Exchange Risk

Gate News message, April 23 — The Bank for International Settlements (BIS) released a report warning that crypto exchanges are increasingly providing bank-like services, including lending and yield products (Earn), but lack the regulatory oversight and deposit protections inherent in traditional

Gate News message, April 23 — Polish cryptocurrency exchange Zondacrypto has ceased operations this week amid solvency issues, with prosecutors identifying hundreds of potential victims who have lost access to at least 350 million Polish zloty (approximately $95 million). Prosecutors stated that

Gate News message, April 23 — Benjamin Pasternak, 26-year-old founder of the Solana-based SocialFi platform Believe, was arrested on Tuesday (April 22) on charges of second-degree strangulation and two counts of third-degree assault with intent to cause physical injury, according to New York

Gate News message, April 23 — Aave's Ethereum platform has been frozen for nearly four days as USDC utilization reached 99%, locking approximately $1.86 billion in user funds. Circle's chief economist, Gordon Liao, has proposed an emergency governance intervention to address the crisis, marking a ra

Gate News message, according to an official Gate announcement Gate has announced the delisting of trading services for 14 tokens. The tokens to be delisted include 5IRE, UNO, BLY, CLEAR, KIMA, TMAI, LOVE, TARA, DIONE, STARL, MASA, OPUL, MCRT, and ROCK, all of which correspond to USDT trading pairs. Gate has paused the deposit service for these tokens and will, before 2026-04-30 11:00(UTC+8), close new leveraged lending and collateralized lending, and also pause the related spot trading pairs, Quant Grid, Yubibao, and leveraged trading. After 2026-04-30, users who still hold the above tokens on Gate may submit an application to participate in the buyback. The buyback price varies by token. Users need to submit the buyback application form between 2026-05-14 and 2026-05-21. For a single account, the maximum compensation amount is 100 USDT. In addition, users can withdraw the tokens to their Gate Web3 wallet for permanent storage, or take out the tokens before delisting from the trading market.

Gate News message, April 23 — According to New York Criminal Court public records, Benjamin Pasternak, founder of Believe, was arrested on charges of second-degree murder and assault, with a court appearance scheduled for June 11, 2026. Pasternak was previously accused of involvement in a token

ZachXBT warns Bitcoin Depot ATMs impose steep premiums—$25k fiat at $108k/BTC vs ~$75k market (about 44%), leading to ~ $7.5k loss on 0.232 BTC; also notes a $3.26M security breach. This article summarizes ZachXBT's warnings about Bitcoin Depot's pricing practices and a recent security breach, highlighting risks from inflated rates and security lapses for users.

Gate News message, April 22 — Scammers posing as Iranian authorities are demanding cryptocurrency payments in Bitcoin or USDT from shipping companies in exchange for safe passage through the Strait of Hormuz, according to CoinDesk. Greek maritime risk firm Marisks has issued a warning that

Gate News message, April 22 — The suspected Kelp DAO hacker transferred 106,466 ETH to external wallets over the past 20 hours, according to on-chain data from Arkham. The attacker dispersed the funds across multiple addresses, a common money-laundering technique used to obscure transaction trails.

LayerZero attributed a $290 million exploit of KelpDAO's cross-chain rsETH configuration to North Korea's Lazarus Group on April 18, describing the attacker as a "highly-sophisticated state actor." According to LayerZero, the incident was limited to KelpDAO's rsETH setup and did not spread to other

Gate News message, April 21 — Unknown actors sent fraudulent messages to shipping companies with vessels stranded west of the Strait of Hormuz, claiming to be Iranian authorities and offering safe passage in exchange for fees paid in Bitcoin or Tether, according to Greek risk firm MARISKS. The messa

Ice Open Network posted on X on April 20, confirming that a data breach occurred last week. The cause was that after four business partners terminated their business relationship with a third-party service provider, they still accessed external servers, leaking users’ email addresses, 2FA phone numbers, and identity-linked data. The background of this incident is that the ION token had already crashed by 93% two weeks ago, and the project team is in a period of large-scale emergency restructuring.

Kelp DAO issued a statement on April 21 rebutting LayerZero’s criticism of its 1/1 DVN configuration, pointing the root responsibility for the $292 million vulnerability in this incident to LayerZero’s infrastructure. Aave released an event impact assessment report: under a scenario where losses are evenly distributed, about $124 million; under a scenario where losses are concentrated on L2, they reach up to $230 million.

On April 18, a Kelp cross-chain bridge exploit led to the theft of $292 million in rsETH. Lido reported $21.6 million in exposure via its EarnETH vault, prompting Aave to freeze relevant markets. EarnETH has paused transactions and is deleveraging, while Lido's DAO treasury implemented a $3 million protection mechanism to cover potential losses. The core staking protocol remains unaffected.

Russian cryptocurrency exchange Grinex ceased operations after a cyberattack caused losses over $13 million. The shutdown impacts Russian businesses' ability to convert rubles internationally and challenges the country's shadow finance system.

A recent hack draining nearly $300 million from a crypto project led to a liquidity crisis on Aave, causing users to withdraw around $9 billion. Concerns over collateral quality prompted mass withdrawals, highlighting risks in DeFi lending.

KelpDAO faced a $290 million loss due to a sophisticated security breach linked to the Lazarus Group. The attack exploited configuration weaknesses in their verification system and highlighted the risks of relying on a single-point verification setup. Industry experts emphasize the need for improved security configurations and multi-layer verification to prevent future incidents.

David Schwartz, CTO Emeritus at Ripple, analyzed bridge security vulnerabilities following the $292 million Kelp DAO exploit. He noted that providers prioritized convenience over robust security, undermining essential protective features. The Kelp DAO breach stemmed from a private key leak, exacerbated by a simplified security configuration in their LayerZero implementation.

The metaverse platform HYTOPIA decided to pause the operation of its infrastructure because a large IRS tax refund has not yet been received. The platform plans to be offline for 1 to 3 months. A dispute over unpaid invoices between the platform and HY Foundation has also led to delays in the delivery of some tokens. HYTOPIA promises to handle this matter transparently and asks the community to be patient and wait.