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Solana loses $1 billion in the Tether chain swap from USDT to Ethereum

Following the bankruptcy of crypto exchange FTX, this statement comes at the wrong time for Solana, which was among the top 5 largest cryptocurrencies by market size only weeks ago. With a 25.4% decline over the last week, Solana has fallen to the 16th spot in market capitalization. Since its record high of $256, it has[Read more…]

Kraken extends support for deposits and withdrawals of SOL USDC

Besides the Ethereum network, users can now deposit and withdraw USD Coin on Solana and Tron, according to a Twitter post by Bill King, Growth Marketing Lead. The support for these two networks is already live. Users can easily transfer funds to their account by navigating the Funding drop-down box and selecting the network and USDC they[Read more…]

Solana rapid decline amid FTX’s fallout

Solana, popularly dubbed Ethereum’s killer, dipped rapidly following the FTX collapse. As per the market overview, SOL lost more points than every other asset class.  Solana dipped Initially, Sam Bankman-Fried applauded the coin and its blockchain for its seamless efficacy. Furthermore, he asserted that Solana provided unquantifiable utility to its users. Hence, this quality made[Read more…]

Solana developers are forking Serum DEX after FTX crisis

The Solana development team is working to fork the liquidity hub Serum in response to the hack that siphoned off over $600 million from the bankrupt crypto exchange FTX. Given that FTX created Serum, many developers believe the FTX hack may have had an impact on the decentralized network. Solana developers to fork Serum Anatoly Yakovenko, the[Read more…]

BetDEX to Launch on Solana Right Before 2022 FIFA World Cup Kick-off

A blockchain-betting exchange BetDEX is going live on Solana mainnet on November 17, the first day of the FIFA World Cup Qatar 2022. The platform aims to take real-money soccer bets as the first blockchain-based sports betting exchange with a proper license. For the duration of the launch, BetDEX will not impose any fees on bets made on[Read more…]

Solana Projects Reboot as Money Lost From Mango Markets Fiasco Is Recovered

Wednesday evening marked a sensational moment for several Solana projects as they reopened after they received back lost money from the recent Mango markets hack. The tokens that UXD Protocol and Tulip lost due to the Mango Markets exploit have now been returned. Both initiatives have commenced the reinstatement of their services on the Solana[Read more…]

Crypto-focused Smartphone Solana Saga Unveiled

The full specifications for OSOM’s crypto-focused Solana Saga smartphone have been made public today by the firm. This comes in a few months after Anatoly Yakovenko, co-founder and CEO of Solana, announced the release of Saga, an Android web3-focused smartphone, in front of an audience in New York City. The new gadget has an IP68-rated casing,[Read more…]

Mango Markets Loses over $100 Million in a Price Manipulation Hack

Mango Markets, a Solana Decentralized Finance platform, lost more than $100 million in a price manipulation attack. The $100 Million Breach Mango Markets confirmed that an effective hack had occurred on its treasury. According to the tweet by the DeFi Platform, the malicious attackers made away with a large number of digital assets through an[Read more…]

Magic Eden Commences Refund for Wallets Affected With Degen Incident

Magic Eden declared that it has started operating the refunds to wallets affected by the Degen Town wallet drain. The announcement comes amid the complaints raised by Solana users about the hacker’s security breach, looting almost $200 million worth of virtual assets. The Refunding Strategy On October 4, Magic Eden released a statement confirming the start[Read more…]

Solana Faces Criticism Over Failures and Controversies

Solana has recently faced criticism on the social media platform over alleged deceptive designs to inflate usage falsely. The controversies seem not to end as the virtual asset network doesn’t respond to the claims postulated on Twitter. Solana Married to Deception Since Its Introduction The founder and CIO of Cyber Capital, Justin Bons, made some concrete arguments[Read more…]