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BPSAA | Blockchain Privacy, Security & Adoption Alliance

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BPSAA (Blockchain Privacy, Security Adoption Alliance) goes live assembling crypto gurus from multiple projects for the good of cryptomanity. BPSAA aims to bring collaboration through BPSAA verified projects in order to enhance Privacy, Security, Adoption for users in the crypto realm.

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Projects in the Alliance:
Pirate Chain (Most Anonymous Crypto) https://bpsaa.vision/pirate-chain
Turtle Network (Interoperable DEX w/fiat) https://bpsaa.vision/turtlenetwork
Ether-1 (Decentralized Storage) https://bpsaa.vision/ether1
Sentinal (Decentralized VPN) https://bpsaa.vision/sentinel

Source: https://cryptocoremedia.com/bpsaa-blockchain-privacy-security-adoption-alliance/?utm_source=rss&utm_medium=rss&utm_campaign=bpsaa-blockchain-privacy-security-adoption-alliance

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$100M Liquidated From Compound Following Flash Loan Exploit

Opportunistic profiteering using flash loans have been at the heart of many losses in the DeFi space in 2020. DAI/USD Peg on Coinbase Malfunctions According to DeFi lending analytics provider LoanScan, about $103 million has been liquidated from the Compound protocol. Tweeting on Nov. 26, Julien Bouteloup pointed to massive liquidation volume on Compound due … Continued

The post $100M Liquidated From Compound Following Flash Loan Exploit appeared first on BeInCrypto.

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Lenders on DeFi protocol Compound (COMP) have once again fallen victim to another flash loan exploit, this time to the tune of over $100 million.

Opportunistic profiteering using flash loans have been at the heart of many losses in the DeFi space in 2020.

DAI/USD Peg on Coinbase Malfunctions

According to DeFi lending analytics provider LoanScan, about $103 million has been liquidated from the Compound protocol.

Tweeting on Nov. 26, Julien Bouteloup pointed to massive liquidation volume on Compound due to an error from the Dai (DAI) dollar peg data supplied by the Coinbase oracle.

Data from TradingView shows the DAI-dollar peg on Coinbase climbing to $1.34, a 34% premium on the actual value of the stablecoin. An inspection of the DAI price across the market shows the issue occurred only on Coinbase.

Compound
Coinbase DAI/USDC peg data from Tradingview

In all, the DAI peg deviation reportedly lasted between 7:45 AM (UTC) and 8:55 PM (UTC). At the height of the problem, DAI remained at $1.34 on Coinbase for a full four minutes.

Due to the incorrect price feed from the Coinbase oracle, some Compound users became under-collateralized. Based on the baked-in protocol rules, this meant a forced liquidation of their positions.

With numerous flash loan arbitrage bots scouring the market for such opportunities, it’s perhaps unsurprising that some entities benefitted from the situation. The third-largest COMP farmer was reportedly one of the affected users, losing about $49 million in the process.

Details of the Compound Attack

Commenting on the loss, DeFi trader Sam Priestley identified the victim as a leveraged COMP farmer who failed to keep his DAI and USDC stash in separate wallets.

Thus, the liquidator was able to take the DAI balance to offset the debt occasioned by the under-collateralized loan while earning a cool $3.7 million from the token swap process.

In summary, the attacker took a 46 million DAI flash loan and swapped the same for 2.4 billion cDAI. Converting the 2.4 billion cDAI yielded 46.2 million DAI.

The attacker then repaid the flash loan of 46 million DAI and was left with 170.9 million cDAI which is equivalent to $3.5 million in profits. In another tweet by Alex Savenik, the CEO of on-chain data analytics outfit Nansen, one other COMP farmer lost $17.5 million in the exploit.

Earlier in November, the Origin Dollar project lost about $7 million in another flash loan “attack.” Entities continue to leverage vulnerabilities in contract codes, liquidity pools, and even oracle data to score millions of dollars from DeFi platforms.

Indeed, Thursday’s Compound flash loan exploit highlights the dangers of relying on centralized price oracles.

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Osato is a reporter at BeInCrypto and Bitcoin believer based in Lagos, Nigeria. When not immersed in the daily happenings in the crypto scene, he can be found watching historical documentaries or trying to beat his Scrabble high score.

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Source: https://beincrypto.com/100m-liquidated-from-compound-following-flash-loan-exploit/

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Michael Novogratz: Bitcoin Is for Everyone and You Should Have 2-3% of Your Net Worth in It

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Amidst the excitements of BTC hitting an all-time high, Bitcoin bull and ex-hedge fund manager Mike Novogratz said, in an interview with Yahoo Finance, that Bitcoin was designed for every investor. 

“Bitcoin is for everyone,” he said, adding that “Everyone should put 2% to 3% of their net worth in bitcoin and look at it in five years, and it’s going to be a whole lot more.”

Novogratz is also a former partner at Goldman Sachs and a former manager of Fortress Investment Group. In 2012, Novogratz’s net worth was about $500 million. In 2017, he revealed that 20% of his net worth is held in Bitcoin and Ethereum, from which he generated over $250 million in profit. 

Novogratz’s $20k Prediction Coming True? 

The Galaxy Digital boss is fond of predicting bitcoin price. Even after the March crash, when bitcoin traded at a yearly low of around $3,500, he was still bullish on the cryptocurrency. 

He predicted in April that bitcoin will hit $20,000 before the end of 2020 and that he might ditch the cryptocurrency if his prediction does not come true. 

With the cryptocurrency trading less than 7% away from the 2017 all-time-high price of $20,000, it might not be long before it hits a new ATH. 

Bitcoin Will Not Trade Below $12,000

As Bitcoin approaches a record-breaking price, some speculators believe the cryptocurrency might see a correction soon. However, Novogratz believes that the asset will not trade below $12,000 in this bullish trend. 

“Right now, we’re getting close to 20,000, like the old highs. Rarely does a market trade to the old highs and go right through it, right? It’s just markets usually touch the old highs, exhaust themselves, correct a little bit, and then take out the high. And so there’s big support around 14 and a half, 15,000. And so listen– 19,000 to 15,000 would feel pretty painful if you just bought it here at 19. I don’t think we’re going to get down below 12,000 again in this episode,” he said. 

Institutional Investors Pushing Bitcoin Price

The Bitcoin bull also mentioned that the current rally is driven by high net-worth individuals, hedge funds, and real institutions. He thinks participation by these larger players, alongside increased regulation, should smooth out some of the volatility.

Not only them but “Game of Thrones” actress Maisie Williams also jumped in when she did a Twitter poll last week asking whether she should long Bitcoin, to which Mike Novogratz replied, “Duh!”.

Bitcoin’s current rally is a lot quieter than its last one. Google searches for “Bitcoin” peaked in late 2017. They’re now running at about one-fifth of that level. But Novogratz said the evidence supporting bitcoin prices is better than it’s ever been. 

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Source: https://cryptopotato.com/michael-novogratz-bitcoin-is-for-everyone-and-you-should-have-2-3-of-your-net-worth-in-it/

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Japanese Giant SBI Group Launched A Crypto Lending Service For Bitcoin

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  • Founded in 1999, SBI Group is a financial services company based in Tokyo, Japan. Apart from offering numerous traditional financial services, the SoftBank Group subsidiary announced today a new cryptocurrency-related endeavor.
  • SBI Group has introduced a digital asset lending service through its cryptocurrency arm – SBI VC Trade.
  • The statement informed that the platform, dubbed VC Trade Lending, will initially support only Bitcoin. However, plans include adding support for Ether (ETH), Ripple (XRP), and more cryptocurrency assets. 
  • Clients’ deposits can vary from a minimum of 0.1 BTC to a maximum of 5 BTC. After lending their bitcoin holdings on the platform, the customers will earn an interest rate of 1% with taxes included.
  • The announcement further explained that VC Trade Lending will charge fees only for withdrawals in the Japanese yen. Cryptocurrency and yen deposits, as well as account management or annual memberships, will not be subject to fees. 
  • It’s worth noting that SBI Group has been involved with other cryptocurrency-related projects before. A few years ago, the financial giant launched Japan’s first bank-backed cryptocurrency exchange. More recently, SBI Group hired two professional e-sports players and paid them in XRP. 
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Source: https://cryptopotato.com/japanese-giant-sbi-group-launched-a-crypto-lending-service-for-bitcoin/

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