Weekly Summary (January 9th)

Hi Degison! Hope you’re having a great week.

Come and check our weekly progress summary to stay tuned! After reading the summary, you can take a questionnaire and we will select 10 Degisons to win 60$DEG reward each!

Highlight of this week

-Shield would be discontinued starting from last week!

We are excited to announce that the Shield (SHD), our native stablecoin will be discontinued. The process starts now and Degis will shift to utilizing USDC, a more reliable, trusted, and widely adopted stablecoin as our underwriting asset. This move eases the process to utilize our products, removes a layer of complexity, and improves capital efficiency through our aggregated pool flash loan capability.

Other progress

·New Pool: Brand new Price Protection Pools opened, whose stablecoin is USDC

What we’re doing now

Development team

· New product: the development team is continuously monitoring Protocol Protection to make sure it works smoothly for our users
· Degis website: the development team is optimizing the official website in a more user-friendly way

Marketing team

· Events: more AMAs in multi-language for everyone to have a deeper insight into Degis and our products
· Collaborations: more partnerships to cover every risk in the crypto world and make Web3 a safer place for everyone
· Campaigns: more community campaigns will start, prepare to have fun and earn some juicy rewards

What to expect next week

More products will be launched soon, stay tuned!

Weekly Hack Event

Multiple BitKeep crypto wallet users reported that their wallets were emptied during Christmas after hackers triggered transactions that didn’t require verification.

BitKeep is a decentralized multi-chain web3 DeFi wallet supporting over 30 blockchains, 76 mainnets, 20,000 decentralized applications, and more than 223,000 assets. It’s used by over eight million people in 168 countries for asset management and transaction handling.

While the platform has not released an official announcement on its website, it has informed the community on the official Telegram channel that the incident appears to have impacted users who downloaded an unofficial version of the BitKeep app.

“After a preliminary investigation by the team, it is suspected that some APK package downloads have been hijacked by hackers and installed with code implanted by hackers,” explains BitKeep’s announcement.

“If your funds are stolen, the application you download or update may be an unknown version (unofficial release version) hijacked.”

Those who downloaded the trojanized APK package are recommended to move all their funds to the official store after downloading the official apps from Google Play or App Store, create a new wallet address and move all their funds to it.

The platform warns that any wallet addresses created using the malicious APK should be treated as compromised.

Finally, those who have fallen victim to the hacks are requested to fill out this form for BitKeep’s support team to try to offer a solution in a timely manner.

BitKeep has not determined how much money was lost due to these hacks, but transaction tracking service PeckShield reported that approximately $8 million worth of assets have been stolen so far.

The suspicious transactions spotted by PeckShield include 4373 $BNB, 5.4M $USDT, 196k $DAI, and 1233.21 $ETH.

Since the attack is still ongoing, with the threat actors taking advantage of the holiday season causing delays in noticing the hacks and incidence response action, the losses are expected to grow.