Coinbase Optimizes Platform by Discontinuing 80 non-USD Trading Pairs

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Quick weekly news

Scroll Unveils Mainnet for Zero-Knowledge Ethereum Virtual Machine

Scroll, a new player in the zero-knowledge Ethereum Virtual Machine (zkEVM) arena dedicated to scaling the blockchain, has officially unveiled its mainnet.

The Scroll team declared this milestone in an Oct. 17 update, emphasizing that current Ethereum applications and developer toolkits can smoothly transition to this innovative scaling solution.

“Everything functions right out of the box,” noted the Scroll team.

Scroll’s zkEVM solution is designed to reduce transaction costs while increasing throughput for decentralized apps on Ethereum. It does this by grouping numerous off-chain transactions into one batch and submitting a concise data summary as proof to Ethereum’s mainnet.

It’s worth noting that Scroll discreetly went live with its mainnet on Oct. 8, deploying the first smart contract based on Etherscan data.

The mainnet launch follows 15 months of rigorous testing and security audits across three separate testnets. Scroll’s bridge and rollup contracts received scrutiny from OpenZeppelin and Zellic, while its zkEVM circuits were reviewed by Trail of Bits, Zellic, and Kalos.

Coinbase Optimizes Platform by Discontinuing 80 non-USD Trading Pairs

The Fantom Foundation, developers of the Fantom network, experienced a security breach resulting in the loss of over $550,000 in cryptocurrency. While initial reports estimated losses of around $7 million, the foundation clarified that the stolen funds primarily belonged to other users. Approximately 99% of the foundation’s funds remain secure. An investigation is underway to understand the breach.

Blockchain security researchers initially reported a larger sum lost. The Fantom Foundation stated that some mislabeled wallets, no longer containing company funds, had been reassigned to a Fantom employee. The investigation aims to uncover how the wallets were compromised.

The Fantom network, an Ethereum Virtual Machine-compatible smart contract platform, hosts over $45 million in assets within its contracts. Notably, the attack targeted the foundation and other Fantom wallet users rather than the Fantom network itself. Security vigilance remains a top priority.

Security Breach at Fantom Foundation

The Fantom Foundation, developers of the Fantom network, experienced a security breach resulting in the loss of over $550,000 in cryptocurrency. While initial reports estimated losses of around $7 million, the foundation clarified that the stolen funds primarily belonged to other users. Approximately 99% of the foundation’s funds remain secure. An investigation is underway to understand the breach.

Blockchain security researchers initially reported a larger sum lost. The Fantom Foundation stated that some mislabeled wallets, no longer containing company funds, had been reassigned to a Fantom employee. The investigation aims to uncover how the wallets were compromised.

The Fantom network, an Ethereum Virtual Machine-compatible smart contract platform, hosts over $45 million in assets within its contracts. Notably, the attack targeted the foundation and other Fantom wallet users rather than the Fantom network itself. Security vigilance remains a top priority.

Platypus Finance Recovers 90% of Stolen Assets After Security Breach

Platypus Finance, a decentralized finance (DeFi) protocol, has successfully recovered 90% of the assets stolen in a recent security breach.

In an announcement on Oct. 17, the protocol revealed that its net loss amounted to 18,000 AVAX, valued at $167,400 at the time of the announcement. Remarkably, the hacker returned the stolen funds voluntarily. In response, Platypus Finance has chosen not to pursue legal action. Additionally, the protocol hinted that it would soon share withdrawal details related to users’ assets.

The security breach on Oct. 12 resulted from three flash loan attacks on the Avalanche blockchain-based automated market maker. These attacks drained the protocol of $2.23 million. Platypus Finance, which secured $3.3 million in funding in 2021, led by the now-defunct crypto hedge fund Three Arrows Capital, has taken steps to address security concerns. It has paused all liquidity pools and initiated a security audit.

Flash loan attacks exploit vulnerabilities to instantly borrow crypto without providing collateral. The hacker then withdraws the borrowed assets, leaving behind the debt for users or the protocol treasury to handle.

Mastering Moving Averages in Crypto Trading

Using the Moving Averages indicator is the cornerstone of successful trading. Here’s how:

🔼 Above the Line: If a cryptocurrency’s price is above the moving average, it’s a signal to buy. You’re on the lookout for opportunities.
🔽 Below the Line: Conversely, when the price falls below the moving average, it’s time to sell.

The moving average acts as your guidepost, like a welcome billboard entering a new town. It’s also a reliable support in an uptrend and resistance in a downtrend. Look for those moments when the price touches the moving average – they are your cues to buy or sell.

Explore the ultimate guide to crypto indicators – the key to your trading success. We’re unveiling the top 13 indicators and their variations, helping you master combining them into a winning trading system.

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