Tag Archive for: liquid

Coinbase Backs First Enterprise-grade Liquid Staking Protocol


Coinbase, America’s largest crypto exchange, is venturing deeper into the realm of digital asset staking with its latest pledge of support.

The exchange published a company blog post stating that its cloud division would be supporting the development of the first-ever enterprise-grade liquid staking protocol.  

Coinbase Cloud is collaborating with staking platform Figment and software development firm Alluvial Finance to support a group of experienced founders and operators building the institutional-grade protocol.

Alluvial already operates a staking platform that it intends to expand and become decentralized through DAO governance.

Coinbase says liquid staking is growing  

Coinbase stated that liquid staking is a niche market and an “industry gap.” While there are already existing platforms such as Lido offering Ethereum staking, one for financial institutions has yet to be launched.

Traditional staking methods require tokens to be locked up or bonded for a set period in order to be eligible for yields. This is the case with the Ethereum consensus layer which began staking operations in December 2020, with ETH remaining locked in the smart contract. It will not be released until several months after the Merge which is slated for this summer.

Liquid staking opens up opportunities to efficiently utilize staked assets as collateral to trade, lend, and provision quickly and strategically, the blog post stated. Stakers receive equivalent tokens representing their collateral that can be used elsewhere.

“They can stake their tokens, receive back receipt tokens that evidence ownership of their staked tokens and use those receipt tokens to participate in the broader Web3 economy,” says the company.

According to Dune Analytics, liquid staking penetration has gone from less than 1% penetration in January 2020 to more than 35% today. Dune also reports that Lido staking represents almost a third of all ETH staked on the Beacon Chain with 4.1 million ETH staked.

Coinbase stated that these staking solutions do not meet the needs of institutions or mature regulated businesses which require enterprise-grade reliability, security, and KYC/AML processes.

“As part of the initial…

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Liquid cryptocurrency exchange loses $94 million following hack


Liquid cryptocurrency exchange loses $94 million following hack

Japan-based cryptocurrency exchange Liquid has suspended deposits and withdrawals after attackers have compromised its warm wallets.

Liquid is one of the largest cryptocurrency-fiat exchange platforms worldwide (based on daily traded spot volume).

The exchange has more than 800,000 customers from over 100 countries and says that it reached a $1.1B+ daily trade volume this year.

After discovering that its warm wallets were hacked, the crypto exchange moved assets into the cold wallet.

“We are currently investigating and will provide regular updates. In the meantime deposits and withdrawals will be suspended,” Liquid said.

$94 million worth of assets stolen

According to blockchain analytics firm Elliptic, who is helping Liquid trace the stolen funds, the hackers stole roughly $94 million worth of cryptocurrency assets in the attack.

“The stolen funds include $45 million in Ethereum tokens, which are currently being exchanged for ETH on DEXs such as Uniswap and SushiSwap,” Elliptic stated.

“This enables the hacker to avoid having these assets frozen – as is possible with many Ethereum tokens.”

This incident follows the biggest cryptocurrency hack ever, the theft of over $611 million after an unknown threat actor hacked Poly Network’s cross-chain interoperability protocol last week.

In a weird twist of events, Poly Network first threatened the attacker (known as Mr. White Hat) to return the stolen cryptocurrency to avoid landing on law enforcement’s radar. It then awarded him a $500,000 bounty and invited him to be the company’s Chief Security Advisor

Since the attack took place, Mr. White Hat has gradually transferred the stolen assets to Poly Network’s wallets.

In July, the FBI issued a Private Industry Notification warning cryptocurrency owners, exchanges, and third-party payment platforms of threat actors actively targeting virtual assets in attacks…

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I’ll have a Monster Mac please: Website lifts the lid on secret orders at your favorite fast food chains… including Starbucks’ Liquid Cocaine and Burger King’s SUICIDE burger

Simple but effective, Hack the Menu describes Frings as ‘the cherry on top of the Burger King Secret Menu’. McDoanlds The Monster Mac – Perhaps more aptly called the Bigger Mac, this gut stretching creation is simply a normal Big Mac – but with six extra …
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I’ll have a Monster Mac please: Website lifts the lid on how to get the secret off-menu options at your favorite fast food chains… including Starbucks’ Liquid Cocaine and …

Simple but effective, Hack the Menu describes Frings as ‘the cherry on top of the Burger King Secret Menu’. McDonalds The Monster Mac – Perhaps more aptly called the Bigger Mac, this gut stretching creation is simply a normal Big Mac – but with six extra …
mac hacker – read more