xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
xuanling11The only way
Technology isn't always directly translate to what we desire it to become. For example, we wish social media to become a place to keep in touch of others but it created another whole new level of distrust and misinformation that spread like a Pandemic. Be careful of your wishes! Like AI we think they can bring up a new level of the game in the creative industry and possibly to replace writers like you and me, but can they? It seems they are very powerful to execute what we want them to, ...
xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
xuanling11The only way
Technology isn't always directly translate to what we desire it to become. For example, we wish social media to become a place to keep in touch of others but it created another whole new level of distrust and misinformation that spread like a Pandemic. Be careful of your wishes! Like AI we think they can bring up a new level of the game in the creative industry and possibly to replace writers like you and me, but can they? It seems they are very powerful to execute what we want them to, ...
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Wormhole got hacked and lost $321 million in the recent hacking incident. Wormhole is a cross-chain message-passing protocol that connects Solana, Ethereum, Terra, and Binance Smart Chain.
TL;DR
Wormhole got hacked. Solana got its first hacking incident. It is an opportunity for Solana to improve its security.
Hacking
The hacker was able to mint 120K Wormhole-wrapped Ether on Solana. They then bridged 93,750 of these tokens to Ethereum and withdrew the unwrapped Ether.
Vulnerability
The signature verification is a vulnerable point to let attackers insert commends and false messages so that they can bypass Wormhole’s verify_signatures function to fool the code and successfully withdraw Ethers from the network.
Solana Security Hole
Solana has a security vulnerability that needs to be fixed. It helps the blockchain to improve but at the same time makes Solana worth hacking.
Cross-Chain Vulnerability
Running cross-chain is always a risky business. It tests all cross-chain platform security and its own security. Hackers love to challenge such platforms and to find a loophole to take massive funds away.
In Conclusion
Hacking will never stop until the blockchain has improved to become unhackable.
Wormhole got hacked and lost $321 million in the recent hacking incident. Wormhole is a cross-chain message-passing protocol that connects Solana, Ethereum, Terra, and Binance Smart Chain.
TL;DR
Wormhole got hacked. Solana got its first hacking incident. It is an opportunity for Solana to improve its security.
Hacking
The hacker was able to mint 120K Wormhole-wrapped Ether on Solana. They then bridged 93,750 of these tokens to Ethereum and withdrew the unwrapped Ether.
Vulnerability
The signature verification is a vulnerable point to let attackers insert commends and false messages so that they can bypass Wormhole’s verify_signatures function to fool the code and successfully withdraw Ethers from the network.
Solana Security Hole
Solana has a security vulnerability that needs to be fixed. It helps the blockchain to improve but at the same time makes Solana worth hacking.
Cross-Chain Vulnerability
Running cross-chain is always a risky business. It tests all cross-chain platform security and its own security. Hackers love to challenge such platforms and to find a loophole to take massive funds away.
In Conclusion
Hacking will never stop until the blockchain has improved to become unhackable.
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