Connect with us

Press Release

Analyzing More Recent Notorious Crypto Hacks

Published

on

Dubai, UAE, 12th July 2024, In the 15-year history of the cryptocurrency sector, many corrupt individuals have tried to find and exploit vulnerabilities in exchanges, bridges, and other platforms. The outcome is some of the most infamous hacks in the industry’s past. Let’s analyze a few more recent incidents and determine what valuable lessons the crypto community can learn from them.

Poly Network  

The exploit of the Poly Network, a cross-chain interoperability protocol, took place in August 2021. It led to the theft of $610 million, marking one of the most daring cyber attacks in the cryptocurrency space. 

After locating vulnerabilities in Poly Network’s smart contracts, an attacker found a way to access multiple wallets and successfully freed them from assets, transferring them to three wallets on various networks. Having discovered a leak of funds, the Poly team asked exchanges and miners to monitor the stolen tokens’ movements and appealed for the hacker’s transactions to be halted. Tether took action by freezing $33 million worth of USDT. In a public message on Twitter, the Poly team expressed their desire to initiate a dialogue with the hackers and encouraged them to return the stolen tokens. Less than 24 hours later, an unidentified individual (proclaiming to be the hacker) voiced willingness to return the funds. The identity of this hacker remains unknown.

Gradually, after days of a back-and-forth with the attacker, the Poly team announced the total return of stolen assets. While few believed that the hacker wanted to showcase vulnerabilities in such a big and trusted platform as Poly Network, the majority of the public was confident that the hacker gave back the funds only because it was difficult to launder and cash out the money due to the public record of the coins on the blockchain and the overall community’s outrage. Interestingly, at a certain point, the hacker was offered a $500,000 “bug bounty” and the company’s chief security advisor role but decided to decline. 

Following the breach, the special bounty program was still initiated, aspiring to encourage researchers to find and responsibly disclose any other vulnerabilities in its software. However, this measure proved inadequate as, regrettably, this was not the last security breach for Poly Network. In the summer of 2023, it fell victim to another significant hack, with the intruder finding one more flaw in the project’s smart contracts. They minted multiple tokens estimated to be worth $43 billion but, fortunately, could only withdraw approximately $10 million due to limited liquidity. Those two breaches underscored the significance of conducting comprehensive code audits again, particularly for large-scale and high-profile projects like Poly Network.

Multichain  

Multichain’s exploit is another of the most notorious hacking incidents in recent memory, resulting in the platform’s rapid decline and shutdown. On July 7, 2023, a cross-chain interoperability protocol Multichain lost $126 million, with the majority of funds, approximately $120 million, taken from the Fantom bridge. The details of how the hack occurred still have not been disclosed.

The criminal took advantage of the system and stole various assets, including wrapped Ether, wrapped Bitcoin, and USDC. They also targeted the Dogecoin bridge, taking $666,000 and causing an 85% decrease in total deposits. Finally, the Moon River bridge lost $6.8 million, including USDC and Tether, to this theft. Unfortunately, the MPC node servers were being used under Multichain’s CEO Zhaojun’s cloud server account, thus making logging in impossible for other team members. The Multichain team ceased operations one week after experiencing a hack, as they could not access the platform and assess the situation more thoroughly. 

A year has passed, and the situation has not become clearer. Users are still facing difficulties in obtaining information or reaching their assets. This breach served as a reminder to the community that even widely used and reliable projects can have underlying security issues, neglect basic safety rules, and even lie about the practices present within the project.

Conclusion

The digital currency sector has faced multiple high-profile cyber assaults that have influenced the cryptocurrency market immensely, harming people’s belief in the security of crypto products and the overall potential of the industry. However, they have also motivated crypto projects to examine their safety measures, implement more efficient approaches, and create new, more sophisticated ways to shield against future threats.

Kinetex Network: Website | Kinetex dApp | Blog

About Author

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

Continue Reading

Press Release

Discover Unique and Affordable Gifts at China Creative Center – A Premier Destination for High-Quality Chinese Products

Published

on

The China Creative Center, a leading online destination for high-quality, creatively designed products, offers an array of unique and affordable gift options. Whether you’re searching for thoughtful Mother’s Day gifts, distinctive Father’s Day presents, or special gifts for children’s birthdays, the China Creative Center has something for everyone. By shopping here, you can give your loved ones a meaningful present that also celebrates Chinese culture.

A Gift for Every Occasion

At the China Creative Center, customers are treated to an impressive selection of gifts that are not only creative but also deeply tied to the rich heritage and craftsmanship of China. Our platform is perfect for those seeking a distinctive touch to their presents, blending creativity and tradition with affordability.

Mother’s Day Gifts

Celebrate your mom with a beautifully crafted Chinese tea set, silk scarves, or jade jewelry – all reflecting elegance and thoughtfulness. These exquisite items are perfect for showing appreciation for her love and care while introducing her to the timeless beauty of Chinese culture.

Father’s Day Gifts

Honor dad with practical yet stylish gifts like handcrafted bamboo watches, calligraphy sets, or traditional Chinese health tools such as a gua sha stone or acupressure massage devices. These gifts represent wellness, wisdom, and respect – ideal for showing him how much you care.

Children’s Birthday Gifts

For children’s birthdays, China Creative Center offers an exciting array of gifts that are both fun and educational. Choose from traditional Chinese toys, art kits, and unique cultural games that introduce kids to the wonders of Chinese tradition in a playful, engaging way. Wooden puzzles featuring Chinese architecture, lantern-making kits, or calligraphy sets are perfect for sparking a young imagination.

Celebrate with Chinese Culture

The China Creative Center is committed to bringing Chinese culture to the forefront of everyday life through practical and beautifully designed products. Each item is a testament to China’s rich artistic heritage, with the craftsmanship and attention to detail making these gifts memorable and cherished.

Whether you’re shopping for yourself or someone special, China Creative Center makes it easy to select affordable yet meaningful gifts that can be treasured for years to come. This is more than just a shopping experience; it’s an opportunity to embrace creativity and connect with Chinese culture in a personal way.

About China Creative Center

China Creative Center is a leading online mall offering high-quality creative products that reflect the beauty and craftsmanship of Chinese culture. We provide a diverse selection of gift options for all occasions, with the goal of making unique and culturally significant items accessible to everyone. Our dedication to affordability ensures that anyone can experience the beauty of Chinese artistry without breaking the bank.

For more information, visit https://chinacreativehub.com/.

About Author

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

Continue Reading

Press Release

Hyalure Unveils Groundbreaking Anti-Aging Dermal Filler: Erelle CMC Revolutionizes Cosmetic Injectables with Unmatched Longevity and Safety

Published

on

A World-First From Hyalure

Erelle CMC from Hyalure. The name you need on your radar. This next-generation dermal filler represents significant advancement in aesthetic medicine, combining the volumising quality of dermal fillers with anti-ageing properties… for long-lasting, natural-looking, multi-faceted results never attainable before.

And it only gets more exciting…

Not only is Erelle CMC the first dermal filler with anti-ageing properties… but it’s also safer for the patient, is able to create more volume than traditional HA dermal filler, can be placed closer to the bone to create projection like never before AND it promises to never migrate… but can be safely dissolved, should you wish to go down that route in the future. Sign us UP!

It’s the perfect multi-tasker – particularly well suited for more mature skin types who would benefit from the additional lift and volume the product can achieve, with its next-generation anti-ageing properties. 

Hyalure: Innovating, Elevating & Refining The Landscape Of Cosmetic Injectables

Erelle CMC (Carboxymethylcellulose) is a state-of-the-art dermal filler designed to restore volume, smooth fine lines and enhance facial contours. Unlike traditional hyaluronic acid fillers, Erelle CMC utilises a unique, world-first carboxymethylcellulose-based formula that provides superior durability and enhanced biocompatibility, ensuring safe and natural results that last up to 18 months. 

The first and only pure CMC cross-linked in the world

Key benefits of Erelle CMC include:

Long-lasting results: Erelle CMC has staying power – it can last significantly longer than traditional fillers, reducing the need for frequent touch-ups Natural-looking: With its smooth, malleable texture, Erelle CMC integrates seamlessly with the skin for subtle, natural facial rejuvenation Safe and biocompatible: Made with non-animal and non-bacterial derived ingredients, Erelle CMC is hypoallergenic and biocompatible, making it suitable for a wide range of patients. Cross-linked sodium carboxymethylcellulose plant without added synthetic substances.

Cost effective:

Long-lasting results that won’t migrate, making Erelle CMC a practical and cost-effective solution in the long term. Erelle Volume does not migrate from the implant site and is slowly reabsorbed over time Integrated Lidocaine: In addition, Erelle CMC’s formula has the added benefit of lidocaine, making your injectable treatment virtually pain-free Protein-free: Erelle CMC sets itself apart from other hyaluronic acid dermal filler by being proudly free of bacterial endotoxin residues and proteins. This minimises the risk of local tissue reactions and post-injection immunogenic effects Innovating in Aesthetic Medicine.

With the launch of Erelle CMC, Hyalure continues to push the boundaries of innovation in dermal fillers, offering products that not only address common signs of ageing but which do so in a way that enhances the body’s natural beauty. Erelle CMC is ideal for clients looking for a premium, multi-faceted solution to volume loss, fine lines and sagging skin – particularly in areas like the cheeks, jawline and nasolabial folds.

“Hyalure’s goal has always been to provide the most advanced and effective solutions for anti-ageing and volume loss,” reveals Matteo Belamhawal, founder of Hyalure, “And Erelle CMC is the result of years of research and development. This filler is a world-first – a real game-changer for both clients and practitioners, offering exceptional longevity, natural results and the highest safety standards.”

Learn more about Hyalure: https://hyalure.com/en/

Cosmetic PR Lucy Hilson

https://cosmeticpr.com/ 

info@cosmeticpr.com

London

About Author

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

Continue Reading

Press Release

SOILEUM’s $100M Presale Begins as Polygon and Cardano Surge Amid Tightening Crypto Regulations

Published

on

As the cryptocurrency market continues to evolve, Soileum Network is gearing up for its highly anticipated $100 million presale. This significant event coincides with Polygon’s remarkable growth, a surge in Cardano’s smart contract development, and tightening crypto regulations across the globe. These dynamic trends highlight both the opportunities and challenges facing the blockchain industry today.

Soileum’s $100M Presale: Unlocking New Investment Potential

Soileum Network is set to launch its $100 million presale, offering a unique investment opportunity for those interested in the future of decentralized identity management. The presale will allow early participants to acquire SOIL coins at a potentially advantageous rate, paving the way for involvement in a project that emphasizes user privacy and control over personal data.

By leveraging its Secure Open Identity Layer (SOIL) technology, Soileum aims to create a more secure and efficient ecosystem for managing digital identities. This presale is an essential step in establishing Soileum as a leader in the blockchain space, attracting both individual investors and institutions eager to explore its innovative solutions.

For more details on how to participate, visit the Soileum website.

Polygon Reaches New Milestones

Amidst this presale excitement, Polygon has been making headlines for its impressive growth and adoption rates. As a layer-2 scaling solution for Ethereum, Polygon has successfully reduced transaction fees and improved speeds, making it a favored platform for DeFi projects and NFT creators.

Recent reports indicate that Polygon’s user base and total value locked (TVL) have surged, reflecting the growing demand for scalable blockchain solutions. As more projects migrate to or launch on Polygon, it solidifies its position as a significant player in the DeFi and NFT ecosystems. The success of Polygon serves as a testament to the increasing importance of scalability in blockchain technology.

Cardano’s Smart Contract Development Accelerates

Meanwhile, Cardano is experiencing a notable surge in its smart contract capabilities. Following its Alonzo upgrade, Cardano has seen significant growth in the number of projects utilizing its platform for decentralized applications (dApps) and smart contracts. This growth has attracted a wave of developers and projects eager to capitalize on Cardano’s robust ecosystem.

With increased interest in Cardano’s smart contracts, the network is positioning itself as a serious competitor to other established platforms like Ethereum. This evolution is likely to drive further innovation and development within the Cardano ecosystem, creating new opportunities for investors and users alike.

Global Crypto Regulations Tighten

As these projects flourish, the broader cryptocurrency landscape faces increasing regulatory scrutiny. Governments around the world are tightening regulations in response to concerns about fraud, money laundering, and investor protection. The SEC and other regulatory bodies are implementing measures that impact exchanges, token offerings, and blockchain projects.

For investors and projects like Soileum, this evolving regulatory environment presents both challenges and opportunities. Adhering to compliance standards is crucial for gaining trust and maintaining legitimacy in the eyes of regulators. As the industry adapts to these changes, transparent and compliant practices will be key to long-term success.

Conclusion

As Soileum prepares for its $100 million presale, the cryptocurrency market is witnessing significant developments, including Polygon’s impressive growth and Cardano’s smart contract advancements. However, the tightening of global crypto regulations serves as a critical reminder of the complexities that investors and projects face in this evolving landscape.

For ongoing updates and more information regarding the presale, check out the Soileum website. The intersection of these trends presents a dynamic environment, and as the presale date approaches, all eyes will be on Soileum Network to see how it leverages current opportunities while navigating the challenges ahead.

Company Name: Soileum Network

Contact Person: Badrinath M

Contact Email: team@soileum.com

City: Bangalore 

State: India

Website link: https://soileum.com 

About Author

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

Continue Reading

LATEST POST