Reddit And FTX Partnership, Curve Finance Hacked, Hotbit Suspends Services

Written by Crypto University

August 11, 2022

Reddit And FTX Partnership 

FTX, one of the largest cryptocurrency exchanges in the world, announced its partnership with Reddit, a popular social network site. FTX Pay will integrate with Reddit to unlock payments and cryptocurrency exchange solutions for Reddit Community Points. The service will launch in the United States, EU, Australia, and also in other markets. 

“We’re excited to partner with Reddit to continue their work to empower online communities to harness the power of blockchain. FTX Pay’s payment and exchange infrastructure integrate with Reddit Community Points, making the customer experience a more seamless process,” said Sam Bank Friedman, the CEO of FTX. 

Reddit Community Points capture some of the value of their community. The points can buy premium features and measure reputation in the community. With the new integration, Reddit users can purchase Ether from supported Reddit apps via FTX’s payment and exchange infrastructure platform FTX Pay.

Curve Finance Hacked 

Curve Finance, a decentralized finance (DeFi) protocol, suffered a hack. The hackers stole approximately $570 thousand from the platform. The hacker appears to have modified the protocol’s domain name system (DNS) entry, redirecting users to a bogus clone and authorizing a fraudulent contract. 

“The supposed hacker appears to have modified the protocol’s domain name system (DNS) entry, redirecting users to a bogus clone and authorizing a fraudulent contract. However, the program’s contract was unaffected,” announced Curve Finance on Twitter. 

Curve Finance also warned its users against performing any approvals or conducting swaps on the decentralized platform. The native cryptocurrency token (CRV) fell more than 10% after the news was announced. The situation is rectified, and users will also be alerted when it is safe to use the platform again.

Hotbit Suspends Services

Hotbit, an Asian cryptocurrency exchange, has suspended its services because a number of its senior managers were subpoenaed by law enforcement. A former management employee, who left the company in April, was involved in an illegal operation. Hotbit reassured its users that their funds were safe. But, it cannot determine when services will resume.  

“We regret to inform you that Hotbit will have to suspend trading, deposit, withdrawal, and funding functions; also the exact time of resumption cannot be determined at the moment,” announced the exchange. 

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