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Arbitrum Based Jimbos Protocol Scurries for Revival After $7M Exploit

Version 2 of Jimbos protocol was attacked over the weekend for $7.3 million, just days after going live.

Developers behind the Arbitrum-based Jimbos Protocol are gauging the best way for the project to move forward after its version 2 (V2) faced a $7.5 million exploit over the weekend.

Jimbos said it was working with security researchers to reclaim lost funds – the same people who’ve previously helped Euler Finance recover over $200 million – and added that they would contact law enforcement by 4 P.M. UTC on Monday if the attacker failed to return the money.

Jimbos lost 4,090 ether (ETH) late on Saturday, which security analysts blamed on the lack of slippage control in the main contract. This allowed the yet-unidentified attackers to take out a $5.9 million flash loan, manipulate the prices of jimbo (JIMBO), and walk out with treasury funds.

The protocol planned to issue a semi-stable token backed by a basket of crypto tokens, alluring traders to this concept as similar projects have seen brief success.

Flash loans are a popular way for attackers to gain funds to conduct exploits on decentralized finance (DeFi) systems. The loans allow traders to borrow unsecured funds from lenders using smart contracts instead of third parties.

These do not require any collateral because the contract considers the transaction complete only when the borrower repays the lender – meaning a borrower defaulting on a flash loan would cause the smart contract to cancel the transaction, and the money would be returned to the lender.

Meanwhile, JIMBO, its token, traded at nearly 18 cents on Monday, slightly recovering in Asian morning hours as developers floated their protective plans.

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Shiba Inu-Themed Floki Sees Trading Volume Surge Amid China Plans

Floki prices rallied on Sunday amid a bitcoin-led market push and bets on the token’s “China narrative.”

Floki (FLOKI) spiked over 10% on Sunday and saw its highest trading volumes in over three weeks as traders bet on the tokens amid a China-focused push for its Valhalla metaverse game.

Trading volumes for the tokens, which are fashioned after the Shiba Inu dog breed, jumped to over $60 million, up from last week’s $25 million average. The spike comes as ads for its Floki game featured in some Chinese sporting tournaments. This could have attracted some speculators who hypothesized that the move might attract new traders from China.

In a tweet, Floki developers said they saw an influx of Chinese-based community members on their social media groups.

Floki previously said it was targeting China in its latest push toward attracting more users for its Valhalla game, as previously reported. The game’s content and technical documents will be available in both traditional Chinese and simplified Chinese and are specifically targeted toward the Chinese gaming market, developers added at the time.

The “China narrative” has caught on among some on Crypto Twitter ahead of lax laws for retail trading in Hong Kong, driving up prices of some Asia-focused tokens, such as conflux (CFX) in the past few weeks.

Starting June 1, Hong Kong will allow traders to invest in some tokens, such as bitcoin, ether and solana, on regulated exchanges in the country. Traders are not allowed to hold any stablecoins, but the move has fuelled sentiment that wealthy Chinese speculators could soon plough money into the crypto markets.

“While most major economies are expected to slow down this year, the Chinese economy is projected to grow strongly,” said Floki core developer @100bviking in a Twitter message to CoinDesk. “J.P. Morgan projects a 4% GDP growth for China in 2023; that’s 2.5 times more than what is projected for the global economy and 4 times more than projected US economic growth.”

“This strong growth will spill over into crypto, especially with Hong Kong legalizing crypto in a few days’ time which is a sign of China warming up to crypto. There is a very high probability that China will drive the next crypto bull run,” @100bviking added.

Fantom Will Pay Back 15% of Token Fees to Some Projects

The move is part of an initiative to drive demand for block space, which help add to the value proposition of FTM tokens.

Fantom blockchain will reward projects that utilize its network and contribute toward high usage of gas fees in a bid to drive increased demand for block space, developers said Sunday in a tweet.

Eligible applications will be rewarded 15% of the gas fees they produce, providing developers with marginal extra income.

This is part of a planned move called the “dApp Gas Monetization Program,” which passed a community governance vote earlier this year.

That proposal sought to reduce fantom’s current burn rate in order to redirect more network fees directly to applications building on Fantom. Now that it has passed, the implementation will reduce Fantom’s burn rate from 20% to 5% and redirect the 15% reduction toward gas monetization.

This gas monetization will reward in-demand applications, retain developers and is said to help support Fantom’s network infrastructure.

Gas refers to a type of fee paid by blockchain users in the native token of that blockchain, such as fantom (FTM) in this case. Fees on Fantom are fractions of a few cents per transaction, but add up to a significant amount over time – one that is borne by the users of Fantom-based projects.

Data shows some projects are already benefiting from the monetization program just hours after its Sunday implementation.

Cross-chain bridge Stargate Finance has been 8,300 FTM, worth just over $2,600 at current prices. Decentralized exchange SpookySwap earned 978 FTM, or just over $300.

Bitcoin’s Short-Term Holders Are Again Selling at Profit

Short-term holders’ renewed profitability is a positive signal for near-term price action, according to on observer.

Bitcoin’s (BTC) near-term outlook appears constructive as blockchain data show short-term holders of the cryptocurrency are moving coins at a profit.

The seven-day moving average of the short-term holder’s (STH) spent output profit ratio (SOPR) has recently moved back above 1, according to blockchain analytics firm Glassnode.

“After a brief stint of coins moving at a loss, STH-SOPR is now back above 1,” analysts at Blockware Solutions said in a weekly newsletter. “This is bullish for near-term price action as it shows capitulation from short-term holders.”

The short-term holder SOPR of more than 1 means the average short-term holder in the market is selling coins at a profit. A reading below 1 is considered a sign of capitulation, while a reading of 1 indicates the average short-term holder is just breaking even.

The SOPR is calculated by dividing the realized dollar value of a spent output (UTXO) by the value at output creation to reflect the degree of realized profit for all coins moved on-chain. The short-term holder SOPR is focused on all wallets that have held onto their coins for less than 155 days.

The STH SOPR has historically stayed above 1 during bull markets. That’s understandable, as rallies allow short-term holders – mostly new entrants, active traders or weak hands – to liquidate their holdings at a price higher than the acquisition cost.

Besides, the area around 1 tends to act as a support level during bull runs, as holders, expecting continued price rallies, see their cost basis as a profitable buying opportunity. On the flip side, level 1 acts as resistance during bearish trends.

The STH SOPR crossed above 1 in January, signaling a bullish trend reversal and has since tested the support twice. Bitcoin has rallied over 68% this year, according to CoinDesk data. At press time, the cryptocurrency was trading near $27,900, having put in a high of $28,441 during the overnight trade, CoinDesk data show.

Bitcoin’s long-term holders also turned profitable a month ago, signaling a major bullish period ahead.

Gemini and Bankrupt Lender Genesis Asks U.S. Court to Dismiss SEC Lawsuit Targeting Earn Program

The U.S. Securities and Exchange Commission alleged the two entities had sold unregistered securities through Gemini’s Earn program.

Bankrupt crypto lender Genesis Global Capital and exchange platform Gemini are asking a U.S. court to dismiss a lawsuit by the Securities and Exchange Commission alleging the two sold unregistered securities, court filings from Friday show.

The SEC, in a lawsuit filed in January to a New York court, targeted Gemini’s yield-bearing product Earn, an unregistered offering through which the regulator alleged the two entities “raised billions of dollars’ worth of crypto assets from hundreds of thousands of investors.”

“As alleged in the complaint, Genesis then exercised its discretion in how to use investors’ crypto assets to generate revenue and pay interest to Gemini Earn investors,” the SEC said in its complaint. Genesis, like CoinDesk, is owned by the Digital Currency Group (DCG).

While with the Earn program “the borrower and lender could choose to engage in subsequent transactions,” Gemini said in Friday’s filings that “it did not itself require any lending or borrowing by any party, and there was no way for a lender to transfer or assign it without the affirmative consent of all parties.”

Gemini further alleged the SEC’s treatment of the tri-party Master Digital Asset Loan Agreement (MDALA) contract between Genesis, Gemini and Earn users as an unregistered security “has no basis in law or fact.”

The SEC failed to “adequately plead” MDALA was a security and failed “to make non-conclusory allegations that the MDALA was sold to anyone, or that any party offered to sell it,” the document supporting a motion to dismiss said.

In its original complaint, the SEC noted Genesis held around $900 million in assets belonging to some 340,000 Gemini Earn investors, when it froze withdrawals from the platform in November shortly before filing for bankruptcy protection in the U.S.

“We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,” SEC Chair Gary Gensler said at the time. Gemini co-founder Tyler Winklevoss fired back at the suit, calling it a “manufactured parking ticket.”

Dogecoin Chart Pattern Suggests Volatility Explosion Ahead

A technical analysis indicator called Bollinger bandwidth suggests dogecoin’s unusual calm could soon end with a pronounced move in either direction.

Dogecoin (DOGE), the meme cryptocurrency known for its rapid price moves, has been unusually calm this year, underperforming market leaders bitcoin (BTC) and ether (ETH) by a significant margin.

One technical analysis indicator called Bollinger bandwidth suggests it may be the calm before the storm.

The indicator illustrates periods of varying volatility relative to the price gyrations and is calculated by dividing the spread between the Bollinger bands by the 20-day simple moving average (SMA) of the cryptocurrency’s price. Bollinger bands are volatility lines placed two standard deviations above and below the 20-day SMA average of prices.

Periods of rising volatility are marked by a sharp increase in the distance between the two bands and the widening of the bandwidth. Conversely, the two bands contract and the width narrows or declines during a volatility lull.

An usually wide or high bandwidth indicates the ongoing bullish/bearish trend is nearing an end. Meanwhile, an unusually low bandwidth suggests “the market may be about to initiate a pronounced move in either direction, as Fidelity

When the bandwidth is too high, it’s a sign the current bullish/bearish trend may be ending. Meanwhile, an unusually low bandwidth suggests the market may be about to exit a consolidation pattern with a pronounced move in either direction, as Fidelity’s explainer says.

Dogecoin’s daily chart shows the bands have recently tightened, pushing the bandwidth down to 0.06, the lowest since February 2019, according to TradingView.

So, dogecoin could soon see a volatility explosion in line with the bandwidth’s tendency to alternate between expansion and contraction. Note that the impending volatility explosion is agnostic to price direction, meaning the big move can be bearish or bullish.

At press time, dogecoin traded near $0.073. The world’s leading meme cryptocurrency, currently valued at $10.22 billion, has risen just 3% this year. Meanwhile, market leaders bitcoin and ether have gained 68% and 60% respectively, per CoinDesk data.

EU Investment Firms Should Clearly State Crypto Is Unregulated, Watchdog Says

Companies that market crypto alongside traditional securities might mislead consumers about access to fair advice and compensation, the European Securities and Markets Authority worries.

Investment firms in the European Union that offer crypto alongside more traditional products could be misleading their consumers into a false sense of security, the European Securities and Markets Authority (ESMA) said in a Thursday statement.

The EU agency said it’s worried that firms may use a seal of regulatory approval they have to offer traditional finance (TradFi) stocks or funds to make customers believe they’ll have access to sound financial advice or compensation schemes in the event of crypto mishaps.

EU rules known as the Markets in Financial Instruments Directive (MiFID) ensure investment intermediaries promote only appropriate financial products to clients – but don’t always apply to more exotic investment opportunities like gold, real estate or non-transferable loans.

The EU’s Markets in Crypto Assets regulation (MiCA) is set to bring MiFID-style rules to the sector, but the regime will only take effect in around 18 months. In the meantime, ESMA, a Paris-based agency that groups and coordinates national regulators, is worried some companies are encouraging and exploiting the ambiguity.

“ESMA recommends that investment firms take all necessary measures to ensure that clients are fully aware of the regulatory status of the product/service they are receiving and clearly disclose to clients when regulatory protections do not apply,” ESMA said, adding that regulatory approval shouldn’t be used as a promotional tool.

ESMA has previously warned people crypto can be risky, while an October paper highlighted novel threats such as hacks and consensus manipulation. The agency is also set to consult shortly on detailed secondary laws that will put MiCA into effect.

Crypto Exchange Coinone’s Former Exec Acknowledges Bribery Charges in South Korea: Report

A lawyer for the accused reportedly said he admits “the facts of the prosecution,” during a May 25 trial hearing.

A former executive of South Korean cryptocurrency exchange Coinone, who was accused of taking bribes in return for listing certain coins, has acknowledged the charges, local news agency Yonhap reported on Thursday.

“Mr Jeon,” Coinone’s former director of listing, was accused of receiving nearly 2 billion won ($1.51 million) in return for listing virtual assets such as “Furiever Coin,” which was listed exclusively on the exchange, and has since been linked to a kidnapping and murder investigation in the Gangnam district in Seoul. Jeon’s broker, known as “Mr Ko,” is accused of facilitating the listings.

At a trial hearing on May 25, a lawyer for the two reportedly said: “I admit the facts of the prosecution.”

“Basically, we are acknowledging the facts of the prosecution, but since we have not been able to view all the evidence, we will present a final opinion after review,” the lawyer added.

Coinone’s listing team leader and another broker have also been accused, but their lawyers said they have yet to finish reviewing evidence and will respond to the charges at the next trial hearing on June 15.

Coinone didn’t immediately respond to a CoinDesk request for comment.

Coinmint Sues California Chipmaker for $23M, Alleging ‘Elaborate Deception’

The mining firm, which has been embroiled in several legal battles, describes an elaborate fraud scheme for a $150 million contract.

New York crypto miner Coinmint alleged two semiconductor companies set up an “elaborate deception” to lure the miner into a $150 million purchase agreement, in a lawsuit seeking over $23 million in damages.

Coinmint alleged that bitcoin technology firm Katena Computing and semiconductor designer company DX Corr set up a scheme to convince it to buy up to $150 million of bitcoin mining machines that Katena couldn’t and didn’t plan to deliver on, according to a lawsuit filed with a court in California’s Santa Clara County Superior Court on Jan. 26.

Under the scheme, Katena “improperly influenced, bribed or incentivized co-conspirators,” including one unnamed person within the mining firm, for a $150 million purchase of bitcoin mining machines, Coinmint alleged.

The lawsuit alleges fraud, breach of contract and fiduciary duty, as well as aiding and abetting against DX Corr and its executives as well as former Coinmint employees. Coinmint is asking for “actual, compensatory and consequential damages, including but not limited to the $23 million,” that it deposited for the sale, as well as punitive and exemplary damages.

“Katena is in binding arbitration concerning Coinmint’s breach of contract and is seeking damages caused by Coinmint’s failure to pay. Katena is eager to talk openly and factually about this dispute but will honor the arbitration process and its confidentiality requirements. When we can talk more openly, we will,” said a spokesperson for Katena.

DX Corr filed a motion to dismiss the lawsuit earlier this month, saying Coinmint didn’t sufficiently bring any claims to support its allegations against the semiconductor firm.

Coinmint is no stranger to litigation. Its two cofounders fought over the firm’s ownership. Coinmint filed a complaint with the New York Public Service Commission against the utility of Plattsburgh, where it operates, to avoid paying a deposit related to its electricity use. It was also involved in a tax fraud case in Puerto Rico, where it is headquartered, that was settled under a confidentiality agreement, said a source close to the matter.

Coinmint denied the existence of the alleged tax fraud case and declined to comment on this story.

Court records show the municipality of San Juan sued Coinmint in March 2022, and a judge known for their tax expertise was assigned to the case. The court did not respond to CoinDesk’s request for the complaint at the time of publication.

DX Corr did not respond to CoinDesk’s request for comment.

Back in 2021, an unnamed Coinmint employee initiated conversations over the purchase of equipment. “Katena engaged in an elaborate deception” to get Coinmint’s founder and CEO Ashton Soniat on board with [claims] that it ‘truly possessed a revolutionary chip design that would disrupt the Bitcoin mining world,’” the lawsuit said.

The unnamed individual was the Coinmint chief financial officer at the time. According to a filing with the U.S. Securities and Exchange Commission and a LinkedIn, a person named Michael Maloney was Coinmint’s CFO at the time. Maloney declined CoinDesk’s request for comment through LinkedIn.

Katena was dangling an offer for the position of CFO and equity as part of the plot to Maloney, said the lawsuit.

The then-CFO asked Katena to recommend a semiconductor expert to perform due diligence on the machines. But Katena suggested Robert Bleck as an independent observer, even though he was in fact in collusion with DX Corr executive and Katena minority shareholder Sagar Reddy, Coinmint alleged. Bleck was Reddy’s “b***h,” the lawsuit read.

Bleck misrepresented Katena’s semiconductor design and production capabilities to the Coinmint CFO, who then tried to convince CEO Soniat.

Soniat signed a sales contract in May 2021 which “obliged Coinmint to pay Katena $150 million for miners without security or customary protection” according to Katena.

Katena also used the contract to try to get funding from investors, including investment bank JP Morgan, said the lawsuit.

When the CFO left Coinmint, two other individuals took the role of convincing Soniat to continue sending deposit payments. The two were also planning a hostile takeover of Coinmint and eventually parted ways with the miner.

Coinmint ultimately sent deposit payments of $23.4 million to Katena with no contractual protections and allegedly received nothing.

First Mover Americas: Digital Currency Group is Closing Down TradeBlock

The latest price moves in crypto markets in context for May 26, 2023.

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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Digital Currency Group (DCG), the parent company of CoinDesk is closing down its trade execution and prime brokerage services unit, TradeBlock, citing crypto winter and regulatory uncertainties. The shutdown of the unit, which provides trading services to institutional investors, will be effective as of May 31, a DCG spokesperson told CoinDesk. TradeBlock was acquired in 2020 by CoinDesk, and was later spun out as its own standalone business. CoinDesk kept the index data operating from the deal, which was rebranded as CoinDesk Indices, and “has proven to be a successful acquisition,” the spokesperson said. The story was first reported by Bloomberg.

The number of ether (ETH) on exchanges has hit a low not seen since July 2016 as staking saps up available tokens. Data from Glassnode shows that as of Thursday, 14.85% of all ether was held in wallets owned by centralized exchanges. That’s the smallest proportion since ether was in its infancy during the summer of 2016. In contrast, during the bull market of 2021, the exchange balance was around 25%. Low exchange balances are typically thought to be a bullish sign as it means the supply of ether available for purchase is limited.

U.S. Bitcoin Corp. (USBTC) is set to become one of the largest miners in America following a deal to buy mining assets from bankrupt lender Celsius. The company is part of the Farenheit consortium that won a bankruptcy auction for the Celsius assets, which include a lending portfolio, cryptocurrencies and 121,800 mining machines. Once it brings all the mining rigs online, its fleet will total at least 270,000 mining rigs and computing power of 12.2.exahash/second (EH/s), the firm told CoinDesk, putting U.S. Bitcoin Corp. alongside other U.S. mining giants likes Riot Platforms (RIOT), Core Scientific (CORZ) and Marathon Digital Holdings (MARA).

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