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Justin Sun’s stUSDT has quickly become a high-yield darling for crypto investors, amassing $1.8 billion in investments, but the project’s success brings both operational and reputational challenges for the affiliated Huobi Global exchange. In June, Justin Sun unveiled a new project that piqued the interest of crypto investors looking for high yields. Dubbed stUSDT, the project promised a compelling 5% return on low-risk securities such as government bonds. Within a mere two and a half months, stUSDT amassed a staggering $1.8 billion in investments, showcasing its meteoric rise and its immediate impact on the market. However, the rapid success of the project has generated substantial controversy, particularly around its effect on Huobi Global, the cryptocurrency exchange operated by Sun. Now in the 1st place on @DefiLlama's RWA TVL Rankings! https://t.co/81IL6JfUTW pic.twitter.com/KyYmjAmz9X — H.E. Justin Sun 孙宇晨 (@justinsuntron) July 12, 2023 The operation...

Some analysts have provided possible ways the exchange was exploited and pinned potential initial losses at over $600,000. Decentralized exchange LeetSwap, which operates on Coinbase’S Base network has announced a sudden pause to trading , citing concerns of a potential exploit . LeetSwap tweeted on Aug. 1 that it noticed some of its liquidity pools may have been compromised and has temporarily able stopped trading to investigate. Algorithmic market maker Wintermute’s research head Igor Igamberdiev was among those sharing theories on how the exploit may have worked, saying the attacker could have used an exposed smart contract function. Related: Pro-XRP lawyer Jeremy Hogan’s scam tweet bonanza finally falls silent The function would have allowed them to undertake a series of token swaps eventually allowing them to drain liquidity pools on LeetSwap. It was easy: - swap a bit of WETH for X tokens (should have fees) - call _transferFeesSupportingTaxTokens(address, uint256) to move tok...

Find out the latest developments in the crypto security sector straight from the source. Security is one of the biggest concerns among crypto enthusiasts, and with good reason. Cryptocurrencies, being decentralized and digital, are susceptible to various forms of cyberattacks, and digital wallets that store these assets can be easily transferred and stolen without the possibility of recovery. This has led to an increase in scams and malicious schemes aimed at stealing users’ coins and tokens. In this interview, Alex Dulub, a seasoned expert in the blockchain industry and a member of the Forbes Technology Council shares his views on what should be done for the Web3 space to become more secure. He has extensive experience in the field and shares the motivations behind creating Web3 Antivirus, a browser extension that helps protect crypto users from web3-specific scams and malicious attacks. Q: Security is one of the main concerns on crypto enthusiasts’ lists. Why is that, and what are ...