In Oct last year, DeFi app Mirror Protocol fell prey to a $90 million exploit on the old Terra blockchain — but until last week, it had gone undetected. FatMan, a Terra community member and analyst, discovered the exploit and had their findings corroborated by security firm BlockSec, which said the exploit had gone unnoticed as fewer people were scanning for issues on Terra, as opposed to Ethereum. Developers quietly fixed the vulnerability earlier just as UST collapsed, though it’s not clear if they knew about the exploit beforehand.
Tron has become the third-largest network (after Binance Smart Chain and Avalanche) in terms of total value locked (TVL) in DeFi protocols at $5.94 billion. However, its stablecoin USDD has attracted doubts over the similarities it shares with Terra’s UST, with data scientist Bennett Tomlin saying it is “not an algorithmic stablecoin”. Still, Tron remains a top DeFi player, with TRX reaching 14th place in terms of largest crypto market caps even amid crypto giants like BTC and ETH reporting losses for nine consecutive weeks.
Cboe Australia has listed Cosmos Asset Management’s ETH ETF despite the volatile crypto market. Cboe Australia CEO Vic Jokovic said it was “important” for the market to provide investors with “choice and access”, adding that its Cosmos Purpose Ethereum Access ETF (CPET) offers Aussies “unique access to the world’s first physically settled Ether ETF”. The market is starting to show signs of a reversal, with BTC now back above $30,000. However, more rallies are needed to increase investor confidence amid the current down-trend.
In the wake of Terra’s collapse, South Korea plans to introduce laws to ensure more stringent supervision of crypto exchanges. The Financial Services Commission (FSC) also restated its commitment to monitor illegal activities and protect investors, and Parliament intends to individually investigate the country’s crypto exchanges. At the same time, Terra continues to be in the line of fire, with the IMF labeling any stablecoin not backed by assets a “pyramid scheme”.
SHIB’s anonymous creator, known as Ryoshi, appears to have had their identity compromised. Yesterday, they deleted all Twitter activity and all four Medium blog posts, removing their social media presence entirely. Ryoshi has since sent a message via their Medium account, saying: “I am not important, and one day, I will be gone without notice. Take the SHIBA and journey upwards.” In the meantime, SHIB’s price increased 0.24% before falling to its current price of $0.000012.
BTC rose 2.83% to $31,546.50 in the last 24 hours. Within the same period, ETH rose 3.17% to $1,962.76, while other major altcoins saw mixed price movements: ADA was up 25.46%, SOL was down 0.87% and AVAX 2.11%. Similarly, meme tokens SHIB and DOGE saw mixed results: the former fell 1.02% and the latter rose 0.92% in the past 24 hours. After the launch of Terra 2.0, LUNA has risen 41.49% to $8.38 in the past 24 hours.