ConsenSys and True Digital to Lauch Ethereum Index

This is an initial step to the goal of making more crypto trading products available for institutional investors
13 March 2018   1892

ConsenSys joined forces with TrueDigital, the new division of the trueEx swap marketplace. Companies intend to launch a basic reference index for the Ethereum. such a price guide will be useful for companies developing ETH-related derivatives. This is reported by CoinDesk

At the same time, trueEx plans to launch its own marketplace of cryptocurrency derivatives under the TrueDigital brand. It is expected that the first product of the new site will be contracts for bitcoin. Currently, the tool is awaiting approval by the US Commodity Futures Trading Commission.

Institutional investors and commercial partners are ready for a regulated and liquid marketplace to gain exposure to and hedge these increasingly important digital currencies and commodities. But the marketplace is sorely lacking the necessary foundation, infrastructure and platforms that institutional investors have come to expect in other important markets.
 

Sunil Hirani

Founder, TrueDigital

It should be noted that the creation of official price indices will be an important step for the further development of cryptocurrency derivatives.

Synthetix Hacked, 37M sETH Stolen

This asset has extremely low liquidity in the secondary market, so it's hard to understand the value of stolen assets
25 June 2019   187

The platform for the release of synthetic assets using the blockchain of Ethereum Synthetix was attacked, which resulted in the seized 37 million sETH stolen, The Block reports. Estimating the value of these assets is problematic due to their low liquidity in the secondary market.

There has been an incident with the price feed of sKRW, we are currently investigating the root cause, but during the time when the price feed was returning the wrong value we believe an automated arb bot converted into sKRW and then into sETH.
 

Kain Warwick

CEO and Co-Founder, Synthetix

Warwick asked the bot owners to contact the platform to help eliminate the vulnerability and offered a reward. According to information from the Synthetix Discord channel, the team has full control over smart contracts and does not intend to resume transfers in the system until the problem is resolved.

According to The Block analyst Theo Leibowitz, the advantages of Synthetix are leveled by the vulnerability of the mechanisms for ensuring the value of synthetic products produced using the platform, which makes its users at significant risk. "The irony of this situation is that the currently suboptimal design of the Synthetix platform makes it's actually very difficult to realize gains from this kind of attack", he said

sETH is a synthetic version of Ethereum in the Synthetix system and can be used for trading on the project's stock exchange. The platform uses its own token SNX, which is necessary for the release of synthetic assets based on it.