Popular tags

Online

Trending articles from the crypto world and blockchain

In 2022, hackers stole more than $2.3 billion in cryptocurrency.

For the third quarter of 2022, losses from hacker attacks worldwide totaled $428 million.
In 2022, hackers stole more than $2.3 billion in cryptocurrency.

More than $2.3 billion in cryptocurrency has been stolen by hackers since the beginning of 2022. From July to September, 30 projects were hacked and there were 9 fraudulent attacks that caused users and developers to lose more than $428 million. This data was published in a report by ImmuneFi, a blockchain security analytics company.

The largest hack of the third quarter was the Nomad Bridge project, in which $190 million was stolen. The hack on marketmaker Wintermute resulted in $160 million stolen.

According to the report, 98.8% of all losses were incurred by the decentralized finance sector. Centralized finance accounted for only 1.2%, or $5.2 million. The most hacked blockchains were BNB with 28.6% of hacks, Ethereum with 23.2%.

A documentary about Coinbase and cryptocurrencies has been announced

On October 7, a film about the heyday of Coindase and the cryptocurrency market will be released on popular platforms.
A documentary about Coinbase and cryptocurrencies has been announced

Amazon Prime Video, iTunes and YouTube will release a documentary on COIN about the last three years of its life and cryptocurrencies in general. The film was presented by Coinbase CEO Brian Armstrong.

The film is about the process of a tech startup from the ground up. It was directed by Greg Kos, who directed Song Sung Blue, The Great Alone, and AlphaGo. The director’s team gained access to Coinbase during their ups and downs while filming.

Armstrong tried to show the founders of the exchange as ordinary people, which they are. According to him, everyone in the crypto industry believes in the need for a fair and free financial system. He also expressed the hope that the film would help popularize digital finance.

Mentioned project

Coinbase Convenient platform with the possibility of buying and cryptocurrency. The platform provides a simple coin exchange mechanism and supports popular methods of payment.
Convenient platform with the possibility of buying and cryptocurrency. The platform provides a simple coin exchange mechanism and supports popular methods of payment.

The blockchain encyclopedia project has raised $40 million

Funding for the project, in the creation of which more than 35 thousand people participate, reached $60 million.
The blockchain encyclopedia project has raised $40 million

The developers of the Golden protocol announced the raising of $40 million to develop the Web3-encyclopedia project, which is led by venture capital firm Andreessen Horowitz. Solana co-founder Raj Gokal, Figma CEO Dylan Field, Muse lead singer Matt Bellamy, Dropbox co-founder Arash Firdousi and many others also co-funded the project. The total amount raised by the project is $60 million.

The Golden protocol allows the creation of a knowledge library using decentralized technology. Project participants will receive tokens for adding reliable information. On the basis of the protocol NFT will be created to describe the objects of the real world. This will allow creating a canonical database without duplicate information.

Now the project is available in the test version of the Goerli network. In its community in Discord participate 35 thousand people involved in the creation of the encyclopedia. The protocol is scheduled to launch in the second quarter of 2023.

Ethereum lost 20% of its market capitalization

Ethereum has lost 20% in market capitalization since the September 15 update.
Ethereum lost 20% of its market capitalization

Following the mid-September upgrade to The Merge, which included Ethereum’s long-awaited transition to the Proof-of-Stake consensus mechanism, the leading altcoin's capitalization plunged 20%. Ethereum now trades at $1297 and has a capitalization of $156.6 billion.

With the move to The Merge version, blockchain security is ensured by validators rather than miners. Validators are users who have deposited and blocked some of the tokens (staking). Before the transition to the new version, the exchange rate of ETH was actively strengthening, but after the transition it began to decline noticeably.

Since mid-September, not only Ethereum, but the entire cryptocurrency market has fallen in capitalization. Then the value was $1 trillion, now it reaches $966 billion.

Mentioned project

Ethereum Most flexible cryptocurrency, which ranks second most popular and the most revolutionary one in the world.
Most flexible cryptocurrency, which ranks second most popular and the most revolutionary one in the world.

Scientists call Bitcoin digital crude

Scientists have dubbed Bitcoin digital crude oil because of the damage it does to the planet's climate.
Scientists call Bitcoin digital crude

Scientists from the University of New Mexico’s economics department dubbed bitcoin „digital crude oil“ in an article. This name suits it better than „digital gold,“ because its extraction brings immeasurable harm to nature.

According to the researchers, from 2016 to 2021, every dollar created by the market value of bitcoin caused $0.35 worth of damage to the planet’s climate.

“This places BTC in the category of other energy intensive or heavily-polluting commodities such as beef production, natural gas electricity generation, or gasoline from crude oil, and substantially more damaging than what we might consider to be more sustainable commodities like chicken and pork production and renewable electricity sources like solar and wind.”

Researchers have concluded that Bitcoin mining has too many red flags to conclude it is a stable sector of the economy. Moving the network to a Proof-of-Stake consensus mechanism would not solve the problem. According to the Cambridge Center for Alternative Finance, the BTC network consumes 94 TWh per year, by comparison, all U.S. refrigerators consume 104 TWh per year.

Mentioned project

Bitcoin The first and most popular cryptocurrency.
The first and most popular cryptocurrency.

U.S. authorities oppose airdrops

The U.S. Securities and Exchange Commission (SEC) accused the Hydrogen project of illegally distributing valuable assets, including by giving away tokens for free.
U.S. authorities oppose airdrops

The SEC began classifying Airdrop as an illegal method of distributing securities in charges against Hydrogen Technologies, its former CEO Michael Ross Kane and Moonwalkers executive Tyler Ostern.

The SEC’s lawsuit says New York-based Hydrogen created a Hydro token in 2018 and distributed it through airdrops, employee rewards, and direct sales on crypto platforms. Authorities allege that Hydrogen, after distributing the token, hired Moonwalkers, a company that portrayed market activity regarding the Hydro token through software, to divert attention. Because of this manipulation, Hydrogen made a profit of $2 million.

The SEC is seeking injunctions against the defendants for engaging in certain activities, including the distribution of valuable assets. They will also be required to pay fines.

Japan will tighten the fight against money laundering through cryptocurrencies

Japanese authorities are introducing new rules designed to toughen the fight against money laundering through cryptocurrency exchanges.
Japan will tighten the fight against money laundering through cryptocurrencies

The Japanese government intends to tighten the fight against illegal money laundering using cryptocurrencies. According to Nikkei, Japanese cryptocurrency exchanges will be required to hand over customer data, names and addresses when moving funds from one exchange to another. These measures will enable the tracking of monetary transactions of those involved in illegal activities.

According to the publication, the amendments will be considered as part of the Money Laundering Prevention Act at a meeting on October 3. If approved, they would be implemented in May 2023.

Last spring, the Financial Services Agency of Japan (FSA) was already planning to implement FATF guidelines for local crypto-companies. The changes would require virtual service providers to provide transaction data.

Bitcoin rose by 6% in 24 hours

The rate of BTC passed the mark of $20 thousand and continues to grow.
Bitcoin rose by 6% in 24 hours

On September 27, the rate of Bitcoin again reached $20.2 thousand. Over the past 24 hours, the first cryptocurrency rose in price by 6.5%. The value of the cryptocurrency is recovering after updating the local minimum, which was $18.1 thousand.

Bitcoin continues to trade in a relatively narrow range since mid-June. During this time, the minimum value of BTC was $17.6 thousand, and in the peak reached $25.2 thousand.

The former CEO of crypto exchange BitMEX, Arthur Hayes, reported that there will be a decline in the value of Bitcoin to a yearly low of $17.5 thousand. This will happen because of the loss of liquidity of the U.S. dollar, which will occur due to the current monetary policy of the U.S. government.

Mentioned project

Bitcoin The first and most popular cryptocurrency.
The first and most popular cryptocurrency.

Eco-activists have called for restrictions on bitcoin mining in the United States

According to reports, the carbon footprint of U.S. mining companies corresponds to the emissions of 6 million cars per year.
Eco-activists have called for restrictions on bitcoin mining in the United States

Eco-activists called on the U.S. government to consider a ban on new cryptocurrency mining activities. In their opinion, this would help protect the planet from climate change. Their findings are based on publicly available documents, utility reports, regulations and financial information.

Communities of environmentalists are trying to reduce carbon emissions, but emissions from bitcoin mining farms are negatively impacting the progress of their operations. The carbon footprint from mining from mid-2021 to 2022 was 27.4 million tons, three times more than what the largest coal-fired power plant in the United States emits.

Nonprofits are concerned about the rapid growth of mining companies in the U.S. following China’s ban on mining. Also, eco-activists believe that mining farms have been driving up service rates due to high electricity consumption.

The founders of Terra were sentenced in South Korea

A court in South Korea issued an arrest warrant for the founder of Terra and five other businessmen.
The founders of Terra were sentenced in South Korea

In South Korea, a court issued a detention order for Do Kwon, co-founder of TerraForm Labs. This is reported by the Bloomberg agency. Do Kwon and five other people are accused of violating the national legislation on capital markets. Authorities say all six suspects are in Singapore.

In June, the Seoul South District Prosecutor’s Office barred Terra’s main developers from leaving the country. Authorities feared that witnesses could thus avoid participating in the investigation.

The TerraForm Labs probe began in South Korea in late May. It was to look for signs of a pyramid scheme at Terra. The collapse of UST, supported by Terra, began on May 8. The cryptocurrency lost its peg to the U.S. dollar after a one-time sale of tokens worth $300 million.

Mentioned project

Terra (LUNA) A blockchain protocol for the creation of stabelcoins whose value will be anchored to fiat currencies.
A blockchain protocol for the creation of stabelcoins whose value will be anchored to fiat currencies.

Binance will discontinue support for three stablecoins

The exchange announced that it will discontinue support for USDC and two other stablecoins.
Binance will discontinue support for three stablecoins

Cryptocurrency exchange Binance announced the withdrawal of support for stablecoins USDC, USDP and TrueUSD. Users who had these tokens in their accounts will instead receive BUSD at a rate of 1:1. Autoconversion of currencies will increase liquidity and capital efficiency for users.

Trading of these stablecoins in pairs with USDT and BUSD will stop on September 26, and trading in pairs with BTC, ETH and other popular cryptocurrencies will close on September 29. Pending trading orders of users will be automatically deleted.

Stablecoins USDC, USDP and TUSD will be replaced by BUSD not only on the exchange, but also in all services of the company: crediting, stacking, Binance Pay and other services. The changes will not affect only the withdrawal of funds, users will still be able to cash out in these stablecoins.

Mentioned projects

Binance Binance is the leading cryptocurrency exchange system.
Binance is the leading cryptocurrency exchange system.
Binance USD Built on the ERC-20 standard from Ethereum (ETH) and is “backed” by a fund in dollars. For each issued BUSD, there is $1, which is stored in accounts in American banks.
Built on the ERC-20 standard from Ethereum (ETH) and is “backed” by a fund in dollars. For each issued BUSD, there is $1, which is stored in accounts in American banks.

On the youtube channel of the South Korean government posted a video about cryptocurrencies

Hackers hacked the South Korean government's YouTube account and renamed it “SpaceX Invest”.
On the youtube channel of the South Korean government posted a video about cryptocurrencies

Hackers hacked the official YouTube channel of South Korea, it was reported by the Korean news agency Yonhap. The attackers renamed the account to “SpaecX Invest” and launched an interview on it with Ilon Mask on the topic of cryptocurrencies.

The account was hacked in the morning of September 3; the attack was not discovered until 2.5 hours later. After detection, the account was restored. Presumably, stolen login and password were used for the hack.

The attack followed the successful hacking of the Korea Tourism Organization (KTO). The KTO channel with over 500,000 subscribers was attacked on Thursday and has still not been recovered.

Bitcoin fell in price and hit a July low

The first cryptocurrency continues to decline in value after failing to make gains at $25,000 on August 15.
Bitcoin fell in price and hit a July low

On August 29, Bitcoin renewed its lowest value, which reached July 13. It was down to the $19,500 mark. Now its rate reaches $19,800. During the day it has fallen in price by 1%, and during the week by 8%.

The value of the first cryptocurrency has been decreasing since August 15, when at the moment it reached $25.2 thousand. Over the past two weeks Bitcoin has already fallen in price by 23%. Its market capitalization fell to $379.5 billion with daily volumes of $24.4 billion.

Bitcoin’s decline has accelerated since last Friday, following a speech by U.S. Federal Reserve official Jerome Powell. At a symposium in Jackson Hole, Powell said interest rates would continue to rise to fight inflation.

Mentioned project

Bitcoin The first and most popular cryptocurrency.
The first and most popular cryptocurrency.

Stablecoin USDN lost its peg to the dollar

Algorithmic stabelcoin Neutrino USD fell in price by 10 cents
Stablecoin USDN lost its peg to the dollar

Stablecoin Neutrino USD (USDN) lost its peg to the US dollar. The USDN token fell 10% against the dollar, reaching a value of $0.9. The market capitalization of this token is $621 million, with a daily trading volume of $5.7 million.

Neutrino Protocol is a platform for the development of stabcoins in the Waves network. Neutrino USD is an algometric stablecoin tied to USD and secured by a WAVES token. The value of WAVES also fell by 3.5% over the day and is $4.96.

The detachment of the stabelcoin from the dollar takes place against the background of the system update, which was released on August 24. Changes were made to the system, which were voted by its users. According to Neutrino developers, the updates were necessary to stabilize the protocol and ensure security.

The value of transactions in the Bitcoin network exceeded $100 trillion

The total value of transactions in the Bitcoin network for all time exceeded the value of $100 trillion.
The value of transactions in the Bitcoin network exceeded $100 trillion

The value of all transactions made during the existence of the Bitcoin network exceeded the mark of $100 trillion. However, the actual economic activity of the network is significantly lower than this estimate. This was reported by Ark Invest analyst David Puell.

In his statement, the analyst refers to data from the Glassnode project. The project takes into account transfers between wallets belonging to the same user. According to Puell, the real value of transactions is $7.3 trillion.

To derive this value, he excluded transactions that are not linked between two separate entities.

Mentioned project

Bitcoin The first and most popular cryptocurrency.
The first and most popular cryptocurrency.

Nike was the best-selling brand in the NFT

Adidas, Gucci and Tiffany are also among the top 10 brands of NFT sales leaders. Together they earned $260 million.
Nike was the best-selling brand in the NFT

Nike has become the leader among brands selling their own NFT. This was reported by the research agency Dune Analytics in it's report. Nike’s total revenue for the sale of NFTs was about $185 million for the initial sale of tokens, $92 million came in the form of royalties from 67,000 resale transactions totaling about $1.3 billion.

In second place on the list of leaders was the brand Dolce & Gabbana with revenues of $25 million. Third place went to jewelry company Tiffany with revenues from deals worth $12.6 million. The first 10 brands on the list selling NFT, together earned $263 million.

Popular brands are still making money from the sale of non-fungible tokens, despite the fact that total NFT sales fell to a low of $1 billion in June.

Solana concluded that the hack was related to the Slope project

Solana developers have concluded that the hack is related to the Slope wallet
Solana concluded that the hack was related to the Slope project

According to Solana developers' research, it turned out that the hacked wallets were somehow in contact with the Slope mobile app. The developers had previously written that the hack was not related to a bug in the blockchain code, but to software that was used by multiple wallets.

Solana Labs co-founder Anatoly Yakovenko said that those people who used the seed phrase in Slope were already compromised.

The Slope developers themselves write that a number of wallets have been compromised and the team is actively investigating the incident. The specific reason for the hack is unknown. Slope developers urge users to create new wallets with new seed phrases.

Pahntom, whose customers were also affected, believes that the exploit used for the hack is related to Slope. Some experts claim that the developers stored the seed phrases on centralized servers, which were subsequently hacked.

More than 8,000 Solana wallets were hacked from users

Hackers hacked the wallets of thousands of Solana blockchain users and stole millions of dollars.
More than 8,000 Solana wallets were hacked from users

Attackers hacked the wallets of Solana token holders by exploiting a blockchain vulnerability. According to the developers, a total of 7.7 thousand wallets were affected. The Slope and Phantom projects were also affected.

Cold wallets are unlikely to have been affected. Users are advised to change the seed phrase and transfer the remaining assets to hardware devices. Hacked wallets are better not to use in principle and consider them compromised.

Affected users are invited to take part in a survey that will help developers find the vulnerability PeckShield estimated user losses at $8 million.

Mentioned project

Solana A fourth-generation blockchain and cryptocurrency that contains open infrastructure and provides greater deficiency.
A fourth-generation blockchain and cryptocurrency that contains open infrastructure and provides greater deficiency.