Get Amp (AMP) all time high price, historical charts, latest news and other information.

This week started with a bloodbath on Satoshi Street with Bitcoin and altcoins eroding investors’ wealth after rallying for past few weeks. Amid the strong volatility this month, a group of investors’ advocates wrote to the U.S. SEC on Monday, to amp up the crackdown on the crypto market.
These groups include the Americans for Financial Reform Education Fund and the Consumer Federation of America. They also wrote that several crypto projects have been flouting investor protection rules and deserve more scrutiny. Besides, they specifically wrote about crypto lending, stablecoins, and exchanges requiring increased SEC attention. As reported by Bloomberg, the letter notes:
“Without significant regulatory guidance, the digital asset marketplace has been born and grown into a Wild Wes. It is urgent for the Commission and other federal financial regulators to enforce the law to better protect investors and improve the integrity and stability of the digital asset markets.”
Amid all the crypto market buzz, valuations of some crypto projects and their native digital assets have skyrocketed in recent times. Besides, SEC Chairman Gary Gensler has already hinted at the need for strong measures in the crypto space. In the past, Gensler sought additional authority from Congress to regulate the crypto space.
Crackdown on Stablecoins Coming?
The U.S. regulators are working to initiate a crackdown on the rapidly growing stablecoins market. The U.S. Treasury Department is conducting a review for stablecoins with other agencies and shall introduce new oversight and regulatory rules for their functioning.
Stablecoin providers such as Tether and USDC Coin hold reserves in the form of cash, commercial papers, and corporate bonds. The investor advocates group argues that these reserves are similar to the ones held by the money market funds. Thus, they are vulnerable to market stress.
Speaking of the two largest stablecoins – Tether and USDC – the groups noted: “Clearly, both products may create significant risks to investors and consumers”.
The post These Investor Advocates Groups Wants the SEC to Accelerate Crypto Crackdown appeared first on Coingape.


This week started with a bloodbath on Satoshi Street with Bitcoin and altcoins eroding investors&#8217; wealth after rallying for past few weeks. Amid the strong volatility this month, a group of investors&#8217; advocates wrote to the U.S. SEC on Monday, to amp up the crackdown on the crypto mar...

coingape.com

These Investor Advocates Groups Wants the SEC to Accelerate Crypto Crackdown

The Defi protocol platform, CREAM Finance has updated the users of its plan after the hack, in a recent post-mortem piece. It has guaranteed to repay the stolen ETH and AMP so that there are no liquidity issues for the users.
However, to accomplish a complete payback, CREAM Finance will be allocating 20% of its protocol fees toward repayment until stolen balances of all traders have been restored. Furthermore, the Defi protocol platform has announced to post CREAM collateral with the Flexa and AMP team to secure this debt, and victims of the hack can conveniently submit a request for the same through a Google form.
“Our community and users are our priority. We are working with authorities to trace the attacker and have created a plan to restore funds lost.”, promised CREAM Finance.
CREAM Finance reveals the cause of the exploit
CREAM Finance revealed that this was the first time ever that someone was able to directly exploit its Defi protocol. The organization shared that the hack was in phases, with the main exploit along with a smaller copy-cat.
CREAM Finance clarified that the hack was not caused because of a bug or issue with AMP’s code. However, with PeckShield’s help, the organization found out that the exploit was caused because of an error in the way C.R.E.A.M. Finance integrated AMP into its protocol.
“At approximately 12 pm on 31st August (UTC +8), C.R.E.A.M. Finance was exploited for 462,079,976 in AMP tokens and 2,804.96 ETH tokens.”, CREAM Finance clarified the exploit amount.
CREAM announces Bug Bounty
CREAM Finance in a desperate attempt to recover the stolen funds has announced a bug bounty for anyone who can identify and provide information leading to the hacker. The informant will acquire the massive 50%, out of all funds returned.
Interestingly, CREAM Finance has also offered a bug bounty to the hacker if she/he agrees to return the stolen balances. The hacker will be allowed to keep 10 percent of all funds returned.
“If the main exploiter is willing to send back the stolen funds, we will honor our normal 10% bug bounty and allow the exploiter to keep 10% of the funds as a bug bounty.”, said CREAM.
The post Defi Hack: CREAM Finance Promises to Payback Stolen Ether & AMP to Users appeared first on Coingape.


The Defi protocol platform, CREAM Finance has updated the users of its plan after the hack, in a recent post-mortem piece. It has guaranteed to repay the stolen ETH and AMP so that there are no liquidity issues for the users. However, to accomplish a complete payback, CREAM Finance will be alloca...

Defi Hack: CREAM Finance Promises to Payback Stolen Ether & AMP to Users

Cream finance, a defi borrowing and lending protocol, has been the victim of a hack that erased more than $29 million from its vaults. The attacker took advantage of a loophole in the implementation for adding the amp token to the protocol. This is the second time the platform has been involved in a hack. The first breach happened in February, when Cream lost $37.5 million.
Cream Protocol Suffers Hack
Cream protocol, a defi lending-borrowing platform present on four different chains (Ethereum, BSC, Polygon, and Fantom), suffered a hack Monday that resulted in the loss of $29 million in several cryptocurrencies. The attacker took advantage of a bug caused by the introduction of the amp token into the protocol. According to Peckshield, a blockchain security and data analytics company, the hack was perpetrated in just one transaction, taking advantage of a reentrancy bug present in the code of the amp currency.&#13;
This allowed the hacker to re-borrow assets during the transfer before updating the first borrow. The exploit was repeated 17 times and allowed the hacker to get ahold of 418,311,571 amp (worth $25.1 million) and 1,308.09 ethereum (worth $4.15 million). The platform had been audited by Trails Of Bits, a cybersecurity research and consulting firm, prior to the inclusion of the amp token.
Cream declared it stopped the exploit by pausing supply and borrow on amp. The protocol also informed users that no other markets were affected, and that it was expecting to offer a post mortem report at a later date.
       
Not the First Time
This is not the first time Cream has suffered a hacking incident. Less than six months ago, the platform was also affected by a hack that allowed the attacker to withdraw $37.5 million. The hack, using an unreleased version of a contract of Alpha Finance, another defi protocol, exploited a rounding miscalculation in the code and a whitelisting function. After taking control of the funds, the attacker took them to Tornado.cash, a protocol that allows private transactions in Ethereum.
Luckily, no user funds were affected during this first hack. However, it shows that the defi environment is very complex and that even a small change in protocol (like adding a currency or whitelisting another platform) can have a big impact on security in the future.
What do you think about defi-related hacks? Tell us in the comments section below.



























Cream finance, a defi borrowing and lending protocol, has been the victim of a hack that erased more than $29 million from its vaults. The attacker took advantage of a loophole in the implementation for adding the amp token to the protocol. This is the second time the platform has been involved i...

news.bitcoin.com

Defi Platform Cream Finance Hacked, $29 Million Lost

Amp (AMP) ATH, Price, Market Cap, News, Info

Amp price	$0.048146
Low - High 24H	$0.047736 - $0.050725
Market cap	$2.32B
Volume 24H	$18.11M
All time high	$0.120813 -59.99% June 16th 2021
All time low	$0.002505 1829.77% November 4th 2020
Genesis date	N/A

Recently viewed

Trending

Amp (AMP)

Performance

Amp News

Quick stats