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According to reports, the native stable coin of a Polkadot-based decentralized finance (DeFi) platform was taken down on Sunday after plunging 99% when hackers exploited a bug in a new liquidity pool to hit nearly 1.3 billion tokens, causing the value of the coin to plummet. A liquidity pool is a digital stack of cryptocurrency locked inside a smart contract, which creates liquidity for faster transactions on decentralized exchanges and DeFi protocols. In this case, the platform developers believe that the bug exploited by the hacker was caused by a misconfiguration of a new liquidity pool that was recently released. A wallet believed to belong to the attacker still contains around 1.27 billion stablecoins, but on-chain investigators pointed out that the attacker who minted the fraudulent coins was not the only one profiting from the bug, several other users having stolen thousands of coins. coins dollars from the liquidity pool.
Australian researchers recently published an analysis of insider trading in cryptocurrency markets. The newly released paper finds evidence of systematic insider trading in the industry, where individual traders use private information to purchase coins ahead of exchange listing announcements. The report estimates that insider trading occurs in 10-25% of cryptocurrency listings and that insiders have earned at least $1.5 million in trading profits. The report also identifies major trade cases that have yet to be prosecuted.
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