👀 Another day, another DeFi protocol hacked

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👀 Another day, another DeFi protocol hacked🧙 FTX to acquire Blockfi for spare change🚨 Jed McCaleb's stash in XRP - is it ever going to dry upBy Ambire

Crema finance forced to suspend services temporarily due to exploit, $8.7 million stolen!

Another day, another successful cyber attack in the crypto world. This time it was Crema Finance who disclosed they had fallen victim to hackers with $8.7 million lost in deposits just last week!

It’s always worrying when these things happen but at least we know that Solana's CLMM algorithm keeps updating and improving it's security every day and they are trying their best to keep us safe - even so sometimes things can go wrong.

After collaborating with the Crema team, an auditing firm from Ottersec, Solana was able to determine how the funds were stolen and where they were moved.The attacker used six flash loans on the Solend Protocol to siphon the funds and then used Wormhole Exchange (a bridge between Solana and other DeFi networks) to transfer them.

For the moment the stolen funds are still kept in the hacker's ETH wallet and the initial SOL wallet.We will keep you posted of how this will unfold.

Blockfi CEO says FTX has the option to acquire them at a price of $240 million

The co-founder of Blockfi, Zac Prince announced that they have come to an agreement with Sam Bankman-Fried’s crypto firm FTX.The deal is meant “to protect client funds" and still requires shareholder approval but for now, there are two key points worth noting:1) They've drawn down $400 million in revolving credit facility which can be subordinate or senior depending on how you look at it2).FTX also has options vesting based off performance triggers so if all goes well then eventually this could lead up towards a possible acquisition price of up to 240M

Prince detailed how BlockFi found itself in a tight spot this summer, explaining that they were struggling to make their loan payment due, mostly because of increasing interest rates on crypto deposits and borrowing costs.

He mentioned two key factors: Celsius Bank -which provides credit services for cryptocurrency exchanges-and three arrow investment firm 3AC as contributors towards shaping events leading up to the hardships of Blokfi.Even though they are not related the pressure and the FUD that the filing for bankruptcy of 3AC caused has had a negative effect on everyone in the crypto realm

The co-founder of Ripple, Jed McCaleb's stash might actually dry up this year

McCaleb's stash of XRP could be running low.There were some predictions in the beginning of 2021 that his holdings of the token will be depleted by early 2022 taking into consideration the speed at which he was getting rid of them up to that point.

Even though he is still dumping (22 million tokens were sold in just 3 days) McCaleb's wallet dubbed "Tacostand" still holds around 81 million XRP which at today's price is worth a little bit over $26 million.In 2021 he sold $2.74 billion of XRP and in the month of February 2021 alone $1.22 billion worth of XRP. We can't help to wonder if he will dump them all the moment the price goes up

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