I, Degen

This week we talk about the strange story of an Acala DeFi liquidity pool bug being exploited, leading to the minting of billions of illegitimate aUSD.

We also dive into an articulate Reddit comment that hits on a number of the more popular anti-crypto arguments floating around right now.

Show Notes

show notes here -->https://hackmd.io/@idegen/E11-Acala-hack-and-anti-crypto-sentiment

I, Degen - E11 - Acala Bug Exploited & Exploration of Popular Anti-crypto Sentiment - 8/18/2022
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Intro
Welcome to I, Degen - We track down and explore the most exciting crypto hacks, mysteries, exploits, and anything that feeds our crypto curiosity each week. We dig in, cutting through the misinformation and hype in search of a signal in the noise.


Episode Summary
This week we talk about the strange story of an Acala DeFi liquidity pool bug being exploited, leading to the minting of billions of illegitimate aUSD.

We also dive into an articulate Reddit comment that hits on a number of the more popular anti-crypto arguments floating around right now.

I,Degen - Weekly
  1. Coinbase says it will pause deposits and withdraws temporarily during Ethereum merge as a saftey precaution. Stock drops 8%. Bloomberg Law
  2. Pig Butchering Scams on the rise - Coinbase TripWire
  3. South Korea to block 16 unregulated exchanges
According to the report, the law prevents unregistered crypto exchanges from operating without a license, but the 16 firms have been providing crypto services for Koreans and hosting events targeting Koreans.
  1. Canadian exchanges limit purchases to 30k a year in altcoins that are not BTC, ETH, LTC and BCH
  2. Celer Protocol DNS poisoning
“The Celer protocol and smart contracts were not affected during the breach. Celer DNS root record was not compromised and was never modified.”“DNS poisoning can happen to any DeFi app frontend regardless of the protocol’s own security and we strongly suggest the entire blockchain community to turn on Secure DNS option in your web browser to reduce the such possibility to get affected.”

I, Degen - Deep Dive Acala
Acala (the ‘DeFi hub’ of Polkadot)bug exploited to mint stable coins Rekt coindesk

Anti-crypto sentiment appears to be rising rapidly.

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I, Degen - Most creative personal hack attempt of the week?
Zak: nothing too crazy, standard SMS ‘wrong number’ with a mild twist.

We do our best to report accurately on the topics we discuss, but we won’t always get everything correctly. Please comment here or reach out to us @idegenfm with corrections or comments!

What is I, Degen?

Welcome! I, Degen is a podcast about crypto technology, security, and culture. With a healthy balance of enthusiasm and skepticism, we cut through the misinformation and hype in search of a signal in the noise. Our weekly round-up will keep you updated on the latest in crypto hacks and security. With our open-source audio audits, we interview founders and hackers to surface relevant info about how to stay safe in crypto land.