Author: Sahil Poudel

Users Are Encouraged to Secure Wallets After $52M Is Transferred to Ethereum in Radiant Capital Hack

Summary

A recent sophisticated hack at Radiant Capital led to the theft of $52 million worth of cryptocurrency assets. Radiant Capital advised customers to secure their wallets after the thief transferred almost all of the stolen money to Ethereum, according to blockchain security firm PeckShield. The platform is now working with cybersecurity experts and authorities to track and recover the funds.

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Radiant Capital’s $52M Transferred to Ethereum

On Oct. 24, blockchain forensic firm PeckShield reported that a hacker associated with Radiant Capital had moved approximately $52 million in stolen crypto assets to the Ethereum network. The addresses connected to the hacker transferred nearly all funds from Arbitrum and Binance’s BNB Chain, totaling around 20,500 Ether.

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Details of the Radiant Capital Exploit

Radiant Capital, a decentralized finance (DeFi) lender, was targeted on Oct. 16 in a malware-based hack described as “one of the most sophisticated hacks ever recorded in DeFi.” Attackers compromised the hardware wallets of three Radiant developers, leading to losses exceeding $50 million.

User Advice: Remove Permissions from Your Wallet

Radiant Capital advised its users to use revoke.cash to remove permissions on impacted contracts in order to stop future misuse in the wake of the incident. With the words, “This is not optional—take one minute to protect your assets,” they gave users a list of compromised contracts and urged them to act immediately.

DeFi Space Sees an Increase in Crypto Hacks

PeckShield claims that losses from bitcoin hacking have escalated, with losses across numerous DeFi networks in September 2024 alone amounting to over $120 million.The growing security concerns in the decentralized banking industry were highlighted by the same thefts that affected other websites, such as BingX, Penpie, and Indodax. Radiant Capital continues to collaborate with cybersecurity experts and law enforcement to recover the stolen funds and improve company security.

Flare from Google Cloud Offers Cheap Blockchain Nodes

In conclusion, Web3 developers can now easily and economically install blockchain nodes with Flare Network’s Blockchain Machine Images on Google Cloud. This solution supports popular networks including Avalanche, Ethereum, and Bitcoin.

Launch of the Blockchain Machine Image

Flare Network unveiled its Blockchain Machine Images solution on October 25. It provides a useful node-as-a-service choice via Google Cloud. This application makes it possible for developers to quickly establish nodes for networks like Avalanche, Ethereum, and Bitcoin, which streamlines and speeds up node maintenance.

Affordable node services

At about $300 per month, a dedicated Flare node for Blockchain Machine Images is a cost-effective option for companies. Comparable services can cost up to $2,000, which is far less than this. Remote procedure calls (RPC), data indexing, and unlimited workloads make the platform popular for a wide range of applications.

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Improving the Flare Ecosystem

The service also supports Flare’s attestation providers, who safeguard and validate the network’s external data sources, including Bitcoin. According to Josh Edwards, VP of Engineering at Flare, Blockchain Machine Images will facilitate infrastructure maintenance and ensure consistent data access across Flare’s ecosystem for these crucial businesses.

Blockchain Democracy App Released by Georgia Opposition Party Prior to Elections

In brief The United National Movement has introduced United Space, a blockchain-based application intended to encourage civic engagement and voter turnout by providing incentives for participation, ahead of Georgia’s parliamentary elections. The app, which is powered by Rarimo, presents a liquid democracy paradigm and allows anonymous voting.

Blockchain Voting with United Space

In a move to address low voter turnout, Georgia’s United National Movement, an opposition party, has launched United Space, a blockchain-powered identity app. United Space leverages the Rarimo zero-knowledge protocol to reward citizens for participating in democratic processes and enable anonymous voting. The party plans to better link United Space with the country’s Public Service Hall in order to investigate experiments with Universal Basic Income and other digital governance alternatives if elected.

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Voting Security and Anonymity

Rarimo’s Freedom Tool, a zero-knowledge proof technique for confirming citizenship, is the foundation upon which the app is based. Voters can take part in the democratic process with unparalleled privacy by uploading their encrypted identification documents onto a safe, on-chain registry. Given Georgia’s political unrest stemming from authoritarian worries, this degree of anonymity is essential.

Civic Involvement and Benefits

Through a points system, United Space promotes greater civic engagement in addition to voting. By participating, citizens can accrue points and become stakeholders in strategic assets and public services. While Kitty Horlick of Rarilabs highlights the app’s function in transforming citizens into direct stakeholders in public resources, Giorgi Vashadze, MP and head of the United National Movement, views United Space as a tool to strengthen democracy in Georgia and beyond.

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Ethereum Engineer Criticizes Solana’s Potential as a “Global Backbone” Blockchain

In brief, According to Ryan Berckmans, an engineer and member of the Ethereum community, Solana does not have the infrastructure necessary to function as the cornerstone of an international financial system. Solana’s lack of decentralization, high bandwidth requirements, and technical limitations, he says, provide a more sustainable model than Ethereum’s Layer 1 and Layer 2 environment.

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Solana’s Shift from “Monolithic” to Layered Solutions

Solana initially promoted itself as a high-throughput, single-chain platform capable of handling global transactions. Since then, though, it has begun implementing Layer 2 (L2) solutions, renaming them “Network Extensions.” This change is more in line with Ethereum’s proven L2 approach, which has allowed a number of applications to create unique L2 appchains on the platform.

Technical Difficulties Preventing Solana from Developing a Global Backbone

Berckmans claims that there is an issue with Solana’s single-client strategy, which just uses the agave rust client. At least three independent customers with a balanced stake distribution are necessary for a robust global backbone. Firedancer, Solana’s second client, has had delays that have been made worse by a lack of research resources and protocol specification. Furthermore, the platform’s reach in areas with lower network capacity is restricted by Solana’s 10Gbps upload suggestion, which raises centralization issues. The outage history of Solana was also brought to light by Berckmans, who pointed out that the protocol-level fallback mechanisms required for continuing block production during finalization issues are absent from the system.

Decentralization and Market Share Concerns

Berckmans raised concerns about Solana’s decentralization, citing that around 98% of Solana’s initial token allocation went to insiders, in contrast to Ethereum’s 80% public sale. He also points to the emergence of zero-knowledge (zk) proof aggregation, which enhances L2 settlement capabilities, as a challenge to Solana’s reliance on Layer 1 execution scaling.

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The Benefits of Ethereum for Corporate Adoption

Solana’s market share will probably decrease if big companies like Coinbase, Sony, and Visa choose Ethereum L2 solutions, according to Berckmans. He claims that although Solana has performed exceptionally well in several domains, its structural flaws prohibit it from acting as the foundation of an international financial system.

Google Cloud Joins MANTRA Chain as Validator

An overview

In collaboration with MANTRA Chain, Google Cloud will now be the layer-1 blockchain network’s main infrastructure supplier and validator. The partnership will use MANTRA’s accelerator program, which is scheduled to begin in early 2025, to promote innovation in tokenized real-world assets (RWA).The program will offer resources like cloud credits and technical support from Google’s web3 and AI teams to developers building within the ecosystem. The OM token saw a 2% increase following the announcement, as staking went live on the MANTRA mainnet.

Boosting MANTRA’s RWA Initiatives

On Oct. 23, MANTRA Chain, an L1 blockchain designed for tokenized real-world assets, announced Google Cloud as its primary validator and infrastructure partner. Known for its crypto partnerships with networks like Flare and Aptos, Google Cloud will now help MANTRA Chain extend its ecosystem’s developer support through initiatives like a testnet faucet on Google’s web3 Portal, providing developers with free MANTRA testnet tokens for application testing.

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RWA Accelerator Program

The MANTRA-Google Cloud collaboration will also roll out an RWA accelerator in Q1 2025, giving select projects cloud credits and access to web3 and AI support from Google. To execute this, MANTRA has partnered with the AI solutions provider BCW Group.

OM Token Sees Boost

Following the Google Cloud announcement, the OM token saw a 2% gain in 24 hours. MANTRA mainnet users can now bridge and stake OM tokens to MANTRA validators, including the new Google Cloud validator, marking an expansion of the platform’s staking capabilities.

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AurumXchange Owner Indicted for Money Laundering

In brief

Maximiliano Pilipis, the proprietor of AurumXchange, was charged by U.S. officials with laundering money connected to the Silk Road and could face jail time and heavy fines.

AurumXchange Owner Indicted for Money Laundering Silk Road Funds

American authorities have indicted Maximiliano Pilipis, owner of cryptocurrency exchange AurumXchange, on allegations of laundering funds tied to the Silk Road darknet marketplace, as stated by the U.S. Department of Justice (DOJ) on Oct. 28.

Pilipis, a 53-year-old from Indiana, allegedly facilitated over $30 million between 2009 and 2013, partly from accounts linked to Silk Road. Silk Road, the pioneering darknet marketplace launched in 2011, was shut down in 2013 with founder Ross Ulbricht sentenced to life for charges including money laundering and drug trafficking.

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AurumXchange allegedly carried out over 100,000 transactions without a license, according to the DOJ. While the platform was in use, Pilipis allegedly earned about 10,000 BTC in fees, or $1.2 million. Investigators claim AurumXchange, a Dominican company registered under the name Aurum Capital Holding, laundered money through a number of wallet addresses, some of which were used to invest in real estate in Indiana, allegedly without disclosing the associated earnings on tax forms.

In January 2024, IRS agents seized close to $10 million from Pilipis’s Morgan Stanley accounts, stating he knowingly used illicit funds. A federal grand jury initially charged him with one money laundering count, later adding five counts and two counts of tax filing failures.

Pilipis can be sentenced to 10 years in jail and fined up to $250,000 if found guilty

A Greater Attention to Crypto Money Laundering Worldwide

Authorities throughout the world have increased their scrutiny of bitcoin exchanges for potential money laundering. In Sweden, authorities recently labeled many exchanges “professional money launderers,” and in Germany, authorities closed 47 exchanges for breaking anti-money laundering regulations. Significant exchanges including Binance, KuCoin, and OKEx have faced similar inquiries or accusations in recent years.

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Austria Sentences Five in Landmark $21.6M Crypto Scam Trial

Summary

Five individuals were sentenced to prison for their roles in a Ponzi-like scheme. This incident occured in Austria, where the sentenced individuals involved themselves in the EXW-Token scam that defrauded over 40,000 investors out of €20 million ($21.6 million).

Landmark Crypto Fraud Trial Ends in Sentencing

Austria’s largest crypto fraud case to date, took a year-long trial and 60 days of hearings. The Klagenfurt Regional Court sentenced five individuals involved in the EXW-token scam. The individuals were found guilty of running a Ponzi-like scheme, persuading investors with promises of daily returns through fraudulent ventures,including the EXW Wallet and fictitious investments in real estate and rental cars.This fraudulent scheme had already collapsed in 2020 but briefly managed to resurface under the name Exchange World.

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Lavish Spending Funded by Fraud

Court recordings reveal that the defendants were using the stolen funds to facilitate their lavish lifestyles; luxury cars, private jets and mansions. Out of all the stolen goods some of the stolen goods was allegedly transfered from Dubai to Austria.Two of the defendants received five-year sentences, with others handed 30-month and 18-month suspended sentences. EXW Wallet co-founders Benjamin Herzog and Pirmin Troger had already pleaded guilty and received five-year sentences.

A Rising Global Threat

The EXW-Token case highlights a troubling increase in crypto scams globally. France recently began its own $30 million crypto fraud trial, while the U.S. sentenced a Ponzi promoter to prison. With crypto-related frauds surging, authorities worldwide are cracking down to protect investors and maintain trust in the cryptocurrency market.

CARV Token Surges 79% After Top Crypto Exchange Listings

The CARV platform’s native token skyrocketed after being listed on eight top-tier crypto exchanges. The project was launched on Oct 10, following its launch, the token experienced a significant gains, increasing from $0.26 to $0.61 within hours. This shows an impressive 79% rise, with market limit of $62 million and over $22 million in daily trading volume.

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Key Exchanges and Early Gains

Bybit, Bitget, KuCoin, HTX, and MEXC, Top exchanges are offering their trading support for CARV. Despite overall market laziness, CARV’s performance stood out. This exceeds Bitcoin and Ethereum both of which struggled to gain momentum.

Important Note: CARV’s surge reflects growing interest in decentralized platforms focusing on data privacy and modular identity markets.

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What is CARV?

CARV is a decentralized platform that aims to make data privacy and modular identity inside gaming, AI and data monetization sectors. Having gained major early momentum, CARV has received investments from major ventures and coordinated with gaming and AI startups.

CARV’s Ecosystem and Future

The CARV’s Ecosystem works across various sectors, including gaming projects, notable blockchain projects, As CARB continues to expand, its focus on data privacy and decentralized infrastructure puts it in a great position for further growth on modular identity market.

Hex Trust Teams Up with Clearpool to Launch Ozean

A decentralized finance protocol, Clearpool has joined forces with crypto custodian Hex Trust to launch Ozean. Ozean is a blockchain plaform which aims to yield Real-World Assets (RWA)

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Ozean Set for Traction in RWA Space

Ozean is designed to enhance Hex Trust’s infrastructure and institutional client base, with the help of Clearpool’s lending expertise. Clearpool has successfully amassed over $620 million in loans, serving clients like Jane Street, Flow Traders and Wintermute.

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Hex Trust’s Key Role in Ozean Expansion

With more than $5 million in custody and over 270 institutional client, Hex trust has positioned itself to play a significant role in expansion of Ozean. The platform will provide their clients, including banks, exchanges, funds and decentralized applications (dApps) with essential access to RWA.

Ceo and co-founder of Hex Trust, Alessio Quaglini, stated:

“Hex Trust will bring its vast and growing client base, along with our cutting-edge technology infrastructure, to take Ozean to the next level to unlock this trillion-dollar market opportunity.”

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Blockchain.com Executives on Trial for Failing to File Financial Reports on Time

Summary

Blockchain.com executives are facing legal charges over late Financial Filing, with hearing scheduled in November.

Executives Face Court Over Financial Delays

Blockchain.com’s co-founder Nicolas Cary and operations executive AI Turnbull are currently facing a lawsuit because of their company’s inability to submit their own financial filings on time. Both of them were called by Companies House in May, with legal proceedings starting in September. A follow-up court hearing is scheduled for November.

Missed Filings Attributed to Restructuring

The lawsuit revolves around Blockchain.com’s late submission of financial accounts for 2022, while the company only filed accounts for 2020 as of October. The firm attributed the delay to a major reconstructing and workforce reduction, which they claimed required time to stabilize. This is a serious issue as, failure to comply with filing regulations could result in significant fines for the executives.

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Valuation Drop Amid Market Challenges

Blockchain.com, founded in 2011, once boasted a valuation of $14 billion but has seen that figure drop to less than half, exacerbated by a $270 million loss tied to the collapse of Three Arrows Capital. Despite these setbacks, the company remains optimistic, stating it has addressed the necessary regulatory paperwork and expects the matter to be resolved quickly.

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