Coinbase Blockchain Network Falls Victim to Fake Tokens
Cryptocurrency exchange Coinbase's layer 2 blockchain network, Base, is flooded with fraudulent tokens due to security vulnerabilities in the network. Developers reported that more than 500 fraudulent tokens were deployed on the Base mainnet from mid-July when it was launched to August 9th.
According to New York-based Solidus Labs, a firm that monitors fraudulent crypto transactions, around 300 tokens, including BASEPEPE (BPEPE) and Baby Yoda (YODA), affected the market's value by allowing creators to mint an unlimited number of tokens. Many unsuspecting users fell for these scam tokens, and some of them didn't even allow traders to resell them. Additionally, some of these tokens contained 70 smart contracts with hidden transaction fee changers.
Reportedly, the fraudulent tokens collected $3.7 million from trades on exchanges supporting Coinbase's layer 2 blockchain Base. Furthermore, scammers gained $2 million in profits from $2.7 million in purchases, $700,000 in total sales, and $300,000 in wash sales. The crypto security company also warned:
Fraudulent token creators thrive on hype, promises, and price and volume manipulation. Scams around the Base network are no exception—so approach tokens benefiting from it with caution.
Blockchain analysis firm Chainalysis also argued that public blockchains often fall victim to token fraud. Their research indicated that 24% of the 40,521 tokens introduced last year engaged in aggressive pump and dump activities. Moreover, a single suspicious creator launched 264 fraudulent tokens that were initially quite active.
Tether Suspends USDT Support on Some Blockchain Networks
Stablecoin giant Tether has announced its gradual discontinuation of USDT support on specific blockchain networks due to lack of sufficient user interest on some chains.
Tether's Unexpected Move for USDT
Stablecoin provider Tether is suspending support on several major blockchain networks. In their recent statement, Tether mentioned, "We are continuously reviewing the security, support, compliance, and regulatory control required to maintain the security, user experience, and stability of a particular blockchain." The company further stated:
If a blockchain network is not receiving sufficient interest over a certain period of time and its usage statistics are not trending positively, supporting that chain can become both cost-prohibitive and potentially risky.
Tether stated, "In this context, Tether has decided to end its support for certain platforms, including Kusama, Bitcoin Cash SLP, and Omni Layer." Starting from August 17th, Tether ceased the creation of USDT-Omni, USDT-Kusama, and USDT-BCHSLP versions. However, users can continue to use their existing tokens comfortably throughout the next year and convert them to other versions through exchanges like Bitfinex.
HAQQ Expands Services at Istanbul Blockchain Week!
HAQQ will launch a $50,000 Bounty Hackathon innovation during Istanbul Blockchain Week.
As a decentralized network managed by ethical and Sharia-compliant Web3, HAQQ (Islamic Coin) is offering a $50,000 prize for the Istanbul Blockchain Week hackathon. Starting from August 10th, participants can register for the event. HAQQ CEO Alex Malkov shared his excitement for the event, stating: "We are excited to be catalysts for such an important event that nurtures the synergy of technology and ethical principles."
The hackathon invites the world's most skilled Solidity developers to showcase their talents and bring forth their best innovations. The event aims to foster positive societal change and encourage ethical financial solutions development. Participants will emphasize HAQQ Network's distinctive values through the use of the Solidity programming language:
Ethical Finance: Develop smart contracts and decentralized applications that adhere to Sharia principles and support ethical financial practices.
ESG-Supported Solutions: Create applications that address real-world challenges through decentralized technology, contributing to environmental, social, and governance (ESG) changes.
Interoperability: Demonstrate the seamless deployment of existing smart contracts from other EVM chains to the HAQQ Network, showcasing the chain's interoperability capabilities.
Inclusivity and Accessibility: Design solutions that empower underrepresented communities, promote financial inclusivity, and accessibility for all.
Participants will compete on the theme of "Empowering Ethical Finance Decentralized Finance (DeFi)" for Social Impact. The main challenge of the hackathon is: "Ethical Decentralized Finance (DeFi) Platforms: Design and deploy DeFi platforms that provide ethical financial services and products in compliance with Sharia principles."
Supported by the Cosmos SDK and Tendermint Core consensus engine, HAQQ offers a scalable, high-efficiency Proof-of-Stake blockchain. With full Ethereum compatibility and interoperability, HAQQ enables a high-performance, fast, and secure blockchain environment when combined with Ethereum's Tendermint PoS. This architecture includes Ethereum's 'geth' as a library, providing developers with tools to seamlessly deploy smart contracts in the broader Cosmos ecosystem.
The Istanbul Blockchain Week founder, Erhan Korhaliller, stated, "HAQQ's commitment to ethical blockchain solutions aligns with the mission of Istanbul Blockchain Week. This hackathon presents an exciting opportunity to leverage the power of collective innovation and inspire the next generation of developers."
The Istanbul Blockchain Week, scheduled for August 22-23 at the Istanbul Hilton Bomonti Hotel, serves as a perfect platform for technology, finance, and Islamic values convergence, bringing together blockchain enthusiasts, experts, and thought leaders from around the world.
Anatolian Blockchain Expands Crypto Connect Activities
As blockchain technology advances rapidly, activities in this field continue without slowing down. With the sponsorship of Toobit, Anatolian Blockchain is organizing a Web 3.0 and Blockchain event called "Toobit Anatolian Blockchain Crypto Connect" in Istanbul.
Toobit Anatolian Blockchain Crypto Connect, supported by Toobit, will take place on August 22nd at Taksim Zoe Garden in Istanbul. The event will bring together blockchain experts, c-level project managers, venture capital investment funds, angel investors, entrepreneurs, and Web3 enthusiasts from around the world. The event is free to attend, but it's worth noting that there is a limited capacity. Therefore, anyone interested in participating in this event can register for Toobit Anatolian Blockchain Crypto Connect here.
During Toobit Anatolian Blockchain Crypto Connect, presentations will be given by Hasan Uysal and Anıl Karaçay for Anatolian Blockchain, Can Bey from Toobit Exchange for 25 minutes, Ahmet Bey from Bitmart Exchange for 15 minutes, Serkan Bey from DatsProject for 10 minutes, and Cem Bey from Metacone for 5 minutes. After these presentations, there will be a long networking session dedicated to potential collaborations and partnerships.
Additionally, DatsProject, LendX, and Portuma are bronze sponsors, while Bitmart is a diamond sponsor. Toobit is the main sponsor of the event.