A new story from Unchained



For a better understanding of how it actually works, check out the review done by unchained reporter, Jeff Benson. Tether blacklist validator who exploited MeV bots. Tether blacklisted the wallet address of a rogue validator who managed to front run maximal extractable value or MeV bots last week. I'm asking $25 million in profits. The validators wallet holds $3 million worth of USD T MeV bots, which have extracted an estimated $1.38 billion from users have been widely criticized in the decentralized finance community, tether's decision to blacklist the validator has sparked protests from industry experts, as left Harris Cara petis, founder of rocky app, tweeted, quote, MeV bots have been slaughtering retail users via sandwiching for years. Nobody blacklists them, somebody dare full of MeV bot and give them a taste of their own medicine, and they get blacklisted. Polygon cofounder JT county called it, quote, a bad precedent. Sushi swap is hit by a $3 million exploit. A sushi swap exploit led to a $3 million loss from user zero X seafood's wallet. Due to an improved related bug in the code. Sushi swap CEO Jared gray confirmed the exploit and advised users to revoke permissions for contracts on the platform. Gray also stated that over 300 eth had been recovered, and the team was working with lido to recover another 700 eth. Whitehead hackers helped return some funds, but their efforts were hindered by MeV bots that replicated and executed the exploit. Sushi swab is working on a retrieval plan to secure a stolen funds and compensate affected users. Furthermore, sushi swap is preparing to launch a claims website for invested sushi tokens held in its merkle distributor contract, with unclaimed tokens being directed to sushi swap's treasury after April 23rd. Next is mutual seeks return of $2 million from Euler finance hack victims. DeFi insurance protocol nexus mutual is looking to recover $2 million in claims, paid out to victims of the Euler finance hack. As users have since redeemed their funds, following the return of the stolen funds by the hacker, Euler finance enabled user redemptions, totaling $133 million. However, 5 policyholders have yet to repay the claims received from nexus mutual. The policy terms state that in the event of funds being returned by the hacker, the clean value must be returned to nexus mutual. The insurer is considering potential illegal action against those who haven't returned their claims. U.S. lawmakers probe circle and BlockFi banking terms with Silicon Valley bank. This week, U.S. senator Elizabeth Warren and representative Alexandria Ocasio-Cortez sent letters to circle and BlockFi, among 14 firms, questioning their decision to bank with the now collapsed Silicon Valley bank. The lawmakers are investigating SVP's potential quote white glove treatment of certain depositors, including possible mutual back scratching arrangements that may have led to massive uninsured deposits. Circle and BlockFi held approximately $3.5 billion in uninsured deposits at SVB with circle accounting for $3.3 billion. The letters addressed to circle CEO Jeremy allaire and BlockFi CEO Zach prince inquire about the history of their relationships with the SVB. Amounts deposited and maintained, and any investment relationships between their firms, their related entities, and SVB. In other regulatory developments, the SEC's investor advisory committee requested that the SEC provide formal guidance for the crypto industry. But is still endorsing chair Gary Johnson's efforts to enforce securities laws. Meanwhile, Wyoming attorney general, Bridget hill, filed a motion to intervene in custodia banks lawsuit against the Federal Reserve board and Kansas City fed. The lawsuit alleges that they unfairly delayed and denied the crypto friendly banks application for a master account and membership. He'll seeks to defend, quote, the legitimacy and viability of Wyoming's special purpose depository institution or SPDI framework, which the fed reportedly criticized as inadequate. Arbitrum community against proposals to return 700 million tokens. Following the controversial arbitrum foundation proposal last week, the community is now voting over a new proposal. AIP 1.05, which calls for the return of 700 million ARB tokens, quote unjustly allocated to the foundation. The proposal also asks for a token buyback from market maker winter mute and disclosure of the arbitrary foundation's deal terms with winter mute. However, this AIP is not getting much traction as over 80% of voters are against it. The proposal's author has also requested putting AIP 1.1 and AIP 1.2 on hold until community faith in the governance process is restored. Some community members believe the new proposal goes too far, calling it an overkill. Bitcoin reaches the $30,000 line. Bitcoin surpassed the $30,000 mark for the first time since June 2022. Continuing a crypto rally that began at the start of the year. So far this year, Bitcoin has risen 89%, while ether has increased by 59%. Some attribute this surge to the recent bank runs that have called into question the resiliency of the banking system. However, Bitcoin is still down 25% from this time last year.

Coming up next