Tech giant Google has announced a partnership with Coinbase – the second-largest crypto exchange by volume in the world – to accept crypto payment for its cloud services via the exchange’s custody service, Coinbase Prime.
As part of the deal, Coinbase will migrate from Amazon Web Services to Google’s cloud infrastructure for hosting its data-related application. Google will also tap on Coinbase Prime for institutional crypto services, such as secure custody and reporting.
The new payment method will be done through Coinbase Commerce, a crypto payment platform for merchants. It will initially be available to a handful of customers involved in the Web3 industry from early next year.
Currently, the platform only supports the following cryptocurrencies: Bitcoin, Bitcoin Cash, DAI, Ethereum, Litecoin, Dogecoin and USD Coin.
What the hack: DeFi trading platform Mango Markets suffered a $117 million exploit
12 October 2022
Mango Markets, a Solana-based decentralised trading platform that offers users the ability to make spot trades and loans, has become the latest victim of a massive hack that drained approximately $117 million from the protocol. Just a week ago, Binance suffered a $100 million loss from a cross-bridge exploit.
According to a tweet from Mango, the exploit was caused by an oracle price manipulation on the native MNGO token, which plummeted over 42% in value within 24 hours after the incident. Deposits and withdrawals on the platform have been disabled amid the ongoing investigation as the theft “has effectively resulted in a total draining of all equity available”.
Based on the findings from OtterSec, a security audit that powers blockchain, the attacker manipulated the price data of its native MNGO token by driving up the value of their collateral temporarily and then extracted loans from the Mango treasury. This left the treasury with a negative balance of $116.7 million.
Things took an interesting turn when the rogue trader demanded a settlement in the hours following the hack, requesting for the community to help pass a proposal that would view any bad debt as a bug bounty and insurance. Part of the attacker’s ultimatum also seeks a promise from Mango that it will renounce any claims against accounts with bad debt and forgo any criminal investigations.
The hacker, who held a lion’s share of MNGO tokens from the loot, subsequently cast almost 33 million votes in favor of the proposal. Unsurprisingly, the proposal reached a quorum of over 98% “yes” votes. This allowed the hacker to keep $47 million of stolen funds, making it the largest crypto bounty so far.
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