In recent days, the activity of crypto scammers and attackers in DeFi has increased dramatically. However, sometimes the teams of ‘yield farming’ protocols are the ones behind blatant frauds.
Almost 10,000 Binance Coins (BNB) stolen in two days: Rug Pulls season on BSC
On Feb.15-16, a number of ‘rug pulls’, i.e. malevolent liquidity removals by the team via the flaw in smart contracts design, took place on Binance Smart Chain (BSC).
#CommunityAlert 🚨#BNB42 has been detected as a #rugpull.— CertiK Security Leaderboard (@CertiKCommunity) February 15, 2022
The owner of the contract deployed an UNVERIFIED contract, in which there is a function `withdraw()` to only allow the owner to withdraw the entire total BNB (eth.balance(this.address) wei) to owner’s address. pic.twitter.com/f0S1urDPvM
On Feb.15, BNB42 protocol that used to offer its clients to triple their deposits in 10 days, was rugged by its team members. He/she changes the authority in the protocol’s architecture by deploying an unaudited contract into BNB42’s codebase.
As per the CertiK’s review, this contract became the only way to remove liquidity from the platform. And attackers immediately drained BNB42’s liquidity pool for roughly $2.8 million. All funds are already sent to coin mixer Tornado Cash.
Warren Buffet invests in pro-crypto NuBank, dumps Visa and MasterCard
Legendary investor Warren Buffet discloses yet another massive investment in crypto-friendly products. Its conglomerate Berkshire Hathaway purchased $1 billion worth of Nubank Class A stock in Q4/2021. NuBank is one of the most popular neobanks (banking institutions focused on digital assets) in LatAm.
At the same time, its conglomerate has sold part of its large Visa and Mastercard bags.
Previously, Mr. Buffet invested $500 million in NuBank. The company’s IPO is expected in 2022 but Berkshire Hathaway’s ROI already eclipsed $150 mln.
However, the investing veteran repeatedly reaffirmed its adamant anti-Bitcoin stance. For him, Bitcoin(BTC) is a bubble as it ‘creates nothing’. Also, he made headlines by calling digital gold ‘rat-poisoned asset’.
$300,000 per day: Digital Yuan adoption at Beijing Olympics gains steam
The ongoing China Olympics, besides endless doping sagas, will be remembered as the first global events when the central bank digital currency(CBDC) is widely used.
To prove Chinese leadership in CBDC’s race, People’s Bank of China (PBoC) announced a pilot program to test e-CNY on all major Olympic objects.
PBoC Digital Currency Research Institute director-general Mu Changchun stated that China Olympics’ guests transacted more than $316,000 in equivalent using nothing but e-CNY.
Technically, an e-CNY transaction is authorized by a specific card that looks exactly like a credit card but is created without chip and magnet strip. Through a network of purpose-made ATMs installed by the Chinese government, people can exchange fiat CNY banknotes to e-CNY.
First massive CBDCs testing campaign took place in 12 Chinese cities in April, 2020. At the same time, before the ongoing Olympics, foreigners weren’t allowed to buy and use e-CNY.