by Ethereum Foundation’s researcher Vlad Zamfir, the Casper Network has raised $14.5 million via a Series A funding round in 2019 from investors such as Arrington XRP Capital and Hashkey Capital. 

CasperLabs partnered with Singapore-based exchange BitMax to launch a token sale for retail investors in March 2020. The exchange predominantly offers trading services to traders in China, Vietnam, South Korea, Russia and India.

“We are confident in both the Red Date and CasperLabs teams to spearhead the adoption of the Casper network and blockchain technology in China,” Omer Ozden, Chairman of RockTree Capital, which invested in CasperLabs’ Series A round, said in the statement. 

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Bluzelle’a February Mainnet Launch Will Make Room for Polkadot

by Cryptobriefing

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