MakerDAO Loses $11.1 Million in Crypto Assets Due to Phishing Scam

MakerDAO, a pioneer of decentralized finance (DeFi), has undergone a significant transformation by officially changing its name to Sky. Read the news here!

MakerDAO Renames Sky, Opens New Chapter in DeFi

<img src="https://static.bittime.com/cms-static/upload/Maker_DAO_Renames_Sky_Opens_New_Chapter_in_De_Fi_7178b865ed.png" alt="MakerDAO Renames Sky, Opens New Chapter in DeFi" width="1024" height="576"><a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/?cn=400001">Bittime</a> - MakerDAO, a pioneer of decentralized finance (DeFi), has undergone a significant transformation by officially changing its name to Sky.&nbsp;The move marks a new chapter for the project, aiming to expand its reach and appeal in the ever-evolving DeFi landscape.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/register?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/Banner_2_988b13eca2.webp" alt="Banner 2" width="1999" height="415"></a><h2 style="line-height:1.7999999999999998;margin-bottom:10pt;margin-top:12pt;" dir="ltr">Upgrade Tokens and Early Rewards</h2>This rebranding coincides with the token upgrade plan on September 18. Existing MakerDAO (MKR) tokens will be converted into Sky's governance token, $SKY. Additionally, the stablecoin previously known as DAI will be renamed Sky Dollar ($USDS).To incentivize early participation in the Sky ecosystem, the project has launched a special early rewards program on its official website, Sky.Money. Eligible users will receive double the rewards during the first month after the project launch.<h2 style="line-height:1.7999999999999998;margin-bottom:10pt;margin-top:12pt;" dir="ltr">MakerDAO Founder's Vision</h2>Rune Christensen, founder of MakerDAO, explains the reasoning behind the rebranding. He emphasized the desire to go beyond the initial focus on stablecoin issuance and explore a wider range of DeFi applications.&nbsp;This new direction is reflected in the name Sky, which symbolizes the project's ambition to reach new heights.Read also:&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/en/blog/makerdao-rebranding-ke-sky-network">MakerDAO Rebranding ke Sky Network</a><h2 style="line-height:1.7999999999999998;margin-bottom:10pt;margin-top:12pt;" dir="ltr">Uncertainty and Community Reaction</h2>While the rebranding presents exciting opportunities, some members of the DeFi community have expressed concerns. The potential impact on existing MKR holders and the learning curve associated with the new token structure are some of the questions that still need to be answered.&nbsp;It's likely the next few weeks will be crucial in gauging the community's overall response to Sky and its vision for the future.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/staking?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/banner_staking_coin_8abe277d88.webp" alt="banner staking coin.webp" width="2985" height="620"></a><h2 style="line-height:1.7999999999999998;margin-bottom:10pt;margin-top:12pt;" dir="ltr">Looking to the Future with Sky</h2>MakerDAO's rebranding to Sky marks a bold step towards a more comprehensive DeFi ecosystem. With a new name, improved token and initial rewards program, Sky aims to attract new users and further establish its presence in the fast-growing world of decentralized finance.&nbsp;However, the success of this reinvention will depend heavily on clear communication, addressing community concerns and delivering on the functions promised within the Sky ecosystem.<h2 style="line-height:1.7999999999999998;margin-bottom:6pt;margin-top:10pt;text-align:justify;" dir="ltr">How to Buy Crypto on Bittime</h2><a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/how-to-buy?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/banner_cara_beli_ab926002c1.webp" alt="cara beli crypto di bittime" width="2985" height="620"></a><meta charset="utf-8">You can buy and sell crypto assets in an easy and safe way via&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/?cn=400001">Bittime</a>. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.&nbsp;To be able to buy crypto assets on&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/?cn=400001">Bittime</a>, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.&nbsp;Learn<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/how-to-buy"> How to Buy Crypto on Bittime</a>.Monitor price chart movements of&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC">Bitcoin (BTC)</a>,&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/ETH">Ethereum (ETH)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/SOL"> Solana (SOL)</a> and other cryptos to find out today's crypto market trends in real-time on Bittime.

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MakerDAO Renames Sky, Opens New Chapter in DeFi.png

Sky, previously known as MakerDAO, will support DAI to USDS conversion at a 1:1 ratio. 

Sky Supports DAI to USDS Conversion

<img src="https://static.bittime.com/cms-static/upload/DAI_to_USDS_Conversion_9f0d957a57.webp" alt="DAI to USDS Conversion" width="2048" height="1152"><a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com?content_id=news&amp;cn=400001">Bittime</a> - Sky, previously known as MakerDAO, will support DAI to USDS conversion at a 1:1 ratio. Read this article to find out the full news!<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/register?content_id=airdrop&amp;cn=400005"><img src="https://static.bittime.com/cms-static/upload/Banner_2_988b13eca2.webp" alt="Banner 2" width="1999" height="415"></a><h2 style="line-height:1.38;margin-bottom:4pt;margin-top:18pt;text-align:justify;" dir="ltr">What is USDS Stablecoin?</h2>USDS is a decentralized stablecoin developed by Sky. What makes USDS unique compared to other stablecoins is the ability to offer native rewards without the need to interact with external protocols or relinquish control over the asset.&nbsp;That way, users can take advantage of the various benefits of USDS while remaining in full control of their funds. With its decentralized nature, USDS promises high security and stability.Read Also:&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/en/blog/makerdao-akan-luncurkan-token-newgovtoken-dan-stablecoin-newstable">MakerDAO to Launch NewGovToken (NGT) and NewStable Stablecoin (NST) Tokens</a><h2 style="line-height:1.38;margin-bottom:4pt;margin-top:18pt;text-align:justify;" dir="ltr">Process Convert DAI to USDS</h2>Starting September 18, eligible users can convert DAI to USDS at a 1:1 ratio.&nbsp;The conversion process is easy and secure so users can quickly convert to stablecoins and start taking advantage of the benefits offered by USDS.&nbsp;Users who wish to participate in this program can register via the official Sky website and follow the steps provided there.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/reward/hamsterkombat?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/hamster_kombat_upcoming_listing_d9e1665dfb.webp" alt="hamster kombat upcoming listing.webp" width="2985" height="620"></a><h2 style="line-height:1.38;margin-bottom:4pt;margin-top:18pt;text-align:justify;" dir="ltr">Convert DAI to USDS, Got Reward Token SKY&nbsp;</h2>One of the main attractions of USDS is the opportunity to earn SKY token rewards. SKY is Sky's native token that users can earn by providing USDS, without needing to use other products or relinquish control of their assets.&nbsp;These rewards provide additional incentives for users to switch to USDS. Not only get safe and stable stablecoins, but also get SKY tokens as an added bonus.Read Also:&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/blog/potensi-kenaikan-harga-bitcoin-jika-penerbitan-stablecoin-meningkat">Potential Bitcoin Price Increase If Stablecoin Issuance Increases!</a><h2 style="line-height:1.38;margin-bottom:12pt;margin-top:12pt;text-align:justify;" dir="ltr">How to Buy Crypto di Bittime</h2><a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/how-to-buy?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/banner_cara_beli_ab926002c1.webp" alt="cara beli crypto di bittime" width="2985" height="620"></a>You can buy and sell crypto assets in an easy and safe way through Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti.&nbsp;To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.&nbsp;Monitor graphic movement<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?cn=400001">&nbsp;</a>price&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?content_id=news&amp;cn=400001">Bitcoin (BTC)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/ETH?content_id=news&amp;cn=400001"> Ethereum (ETH)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/SOL?content_id=news&amp;cn=400001"> Solana (SOL)</a>&nbsp;and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DAI to USDS Conversion.webp

Sky Supports DAI to USDS Conversion with Ratio 1:1

MakerDAO officially rebrands to Sky Network. What are the details of MakerDAO's rebranding to Sky Network? Check out the review in this article.

MakerDAO Rebrands to Sky Network

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MakerDAO Rebrands to Sky Network.webp

MakerDAO launches updated versions of MKR and DAI tokens, namely NewGovToken (NGT) and NewStable (NST). 

MakerDAO to Launch NewGovToken and NewStable

<img src="https://static.bittime.com/cms-static/upload/Maker_DAO_to_Launch_New_Gov_Token_NGT_and_New_Stable_NST_1879d1b4d6.webp" alt="MakerDAO to Launch NewGovToken and NewStable" width="2048" height="1152"><a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com?content_id=news&amp;cn=400001">Bittime</a> -&nbsp;MakerDAO announced plans for the “Endgame Plan”. This plan includes the launch of the newest versions of the MKR and DAI tokens, namely NewGovToken (NGT) and NewStable (NST).&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/register?content_id=airdrop&amp;cn=400005"><img src="https://static.bittime.com/cms-static/upload/Banner_2_988b13eca2.webp" alt="Banner 2" width="1999" height="415"></a><h2 style="line-height:1.38;margin-bottom:12pt;margin-top:12pt;text-align:justify;" dir="ltr">Convert MKR Tokens to NGT</h2>One of the main points of the Endgame plan is the introduction of NewGovToken (NGT), which will replace some of the functions of MKR as a governance token.&nbsp;Each MKR token can later be converted into 24,000 NGT. However, this conversion is optional, meaning users can choose to keep using MKR or switch to NGT.The goal of this conversion is to enable broader participation in platform governance. With more users holding NGT tokens, the decision-making process in the MakerDAO ecosystem is expected to become more democratic.&nbsp;Additionally, NGT tokens can be converted back into MKR, providing additional flexibility for token holders.Read Also:&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/en/blog/makerdao-luncurkan-fitur-aktivasi-newgovtoken">MakerDAO Launches NewGovToken Activation Feature, Upgrades MKR Tokens to NGT!</a><h2 style="line-height:1.38;margin-bottom:12pt;margin-top:12pt;text-align:justify;" dir="ltr">New Stablecoin Launch: NewStable (NST)</h2>Apart from NGT, MakerDAO will also launch a new stablecoin called NewStable (NST), which is pegged 1:1 with the DAI token. Users can choose to upgrade DAI to NewStable at any time, with an exchange ratio of 1 DAI = 1 NST.&nbsp;Users can also convert NewStable to DAI again if they wish. Good DAI and NST will remain available so users are free to choose the token they want to use.&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/reward/dogsairdrop?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/airdrop_dogs_bittime_14f57ae441.webp" alt="airdrop dogs bittime.webp" width="2985" height="620"></a><h2 style="line-height:1.38;margin-bottom:12pt;margin-top:12pt;text-align:justify;" dir="ltr">Flexibility for MakerDAO Users</h2>In this Endgame Plan, flexibility and freedom of choice for users is the main focus. Users are not required to upgrade to NGT or NST, so they can still use MKR and DAI.&nbsp;MakerDAO also added that the introduction of NGT and NST tokens will not immediately replace MKR and DAI, but will run concurrently, unless there is a different decision from the governance side in the future.Read Also:&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/blog/migrasi-token-galxe-GAL-ke-gravity-G">Migrating Galxe (GAL) Tokens to Gravity (G), Here's How to Convert!</a><h2 style="line-height:1.38;margin-bottom:12pt;margin-top:12pt;text-align:justify;" dir="ltr">How to Buy Crypto with Bittime</h2><a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/how-to-buy?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/banner_cara_beli_ab926002c1.webp" alt="cara beli crypto di bittime" width="2985" height="620"></a>You can buy and sell crypto assets in an easy and safe way via Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti.&nbsp;To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.&nbsp;Monitor graphic movement<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?cn=400001">&nbsp;</a>price&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?content_id=news&amp;cn=400001">Bitcoin (BTC)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/ETH?content_id=news&amp;cn=400001"> Ethereum (ETH)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/SOL?content_id=news&amp;cn=400001"> Solana (SOL)</a>&nbsp;and other cryptos to find out today's crypto market trends in real-time on Bittime.

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MakerDAO to Launch NewGovToken (NGT) and NewStable (NST).webp

MakerDAO to Launch NewGovToken (NGT) Token and Stablecoin NewStable (NST) 

MakerDAO launched the NewGovToken (NGT) activation feature. What is it? Read this article to find out!

MakerDAO Launches NewGovToken Activation Feature

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MakerDAO Launches NewGovToken Activation Feature.webp

MakerDAO Launches NewGovToken Activation Feature, Upgrade MKR Token to NGT!

MakerDAO announced a competition to select recipients of an investment of IDR 16.1 trillion (US$1 billion). This investment is in the form of tokenized US government debt securities.

MakerDAO Announces Open Competition for $1 Billion Investment

MakerDAO Announces Open Competition for 1 Billion Investment

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MakerDAO Announces Open Competition for 1 Billion Investment.webp

Phishing attacks using AI are growing, increasing the possibility of crypto asset theft. This resulted in MakerDAO losing $11.1 Million

thumbnail_MakerDAO Loses $11.1 Million in Crypto Assets Due to Phishing Scam

 - Phishing attacks using AI are growing, increasing the possibility of crypto asset theft. This resulted in MakerDAO losing $11.1 Million, as well as a 7% drop in MKR price.

According to on-chain data, the attacker exchanged 3,657 MKR for 2,502 ETH and 2.56 million USDe for 689 ETH. This dropped the price of MKR by about 7% to $2,271, continuing a price trend that has seen the asset's price fall 17% in the past month. MakerDAO Loses $11.1 Million in Crypto Assets Due to Phishing Scam

Arkham Intelligence data found that the phishing victims were MakerDAO delegates. Delegates are critical to the Maker protocol because they are responsible for casting their votes on important proposals that greatly impact its operations.

One of the most common threats in the crypto world is phishing scams, which allow attackers to pose as legitimate entities to steal sensitive data that victims use to access their crypto wallets. Hackers often use crypto dumping on these phishing sites. These deductions trick the unwary into allowing potentially detrimental transactions.

Phishing Attacks Are Becoming More Sophisticated 

These phishing attacks have become more sophisticated in the last year. Blockchain analytics firm Elliptic recently warned that fraudsters are using AI to create phishing websites that look more like the real thing, which makes it easier to steal crypto assets.

As a result, market analysts have advised crypto users to be wary of suspicious activity and diligently verify the identity of any entity they engage with.

As happened recently with MakerDAO, phishing scams are still a huge threat to the crypto industry. MakerDAO delegates, who were instrumental in voting on important proposals in the Maker protocol, fell victim to phishing in this event, as the attackers managed to exchange large amounts of MKR and USDe, causing the price of MKR to fall by approximately 7%.

More sophisticated phishing attacks, such as the use of artificial intelligence, have increased the likelihood of crypto asset theft. Therefore, crypto users must be more alert to suspicious activity and always confirm the identity of the entities they interact with to avoid losses due to phishing attacks.

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