DeFi Protocol Mango Markets was pushed over USD 100 million about a week ago. For now, users should probably store their NFTs with another option.
Was the attack planned for a long time?
After the Binance Smart Chain has already been hacked, the attack on the Solana Mango Market continues. Activities on the chain show the hacker attack Ethereum-based wallet.
Investigative reporter Chris Brunet reported a day after the attack that a user named Avraham Eisenberg spoke on Discord about possible access to the Mango Market. The hacker has already been noticed in the past.
“This appears to have been a small-scale robbery to fly under the radar of law enforcement, as Avraham Eisenberg appears to have never been investigated let alone punished. This lack of punishment seems to have encouraged him.”
In his report, Brunet published screenshots of a conversation purporting to show that Eisenberg clearly intended to use the Mango Market for its own purposes. He wrote verbatim:
“I’m investigating a platform that could lead to a 9-digit payday.”
But it is not seen where the money came from in the end. Maybe the hacker exploited a loophole and made a few million, and then multiplied it. This resulted in a sum of 116.7 million USD.
The price of the Solana token also responded promptly to the attack. The price has fallen by over 40% since the attack. A few days after the event, the value was around 34 USD. A few days later, it took a sharp fall and fell below the USD 30 mark. Today it is just above that again at USD 31.50.
Hacker attacks are on the rise
Cyber attacks on telecommunication networks and crypto platforms have increased significantly in recent years. Aleta.com published a report in May which shows that attacks are currently higher.
“Many companies and authorities suffered hacker attacks in 2021 – including the entire Anhalt-Bitterfeld district. Compared to the previous year, the number of known attacks has increased by 20 percent – the number of unreported cases is likely to be much higher. Experts expect the number of hacking attacks to reach a new high in the coming years. The criminals’ aim: to extort money. At Anhalt-Bitterfeld, the full extent of the cyber attack was not immediately apparent: First, the email servers stopped working. The next day, when the administrators started the computers, encryption was already starting. In 2021, many authorities were also defeated.”
The biggest cyber attack in which cryptocurrencies have been captured so far is the attack on the Ronin payment platform. The attackers stole over USD 600 million through the game Axie Infinity.
After past hacker attacks, tokens and NFT holders are concerned about whether Solana is currently a secure network. The theft showed how quickly a network could lose a significant amount of money. Therefore, crypto traders are looking for another way to secure their tokens and NFTs. The Uniglo network could be a secure alternative to the Solana network in the future.
Solana Uniglo advance alternative
The Uniglo (GLO) project was only recently published. The network is the first of its kind to support multiple assets. The value of the offer is to be increased and secured by purchasing various assets. In addition to classic cryptocurrencies, these purchases include NFTs and commercial investments such as art, collectibles and precious metals.
The GLO community selects the investments that are suitable. Joint decisions will be made during consultation regarding which system to purchase and how much.
our #DAO all will give $GLO exposure of holders to a custody investment portfolio and the means to influence the directions of the projects
🪙 Ultra-burn feature
🪙NO downside volatility
🪙 Audit & SecureMake Your Future Now!
💜 https://t.co/qW47KTAVg8 pic.twitter.com/S1W9aMPp0w— Uniglo.io 🔮 The Pre-Sale Stage is FINALLY LIVE (@GloFoundation1) September 21, 2022
The security of the network is guaranteed, among other things, by its own GLO token. Accordingly, the coin represents a large part of the value of the entire project. Crypto holders using the network will be able to bypass previous DeFi exchanges with the new coin, potentially avoiding significant risk.
The project is currently in the final phase of the ICO. This community phase is to be completed in 28 days. After a successful pre-sale, the governance and voting forums are to be launched. Then the first official purchase should follow. The first trades are already planned for this year.
Ownership should gradually increase and grow with the project. Uniglo already has a number of partnerships underway. These should be published after the pre-sale.
This is Uniglo
By avoiding the risk of DeFi, Uniglo wants to offer its users a much higher level of security than Solana currently offers. The developers of the network assume that the value of the entire project will continue to increase as a result of increases in the value of the investments.
The burn rate should also result in a permanent increase in the value of the GLO coin. 2% of the tokens are burned for every purchase and sale. This reduces the number of tokens available regularly. Dealing with or increasing demand would result in a price increase.
The voucher holders should get another sense of security through the organization of the project. One or several leaders do not make decisions. Rather, the gathering of people determines sustainable and meaningful steps.
The community makes important decisions together by voting. This is how the developers describe the procedure on the website:
“Being a DAO means that all our decisions and changes are made together. In addition, a forum will allow GLO owners to contribute quality-of-life change proposals and buy and sell a wide range of digital assets. Once a proposal has passed the necessary checkpoints, it will be submitted to the public for a vote!”
Paladin, a smart contract auditor, successfully verified the project.
Conclusion: more security through the community
So the Uniglo network could be a safe alternative to Solana from various perspectives in the future. If the network proves itself in the coming weeks and months, it may well establish itself in general crypto trading. Then more and more NFT and voucher holders could see it as a way to realize their ownership, which would also benefit the value of the GLO token.
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Cryptocurrencies are a highly volatile, unregulated investment product. Your capital is at risk.
