Evening News | Ronin attackers have transferred $625 million to the Bitcoin network; BendDAO proposes adjusting the liquidation threshold to 70%

Organizer: Nianqing, Chain Catcher

"What Important Events Happened in the Last 24 Hours"

1. Ronin attackers have transferred $625 million in stolen assets to the Bitcoin network via renBTC

According to on-chain investigator BliteZero, Ronin attackers have transferred stolen assets to the Bitcoin network via renBTC. First, the attackers converted the remaining assets to renBTC using 1inch or Uniswap, and then sent most of the funds to cryptocurrency mixers such as ChipMixer and Blender.

It is reported that after the Ronin cross-chain bridge was attacked in March this year, hackers transferred $625 million worth of USDC and ETH to Tornado Cash. renBTC is Bitcoin on the Ethereum network supported by the Ren protocol. Since Ren enables value transfer between blockchains, attackers were able to move assets from Ethereum to the Bitcoin network. (Source link)

2. BendDAO's new proposal: Adjusting the liquidation threshold to 70% and auction period to 4 hours

NFT liquidity protocol BendDAO has initiated a community proposal to address the liquidity crisis by adjusting parameters such as the liquidation threshold, auction period, and interest rates. This includes gradually adjusting the liquidation threshold to 70%, changing the auction period from 48 hours to 4 hours, and adjusting the ETH benchmark interest rate to 20%.

Additionally, in the event of bad debts, the BendDAO community can vote on how to use the income and BendDAO treasury to cover the bad debts. (Source link)

3. Acala: Community referendum passes and destroys 2.97 billion aUSD from abnormal issuance

Acala updated the on-chain tracking results of the aUSD abnormal issuance incident today, tracking 16 identified addresses claiming 3 billion aUSD of abnormal issuance. The aUSD from the 16 identified addresses has been exchanged for other tokens, including DOT, and these aUSD have been transferred to other chains connected via XCM, such as Polkadot, Moonbeam, Interlay, Astar, and CEX.

Furthermore, the community referendum has passed and destroyed 2.97 billion aUSD from the abnormal issuance. Next, the team will provide details on the liquidity pools severely impacted by the incident to work with the community on a recovery plan for aUSD as soon as possible. (Source link)

4. Singapore cryptocurrency exchange Bhex.SG obtains MAS license to conduct digital asset business

Singapore cryptocurrency exchange Bhex.SG has obtained a license from the Monetary Authority of Singapore (MAS) to conduct digital asset business and provide digital payment token (DPT) services. Bhex.SG stated that it will primarily target institutional investors, family offices, and other high-net-worth investors in the future.

According to its official website, Bhex.SG officially launched in July 2021 and is operated by its parent company Bhop Consulting, providing compliant and reliable cryptocurrency trading services. Bhex.SG CEO Wu Guanli was the former global general manager of BHEX exchange, which announced its cessation of operations in September 2021, stating that WWW.BHEX.SG serves only compliant regions. (Techinasia)

5. Huawei, Tencent, Epic Games, and others jointly establish the Metaverse and Virtual-Real Interaction Research Institute

According to Shanghai Securities News, the "Metaverse and Virtual-Real Interaction Research Institute," a comprehensive technology and industry innovation platform focusing on virtual-real interaction and enhancing reality with virtuality, was officially established in Shanghai. It is understood that the institute will have an academic committee composed of international and domestic academicians and renowned experts, and an expert advisory committee made up of leaders and experts from top domestic and international metaverse and related field companies.

Reportedly, the institute is co-founded by top industry-academia-research institutions such as Fudan University, China Mobile Migu, Tencent Interactive Entertainment, Huawei Technologies Co., Ltd., and Epic Games (Unreal Engine); related institutions from well-known universities across the country, such as Peking University, Renmin University, Zhejiang University, and Nanjing University, will serve as research co-construction units. Among them, China Mobile's Migu Video Technology Co., Ltd. will be one of the main leading units for the institute's launch. (Shanghai Securities News)

"What Interesting Articles Are Worth Reading in the Last 24 Hours"

1. "Creditor Priority or Shareholder Priority? Tribe DAO's Repayment Proposal Sparks Trust Crisis

One of the largest DAO organizations, Tribe DAO, proposed to close the protocol and repay assets, becoming one of the most controversial proposals in the crypto community recently. Various parties in the industry have raised multiple questions about the proposal, even calling it a greedy "fraud." Although there is currently no conclusion on the proposal, it provides a good starting point for discussing the "fundamental law" of repayment for DeFi/DAO organizations.

2. On the Eve of Ethereum's Merge: At Least 10 Teams Plan Hard Forks, with Various Interests at Play

The main difference between PoS and PoW lies in how voting rights are determined in blockchain consensus. In PoW, voting rights are proportional to the computational power of nodes; in PoS, the system's voting rights are proportional to the stake held. Simply put, after transitioning to PoS, the more ETH one holds, the greater the voting power, which has become one of the reasons PoW proponents attack PoS. However, delving deeper, the competition behind computational power is closely related to capital.

3. What Makes Blockchain Security Different from Traditional Cybersecurity?

When it comes to traditional security, many friends are quite familiar, which generally involves attacks on vulnerabilities (management, technology, human nature) and defenses against those attacks. But when it comes to blockchain security, many people are less informed. Some say that blockchain itself is secure and traditional attacks cannot affect it; yet, security incidents in blockchain are frequently observed. So what exactly is the difference from traditional security?

4. Why is POS Much More Complex than POW When It Comes to Censorship?

This article discusses the degree of censorship resistance after Ethereum's merge against the backdrop of the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) recently approving Tornado Cash on Ethereum. The report focuses on the technical characteristics and norms of proof-of-stake systems, and how these characteristics and norms will interact with sanctions if stakeholders choose to comply. We will also look at changes in the MEV auction system after the merge and how this will affect the level of censorship resistance on the network.

Our conclusion is that when it comes to censorship, POS is much more complex than POW, and the upgraded MEV auction architecture for the merge makes the situation substantially worse, though this may be resolved in the future.