Tag: Pool

2 Million $MRHB for Liquidity Providers on Pancakeswap Pool! | by Bit Media Buzz | Apr, 2022

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MRHB DeFi, the world’s first halal and ethical decentralized finance (DeFi) platform, launched their $MRHB token on the popular PancakeSwap DEX in December 2021. To promote the listing, the company set aside a pool of 5 million MRHB tokens to reward liquidity providers (LPs) with through to the end of March. MRHB has now decided to extend the LP reward period until June 30, and is adding an additional 2 million MRHB tokens to the reward pool.

For anyone unaware of this opportunity, the details are as follows: LPs must supply liquidity to the USDT/MRHB liquidity pool on PancakeSwap to qualify for rewards. A total of 2 million MRHB tokens will be divided between all participating LPs over a three-month period. This reward is provided by MRHB DeFi as a third party offering a conditional gift (‘hibah muallaqah bi al-sharth’), which is permissible according to Islamic Fiqh.

By providing liquidity on PancakeSwap, LP’s help to support the MRHB token, whose mission of bringing ethical finance to faith-based communities and others. It has been years of non-regulation and uncertainty about crypto; it is time to carve out a safe space in the cryptoverse where ethics-conscious people can manage their finances with peace of mind.

Additional Information for LPs

Providing liquidity on a DEX is not without risk. All prospective LPs must first understand about a concept known as ‘impermanent loss’. If you are unfamiliar with the term, please refer to this article to get a firm understanding of the risks involved.

Here are a couple of videos that will be useful for LPs:

Alternatively, check out the MRHB blog post for the step-by-step slideshow walkthrough on how to add liquidity on Pancakeswap: https://mrhbdefi.medium.com/how-mrhb-token-holders-can-earn-passive-income-from-trading-fees-and-5-million-pool-of-mrhb-6848152d51c7

Lastly, the importance of staying vigilant on the internet cannot be stressed enough — scammers abound. Never give your wallet password out to anyone. When sending funds to a liquidity pool, do so on the exchange itself — do not send to addresses given to you by strangers.

MRHB DeFi will never ask you for funds. The only links and information that can be trusted are those shared on their official channels below.

MRHB.Network Official Channels

Website: https://mrhb.network

MRHB Reward Dashboard: https://rewards.mrhb.network

Twitter: https://twitter.com/marhabadefi

Telegram: https://t.me/mdf_official

Telegram Announcements: https://t.me/marhabadefi_ANN

YouTube: https://www.youtube.com/c/MarhabaDeFi

Medium: https://medium.com/@mrhbdefi

LinkedIn: https://www.linkedin.com/company/marhabadefi

Discord: https://discord.com/invite/DubSjKmkBX

Facebook: https://www.facebook.com/MRHBDeFi

Telegram (Arabic): https://t.me/mdf_arabic

Telegram (Russian): https://t.me/marhabadefi_russia

Telegram (Turkish): https://t.me/MarhabaDefiTR

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April 7, 2022
Security PSA: Mining Pool Scams Targeting Self-Custody Wallets | by Coinbase | Mar, 2022
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By Coinbase Security Team

As part of our mission to build a more fair, accessible, efficient, and transparent financial system enabled by crypto, we actively monitor for security threats not only to Coinbase but to the crypto ecosystem as a whole. As we have discussed in our previous blog posts on industry-wide crypto security threats and airdrop phishing campaigns, malicious activity against any crypto user or business is bad for the industry. That’s why it’s important to have a community mindset when we see security threats in the wild. As they say, rising tides lift all boats.

Recently, our security teams have uncovered ongoing mining pool scams targeting users of self-custody wallets. These scams have primarily leveraged malicious smart contracts on the Ethereum network. Based on blockchain research into known scammer wallets, Coinbase estimates these have resulted in the theft of over $50 million in crypto assets from a variety of non-custodial wallet applications. These scams target those using any decentralized wallet browser (e.g. Coinbase Wallet, Metamask, Trust, etc).

The scam typically follows this chain of events:
- Victims are contacted via social media and/or other messaging services by scammers claiming to offer an attractive crypto investment opportunity to stake USDT (Tether) in their wallet for a guaranteed return
- Victims are directed to visit a fraudulent website that can only be accessed via a crypto wallet browser or extension. These websites generally contain fake reviews, endorsements, live-feed payouts, and partner lists to add an appearance of authenticity
- Scam sites will often fraudulently claim to be sponsored by or partnering with recognizable crypto brands such as Coinbase, Binance, and MetaMask
- Example mining pool landing page
Source: Scam Site
- Clicking the ‘Receive’ button displays a pop up similar to this
Source: Scam Site
- Clicking this ‘Receive’ button will then display a fake pop-up designed to impersonate the Coinbase Wallet interface. The permissions that are displayed are not the true permissions that are actually being requested and are intentionally displayed in a way to attempt to trick users into clicking ‘Connect’
Source: Scam Site
- Viewing the smart contract via a trusted token approval checker shows the true permissions being requested. The scammer gains delegated transaction approval status with an unlimited transaction allowance within the victim wallet, meaning the scammer can approve USDT sends of any amount on behalf of this wallet.
Source: etherscan.io
- Attackers will remove USDT from the victim’s wallet and the scam site will show that their balance is increasing. Scammers will frequently reassure victims that if they add more funds, they will get more USDT in returns by mining.
- At the end of the period, the funds are not returned to the victim and no profits will be received.
- If the victim contacts customer support via the fraudulent website, the attacker may indicate they detected irregular activity on the account and that in order to fix that issue, the victim would need to pay additional USDT to ‘release’ the funds. However, no funds are ever returned regardless of whether or not the victim makes payment.
The following security steps can be taken to defend your assets:
- Be wary of investments that claim a guaranteed return
- Be wary of investment advice and opportunities from unknown or untrusted sources
- Do not visit or connect self-custody wallets to any unknown site
- Do not hold high value assets in the same wallet used to regularly interact with dapps. Use cold storage or custodial solutions such as the freely available Coinbase Vault.
- Use a token approval checker to validate actual permissioning on self-custody wallets and revoke approvals that you did not knowingly authorize.
Coinbase is working with industry partners to take down these sites and developing ways to warn users when visiting known scam sites in order to help limit the damage caused by this type of scam.
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March 24, 2022
Aave launches its permissioned pool Aave Arc, with 30 institutions set to join
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Decentralized lending platform Aave has launched its permissioned lending and liquidity service Aave Arc to help institutions participate in regulation-compliant decentralized finance.

As opposed to its permissionless cross-chain counterparts on the platform, Aave Arc is a permissioned liquidity pool specifically designed for institutions to maintain regulatory compliance in the decentralized finance (DeFi) space.

The first of 30 entities lined up for the whitelist for Aave Arc was Fireblocks, the institutional digital asset custodian. It explained in a Jan. 5 announcement the pool “enables whitelisted institutions to securely participate in DeFi as liquidity suppliers and borrowers.”

Users of Aave Arc must perform due diligence procedures such as know your customer/ anti-money laundering (KYC/AML) in order to gain access.

Slides from Aave’s first reveal of the permissioned pool in July 2021.

Fireblocks also serves as a whitelisting agent for Aave Arc, ensuring other institutions that wish to join the permission pool perform KYC/AML requirements. Aave cannot perform this task itself because it is not a regulated entity such as a bank or other traditional finance institution.

As the whitelisting agent, Fireblocks has already approved “30 licensed financial institutions to participate on Aave Arc as suppliers, borrowers, and liquidators.”

Among some of the whitelisted entities are Anubi Capital, Canvas Digital, CoinShares, GSR, and crypto yield aggregator Celsius.

Related: SBF ‘optimistic’ about institutional crypto adoption in 2022

Aave’s new permissioned liquidity pool aims to onboard more institutions to the burgeoning DeFi space that has $133 billion in total value locked (TVL) as of time of writing. That TVL has grown 4.5 times since Jan. 10 of 2021 according to DappRadar.

While institutions began purchasing cryptocurrency in increasingly sizable portions in 2021, most remained skittish about dabbling in DeFi due to compliance hurdles and regulatory uncertainty.