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<ul><li>Hackers were able to exploit a bug to buy <keyword id="902592" type="General" weightage="20" keywordseo="nfts" source="Orion">NFTs</keyword> at much lower than their price, and relist them to sell higher.</li><li><keyword id="11928103" type="General" weightage="20" keywordseo="opensea" source="Orion">OpenSea</keyword> said that this wasn’t an exploit of a bug, but an issue that arises “because of the nature of the blockchain”.</li><li>OpenSea raised a funding round worth $300 million on January 24, raising its valuation to $13.3 billion.</li></ul>Non-fungible token (NFT) platform, OpenSea, has started contacting and refunding users who were affected by a bug that allowed users to buy NFTs at reduced prices. The bug was first reported by blockchain security company, <keyword id="2682805" type="General" weightage="20" keywordseo="elliptic" source="Orion">Elliptic</keyword>, on January 24. The firm said that hackers had exploited the bug to “steal” $1 million on the platform’s users. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> "Since this issue was identified, we've taken it incredibly seriously and worked to ship product solutions for the community. This is not an exploit or a bug -- it's an issue that arises because of the nature of the blockchain. OpenSea cannot cancel listings on behalf of users. Instead, users must cancel their own listings," a spokesperson for OpenSea <a href="https://www.zdnet.com/article/opensea-reimbursing-people-affected-by-bug-used-to-purchase-nfts-below-market-value/">told</a> ZDNet. On January 24, Elliptic said that it had identified at least three attackers who purchased at least eight NFTs for “much less” than their market value. This included popular NFTs like Bored Ape Yacht Club, Mutant Ape Yacht Club, <keyword id="13035912" type="General" weightage="20" keywordseo="cool-cats" source="Orion">Cool Cats</keyword> and Cyberkongz NFTs. The same bug had also been spotted by many users on Twitter. “The exploit appears to originate from the ability to re-list an NFT at a new price, without cancelling the previous listing. Those previous listings are now being used to purchase NFTs at prices specified at some point in the past - which is often well below current market prices,” the company’s security researchers said in a blog <a href="https://www.elliptic.co/blog/bug-allows-nfts-worth-over-1-million-to-be-stolen">post</a>. The researchers also identified one of the attackers, who went by the pseudonym “jpegdegenlove” who had paid $133,000 for seven NFTs and had then sold them on the platform for $934,000 — a nearly seven times increase in the price in less than a day. “Fine hours later this ether was sent through Tornado Cash, a ‘mixing’ service that is used to prevent blockchain tracking of funds,” the company said. Incidents like this don’t bode well for OpenSea, which has quickly become the posterboy for the burgeoning NFT market. The company announced a $300 million Series C funding round on January 4, raising its valuation to $13.3 billion. The round was led by investment firms Paradigm and Coatue. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/google-amazon-and-apples-names-are-being-exploited-to-steal-crypto/articleshow/89093792.cms">Scammers are exploiting Google, Amazon and Apple’s services to steal crypto</a> <a href="https://www.businessinsider.in/investment/news/profit-from-bitcoin-mining-is-shrinking-with-prices-in-the-dumps-and-difficulty-on-the-rise/articleshow/89106547.cms">Bitcoin mining profit is shrinking with prices in dumps and difficulty on the rise</a> <a href="https://www.businessinsider.in/investment/news/twitters-long-awaited-hexagonal-profile-pictures-that-give-bragging-rights-to-nft-holders-is-here-but-not-everyone-loves-it/articleshow/89042268.cms">Twitter’s long-awaited hexagonal profile pictures that give bragging rights to NFT HOLDers is here — but not everyone loves it</a>

OpenSea is returning the millions users lost due to a bug

Cyber-security researchers on Wednesday reported that world's largest <keyword id="4668945" type="General" weightage="20" keywordseo="nft" source="Orion">NFT</keyword> (non-fungible token) marketplace called <keyword id="11928103" type="General" weightage="20" keywordseo="opensea" source="Orion">OpenSea</keyword> had compromised security which, if exploited, could have led hackers to hijack user accounts and steal entire crypto wallets of users, by sending malicious NFTs. After seeing reports of stolen crypto wallets triggered by free airdropped NFTs, Check Point Research (CPR) investigated OpenSea, the world's largest NFT marketplace. The investigation led to the discovery of critical security vulnerabilities on OpenSea's platform. The team immediately disclosed findings to OpenSea, who went onto deploy a fix in less than one hour of disclosure. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> OpenSea is known as the world's largest NFT marketplace, recording $3.4 billion in transaction volume in August alone. "These attacks would have relied on users approving malicious activity through a third-party wallet provider by connecting their wallets and providing a signature for the malicious transaction," OpenSea said in a statement. "We have been unable to identify any instances where this vulnerability was exploited but are coordinating directly with third-party wallets that integrate with our platform on how to help users better identify malicious signature requests, as well as other initiatives to help users' thwart scams and phishing attacks with greater efficacy," the company added. NFTs allow people to buy and sell ownership of unique digital items in cryptocurrencies, and keep track of who owns them using the Blockchain. NFTs can technically contain anything digital, including drawings, artworks, tweets, animated GIFs, songs, or even video games. The investigation of OpenSea was prompted by reports of free airdropped NFTs allegedly gifted to users. The security researchers recommended that users must be careful when receiving requests to sign your wallet online. "Given the sheer pace of innovation, there is an inherent challenge in securely integrating software applications and crypto markets," said Oded Vanunu, Head of Products Vulnerabilities Research at Check Point Software. "We sternly warn the OpenSea community to watch out for suspicious activity that may lead to theft, as we believe bad actors will continue to expand their efforts, in order to hijack crypto wallets while exploiting system vulnerabilities," Vanunu added. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/stablecoin-regulation-will-be-less-risky-in-super-countries-than-in-the-us-according-to-makerdao-founder-rune-christensen/articleshow/86965660.cms">‘We should be ready for the worst’ — MakerDAO founder is not optimistic about the stablecoin regulation in 2022</a> <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-crosses-57000-for-the-first-time-in-five-months-altcoins-continue-to-struggle/slidelist/86957497.cms">Bitcoin crosses $57,000 for the first time in five months — altcoins continue to struggle</a> <a href="https://www.businessinsider.in/cryptocurrency/news/binance-to-halt-chinese-yuan-crypto-trading-and-restrict-mainland-china-customers-to-withdrawals-only/articleshow/86992235.cms">Binance to halt Chinese yuan-crypto trading and restrict mainland China customers to withdrawals only</a>

A bug in the world's largest NFT market could have allowed crypto wallets to be hijacked or stolen

<ul class="summary-list"><li><keyword id="12012796" type="UNKNOWN" weightage="60" keywordseo="opensea" source="Orion">OpenSea</keyword> has confirmed an estimated $1.7 million worth of NFTs were stolen in a hack on Saturday.</li><li>The phishing attack exploited the smart-contract code used in NFTs, the platform believes.</li></ul>Leading NFT marketplace OpenSea has confirmed an estimated $1.7 million worth of tokens were stolen in a hack at the weekend. In the attack, which took place between 5 p.m. and 8 p.m. ET on Saturday, the thieves tricked OpenSea users into part-signing smart contracts to allow the trades. They then completed the contract process to transfer the NFTs, or non-fungible tokens, to their own address.The hackers likely used "phishing" — in which an official communication is faked to look like the real thing — to fool NFT owners into signing, OpenSea believes."As far as we can tell, this is a phishing attack. We don't believe it's connected to the OpenSea website. It appears 32 users thus far have signed a malicious payload from an attacker, and some of their NFTs were stolen," OpenSea CEO Devin Finzer said in a series of <a href="https://twitter.com/dfinzer/status/1495245308812402688">tweets</a>.In <a href="https://twitter.com/opensea/status/1495625768713469954">later tweets</a>, Finzer dispelled suggestions that the NFT haul was worth as much as $200 million, and clarified that the number of victims had been narrowed down to 17 individuals."The attacker has $1.7 million of ETH in his wallet from selling some of the stolen NFTs," he said.The <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> loss is small compared with recent high-profile hacks, such as solana's <a href="https://www.businessinsider.in/investment/news/hackers-stole-322-million-in-2022s-largest-defi-hack-so-far-10-million-is-being-offered-for-its-return/articleshow/89324200.cms">$322 million</a> wormhole bridge attack, which also used a flaw in smart contracts. But it is a sign that such crime is becoming more common, as suggested by a recent <a href="https://markets.businessinsider.com/news/currencies/crypto-crimes-2021-defi-scam-stolen-funds-rug-pull-chainalysis-2022-1?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Chainalysis report</a> that found criminals nabbed crypto worth $14 billion in 2021, a rise of 80%.Persistent security issues could become a barrier to mainstream adoption of crypto, given a burden is being passed on to the user, some analysts have warned.The risk of smart contract-based attacks in decentralized finance, especially in developing networks like solana, are quite high, according to Hart Lambur, cofounder of the UMA protocol."Smart contract bugs are unfortunately a common risk in DeFi," Lambur told Insider recently.The OpenSea hack exploited the <a href="https://twitter.com/Nesotual/status/1495223117450551300?s=20&amp;t=J8kqfpXP56ppqHJ1ax1VyQ">Wyvern Protocol</a>, which underpins most NFT smart contract processes. As the protocol is open source, the code is standard and publicly available.There are three ways to authorize an order, according an explainer on the Wyvern Protocol website."Orders must always be authorized by the maker address, who owns the proxy contract which will perform the call. Authorization can be done in three ways: by signed message, by pre-approval, and by match-time approval."The OpenSea victims signed a partial contract for the NFT trade, giving the attacker a general authorization but leaving it largely blank — something like signing a blank check. That let the hackers transfer ownership of the NFTs without making any payment.At least 254 NFTs were taken, <a href="https://twitter.com/PeckShieldAlert/status/1495281343927767040">according to crypto analysis company PeckShield</a>, though the company has not confirmed the tally.After talking to those affected, OpenSea decided a new Wyvern 2.3 contract was not used in the phishing attack, its CEO said. <a href="https://twitter.com/dfinzer/status/1495302784689704966">Finzer said</a> it had also ruled out phishing via clicking on the OpenSea site's banner; clicking on a faked OpenSea email; or using the platform's listing migration tool. Minting, buying, selling or listing NFTs was not at fault either, he said.The NFT platform is investigating whether the victims had interacted with a list of common websites, he added. OpenSea did not respond to an Insider request for comment.Read more: <a href="https://www.businessinsider.com/bitcoin-price-prediction-ai-platform-founder-btc-eth-2022-2?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">A former hedge-fund trader's AI platform predicts bitcoin returns will crush ethereum by 33% over the next 3 months. He explains how users of the service are beating the average stock-market investor by 18%</a>.

OpenSea confirms hackers made $1.7 million on NFTs stolen in a phishing attack at the weekend

<ul class="summary-list"><li>Opportunists bought <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword> worth over $1 million in total for much less due to an <keyword id="12012796" type="UNKNOWN" weightage="60" keywordseo="opensea" source="Orion">OpenSea</keyword> bug, Bloomberg reported.</li><li>One Bored Ape NFT priced at 128 ether was bought for 87 ether — meaning the seller missed out on $90,000.</li></ul>Opportunists exploited a <keyword id="13030991" type="UNKNOWN" weightage="60" keywordseo="loophole" source="Orion">loophole</keyword> on OpenSea to buy more than $1 million worth of NFTs for just thousands of dollars, <a href="https://www.bloomberg.com/news/articles/2022-01-24/how-traders-bought-1-million-in-nfts-at-massive-discount-due-to-an-opensea-bug">Bloomberg</a> reported.Buyers on the <keyword id="12273849" type="UNKNOWN" weightage="60" keywordseo="marketplace" source="Orion">marketplace</keyword> were able to purchase popular NFTs at older prices, from <keyword id="11937563" type="UNKNOWN" weightage="60" keywordseo="listings" source="Orion">listings</keyword> made a while ago, that were much lower than market price. That meant sellers found their items went for significantly less than they expected.One person missed out on a $90,000 profit when he discovered that his <a href="https://markets.businessinsider.com/news/currencies/bored-ape-yacht-club-nft-sales-1-billion-opensea-bayc-2022-1">Bored Ape Yacht Club</a> NFT priced at 128 ether, almost $286,000 at the time, was bought for 87 ether, about $194,000, according to Bloomberg."Listings made a long time ago are resurfacing when items transfer back into listers' wallets," OpenSea, the largest marketplace for NFTs, said in a <a href="https://twitter.com/opensea/status/1485757970017230848">tweet Monday</a>.The loophole came when sellers transferred older-listed NFTs to other wallets and made new listings without cancelling the original listings. The earlier prices were still available to those who did some digging, alongside the newer price.Buyers bought the NFTs for the older, cheaper prices. They then sold them at higher market prices.Listed items from other popular NFT collections in several wallets were affected, including Cool Cats, Mutant Ape Yacht Club and CyberKongz, according to media reports. An NFT — short for "non-fungible token" — is a <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> asset, representing an intangible digital item such as an image, video, or in-game item. They rocketed into prominence in March last year when the artist Beeple sold a collage at Christie's for $69 million as an NFT.Sellers wishing to cancel original listings on NFT platforms have to send messages over the blockchain, which require transaction fees, <a href="https://www.bloomberg.com/news/articles/2022-01-24/how-traders-bought-1-million-in-nfts-at-massive-discount-due-to-an-opensea-bug">Bloomberg reported</a>. To avoid these fees, sellers may have transferred their NFTs to a different wallet.OpenSea acknowledged the loophole on Monday, saying it couldn't take action on behalf of sellers."We can't cancel these orders for listers, so to fix the problem, we launched a new listings manager today," it said on Twitter.OpenSea did not respond to Insider's request for comment.

NFTs worth over $1 million sold for thousands on OpenSea due to a loophole in its listing

<ul><li>The biggest non-fungible platform by market cap in the world, <keyword id="11928103" type="General" weightage="20" keywordseo="opensea" source="Orion">OpenSea</keyword>, is yet to recover from the crypto flash crash of September 7.</li><li>Transaction volumes on the portal are continuing to fall, dipping below $50 million for the first time since August.</li><li>The top five most valuable <keyword id="4668945" type="General" weightage="20" keywordseo="nft" source="Orion">NFT</keyword> projects on OpenSea are in the red with <keyword id="12061595" type="General" weightage="20" keywordseo="cryptopunks" source="Orion">CryptoPunks</keyword> being the worst hit.</li></ul>It seems the downturn in Bitcoin’s prices over the past two days is leading to a drop in the popularity of non-fungible token (NFT) auctions too. OpeaSea, the largest NFT platform globally, saw daily transactions volumes fall to below $100 million amid the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">crypto</a> flash crash — and it shows no signs of slowing down so far. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[https://dune.xyz/embeds/11385/22601/925f50f9-078a-4c29-bac9-a0c248b6ad7b]]></cdata></div> Today, on September 9, the daily volume has fallen to below $50 million as per collated on Dune Analytics. The last time OpenSea’s numbers were this low was on August 19. It’s not just that people aren’t buying and selling <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">NFTs</a>, but the value of popular NFT projects like Loot (for Adventurers), CryptoPunks and Bored Ape have also taken a dive. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> Of the top 10 NFTs on the platform, only three have recorded growth in the last 24 hours and only one has recorded growth in terms of seven-day averages. null Downturn in OpenSea’s volume has been suggested by some to be a sign that the overall market is falling. According to NFT tracking platform <a href="https://nonfungible.com/market/history">NonFungible</a>, there has also been a significant downfall in the number of active wallets in the market since the beginning of the month. However, it may be a little early to actually call this a downfall. The NFT market has surged in the last two months, <a href="https://www.businessinsider.in/cryptocurrency/news/nft-platform-opensea-tops-1-5-billion-in-30-day-trading-volumes/articleshow/85559973.cms">hitting highs</a> that it has never seen before. This could suggest that the current downturn could be more of a settling down period rather than a real fall. It’s important to remember that NFTs don’t trade the same way as cryptocurrencies, so their volumes are drawn from user interest and the availability of coveted <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">NFTs</a>. As with any trend, this one may have reached its peak and is settling down into one of those things we sort of take for granted on the Internet… like memes. <cmsannotation type="cmsannotation" annotationid="OpenSea gets buggy" comment="subhead" text="OpenSea gets buggy">OpenSea gets buggy</cmsannotation> The decline on OpenSea also coincides with a serious bug that Ethereum Name Service (ENS) lead developer, Nick Johnson, found on the platform yesterday. The bug led to the accidental destruction of 42 NFTs, which were worth $100,000 in total. <div type="twitter" handle="opensea" handlename="OpenSea" image="http://pbs.twimg.com/profile_images/1412527141770731523/-x5TRL-5_normal.png" favoritecount="295" retweetcount="34" status="We've reached out to the small number of users who were affected by the issue yesterday where sending an NFT to an… https://t.co/1XuPFiej4S" createdat="1631161995000" id="1435823594433560579"></div> The bug basically sent certain NFTs to a burn address, which is a blockchain address that is controlled by no one. As a result, these NFTs cannot be accessed or moved ever again. Johnson said he discovered the bug when he tried to move the first ENS name ever registered — rilxxlir.eth, a palindrone — to his own account. He tried to use OpenSea at the time and realized what was happening. “A frantic call to OpenSea later, it transpires I was the first and apparently only victim of a bug introduced to their transfer page in the past 24 hours, which affected all ERC721 transfers to ENS names. Ownership of rilxxlir.eth is now permanently burned,” he <a href="https://twitter.com/nicksdjohnson/status/1435381882334564353">tweeted</a> ENS is a service that allows users to put <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">blockchain</a> addresses with domain names, making them easier to interact with. Between OpenSea’s bugs and a general downturn amidst cryptocurrencies, it’s possible that the NFT market has also slowed down proportionally. But just like the crypto space, it may be too early to write this phenomenon off. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/indian-crypto-start-up-plans-to-do-for-solana-what-alchemy-did-for-ethereum-with-1-5-million/articleshow/86057583.cms">EXCLUSIVE: Here's how SolRazr plans to do for Solana what Alchemy did for Ethereum with $1.5 million in its pocket</a> <a href="https://www.businessinsider.in/cryptocurrency">While Bitcoin bombed, here’s what remained in the green</a>

The biggest NFT platform in the world is still reeling from the crypto flash crash — value of CryptoPunks slashed in half

<ul><li><keyword id="5294933" type="General" weightage="20" keywordseo="cardano" source="Orion">Cardano</keyword>’s prices have more than doubled over the last 30 days.</li><li>Within the last 24 hours, the cryptocurrency’s price has jumped by over 11%.</li><li>The surge comes amid anticipation of the <keyword id="11937815" type="General" weightage="20" keywordseo="alonzo-hard-fork" source="Orion">Alonzo hard fork</keyword>, an update that will take Cardano to the next stage.</li></ul>The Cardano cryptocurrency may not get as much time in the limelight as <keyword id="2810876" type="General" weightage="20" keywordseo="ethereum" source="Orion">Ethereum</keyword> or Bitcoin does, but it’s still a popular <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">crypto token</a> amongst investors. It recently became the world’s <a href="https://www.businessinsider.in/cryptocurrency/news/cardano-is-hitting-new-high-as-investors-are-confident-about-its-upcoming-smart-contract-system-alonzo/articleshow/85486235.cms">third most valuable cryptocurrency</a> with an upcoming update on the cards called the Alonzo Hard Fork. The public blockchain platform is based on a proof-of-stake system. This is where miners have to put up the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">cryptocurrency</a> they already own as ‘stake’ in order to validate a transaction. The more tokens they have, the more likely they are to win the auction. Ethereum, the world’s second largest cryptocurrency by value, is in the midst of its transition from proof-of-work to proof-of-stake. And this, according to many in the crypto community, makes it Cardano’s direct competitor. However, Cardano is no slouch either — the new update scheduled for next month will put it head-to-head against Ethereum in its own kingdom, the space of decentralised finance (DeFi) and smart contracts. The update will allow Cardano to mint non-fungible tokens (NFTs), automate lending and bring in other use cases. <cmsannotation type="cmsannotation" annotationid="Cardano is the world’s third most valuable cryptocurrency" comment="subhead" text="Cardano is the world’s third most valuable cryptocurrency">Cardano is the world’s third most valuable cryptocurrency</cmsannotation> The Cardano cryptocurrency has recaptured the interest of investors over the last two days. After becoming the world’s third most valuable cryptocurrency last week, the price of the currency grew by around 11% in the 24 hours leading up to August 23. Coinmarketcap <a href="https://coinmarketcap.com/currencies/cardano/">shows</a> an upward trend of about 2% since then. Cardano is currency priced at $2.89, with a market capitalization of over $90 billion. <cmsannotation type="cmsannotation" annotationid="Why are Cardano’s prices increasing?" comment="subhead" text="Why are Cardano’s prices increasing?">Why are Cardano’s prices increasing?</cmsannotation> The hike in prices is presumably because of upcoming updates to the network. Cardano’s prices more than doubled in the last one month. Dubbed the ‘Alonzo Hard Fork’, it is the third major update in Cardano’s Shelly era. The token has five main stages of development, often called “eras” — Byron, Shelley, Goguen, Basho, Voltaire — all of which will enhance the overall network’s functionalities. Alonzo is the last major update for the Shelley era and moves the platform towards the Goguen era. The crypto token is also going to be listed on Japanese crypto exchanges, which are considered to have some of the most stringent listing requirements in the world. “In addition to general bullish sentiment in the cryptocurrency space, Cardano is also enjoying positive momentum ahead of Ada's listing on Japanese cryptocurrency exchanges, which is set to take place Aug. 25. Ada also appears to be generating excitement ahead of a pending update that will roll out in September and pave the way for smart contracts on the Cardano blockchain,” The Motley Fool <a href="https://www.fool.com/investing/2021/08/23/heres-why-cardano-is-up-big-today/">reported</a> earlier. <cmsannotation type="cmsannotation" annotationid="What is Cardano’s Alonzo Hard Fork?" comment="subhead" text="What is Cardano’s Alonzo Hard Fork?">What is Cardano’s Alonzo Hard Fork?</cmsannotation> The Alonzo update itself is broken into three phases, Blue, White and Purple. They will be followed by Alonzo Red and Alonzo Black, which will add more users to the networks and fix any bugs. Alonzo Blue will introduce smart contracts to the network, similar to those on the Ethereum network. Smart contracts are algorithmically driven contracts, where the terms of the agreement are directly converted into code. As a result, these agreements can be defined over a blockchain network and their execution and transactions can be tracked by the platform. This means that Cardano can now be used to mint non-fungible tokens (NFTs), which have been gaining popularity during the pandemic era. <a href="https://www.businessinsider.in/cryptocurrency/news/nft-platform-opensea-tops-1-5-billion-in-30-day-trading-volumes/articleshow/85559973.cms">OpenSea</a>, the world’s largest <keyword id="4668945" type="General" weightage="20" keywordseo="nft" source="Orion">NFT</keyword> platform, saw $1.5 billion in trading volumes over the last one month. Decentralised finance (DeFi), automated lending and other use cases will also be able to build around Cardano. The second phase, Alonzo White, is basically an expansion of Alonzo Blue. The platform will take the features introduced in the previous update to more users and continue testing them. The third phase, Alonzo Purple, is the final public test which will see thousands of participants come onboard the network. The Purple stage is split into ‘light purple’ and ‘dark purple’ phases, which will increase the complexity of the smart contracts. The new update is likely to land on September 12. Often called the ‘ethereum killer’, Cardano has very few use cases right now. The new update, the Alonzo Hard Fork, will hopefully tip the balance in the cryptocurrency’s favour. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-mining-in-iran-easing-but-china-maintain-strict-stance/articleshow/85588848.cms">Iran is bringing back cryptocurrency mining, but China shows no signs of changing its mind</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/nft-platform-opensea-tops-1-5-billion-in-30-day-trading-volumes/articleshow/85559973.cms">NFT platform OpenSea tops $1.5 billion in 30-day trading volumes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/google-bans-eight-dangerous-crypto-apps-find-out-if-you-have-them-on-your-phone/articleshow/85553621.cms">Google bans eight dangerous crypto apps – find out if you have them on your phone</a>

After Ethereum, Cardano is set to get an update — and here's how that will change things for the cryptocurrency

<ul><li>Mr. Goxx, the crypto-trading hamster that went viral last month, is starting to capitalize off his early success.</li><li>Mr. Goxx's anonymous business partner has sold NFTs to help fund a larger portfolio and upgrade the hamster's <keyword id="6368158" type="UNKNOWN" weightage="60" keywordseo="trading" source="Orion">trading</keyword> rig.</li><li>Since the hamster's trading journey began in mid-June, it has outperformed the S&amp;P 500 by more than double.</li></ul>Crypto-trading hamster Mr. Goxx is still at it, trading various <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> on a near daily basis and continuing to post strong outperformance relative to the <a href="https://markets.businessinsider.com/index/s&amp;p_500_500">S&amp;P 500.</a>The hamster, which <a href="https://markets.businessinsider.com/news/currencies/hamster-trading-cryptocurrencies-rigged-cage-goxx-bitcoin-price-ether-doge-2021-9">went viral last month</a> and was praised for his trading skills by <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> CEO Elon Musk, is starting to see the benefits of its early success thanks to Mr. Goxx's anonymous business partner who has raised funds by selling Goxx Capital themed NFTs. "We decided to focus on NFTs because it's a very transparent way of supporting Mr. Goxx. On the one hand, these artworks kind of document his journey. And on the other hand, supporters of the project directly get something in return for the engagement," Mr. Goxx's business partner told Insider.Those NFT sales have so far have totaled more than $12,000, according to the <a href="https://opensea.io/mr_goxx?search[sortBy]=LAST_SALE_DATE&amp;search[resultModel]=ASSETS&amp;search[sortAscending]=false&amp;tab=activitytab=activity">activity of Mr. Goxx's Opensea account</a>. That helped fund a tripling of Mr. Goxx's trading portfolio to about €1,700, as well as upcoming improvements to his trading rig, codenamed the "Goxx Capital Headquarters."The upgraded workspace for Mr. Goxx will include better cameras, motion control functionalities, and much more space, the business partner said.Mr. Goxx's office has already seen the installation of a new and improved intention wheel, which is a hamster wheel that Mr. Goxx runs on to choose which <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword>currency to trade. Once the crypto is chosen, the hamster runs through one of two "decision tunnels" that trigger either a buy or sell trade.But there is still plenty of work to be done."We cannot tell exactly how long it will take to finish everything as the system is getting much more complex. After construction and programming is done, lots of testing and bug fixing will be necessary," Mr. Goxx's business partner said. Ultimately, the upgraded trading rig should give more insight into Mr. Goxx's activities and provide more interactive elements to the intention wheel and decision tunnels.Whether it will have an impact on Mr. Goxx's solid trading performance remains to be seen.The top three holdings of Mr. Goxx as of Thursday were litecoin, eos, and chiliz. Since the hamster began trading various crypto tokens on June 12, it has generated a time-weighted return of about 18%, according to the <a href="https://twitter.com/mrgoxx" target="_blank" rel="noopener">@mrgoxx twitter feed</a> that documents daily performance, along with every trade made by the hamster.That's more than double the S&amp;P 500's gain of about 8% over the same time period. "Hamster has mad skillz!!" <a href="https://twitter.com/elonmusk/status/1442906126777917442">Elon Musk said</a> last month of Mr. Goxx's trading abilities.

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