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Circle plans to only support Ethereum PoS chain after Merge is complete
On Tuesday, Circle, the issuer of the USD Coin (USDC) stablecoin, pledged its full support for the transition of Ethereum to a proof-of-stake, or PoS, blockchain after the much-anticipated Merge upgrade. The firm views the Merge as an important milestone in the scaling of the Ethereum ecosystem, writing: “USDC has become a core building block for Ethereum DeFi innovation. It has facilitated the adoption of L2 solutions and helped broaden the set of use cases that today rely on Ethereum’s vast suite of capabilities. We understand the responsibility we have for the Ethereum ecosystem and businesses, developers and end users that depend on USDC, and we intend to do the right thing.” Currently, USDC is both the largest dollar-backed stablecoin issued on Ethereum and the largest ERC-20 asset ov...
Curve Finance resolves site exploit, directs users to revoke any recent contracts
On Aug 9, automated market maker Curve Finance took to Twitter to warn users of an exploit on its site. The team behind the protocol noted that the issue, which appeared to be an attack from a malicious actor, was affecting the service’s nameserver and frontend. Don’t use https://t.co/vOeMYOTq0l site – nameserver is compromised. Investigation is ongoing: likely the NS itself has a problem — Curve Finance (@CurveFinance) August 9, 2022 Curve stated via Twitter that its exchange — which is a separate product — appeared to be unaffected by the attack, as it uses a different DNS provider. However, the issue was quickly addressed by the team. An hour after the initial warning, Curve said it had both found and reverted the issue, directing users to have approved any contracts o...
1inch plugs into Klaytn as Asia continues to climb aboard
South Korea’s most popular metaverse blockchain Klaytn is set to benefit from deeper liquidity and improved token swaps through a new partnership with decentralized finance (DeFi) protocol 1inch Network. Klaytn has enjoyed success in South Korea as the country continues to see prolific nonfungible token (NFT) and GameFi use. Klaytn is a product of tech behemoth Kakao, which commands a user base of some 52 million people that use its flagship KakaoTalk application and suite of software products. Klaytn derived its proprietary blockchain technology from the Ethereum Virtual Machine and powers various play-to-earn and AAA games, NFT marketplaces and Metaverses. As its user base continues to grow, the platform is looking to improve its scalability, efficiency and affordability. Klaytn al...
Bitcoin dominance hits 6-month lows as metric proclaims new ‘alt season’
Bitcoin (BTC) is facing fresh competition from altcoins this month as data shows that — technically — it is already “alt season.” Figures from CoinMarketCap and TradingView show that BTC currently makes up around 41% of the overall crypto market capitalization — its lowest since the start of 2022. Bitcoin sheds market cap prowess After suffering at the hands of the Terra LUNA — now renamed Terra Classic (LUNC) — collapse, altcoin markets have rallied considerably in recent months. Alongside Bitcoin’s return from 18-month lows of $17,600 in June, altcoins have enjoyed their own renaissance, one tha is now giving Bitcoin bulls a run for their money. According to CoinMarketCap, Bitcoin’s market cap share is now at its lowest since mid-January, with the larg...
Blockchain and NFTs are changing the publishing industry
Web3 has become the most sought-after investment sector of 2022, as use cases for nonfungible tokens (NFTs), the Metaverse and other blockchain applications come to fruition. Therefore, it shouldn’t come as a surprise that different segments of the publishing industry have begun to use Web3 technologies to transform traditional models. For example, the textbook publishing giant Pearson recently announced plans to use NFTs to track digital textbook sales to capture revenue lost on the secondary market. Time magazine, which was founded 99 years ago, has also been using NFTs to create new revenue streams, along with a sense of community within the publishing industry. Keith Grossman, the president of Time, told Cointelegraph that the magazine is demonstrating the new possibilities of en...
Is your SOL safe? What we know about the Solana hack | Find out now on The Market Report
On this week’s episode of “The Market Report,” Cointelegraph’s resident experts discuss the latest updates concerning the recent Solana (SOL) hack. To kick things off, we broke down the latest news in the markets this week: Bitcoin realized price bands form key resistance as bulls lose $24K, significant whale activity between $22,000 and $24,800 adds to the complexity of the current spot market setup. Bitcoin (BTC) consolidated lower on Aug. 9 after familiar resistance preserved a multi-month trading range. When will we finally break out of this price range and make the move towards $30K? Institutions flocking to Ethereum for 7 straight weeks as Merge nears: Report, “Greater clarity” around the Merge has driven institutional inflows into Ethereum products, according to a CoinShares report....
The Crypto Collapse & Rising DDoS Smart Attacks
Image sourced from Shutterstock. During Q2 2022, Distributed Denial of Service (DDoS) attacks reached a new level as the share of smart attacks and average duration saw steep increases. Compared to the previous year, the average duration of a DDoS attack rose 100 times, reaching 3,000 minutes. The share of smart attacks almost broke the four-year record, accounting for nearly 50% of the total. Experts also expect an increase in overall DDoS activity, especially with the recent collapse of cryptocurrency. These and other findings are part of a quarterly DDoS report issued by Kaspersky. A Distributed Denial of Service (DDoS) attack is designed to hinder the normal functioning of a website or crash it completely. During an attack (which usually targets government institutions, retail or ...
BitMEX former executive pleads guilty to violating the Bank Secrecy Act
Another top executive joins three co-founders of the crypto exchange BitMEX, pleading guilty in the United States District Court for the Southern District of New York. The court case under the headline “U.S. v. Hayes et al.” goes on for two years, with BitMEX management being indicted for violating the U.S. Bank Secrecy Act. According to the Wall Street Journal, on Aug. 8, a one-time head of business development at BitMEX, Gregory Dwyer, admitted his guilt of violating the Bank Secrecy Act in court. As part of a plea deal, Dwyer would pay a $150,000 fine. As Manhattan Attorney Damian Williams commented on this development: “Today’s plea reflects that employees with management authority at cryptocurrency exchanges, no less than the founders of such exchanges, cannot willfu...
Bitcoin.com to introduce Bitcoiners to decentralized finance: KBW 2022
Crypto platform Bitcoin.com is looking to expand its ecosystem by introducing Bitcoin (BTC) holders to the world of decentralized finance (DeFi) and implementing new services such as a decentralized exchange (DEX) in its platform. Speaking with Cointelegraph’s Andrew Fenton at the Korea Blockchain Week (KBW) 2022, Bitcoin.com’s head of financial services Corbin Fraser said that the company is moving from only being associated with Bitcoin Cash (BCH) to becoming a DeFi platform that caters to crypto users across multiple chains. Fraser explained that: “We’ve got a lot of BTC users and a lot of these people want to do more with their crypto than just hold it. And they know there are opportunities in DeFi, but it’s a little bit complicated, a little bit scary.” Because...
Korea Blockchain Week, Aug. 9: Second-day takeaways from the Cointelegraph team
Korea Blockchain Week (KBW) 2022 wrapped up its two-day mainstage events this evening, which again saw a number of influential speakers take to the podium including Janine Yorio of Everyrealm, Yat Siu of Animoca Brands and Sky Mavis’ Jeffrey Zirlin. Held at the Grand Intercontinental Seoul Parnas, the second-day conference saw thousands of attendees engaged across three conference tracks — Stage Seoul, Stage Busan and Stage Jeju. The majority of the discussions on the second day focused on the future of the Metaverse, and the strategies that Web3 companies are taking to grow the industry. Given that the event was based in Korea, many were interested in the many exciting Web3 projects coming out of the Korean blockchain scene. The two-day event turned in a very large attendan...
Bitcoin realized price bands form key resistance as bulls lose $24K
Bitcoin (BTC) consolidated lower on Aug. 9 after familiar resistance preserved a multi-month trading range. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin navigates whale price ladder Data from Cointelegraph Markets Pro and TradingView showed BTC/USD falling under the $24,000 mark overnight after rejecting near $24,200. The pair had seen swift gains to start the week but momentum faded as the top of the trading range in place since mid-June came closer. As such, bulls failed to reclaim new ground or even match the highs seen at the end of July, and the status quo thus continued. At the time of writing, BTC/USD was consolidating near $23,800. For on-chain analytics resource Whalemap, it was realized price that was now forming major levels to overcome. In a Tw...
Billboard Expands in Asia With Launch of Billboard China
Billboard is expanding its global footprint in Asia. On Monday (Aug. 8), Billboard announced the launch of Billboard China along with plans for its rollout. “We are thrilled to announce the launch of the Billboard brand in China,” Billboard President Mike Van said in a press release announcing the news. “We look forward to providing a platform for Chinese musicians to share their art and unique sound amongst a global audience. Today marks the beginning of another exciting chapter in Billboard’s evolution and we are eager to witness the proliferation of new artists shaping pop culture.” Billboard China adds to the list of the publication’s international editions and music content in Asia, following Billboard Japan and Billboard Korea. Per the press release, Billboard will work closely with ...
