Crypto Update: DeFi Protocol Rug Pulls, Ether Price Dips, and Brazilian X Ban Developments

A DeFi application running on Base has beenexit scammed after siphoning off users’ funds using an unaudited smart contract. However, Ether has sunk to January figures, and traders await the Federal Reserve reports; Donald Trump is spared from the second alleged assassination bid.

BaseBros Fi Disappears After Rug Pull

The decentralized finance BaseBros Fi on the Base blockchain has gone offline after a rug pull involving an unaudited smart contract. On September 13, BaseBros deleted its official website and social media accounts on [X] cryptotelegraphs and Telegram.

Security agency Chain Audits claimed that BaseBros resorted to using an unaudited Vault contract. The unaudited contract had a backdoor which enabled the developers of the project to siphon money from the ‘Strategy’ contract. Chain Audits has audited other four of the five smart contracts used by BaseBros, but the most important contract which is the Vault smart contract was not considered by the Chain Audits.

BaseBros had around 2,000 followers on [X] Telegram members at the time of its disappearance was more than 3300 cryptotelegraphs, and still, there was a massive number subscribing to it.

Ether (ETH) Drops Amid Market Uncertainty

Ether (ETH) has declined by 6% over the last one day and dropped from an intraday high of $2,425 on September15 to a low of $2,260 on September 16. While analysing the current position of ETH/BTC at $0. 03, the lowest was recorded in the end of April 2021. 038.

This decline comes amidst a wave of “FUD” (fear, uncertainty, and doubt) surrounding ETH on [X] Based on the website of cryptotelegraphs, it is clear that the analysts and other industry observers have tipped the balance in the negative direction. Another factor which has market on its toes is the expected announcement of a Federal Reserve rate cut on Wednesday, September 18.

Brazilian Legal Developments Regarding X

Brazil’s Attorney General’s Office (PGR) has supported the Supreme Court’s decision to ban [X] Social media such as cryptotelegraphs, formerly widely known as Twitter, were blocked in the country because the organization failed to observe local laws. According to the PGR, the suspension does not breach prior Brazilian freedom of speech statutes and wants Supreme Court to throw out suits in an attempt to overturn it.

The Supreme Court had suspended X on August 30 after Elon Musk’s failure to name a local contact and refusal to obey orders to shut down accounts promoting fake news. Days later on the 13th of September the court unthawed the bank accounts of X’s and Starlink following Musk paying fines that summed up to approximately 18. 35 million Brazilian reais ($3. 3millon). Nevertheless, X will be mostly unavailable to users in Brazil.

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