Weekend Wrap: Uniswap dev sacked for alleged rug, Steadefi hacker goes mixing and more

Uniswap dev loses job, was it worth it? A Uniswap designer known as “AzFlin” has been sacked by the creator of Uniswap Labs, Hayden Adams, for presumably creating a memecoin and carpet pulling it a few hours later for 14 wrapped-Ether (wETH), worth $25,800. It is understood that AzFlin deployed and developed FrensTech token (FRENS) on Coinbases brand-new layer 2 blockchain Base on Aug 12 prior to selling the tokens raised from the liquidity shortly after.Adams openly confirmed the sacking of AzFlin, adding that such behaviour is neither supported nor excused at Uniswap Labs.

The developer has actually mocked the circumstance at hand with a series of light-hearted posts together with a brand-new X (formerly Twitter) cover photo.AzFlin is making enjoyable of their brand-new unemployment status. Source: X (previously Twitter). AzFlin, however, declares that no rug pull was devoted.” I bought that $FRENS used to offer LP with my OWN cash from the dev wallet, so I am entitled to do as I please with it. This FUD is outrageous,” they stated on Aug. 12. Not everybody is purchasing into AzFlins story however, with some praising Adams decision to fire AzFlin for the supposed action: Hayden Adams choice to terminate staff member AzFlin is highly needed and demonstrates his dedication to promoting Uniswaps credibility and ethical standards. Establishing a meme token and after that exploiting access to move and offer tokens from the liquidity pool is a morally …– KEVIL KOLS NETWORK (@KevilCrypto) August 13, 2023

Uniswap dev loses task, was it worth it? A Uniswap designer known as “AzFlin” has been sacked by the creator of Uniswap Labs, Hayden Adams, for presumably creating a memecoin and rug pulling it a couple of hours later on for 14 wrapped-Ether (wETH), worth $25,800. It is comprehended that AzFlin released and developed FrensTech token (FRENS) on Coinbases brand-new layer 2 blockchain Base on Aug 12 before selling the tokens raised from the liquidity soon after.Adams publicly confirmed the sacking of AzFlin, including that such behaviour is neither supported nor condoned at Uniswap Labs. AzFlin, nevertheless, claims that no carpet pull was dedicated. Not everybody is purchasing into AzFlins story however, with some applauding Adams choice to fire AzFlin for the supposed action: Hayden Adams choice to end employee AzFlin is highly needed and shows his commitment to upholding Uniswaps credibility and ethical requirements.

An overall of $334,000 was drained directly from Steadefi, with total losses totaling up to over $1.1 million, according to some estimates.Tornado Cash has acted as a tool for hackers trying to obfuscate the cash trail and squander the stolen funds.On Aug. 8, 2022, the United States Office of Foreign Asset Control (OFAC) approved Ethereum and USD Coin (USDC) addresses connected to the privacy tool.Also making newsUnited States Senator Cynthia Lummis has submitted an amicus quick supporting Coinbases motion to dismiss its lawsuit against the U.S. Securities and Exchange Commission. Lummis states the SEC is unrightfully pressing to obtain “primary impact” over the cryptocurrency sector at a time where much regulatory factor to consider needs to be taken by Congress.Decentralized finance platform Curve Finance has formally specified on Aug. 11 its intent to compensate users affected by the recent hack leading to $62 countless losses on July 30. The firm has already managed to recover 79% of the funds therefore far.Magazine: Girl Gone Crypto thinks BREAKING crypto news tweets are boring: Hall of Flame

Source: ThreadsZuckerberg– who has helped re-shaped Metas financial investment focus on the Metaverse and artificial intelligence– said that he will be prepared for a fight whenever Musk “gets severe” about a genuine date and official event.The Meta CEO stated he will continue to focus on contending with those who take the sport seriously for the meantime.Donald Trump holds Ethereum and NFTs Financial records have actually exposed that former United States President Donald Trump owns in between $250,001 to $500,000 in Ethereum (ETH). The declaration, which was filed to the United States Office of Government Ethics on April 14, notes “cryptocurrency wallet (Ethereum)” as one of Trumps financial investments, according to the 82-page form.Donald Trumps public monetary disclosure report. Steadefi hacker turns to Tornado CashThe exploiter of decentralized financing protocol Steadefi has actually moved 100 Ether (ETH), worth about $185,000 to cryptocurrency blending procedure Tornado Cash, according to blockchain security company CertiK.CertiK discussed on Aug. 13 that the hacker still holds $786,000 (424 ETH) connected to the Steadefi make use of, which took location on Aug. 7.

Other Questions People Ask

What led to the sacking of the Uniswap dev in the Weekend Wrap: Uniswap dev sacked for alleged rug, Steadefi hacker goes mixing and more?

The Uniswap developer known as "AzFlin" was sacked by Hayden Adams, the creator of Uniswap Labs, due to allegations of creating a memecoin and executing a rug pull shortly after. AzFlin reportedly sold tokens from the FrensTech token (FRENS) liquidity pool for 14 wrapped-Ether, valued at approximately $25,800. Adams emphasized that such behavior is not condoned at Uniswap Labs, highlighting the importance of maintaining ethical standards within the organization.

How did AzFlin respond to the allegations in the Weekend Wrap: Uniswap dev sacked for alleged rug, Steadefi hacker goes mixing and more?

In response to the allegations of a rug pull, AzFlin claimed that no wrongdoing occurred, stating that they used their own funds to provide liquidity for the $FRENS token. They expressed frustration over what they termed as "outrageous FUD" surrounding their actions. Despite their defense, many in the crypto community have supported Adams' decision to terminate AzFlin, emphasizing the need for accountability in the industry.

What were the financial implications of the Steadefi hack mentioned in the Weekend Wrap: Uniswap dev sacked for alleged rug, Steadefi hacker goes mixing and more?

The Steadefi hack resulted in significant financial losses, with estimates suggesting that over $1.1 million was drained from the platform. The hacker reportedly moved 100 Ether, worth about $185,000, to Tornado Cash to obscure the transaction trail. This incident underscores the vulnerabilities present in decentralized finance protocols and highlights the ongoing challenges in securing user funds against malicious exploits.

What actions has Curve Finance taken following recent hacks as discussed in the Weekend Wrap: Uniswap dev sacked for alleged rug, Steadefi hacker goes mixing and more?

Curve Finance has publicly stated its intention to compensate users affected by a recent hack that resulted in losses of approximately $62 million. The platform has successfully recovered about 79% of the stolen funds so far. This proactive approach reflects Curve's commitment to user trust and security in light of increasing threats in the decentralized finance space.

What is Tornado Cash's role in the Steadefi hack as highlighted in the Weekend Wrap: Uniswap dev sacked for alleged rug, Steadefi hacker goes mixing and more?

Tornado Cash has been utilized by the Steadefi hacker as a means to obfuscate the trail of stolen funds. By moving 100 Ether to this cryptocurrency mixing service, the hacker aims to make it more difficult for authorities to trace the illicitly obtained assets. This tactic illustrates the ongoing challenges faced by regulators and security firms in tracking down stolen cryptocurrency in an increasingly complex digital landscape.