InsurAce, a DeFi insurance platform that offered cover against a UST de-peg event, has confirmed that they will be paying out $12 million in USDT to users who hold a valid policy. The CMO of InsurAce, Dan Thomson, confirmed to us directly that “we’ll payout and recover fast.” Thomson went on to say, “This shows…
The value of Tether (USDT) stablecoin against the U.S. dollar is seeing significant downward pressure on exchanges and has fallen below its $1 peg price. May 11 saw a 0.8% swing to the downside before closing the day at $0.9958. However, there was a massive 3% downward swing on May 12, with the $0.9663 level…
The Solana blockchain went offline for seven hours on Saturday evening following a bot attack that flooded the network. Bots sent millions of transactions per second via the ‘Candy Machine’ NFT minting protocol. The resulting congestion knocked out consensus and crashed nodes, as validators failed to cope with traffic volume. “Solana Mainnet Beta lost consensus…
Polygon devs yesterday alerted users to an issue regarding Tendermint implementation, leading to network downtime. Network update:The team is currently looking into an issue with the Tendermint implementation used by one of the two layers of Polygon PoS chain.All users funds and data remain fully secure but there is a potential threat of Polygon PoS…