Alchemix announces the return of all funds stolen from Curve pools; Tether introduces new mining software to boost efficiency and capacity; Valkyrie wants to convert its Bitcoin ETF into an Ethereum and Bitcoin ETF
Lending platform Alchemix announced that all funds stolen by the Curve Finance attacker have been returned. After the July 30 attack, $13.6 million was drained from Alchemix’s alETH-ETH pool, while total losses exceeded $61 million.
Along with Alchemix, $11.4 million in assets were stolen from JPEGd’s pETH-ETH- pool and $1.6 million from Metronome’s sETH-ETH- pool. The hacker targeted pools on Curve Finance using a weak version of the Vyper programming language.
After accepting the bug bounty offer, the hacker began returning the stolen assets. Curve, Metronome and Alchemix announced the creation of an initiative on August 3 to recover the stolen funds, demanding that the attackers return 90% of the funds they stole, with 10% offered as a reward.
More than 24 hours after the offer, the attacker began returning the stolen funds. He first sent 4,820.55 Alchemix ETH (alETH) back to the Alchemix Finance team.
The hacker posted a message that appears to have been sent to the Alchemix and Curve teams, asking to return the funds. In addition, he told the protocols that he did not want to ruin their project.
“I’m refunding not because you can find me, but because I don’t want to ruin your project,” the on-chain message read.
The hacker also returned 5495 Ether to the NFT protocol JPEGd.
As part of the agreement, the protocols will not take legal action against the attacker.
Tether introduces new mining software to boost efficiency and capacity
Tether developers are preparing to release new JavaScript software created to utilize better mining hardware such as WhatsMiner, AvalonMiner, and Antminer.
In a post shared by Paolo Ardoino, CTO of Bitfinex and Tether, on X, it is emphasized that certain parts of the new software may be made available on open source platforms in the future. The main goal of the Tether BTC software is to make the management of mining capacity more efficient.
Ardoino explained that all of the recent developments have been made possible through the use of Holepunch technology.
In an earlier post, Ardoino shared his insights on Moria’s functionality. This mining tool enables communication between components in the Bitcoin mining ecosystem, enabling interaction with modern, secure, attack-resistant, cost-effective tools.
Ardoino stated that each miner will have encrypted and secure data flow through hypercores. There will also be improvements in command transmission. This approach will reduce firewall configuration complexity and strengthen the defense mechanism against errors.
Tether continues to be active in the cryptocurrency mining industry, despite continued regulatory pressure.
After announcing that it would buy Bitcoin with a portion of its monthly profits, the company announced that it would invest in Bitcoin mining in Uruguay in cooperation with a local company.
Uruguay is a very important country in the renewable energy sector. Thanks to the country’s natural resources, Bitcoin mining can be done with 100% green energy.
Valkyrie wants to convert its Bitcoin ETF into an Ethereum and Bitcoin ETF
Asset management firm Valkyrie has applied to convert its Bitcoin Strategy exchange-traded fund (ETF) into a Bitcoin and Ethereum Strategy ETF on October 3.
Valkyrie’s existing Bitcoin Strategy ETF is listed on Nasdaq.
Eric Balchunas, senior ETF analyst at Bloomberg, interpreted Valkyrie’s filing date as an effort to get ahead of the ETF competition. Balchunas said October 3 would be two weeks before the scheduled approval of 13 other applicants.
Bitcoin is over, Ethereum ETF applications are next
Many asset management firms have turned to Ethereum ETFs after spot Bitcoin ETF applications. In the past few days, six companies have joined the Ethereum ETF application queue.
Volatility Shares, Bitwise, VanEck, Roundhill, ProShares, Grayscale and The Block were among the companies that filed Ethereum ETF applications with the US Securities and Exchange Commission (SEC).
As it is known, the ETF excitement started last June under the leadership of BlackRock. The company filed a spot Bitcoin ETF application to the SEC. With BlackRock’s ETF storm, companies such as VanEck, Invesco, Galaxy Digital, Fidelity and WisdomTree also lined up for spot Bitcoin ETF applications.
