The decentralized privacy protocol Hinkal was found to have experienced suspicious transactions, resulting in the theft of 800,000 USDC.
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Hinkal's privacy protocol has suspended affected smart contracts due to abnormal USDC transactions on the Ethereum blockchain.
Odaily Odaily reports that decentralized privacy protocol Hinkal Protocol has announced it has noticed unusual activity involving USDC on the Ethereum network within its system. Currently, this only affects the Ethereum blockchain; other chains are unaffected. As a precaution, affected smart contracts have been suspended, and a comprehensive investigation and analysis of related on-chain transactions and activities is underway. The investigation is ongoing, and updates will be released as information becomes available. Previously, it was reported that Hinkal suffered a loss of $800,000 due to a suspicious USDC transaction.
Data: CertiK monitored an attack on Hinkal Protocol, resulting in the theft of approximately $800,000 in USDC.
According to Mars Finance, CertiK monitoring revealed suspicious transactions occurring on the decentralized privacy protocol Hinkal Protocol. Address (0xbB3...fc20) executed multiple "Transact" transactions after initiating a "Proofless Deposit," withdrawing approximately $800,000 USDC from the Hinkal contract.
Dragonfly partner Haseeb: VVV's essence has been misunderstood. Venice is essentially a company, not a decentralized network or on-chain protocol.
On July 5th, PANews reported that Dragonfly partner Haseeb released a video on the X platform stating that Venice is essentially a company, not a decentralized network or on-chain protocol, and the vast majority of its customers are not crypto users. There is a clear misunderstanding in the market regarding its token, VVV: VVV does not represent company equity, nor does it possess attributes similar to "network equity." Even after the airdrop, the company founders invested millions of dollars of their own funds in operations and did not raise funds by selling tokens. Haseeb pointed out that no founder would give up 50% of a company's equity for free in the early stages, and the narrative that equates tokens with equity is logically flawed. He also denied claims of "unclear information," stating that the project team has always clearly defined VVV's positioning.
hinkal will fully compensate users for their funds, confirming that approximately 797,000 USDC was withdrawn by attackers and exchanged for 454 ETH.
Mars Finance reports that the decentralized privacy protocol hinkal has released a security incident update, confirming that attackers withdrew approximately 797,000 USDC from its Ethereum contracts through a series of transactions and exchanged it for approximately 454 ETH. Of this, approximately 410 ETH was subsequently transferred to Tornado Cash, and the remaining approximately 44.67 ETH was transferred to the Bitcoin network via THORChain. The company is currently working with external security teams to track the flow of funds. hinkal stated that the impact of this security incident is limited to the relevant on-chain liquidity pools; other on-chain contracts were unaffected, but all contracts have been temporarily suspended for repairs and security verification. All affected users will receive full compensation on a 1:1 basis; the specific compensation process and timeline will be announced in a subsequent update.
Uniswap founder Hayden Adams highlights SEC Commissioner Hester Peirce's comment letter supporting autonomous decentralized systems, noting it creates a pathway for compliant trading in permissioned Uniswap v4 pools in the US |source: Twitter
BWENEWS AI: Uniswap founder Hayden Adams highlights SEC Commissioner Hester Peirce's comment letter supporting autonomous decentralized systems, noting it creates a pathway for compliant trading in pe...
USDT will return to the Bitcoin network; UTEXO will natively issue a Bitcoin version of USDT via the RGB protocol.
According to Mars Finance, on July 7th, Tether is preparing to natively issue USDT on the Bitcoin network based on the RGB v0.11.1 protocol, with UTEXO responsible for commercial issuance and distribution. This will mark USDT's return to the Bitcoin mainnet after many years, since its initial appearance on the Bitcoin network in 2014 via the Omni protocol. UTEXO co-founder Viktor Ihnatiuk stated that the company has received support from Tether, which is responsible for promoting the native Bitcoin USDT rollout. The RGB protocol employs client-side validation combined with the Lightning Network, enabling instant, low-cost, and privacy-focused USDT transactions while inheriting the Bitcoin UTXO security model. Users will be able to hold USDT directly through their native Bitcoin addresses and send and receive payments using Lightning Network wallets that support RGB, without relying on other public chains or intermediary service providers. Compared to the current account-based networks like TRON and Ethereum, where USDT is primarily circulated, RGB naturally supports one-time addresses using the UTXO model and combines this with off-chain payments via the Lightning Network, effectively enhancing transaction privacy. Meanwhile, UTEXO is deeply integrated with Tether, reducing intermediary fees and data collection. Users can also convert USDT between different public chains at low cost through its online cross-chain bridge.