Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Decentralized Exchanges (DEX) => Topic started by: Evgenklm on May 28, 2021, 02:56:55 PM
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Today, two dex exchanges were manipulated with borrowed funds, these are Julswap and BurgerSwap, as a result of which the tokens of the exchanges sank in price by more than 50%. Do you think this is the negligence of the exchange team, or is it something else? How could this be avoided? After all, the holders of these coins are in a big minus
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Can you give me a link to that information buddy? :) Some of the new projects have locked their tokens in the liquidity pool which they can withdraw whenever they want, I will look at the partners of the project before investing, I will even ask if the contract has been audited by Certik, it will add trust investor before investing in the token
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I think it's just a bug, because I have traded there for a few days to buy BSC and there are no problems, and the price is not too much difference.
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Can you give me a link to that information buddy? :) Some of the new projects have locked their tokens in the liquidity pool which they can withdraw whenever they want, I will look at the partners of the project before investing, I will even ask if the contract has been audited by Certik, it will add trust investor before investing in the token
you do not need to worry, they seem to have passed the audit, I myself am the holder of the coins of the Julswap project, and this situation is extremely unpleasant for me, here is a link to the dex exchange https://info.julswap.com.I am waiting for your comment)
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Can you give me a link to that information buddy? :) Some of the new projects have locked their tokens in the liquidity pool which they can withdraw whenever they want, I will look at the partners of the project before investing, I will even ask if the contract has been audited by Certik, it will add trust investor before investing in the token
you do not need to worry, they seem to have passed the audit, I myself am the holder of the coins of the Julswap project, and this situation is extremely unpleasant for me, here is a link to the dex exchange https://info.julswap.com.I am waiting for your comment)
Thank you for sharing the link, I never use Julswap because I always use Pancakeswap, in my opinion all options are up to investors, investors can stake to avoid losses and wait for the price to return to the selling price they want.
I saw the lowest price in the token JULD $0.001 and currently the price is $0.07 for source CMC, I think if you buy it in January 2021 you will still get a profit before the price returns to the initial price of January, all decisions look difficult because the current crypto market situation is undergoing correction.
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This is a new technology, and each new technology has its weaknesses. they have to improve their system to avoid these flash loan attacks in the future.
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Do your research, while evaluating. Talking about me, wouldn't say that I have many favs now - up to StrongBlock. That's first and only blockchain-agnostic protocol to reward nodes for supporting the infrastructure of their blockchain. With the current price almost $500/ month revenue on 1 node which will not change no matter how the market goes - NFTs also add more value and is expected to launch pretty soon. When the going gets tough, what does the $STRONG community do? They make more nodes. 27k nodes.
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Most important tuing many new projects are missing is enough testing because they are in hurry to go first in the race so they are not taking enough precautions before launching the project smart contract. As a result we sre seeing these. And the hackers are taking this golden opportunity to make money.
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I agree with all the comments above, attackers always find raw and unfinished dex projects, and most often ordinary people who have invested in this project suffer, and most often no one returns these risks and losses to them, only the units after hacking reserve the right to return to the holders, so this is a matter of chance.
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I agree with all the comments above, attackers always find raw and unfinished dex projects, and most often ordinary people who have invested in this project suffer, and most often no one returns these risks and losses to them, only the units after hacking reserve the right to return to the holders, so this is a matter of chance.
I agree with you, most of these projects do not compensate the losses that occured due to these attacks, and this is a big problem, they have to do something, for instance create a recovery fund or an insurance fund when they do the tokenomics.
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Today, two dex exchanges were manipulated with borrowed funds, these are Julswap and BurgerSwap, as a result of which the tokens of the exchanges sank in price by more than 50%. Do you think this is the negligence of the exchange team, or is it something else? How could this be avoided? After all, the holders of these coins are in a big minus
Both Julswap and Burgerswap went through flash loan attack and it's not the first time of any defi projects as pancakebunny also faced this flash loan attack few days ago. Pancakebunny team already make announcement about the losses and started to do buybacks for price surging so that hodlers can be benefited from this. Maybe Julswap and burgerswap will do the samething as flash loan attack can't be minimized like exploitations on smart contract.
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This is a new technology, and each new technology has its weaknesses. they have to improve their system to avoid these flash loan attacks in the future.
You are right, because the system will never be perfect, we better be careful in trading, if it coincides with a good price, that's our luck.
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Today, two dex exchanges were manipulated with borrowed funds, these are Julswap and BurgerSwap, as a result of which the tokens of the exchanges sank in price by more than 50%. Do you think this is the negligence of the exchange team, or is it something else? How could this be avoided? After all, the holders of these coins are in a big minus
Both Julswap and Burgerswap went through flash loan attack and it's not the first time of any defi projects as pancakebunny also faced this flash loan attack few days ago. Pancakebunny team already make announcement about the losses and started to do buybacks for price surging so that hodlers can be benefited from this. Maybe Julswap and burgerswap will do the samething as flash loan attack can't be minimized like exploitations on smart contract.
it seems to me that the banny and burger exchanges are quite large and there are more volumes than for example at julswap, so it is easier for them to compensate for the damage to people, let's see how the CEO of julswap will behave, whether he will come out of this situation a hero or not, because his idea and value lies in the community
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One more updates about flash loan attack as Belt finance was attacked by hacker with the same way of flash loan and stole more than $6.2 Million worth of BUSD which was converted into ETH through 1inch exchange. Not only this, Binance Smart Chain made a tweet about these flash loan attacks and told that these are well-planned and hackers are targeting for BSC.
Check out BSC's Tweet: https://twitter.com/BinanceChain/status/1398838655481913346
it seems to me that the banny and burger exchanges are quite large and there are more volumes than for example at julswap, so it is easier for them to compensate for the damage to people, let's see how the CEO of julswap will behave, whether he will come out of this situation a hero or not, because his idea and value lies in the community
Indeed, pancakebuny and burgerswap has more volumes than julswap. But users are hyped at julswap and many of them still support julswap blindly. Lets see how team of julswap will act on this situation.
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Binance Smart Chain is becoming the preferred target of cryptocurrency thieves. After so many attacks that have been completed successfully for hackers, I am wondering if the problem may come from the root of BSC and its code (exploits, code injection ...) or the attackers use other kinds of tools/bugs. It is curious that in such a short time so many attacks are committed, maybe they are attacks organized by several groups as they say on Twitter, but what is clear is that they must somehow increase security or else the DEX will end with the worst of the reputations.
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Binance Smart Chain is becoming the preferred target of cryptocurrency thieves. After so many attacks that have been completed successfully for hackers, I am wondering if the problem may come from the root of BSC and its code (exploits, code injection ...) or the attackers use other kinds of tools/bugs. It is curious that in such a short time so many attacks are committed, maybe they are attacks organized by several groups as they say on Twitter, but what is clear is that they must somehow increase security or else the DEX will end with the worst of the reputations.
I think the problem does not come from BSC technology and code in itself, but from the so-called Flash Loans. this technology brought my AAVE in Ethereum Blockchain must be improved in BSC, because we have seen many attacks happening using this technique.
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Binance Smart Chain is becoming the preferred target of cryptocurrency thieves. After so many attacks that have been completed successfully for hackers, I am wondering if the problem may come from the root of BSC and its code (exploits, code injection ...) or the attackers use other kinds of tools/bugs. It is curious that in such a short time so many attacks are committed, maybe they are attacks organized by several groups as they say on Twitter, but what is clear is that they must somehow increase security or else the DEX will end with the worst of the reputations.
I agree with you, I still do not understand how it can be so when after one time the flash credit is followed after a while by the second, or the developers of these projects can not do anything about it, or just carelessly treat it, I would like to be protected from these manipulations.
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Binance Smart Chain is becoming the preferred target of cryptocurrency thieves. After so many attacks that have been completed successfully for hackers, I am wondering if the problem may come from the root of BSC and its code (exploits, code injection ...) or the attackers use other kinds of tools/bugs. It is curious that in such a short time so many attacks are committed, maybe they are attacks organized by several groups as they say on Twitter, but what is clear is that they must somehow increase security or else the DEX will end with the worst of the reputations.
I agree with you, I still do not understand how it can be so when after one time the flash credit is followed after a while by the second, or the developers of these projects can not do anything about it, or just carelessly treat it, I would like to be protected from these manipulations.
I think developers can't do anything at the moment, as it's decentralized and open source, but maybe in the near future, we can see some improvements.
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Unfortunately I'm not on the exchange, so I can't check it out right away. This includes new exchanges, so we still have to be aware of our assets if we want to choose a new project. But I hope people who are experiencing a decline in the value of their assets do not panic, let alone sell coins or tokens at low prices, because it will harm us.
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I think developers can't do anything at the moment, as it's decentralized and open source, but maybe in the near future, we can see some improvements.
Hope developers can do something, otherwise what would be the solution, remove Flash Loans?. I don't know to what extent they could afford to remove that feature (I also don't know if it's possible to remove it), because they would surely lose a lot of users. But if they do nothing it will be a massacre, and every day more DEX will be attacked.
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Yet i have not use Julswap due to the fact I usually use Pancakeswap, for my part all alternatives are as much as investors can stake tokens to keep away from losses and watch for the price to go back to the rate they want.
I noticed the bottom rate withinside the token JULD 0.001$ and presently the rate is 0.07$ on Coinmarketcap, I assume in case you purchase it in January 2021 you'll nevertheless get a income earlier than the price returns to the preliminary rate of January, all selections appearance hard due to the fact the present crypto marketplace is in correction.