Cryptocurrency exchange Huobi Global was able to recover the stolen funds through a reward negotiation with the hackers.
Huobi Global’s HTX cryptocurrency exchange successfully recovered funds stolen by a hacker in late September. The incident involved the draining of 5,000 ETH, valued at approximately $8 million at the time, from one of HTX’s hot wallets.
However, the way Huobi Global recovered the funds and resolved this case stands out a lot. And, after contacting the hacker and confirming his identity, HTX opted for an unusually friendly solution. They offered a 5% reward, equivalent to about $400,000 in Ether. They agreed not to take legal action if 95% of the stolen funds were returned before the October 2 deadline.
Stablecoins in the Cryptocurrency World Face a 35% Drop in the Last 18 Months
The last eighteen months have been a real challenge for most stablecoins in the cryptocurrency world. After the collapse of Terraform and its native stablecoin last year, the total market capitalization of these digital assets recorded a 35% drop. This is indicated by data from DeFiLlama, a cryptographic data provider. The market reached its highest point of 189 billion dollars in May of last year. Only to shrink to $124 billion at the current time, 18 months later.
One of the key factors is that retail participation in these coins is a fraction of what it was at their peak in mid-2021, with average daily trading volumes around $50 billion, as compared to the 150 to 300 billion dollars recorded in 2021.
Prophetic AI Opens the Gates to the World of Owners with Neurotechnology
Neurotechnology startup Prophetic AI has set out to make the world of dreams more accessible to people by applying the latest advances in neuroscience and artificial intelligence.
Dreams, with their mysterious content, can reveal a lot about ourselves and the aspects that occupy our minds. Prophetic AI is developing a “non-invasive” neural device designed to induce and stabilize lucid dreams. Prophetic AI founder Wollberg revealed that the idea behind this innovative technology began to take shape in 2018, after years of research and being a self-proclaimed lucid dreamer.
NFT Startup Yuga Labs Announced Restructuring and Layoffs
Yuga Labs, the $4 billion startup behind notable projects like the Bored Ape Yacht Club and other NFTs, made public on Friday its corporate restructuring process, which included the elimination of certain roles. And, as a result, several layoffs.
In a statement, Yuga Labs CEO Daniel Alegre shared his belief that the startup had taken on too many responsibilities internally and that it was necessary to redirect the business focus, aimed at achieving greater collaboration with external partners in the future.
Social Network Web3 Stars Arena has Two Security Breaches in a Week
On October 5, Stars Arena suffered a vulnerability that allowed a hacker to move $2,000 in AVAX from the platform. On October 7, the Stars Arena team stated that its smart contract suffered a major security breach that allowed a hacker to drain an undisclosed amount of its platform’s users’ funds.
Emin Gün Sirer, CEO of Avalabs, attempted to downplay the magnitude of the attacks, saying that the project “has quite a few friends and a fantastic product that has proven its virality in the market.”
Separately, the founder and CEO of Web 3.0 security firm Delegate, Foobar, suggested the possibility that the hack was carried out by an insider, citing unexplained vulnerabilities in the platform’s contracts.
By Audy Castaneda
