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UK’s Revolut Adds DOGE, SHIB With Eyes On US Market

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DOGE, SHIB, SOL, and AVAX are among the 29 tokens added by London-based fintech startup Neobank Revolut as part of its crypto expansion plans in the highly competitive US market dominated by industry heavyweights such as Coinbase, Binance, etc.

According to the press release, the bank’s partnership with digital asset service provider Apex Crypto made it feasible for it to make the most recent step to expand its portfolio.

“Today we’ve more than quadrupled our token portfolio to give our customers access to a much more diverse crypto offering,” Mazen Eljundi, Revolut’s global business head for crypto said in a statement. Trading is commission-free up to $200,000 a month, he added. 

The New York department of financial services has not yet approved all of the tokens, the announcement also revealed.

On its platform, Revolut enables users to purchase and trade cryptocurrencies. Customers could previously only keep cryptocurrency within the app; however, they can now withdraw Bitcoin to an external wallet.

Revolut is also referred to as a “challenger bank,” a term for new digital banks with the mission to challenge the major banks.

However, the firm reportedly came under the scanner of UK financial regulators who have noted some discrepancies in the auditing report.

According to a Financial Reporting Council report from July, the audit of an unnamed “financial services provider” by accountancy firm BDO was found to be insufficient and to have a risk of an undetected material misstatement.

The report came after co-founder and CEO Nikolay Storonsky ‘complained’ in a recent interview about how long regulators are taking to review its application for a banking license.

That said, the popular meme coin Dogecoin has now emerged as the second biggest PoW coin.

DOGE 2nd Largest PoW Token After The ETH Merge

Dogecoin is now the second-largest proof-of-work cryptocurrency in terms of market value following the transition of the Ethereum network to the proof-of-stake protocol on September 15, TronWeekly reported.

The widely used meme coin is way ahead of the third-ranked PoW cryptocurrency Ethereum Classic [ETC] with a market cap of $4.69 billion, as well as Litecoin [LTC], having a market cap of $4 billion.

In addition to that, the asset made a comeback to the top 10 after surpassing Polkadot [DOT], according to CoinMarketCap data. The token is currently valued at $7.9 billion.

BarrelDAO Drops Limited-Edition Solana Beer Featuring Popular NFTs

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Solana now boasts its own limited edition beer inspired by some of its most popular nft projects like  DeGods, Degenerate Ape Academy, Okay Bears, Solana Monkey Business, Thugbirdz, Cets on Creck, Catalina Whale Mixer, and John Lê’s “The First Edition.”

Although the makers aren’t from the Solana Foundation or its core network contributors, Solana Labs, the beer is the product of barrelDAO, a brewery, and distillery that is community-driven.

As per the announcement, Solana Summer Shandy will be rolling out in limited quantities, which includes a total of 333 beers in 16-packs.

Each of the beers comes with an SOL non-fungible token [NFT] that will begin by being redeemed on 29 Aug. Once it is redeemed, one can reclaim the beer.

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BarrelDAO Drops Limited-Edition Solana Beer Featuring Popular NFTs 2

BarrelDAO is planning to release the digital collectibles on Magic Eden, a leading NFT marketplace created on the SOL blockchain. Each of 16-pack is priced at 1.35 SOL, which is near to around $45 at press time. The price includes the beer shipping across the United States, United Kingdom, and Australia.

The co-founder and CEO of Barrel Labs, Dave Goldman, revealed that the firm owns around 20 of the individual NFTs on the cans. However, 23 of these have been listed through licensing agreements reached with the holders of the NFTs. He further stated,

Over the past three days, we painstakingly went through and licensed every single NFT used in this can design. We knew that this could kick off a big conversation about IP in the NFT space, and wanted to be sure that we set a standard for other [consumer packaged goods] brands to follow.

Further, the beer is a part of a unique promotional activity for the projects built on the SOL network. Earlier Solana stole the limelight after it announced its very own mobile- Saga Phone [web3-compatible] and an IRL store.

Solana Expands Its Real-World Use Cases

The latter was its first physical store Solana Spaces in New York City, to sell cryptocurrency-related products.

The store featured an NFT gallery with the Degenerate Apes Academy Collection hanging on the walls. It contains an interactive installation showcasing all transactions and processes on the Solana blockchain as they happen in real-time.

How Will GryffinDAO Compare To Next-Generation Cryptos Like Solana, Elrond?

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No doubt, the cryptocurrency world is driven by innovation. New ideas and approaches are constantly developed and are responsible for driving the crypto space forward. This piece will look at the next-generation features of these new additions to the coin market: Solana (SOL), Elrond (EGLD), and GryffinDAO (GDAO).

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How Will GryffinDAO Compare To Next-Generation Cryptos Like Solana, Elrond? 5

What Should You Know About Solana (SOL)?

Solana (SOL) is a relatively new cryptocurrency compared to big names like Bitcoin and Ethereum. However, it has managed to gain a massive reputation within a short period. Solana is renowned as a cryptocurrency that promotes speed and efficiency. Solana is designed to be a blockchain with smart contract capabilities. As a result, users can use the platform to host decentralized applications. This blockchain has grown quickly within a relatively short period, and it’s now being touted as a direct competitor to Ethereum. 

Solana has gained widespread popularity because it can process transactions quickly and at a cheap price. According to early reports about this project, Solana can process up to 65,000 transactions per second. Solana is a blockchain that can process transactions quickly by relying on a proof-of-history mechanism. Most blockchains that we have today rely on a proof-of-work and proof-of-stake mechanism. Solana uses a hybrid system that combines a proof-of-history and proof-of-stake mechanism. Also, Solana stands out as an open-source project whose code can easily be viewed and copied.

Furthermore, Solana will give users access to minting and trading NFTs and building blockchain games. SOL is the native token of this blockchain. It’s used to facilitate transactions on the platform. 

What Is Elrond (EGLD) About? 

Elrond (EGLD) has become another popular name in the crypto space. This cryptocurrency project is designed to support fast and cheap transactions. It also offers the crypto community several use cases. There are many exciting things to note about Elrond. This blockchain can process transactions quickly due to its reliance on Adaptive Sharding technology and a proof-of-stake system. 

While Elrond has only been on the market for a few years, it has gained widespread renown for providing scalability solutions for distributed applications and enterprises. Also, Elrond focuses on cross-chain interoperability, accessibility to developer support, and the ability to optimize operational efficiency. 

Elrond is a next-generation cryptocurrency that outshines the big names in the crypto market. It has proven to process as many as 15,000 transactions per second. EGLD is the native token of this blockchain. It facilitates transactions that occur on this platform. Users can stake the EGLD token for rewards. They can also use it in governance, to pay for transactions, and to support smart contracts. EGLD can also be used as a value store and traded on multiple exchange platforms. 

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How Will GryffinDAO Compare To Next-Generation Cryptos Like Solana, Elrond? 6

What Will GryffinDAO (GDAO) Bring To The Crypto Space? 

The concept of the DAO was introduced in 2016 with the popularization of decentralized finance. A decentralized autonomous organisation (DAO) allowed cryptocurrency projects to be controlled by their users. This way, it was possible to foster long-term growth and development. 

Many cryptocurrency projects have adopted the DAO system to govern their operations. GryffinDAO is one of those who have taken this decentralized concept to another level. While GryffinDAO allows users to vote freely on new decisions and policy changes, it also offers them next-generation decentralized features. 

By being built on the Binance Smart Chain, GryffinDAO can offer impressive smart contract compatibility. However, this project is also compatible with the Ethereum Virtual Machine (EVM). Therefore, dApps from the Ethereum blockchain can work on it. 

They aim to create a blockchain and cryptocurrency that will maintain its value for a long period and increase in duration after some time. To do this, this project will exist as an easy-to-use, permissionless decentralized exchange. It’s also an open-source project that runs on a proof-of-stake mechanism. This project also takes a deflationary approach to preserve the value of the cryptocurrency. GDAO is the native token of this platform. 

You can add GDAO to your wallet by participating in the presale. There are lucrative offers in this event to benefit from. For instance, you’ll get an 8% bonus for participating in the first stage of the presale.

You can find more information here.  

Keep Your Eyes on Big Eyes Coin As It Sets to Supersede Decentraland and Solana in the DeFi System

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The new cryptocurrency surge has resulted in continuing growth in the digital currency sector. Since its inception following the 2008 financial crisis, cryptocurrency’s worth and value have tripled. Since its debut in 2009, Bitcoin, the crypto community’s leader, has influenced a wide range of ideas. These cutting-edge currencies, such as meme coins, are frequently referred to as altcoins to distinguish them from the original, which is Bitcoin. 

Dogecoin (DOGE) is widely recognized as the first meme coin in the cryptocurrency world. Since its introduction to the market, there has been an increase in the number of meme currencies launched. Even though some meme coins have been disregarded as hoaxes and gags, some of them are going to change the way it is done. Unlike Decentraland (MANA) which is also built on the Ethereum blockchain and Solana (SOL) which promises low cost in transactions, Big Eyes Coin (BIG) being a meme coin seeks to improve decentralised exchanges and incurs no cost in transaction activities.

What To Know About Decentraland

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Keep Your Eyes on Big Eyes Coin As It Sets to Supersede Decentraland and Solana in the DeFi System 10

Decentraland was co-founded by Ariel Meilich and Esteban Ordano, both of whom have stepped down from prominent roles in the project but continue to serve as consultants. Decentraland (MANA) and Decentraland (LAND) are the two tokens used by Decentraland. Decentraland (MANA) is an Ethereum-based (ERC-20) token that needs to be destroyed to obtain non-fungible ERC-721 LAND tokens. Decentraland tokens can also be used to buy avatars, wearables, names, and other items in the Decentraland marketplace. Decentraland (MANA) describes itself as a virtual world community powered by the Ethereum blockchain, where users may develop, experience, and monetize content and applications. Decentraland (MANA) was designed for content creators, enterprises, and individuals seeking a new artistic medium, financial potential, or entertainment option.

Decentraland (LAND) is also one of an increasing number of initiatives that employ a Decentralised Autonomous Organisation (DAO) framework for governance choices. As a result, Decentraland (MANA) token holders have a say in how the Decentraland world operates, including proposing and voting on policy updates, the details of upcoming LAND auctions, and the various content allowed in its Metaverse. Even though Decentraland (LAND) owners are free to utilise their plot to their satisfaction, much of the large Metaverse is grouped into different districts, each with its various size and concept. These districts were created through separate Decentraland (MANA) token crowd sales, and LAND parcels in these districts cannot be exchanged.

Ethereum (ETH) is protected by a huge decentralised system of miners, who collaborate with thousands of nodes to keep the Ethereum blockchain; thus, the Decentraland (MANA) tokens are safe from attack. Ethereum, as one of the most battle-tested blockchains currently in use, has become the most popular network for crypto tokens that do not have their native blockchain. But unlike Decentraland (LAND) Big Eyes Coin (BIG) plans to overcome the Ethereum platform by operating on a platform of its own.

How to Buy the Decentraland (MANA)

The MANA cryptocurrency has high liquidity at the moment and can be purchased, traded, or sold on over 100 different trading platforms. Binance, Coinbase Pro, and OKEx are among the most liquid Decentraland (MANA) token exchanges as of early January 2021.

Is Solana Inferior to Big Eyes Coins?

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Keep Your Eyes on Big Eyes Coin As It Sets to Supersede Decentraland and Solana in the DeFi System 11

Solana (SOL) is a good-functioning open source platform that capitalises on the effectiveness of blockchain technology to use decentralised finance (DeFi) solutions. While the idea and first work on the project began in 2017, the Solana Organisation with headquarters in Geneva, Switzerland, formally launched Solana in March 2020. The Solana platform is intended to make it easier for crypto analysts to create or use Decentralised Applications (dApps). It intends to improve scalability by combining a Proof-of-History (PoH) consensus with the blockchain’s underlying Proof-of-Stake (PoS) consensus.

Although Solana (SOL) is a good purchase, it still seems quite inferior to other decentralised platforms because it does not seek to work its forum and one of those platforms here to put them out of competition includes the Big Eyes Coin (BIG). The Big Eyes platform’s functionality is based on Ethereum blockchain technology, but it intends to improve its blockchain and possibly create its own in the future. Big Eyes (BIG), through connecting NFTs and cryptocurrencies, has been able to provide its consumers with material and events via its NFTs displayed on the site. Because the project’s community is so important to its development, there are reward mechanisms in place where Big Eyes (BIG) token holders receive incentives based on the number of tokens they own.

The Solana protocol is designed to serve both casual users and enterprise customers. Customers are promised by Solana that they will not be startled by higher fees and taxes. The protocol is meant to have low costs for transactions while still ensuring scalability and quick processing. In comparison to other coins like the Big Eyes Coin (BIG) which promises their customers no charge on transactions, it is already quite certain what will be in favour of the masses.

Solana (SOL) has garnered a lot of attention for its speed and performance, and it has even been tipped as a competitor to Ethereum (ETH) and the dominating smart contract platform. However, the network has been plagued with numerous outages, undermining its pricing and ambitions to become the “Visa of crypto.” Furthermore, its ecosystem is accused of unfair tokenomics that favours venture capital investors. Unlike Solana (SOL), the Big Eyes Coin (BIG) aims to fix all that and also be based on the ERC-20 token, which has a high chance of breaking the barrier and increasing its potential. The Solana Society has announced that 489 million Solana (SOL) tokens would be made available for purchase.

The following is the Solana (SOL) token’s distribution: 16.23% of tokens were committed to an initial seed sale, 12.92% to a founding sale, 12.79% of SOL tokens were dispersed among team members, and 10.46% were given to the Solana Foundation. The remaining tokens have previously been offered for public and private sales or are currently on the market.

Why Will Big Eyes Coin Be A Big Win For Everyone in the Crypto Marketplace?

Big Eyes Coin (BIG) charges no fees or taxes for transactions completed on its platform. Owners and purchasers can enjoy a pleasant experience of executing transactions without fear of fees being charged, from NFT to cryptocurrencies, and right now, there are not a lot of coins that promise this. Big Eyes Coin, with a focus on the sea and ocean, will assist in resolving pollution concerns impacting these places so that cats can feed. Because fish is a staple meal for cats, Big Eyes Coin will donate 1% of its tax revenue from NFTs to this course, demonstrating its commitment to making the world a better place.

With the rising anticipation for NFTs in 2022, Big Eyes has swung into action to capitalise on the opportunity by developing an NFT art contest that would allow customers to engage in platform-organised events. An independent and well-functioning system like this would undoubtedly propel Big Eyes NFTs into the top ten positions on the market, providing Big Eyes Coin (BIG) with further opportunities to expand and increase in the ever-evolving crypto market. Furthermore, tokens for the Big Eyes platform, both physical and digital brands, will be created to raise revenue for the project and its ambitions to combat ocean pollution. Advertisements will be made through this product to advertise the Big Eyes (BIG) tokens as they become available.

Big Eyes Cutenomics

200,000,000,000 tokens have been issued with no taxes associated with their purchase and sale. The ticket’s ticker symbol is BIG. The public will be able to purchase 70% of the tokens. Exchanges will receive 20% of the tokens. 5% of the tokens will be allocated to the marketing wallet (which will be managed by the team and will remain in place to potentially boost the token’s performance on the crypto market). 5% of the tokens will be set aside for charitable purposes. 

These tokens will be made public to community members to further demonstrate the Big Eyes platform’s transparency. 10% of the tax NFTs will be divided as follows for its reward scheme. 4% will go to the original seller of the NFT. 5% will go to the holders of the NFT.

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Keep Your Eyes on Big Eyes Coin As It Sets to Supersede Decentraland and Solana in the DeFi System 12

How to Get Big Eyes Coin (BIG)

Following the decision to purchase the Big Eyes (BIG) token, the following steps must be taken:

  • Step 1: Install a MetaMask wallet or a ‘Trust Wallet’ on your PC or mobile device.
  • Step 2: On your wallet browser, navigate to https://buy.bigeyes.space. Fill out the form on the website precisely with the essential information. Select a payment token that you have already acquired in your wallet.
  • Step 3: After the pre-sale, the Big Eyes (BIG) tokens you purchased will be transferred to your wallet.

Big Eyes Coin is a well-organised community token with the explicit objective of moving money into the decentralised ecosystem and protecting an important aspect of the global ecology. It competitively seeks to soar higher in the crypto market unlike Decentraland and Solana. You can also find more information here.

Solana Attack: Slope Is to Blame; Sam Bankman Extends Support

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Following yesterday’s attack on the Solana ecosystem, information is now emerging suggesting wallet provider Slope is primarily to blame for the security flaw that allowed thousands of Solana customers to have their cryptocurrency stolen.

Slope is a layer-1 (L1) Web3 wallet service for the Solana blockchain. The foundation blamed Slope, claiming that “it appears impacted addresses were at one point created, imported, or used in Slope mobile wallet applications” through the Solana Status Twitter account on Wednesday.

Anatoly Yakovenko, a co-founder of Solana, also connected Slope wallets to the attack on his own Twitter account.

He advised customers to acquire a seed phrase from a provider other than Slope as early as they could. Additionally, he advised one of the impacted users to “Start practicing the cold/hot wallet distinction.”

Slope said that “A cohort of Slope wallets were compromised in the attack,” including some belonging to its own workers, in a statement on Wednesday regarding the status of its continuing investigation into the matter.

Users of Slope wallets were asked by the team to create new, unique seed phrases and move all assets to them rather than leaving any money in older wallets that could still be vulnerable in the future.

The Phantom team increased the caution by encouraging users to switch to a new non-Slope wallet and move their funds elsewhere.

Sam Bankman backs Solana

A day after the platform was subjected to a significant exploit, Sam Bankman-Fried, the CEO of FTX, came out in favor of the SOL coin. SOL is now the most underrated cryptocurrency, according to SBF, who said as much in a recent interview with Fortune magazine.

“Any blockchain would’ve broken if it’d tried to do what SOL had done. This was a way for it to figure out what needed to be refined. Pushing the boundaries to see what breaks is what other blockchains “should be doing”.

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Solana Attack: Slope Is to Blame; Sam Bankman Extends Support 14

He said that despite all the negative publicity, Solana has effectively resolved two-thirds of its technical problems. He continued by saying that he is convinced it will pass the last third.

Solana Hot Wallets Under Siege From An Ongoing Massive Exploit

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Solana-based wallets have come under a widespread exploit after several users complained that their funds were being drained without their consent. While the exact number of affected wallets is unknown at the time of this post, independent investigators put the amount to be over 7000.

As per reports, the attack mainly targeted internet-connected “hot” wallets including Phantom, Slope, and Trust Wallet. Initial sources put the stolen funds to at least $5 million worth of SOL and other tokens.

According to crypto analyst and author @0xfoobar, the attacker is stealing both native tokens [SOL] and SPL tokens [USDC] and those particular wallets that have been inactive for more than 6 months.

Computer scientist and CEO of Ava Labs Emin Gün Sirer tweeted that the hacker has likely gained illegal access to private keys as the transactions were signed properly.

One expert flagged the attack as a possible nonce reuse bug in some signature library Solana projects. ” …this would allow any attacker looking at Solana to derive the private key regardless of where it was generated”, he added.

Nonce which stands for “number used once” implies that one is not supposed to reuse this number for different messages. Since the nonce used is always the same, a malicious actor can impersonate a trusted party by intercepting and recovering the authentication key.

Solana Price Drop By 10% In Response To The Attack

“We are evaluating the incident impacting Solana wallets and are working closely with other teams in the ecosystem to get to the bottom of this. We will issue an update once we gather more information,” a representative of Phantom said. “The team doesn’t believe this is a Phantom-specific issue at this time.”

The incident has caused SOL’s price to fall back by 10% within a few hours of the reports according to CoinMarketCap.

That said, DeFi protocol code auditor Foobar advised that the solution is to transfer assets into a hardware wallet that has never exposed a private key to potentially vulnerable browser extensions.

“Several have pointed out that transferring assets to a reliable CEX is another holdover strategy if you don’t have a hardware wallet. This is most approachable for less experienced users.”

Cardano Founder- “Collaboration With Solana Make A Lot Of Sense”

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In a live AMA stream, Cardano’s founder, Charles Hoskinson stated that collaboration with Solana would “make a lot of sense” after a user posted a comment.

Hoskinson known for his witty remarks also said that his brother ran a successful business repairing Nintendo products and since Solana has “built a legacy there”, a collaboration “might be possible”.

The IOHK CEO previously took a jibe at Solana due to its multiple network outages comparing the blockchain to old Nintendo consoles.

In June, Hoskinson replied to a tweet on Solana’s network woes and added a link to a YouTube video.

The 5-year-old video showed a tutorial on reviving old Nintendo Entertainment System [NES] games and making them work again.

Although Hoskinson was being sarcastic, one Twitter user urged him to stop criticizing Solana. The user compared Hoskinson’s mockery of Solana to that of Do Kwon, the CEO, and founder of TerraForm Labs who too criticized Cardano moments before the LUNA and the UST crashed.

He then proceeded to ask if Cardano was safe and not meet a similar fate.

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Cardano Founder- "Collaboration With Solana Make A Lot Of Sense" 16

In response, Hoskinson said that nothing, including Cardano, is completely safe and that all blockchain networks have their own issues.

The entrepreneur defended his remarks towards Terra and Solana and claimed that venture capitalists behind these networks too mocked Cardano relentlessly for trying to do things the right way.

Cardano is buzzing with a lot of developmental activities

Although the third-generation proof-of-stake blockchain is yet to attract some of the high-profile VCs to fund the project, its community has been pooling funds and supporting developers building on the network.

The blockchain’s over 13,000 Github submissions indicate a huge influx of developers over the past few months. At present, there are more than 1,000 projects being built by developers on the network.

Moreover, the upcoming Vasil hard fork on the mainnet is likely to lure more developers to the platform, which would further drive the growth of its entire ecosystem.

Along with that, the number of Plutus-based smart contracts operating in the ecosystem recently tapped a new milestone of 2,900, making it easier for developers to build Dapps.

Brave Desktop Wallet Now Supports Solana DApp

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According to a statement made by Brave earlier on Tuesday, the Solana-based decentralized apps are now supported by the cryptocurrency-focused web browser Brave in version 1.41.

The most current integration in the updated browser makes it possible to access Web3 and decentralized financing in more convenient ways.

The two most well-known dApps in the Solana ecosystem are the cryptocurrency music app Audius and the Solana NFT marketplace Magic Eden.

Only Brave desktop wallet supports the feature currently

The integration of dApps is currently only supported by the browser’s desktop version. The statement reads that Brave will soon allow compatibility for the mobile version.

“Brave Wallet already makes Web3 easy-to-use with multiple features and partnerships, and today we’re expanding this access via our Solana integration and DApp support for our desktop browsers, with mobile coming soon.”

Brendan Eich, CEO and co-founder

Back in November, Brave first revealed that it has partnered with Solana, switching to the “Ethereum killer” as its preferred blockchain.

The browser topped 50 million active users in January. The web browser, which Brendan Eich, a former CEO of Mozilla, invented, needed around five years to reach the milestone.

The ability to receive prizes for seeing advertisements is the browser’s key selling point. In 2019, the browser made it possible to withdraw its ad earnings.

Users can quickly and easily explore the network’s thriving and expanding ecosystem because of Solana’s cheap fees and quick transaction times.

They may use Magic Eden to purchase NFTs, Audius to find music, STEPN to earn tokens by exercising, and access several dApps with ease.

Solana’s SOL accused of being an unregistered security

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Looks like XRP has some competition since Solana’s SOL was also just charged with being an unregistered security. The crypto-verse is full of surprising twists and turns. The market has seen everything, from lawsuits to outright allegations. Speaking of lawsuits, the SEC vs. Ripple case is still pending, and XRP is still referred to as an “unregistered security.”

Solana filed for unregistered securities sale

Recently, SOL investor Mark Young filed a lawsuit in a federal court in California. Young accuses the network’s creator and management of illegally profiting from SOL in the class-action lawsuit. He continued by saying that SOL was a very centralized cryptocurrency. As a result, this feature has increased profits for the asset’s creators while decreasing investor portfolios.

The filing further stated,

“Purchasers who bought SOL securities have invested money or given valuable services to a common enterprise, Solana. These purchasers have a reasonable expectation of profit based upon the efforts of the promoters, Solana Labs and the Solana Foundation, to build a blockchain network that will rival Bitcoin and Ethereum and become the accepted framework for transactions on the blockchain.”

Solana Labs, Solana Foundation, CEO Anatoly Yakovenko, Multicoin Capital Management, Kyle Samani, Managing Partner at Multicoin, and trading platform FalconX were all named as defendants in the action.

Roche Freedman LLP is also in charge of the lawsuit. In litigation against Binance.US, the same firm has been defending investors.

Solana’s outages found in the lawsuit

Throughout the year, the SOL network experienced roughly 12 outages. The network was down as a result for several hours. Young based his claim that the network’s disruptions demonstrate its high degree of centralization on the same idea.

In addition, Young pointed out that there were numerous SOL token sales prior to the asset’s public sale. Millions of dollars’ worth of SOL were offloaded, and Multicoin and FalconX were involved.

None of the defendants have made any public pronouncements or expressed their agreement with the action. Investors in Solana, though, remain patient as they watch the case develop.

In addition, SOL was up 2.8% and trading at $37.70 at press time, unaffected by the case.

Solana DeFi Protocol Crema Finance Halts Operations After a Hack

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Solana-powered liquidity protocol Crema Finance has temporarily suspended its operations after a major hack led to the draining of a sizable amount of funds.

While the estimated loss is not yet confirmed by the DeFi platform, Crema Finance said it would soon release a postmortem report detailing what went down.

Meanwhile, Solana Indexer offered a breakdown of the movement of the stolen funds. As per the thread, hackers managed to activate 6 flash loans on the Solend protocol.

74,010 SOL was found to be shifted from the original wallet to another alternative wallet, which was then transferred in 5 batches to an ETH wallet, via Wormhole Exchange.

The expert put the stolen amount at $8.7 million.

Blockchain audit firm @osec_io too confirmed the findings and stated that it is working closely with the Crema team to help resolve this issue.

As for now, the hacker’s addresses have been traced and blacklisted on both Solana and Ethereum.

Several Hacks Has Marred The Solana Blockchain

In late March, another Solana protocol Cashio suffered a security breach leading to a complete collapse of its flagship stablecoin, CASH.

For those new, Cashio is a Solana-based DeFi application that allows users to mint CASH stablecoins. 

In this incident, the hacker exploited a vulnerability that enabled them to mint an infinite supply of CASH without having any sufficient leverage.

Per Defi Llama data, the hacker drained nearly $28 million worth of liquidity from the exchange. Saber posted an update announcing that it had stopped its CASH liquidity pools following the incident. 

As a result of the exploit, CASH, whose value is supposed to be pegged to the U.S. dollar, lost its value.

While the exact extent of the damage from the attack is still officially unknown, the renowned crypto security researcher known as samczsun on Twitter said that the losses amounted to about $50 million based on their “quick skim,” of the on-chain data.

The most notorious of them took place in Feb 2022 when one of the most popular bridges linking the ethereum and Solana blockchains lost more than $320 million.

Wormhole Incident was DeFi’s second-biggest exploit to date, and the largest-ever to hit the Solana blockchain.