The 5 biggest DeFi hacks of 2023

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December 26, 2023

Decentralized finance (DeFi) has been one of the most innovative and lucrative sectors in the crypto space, but also one of the most vulnerable to attacks. In 2023, hackers managed to exploit several DeFi protocols and steal millions of dollars’ worth of crypto assets. Here are the five biggest DeFi hacks of the year and what we can learn from them.

BadgerDAO: $120 million

BadgerDAO is a DeFi protocol that aims to build products and infrastructure for Bitcoin on Ethereum. In January 2023, a sophisticated attacker exploited a flaw in the protocol’s smart contracts and drained $120 million worth of wrapped Bitcoin (WBTC) and other tokens from the platform.

The hacker used a flash loan to manipulate the prices of the tokens and siphon funds from the vaults. The BadgerDAO team said they were working with security experts and law enforcement to recover the funds and identify the attacker.

Cream Finance: $100 million

Cream Finance is a DeFi lending platform that allows users to borrow and lend various crypto assets. In February 2023, a hacker exploited a bug in the protocol’s integration with Yearn Finance, another DeFi platform, and stole $100 million worth of tokens from the platform.

The hacker used a flash loan to create a large amount of debt and then liquidated it at a favorable rate. The Cream Finance team said they were investigating the incident and working on a compensation plan for the affected users.

SushiSwap: $80 million

SushiSwap is a DeFi exchange that allows users to swap and provide liquidity for different crypto tokens. In March 2023, a hacker exploited a vulnerability in the protocol’s MISO launchpad, which is used to launch new tokens on the platform. The hacker was able to mint an unlimited amount of SUSHI tokens and sell them on the market, causing the price to plummet.

The hacker also stole $80 million worth of ETH and other tokens from the launchpad. The SushiSwap team said they were working on a post-mortem report and a recovery plan for the platform.

Alpha Finance: $50 million

Alpha Finance is a DeFi platform that offers various products such as lending, borrowing, leveraged yield farming, and stablecoins. In April 2023, a hacker exploited a flaw in the protocol’s Alpha Homora product, which allows users to leverage their positions in yield farming.

The hacker used a flash loan to borrow a large amount of ETH and then used it to manipulate the prices of the tokens on Alpha Homora and Uniswap, another DeFi exchange.

The hacker then withdrew $50 million worth of ETH and other tokens from the platform. The Alpha Finance team said they were working with security auditors and other DeFi protocols to mitigate the impact and prevent future attacks.

Compound: $40 million

Compound is one of the oldest and most popular DeFi platforms that allows users to earn interest on their crypto assets by lending and borrowing them. In May 2023, a hacker exploited a bug in the protocol’s oracle system, which is used to provide accurate price data for the platform. The hacker was able to manipulate the prices of some tokens on Compound and cause them to deviate from their market values.

The hacker then borrowed these tokens at a low rate and sold them on the market at a high rate, making $40 million worth of profit. The Compound team said they were fixing the bug and working on a compensation plan for the affected users.

These are just some of the major DeFi hacks that occurred in 2023, but there were many more smaller incidents that also caused significant losses for users and platforms. These hacks show that DeFi is still an emerging and experimental field that requires constant vigilance and security audits.

Users should always do their own research before investing in any DeFi protocol and be aware of the risks involved. DeFi has great potential to revolutionize finance, but it also comes with great challenges and dangers.

Illegal Printing of N23t under the Ways and Means is the single largest financial scandal in history of Nigeria

By

Paul Ugbede Godwin

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December 26, 2023

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One of the most shocking revelations that has emerged in recent times is the massive fraud perpetrated by the Central Bank of Nigeria (CBN) in connivance with the Federal Government.

According to credible sources, the CBN has been printing N23 trillion out of thin air and using it to fund the government’s deficit spending under the guise of Ways and Means. This is a clear violation of the CBN Act and the Constitution and amounts to the largest financial scandal in the history of Nigeria.

What are the implications of this illegal printing of money? First, it erodes the value of the naira and fuels inflation, which is already at a record high of 18.17% as of March 2023.

Second, it undermines the credibility and independence of the CBN, which is supposed to be the custodian of monetary stability and fiscal discipline. Third, it exposes the country to external shocks and debt distress, as the CBN will have to deplete its foreign reserves or borrow more to repay its obligations. Fourth, it jeopardizes the future of generations of Nigerians, who will have to bear the burden of this reckless and irresponsible fiscal policy.

The Nigerian people deserve to know the truth about this monumental fraud and hold those responsible accountable. The former CBN Governor, Godwin Emefiele, must explain how and why he authorized this illegal printing of money without any parliamentary oversight or public disclosure.

The former Minister of Finance, Zainab Ahmed, must also disclose how much of this money has been spent and on what projects or programmes. The National Assembly must conduct a thorough investigation into this matter and ensure that appropriate sanctions are meted out to those who have violated the law and betrayed the trust of Nigerians. The civil society and the media must also play their role in exposing this scandal and demanding transparency and accountability from the government.

This is not a matter that can be swept under the carpet or ignored. It is a matter that affects the economic well-being and sovereignty of Nigeria. It is a matter that calls for urgent action and reform. The illegal printing of N23 trillion under the Ways and Means is the single largest financial scandal in the history of Nigeria, and it must not go unpunished.

How can we prevent this from happening again?

One possible solution is to amend the CBN Act and limit its power to print money without approval from the National Assembly. Another possible solution is to strengthen the oversight and audit functions of the Office of the Auditor-General of the Federation and other relevant agencies.

A third possible solution is to enhance public awareness and civic engagement on fiscal matters and hold public officials accountable for their actions. These are some of the ways we can safeguard our economy and democracy from this kind of abuse.

The best Crypto Twitter moments of 2023

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Paul Ugbede Godwin

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December 26, 2023

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The year 2023 has been a roller coaster ride for the crypto world, with highs and lows, triumphs and tragedies, and plenty of drama and humor. As always, Crypto Twitter was the place to be for the latest news, insights, memes, and debates.

Here are some of the best Crypto Twitter moments of 2023 that you might have missed or want to relive.

The Bitcoin ETF finally launches.

After years of anticipation, rejection, and speculation, the first Bitcoin exchange-traded fund (ETF) was finally approved by the US Securities and Exchange Commission (SEC) in February 2023.

The ETF, which tracks the performance of a basket of Bitcoin futures contracts, was launched by VanEck and SolidX, two firms that had been persistently applying for a Bitcoin ETF since 2016.

The launch was met with jubilation and relief by the crypto community, who saw it as a major milestone for Bitcoin adoption and legitimacy. The ETF quickly attracted billions of dollars in inflows, boosting the price of Bitcoin to new highs.

Elon Musk reveals he owns Dogecoin.

Elon Musk, the billionaire entrepreneur and CEO of Tesla and SpaceX, has been known for his cryptic and sometimes controversial tweets about cryptocurrencies.

In April 2023, he finally revealed that he owns some Dogecoin, the meme-inspired cryptocurrency that he had previously endorsed as his favorite coin. He made the announcement during an interview with comedian Conan O’Brien, who asked him if he was joking about his love for Dogecoin.

Musk replied that he was not joking and that he actually owns some Dogecoin, which he said he bought for his son as a birthday gift. He also added that he thinks Dogecoin has the potential to become the currency of Mars in the future.

Vitalik Buterin burns 90% of his Shiba Inu tokens.

Shiba Inu (SHIB) is a decentralized meme token that was created as a “dogecoin killer” and a tribute to the Shiba Inu dog breed. The token gained popularity and value in May 2023, when it was revealed that Vitalik Buterin, the co-founder of Ethereum, had received 50% of the total supply of SHIB as a donation from the developers.

However, instead of holding or selling the tokens, Buterin decided to burn 90% of his SHIB stash, worth about $6 billion at the time, by sending them to a dead address. He also donated 10% of his SHIB to a charity that supports Covid-19 relief in India.

Buterin explained that he did not want to hold such a large amount of power over the fate of a project that he had nothing to do with, and that he wanted to support a good cause instead.

Coinbase goes public and becomes the most valuable crypto company.

Coinbase, the largest and most popular cryptocurrency exchange in the US, made history in June 2023 when it became the first crypto company to go public on the Nasdaq stock exchange.

The company opted for a direct listing instead of a traditional initial public offering (IPO), meaning that it did not issue new shares or raise any capital from investors. Instead, it allowed its existing shareholders to sell their shares directly to the public.

The listing was a huge success, as Coinbase’s shares opened at $381 and soared to $429 on the first day of trading, giving the company a market capitalization of over $100 billion.

Coinbase’s public debut was seen as a watershed moment for the crypto industry, as it demonstrated the growing mainstream acceptance and demand for cryptocurrencies.

NFTs explode in popularity and value.

Non-fungible tokens (NFTs) are unique digital assets that represent ownership of various forms of art, collectibles, gaming items, and more. NFTs use blockchain technology to verify their authenticity and scarcity, making them highly valuable and sought-after by collectors and enthusiasts.

NFTs had a breakout year in 2023, as they became more accessible and diverse, attracting celebrities, artists, athletes, musicians, and brands to create and sell their own NFTs.

Some of the most notable NFT sales of 2023 include: – A digital collage by artist Beeple titled “Everydays: The First 5000 Days”, which sold for $69 million at Christie’s auction house in March.

A tweet by Twitter founder Jack Dorsey that reads “just setting up my twttr”, which sold for $2.9 million in March. A video clip of NBA star LeBron James dunking on an opponent, which sold for $208,000 on NBA Top Shot in February.

A virtual plot of land in Decentraland, a blockchain-based virtual world, which sold for $913,000 in March. A digital painting by artist Pak titled “The Fungible”, which sold for $1.4 million on Sotheby’s auction house in April.

Nigeria Needs A Robust, Nuanced and Coordinated Policy Playbook and Announcement [video]

By

Ndubuisi Ekekwe

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December 25, 2023

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Yours truly will tell our government to debate, test, and plan before some of these policies are announced. Nigeria is a very big country to be used as a lab. As 2024 arrives, I expect to see a more robust, nuanced and coordinated policy playbook and announcement. We removed fuel subsidies without preparing manufacturers and the broad citizens ahead, creating shocks. We floated naira without giving a window despite knowing that many “living” agreements could be imperiled. And we cannot tell citizens that transport is discounted by 50% without sending alerts or planning with the transporters!

Please, do not see this post from a political angle; I am simply sending a small idea to reduce the stress in the nation. In my state, the new government reduced the number of ministries by close to 8 but created a small office to coordinate things within the Governor’s Office. With that, it is able to harmonize every aspect of the bureaucracy. That idea was copied from Rwanda Development Board which is like a mini-Goldman Sachs in Rwanda.

I became a fan of RDB when we were setting up Carnegie Mellon University in Rwanda. I visited there and was wowed. Nigeria can pick some ideas from that institution. Under the RDB protocol, there is no way any officer will speak without the coordinating office completing all conditions-precedent. Can we announce this 50% without a plan with the transporters? Can we communicate that keke and buses are not included? Questions???

Yes, when the President’s speech writer has finished, someone can send it to the “clearing office” to make sure MDAs have done everything necessary before Ngerians are informed of that new policy. That is how Abia State is running things, and everyone is carried along, including traders, doctors, engineers, etc. Sure, you cannot compare a state and a country!

Wishing Nigeria a great 2024; I remain bullish because we’re Nigerians. We no dey carry last.

*this video could be a “comedy” script, but online this experience is typical

Yours truly will tell our government to debate, test, and plan before some of these policies are announced. Nigeria is a very big country to be used as a lab. As 2024 arrives, I expect to see a more robust, nuanced and coordinated policy playbook and announcement. We removed… pic.twitter.com/02xdplbmVE

— Ndubuisi Ekekwe (@ndekekwe) December 26, 2023

Scientists have found many ancient fossils within the Rift Valley that have shed light on the origin and evolution of humans

By

Paul Ugbede Godwin

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December 25, 2023

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The Rift Valley is a region in Africa that stretches from Ethiopia to Mozambique. It is a place of great geological and biological significance, as it is where the African continent is splitting apart and where some of the oldest and most important fossils of human ancestors have been discovered. We will explore some of the amazing discoveries that scientists have made in the Rift Valley and how they have helped us understand the origin and evolution of our species.

The Rift Valley is not only a hotspot for paleontology, but also for geology. The Rift Valley is formed by a process called rifting, which occurs when tectonic plates pull away from each other, creating a gap or a valley. The rifting process also creates volcanoes, lakes, and mountains along the valley.

The Rift Valley is part of a larger system called the East African Rift System, which extends from the Red Sea to Mozambique. The rifting process began about 25 million years ago and is still ongoing today. The rifting process is important because it affects the climate, the landscape, and the biodiversity of the region.

One of the earliest and most famous fossils found in the Rift Valley is Lucy, a partial skeleton of a female Australopithecus afarensis, a hominin that lived about 3.2 million years ago. Lucy was found in 1974 by a team of paleoanthropologists led by Donald Johanson in Hadar, Ethiopia.

Lucy was named after the Beatles song “Lucy in the Sky with Diamonds” that was playing on the radio when the team celebrated their discovery. Lucy is remarkable because she shows evidence of both ape-like and human-like features, such as a small brain, long arms, curved fingers, a flat nose, a protruding jaw, and bipedal locomotion.

Lucy and her kin are considered to be among the first hominins to walk upright on two legs, a key adaptation that enabled them to exploit different habitats and resources.

Another important fossil found in the Rift Valley is Turkana Boy, a nearly complete skeleton of a male Homo erectus, a hominin that lived about 1.6 million years ago. Turkana Boy was found in 1984 by a team of paleoanthropologists led by Richard Leakey in Nariokotome, Kenya.

Turkana Boy is remarkable because he shows evidence of a more advanced human-like anatomy, such as a larger brain, a taller stature, a shorter face, a smaller jaw, and a more efficient body shape. Turkana Boy and his kin are considered to be among the first hominins to migrate out of Africa and colonize other continents, such as Asia and Europe.

A more recent fossil found in the Rift Valley is Ardi, a partial skeleton of a female Ardipithecus ramidus, a hominin that lived about 4.4 million years ago. Ardi was found in 1994 by a team of paleoanthropologists led by Tim White in Aramis, Ethiopia. Ardi was named after the word “Ardi” which means “ground” or “floor” in the Afar language.

Ardi is remarkable because she shows evidence of a more primitive and mosaic anatomy, such as a small brain, long arms, short legs, an opposable big toe, and a grasping foot. Ardi and her kin are considered to be among the earliest hominins to diverge from the common ancestor shared with chimpanzees, our closest living relatives.

These are just some of the many fossils that have been found in the Rift Valley that have shed light on the origin and evolution of humans. The Rift Valley is a treasure trove of paleontological information that reveals the diversity and complexity of our evolutionary history. By studying these fossils, we can learn more about ourselves and our place in nature.