crypto blog
Solana and Ethereum smart contract audits, explained
As you might expect, this depends on how complex a smart contract is. According to Hacken, this can extend to $500,000 for larger projects where there are more lines of code — not least because of the additional engineering hours it’ll take. The company argues these costs pale into comparison with the economic damage that a smart contract vulnerability can bring. Hacken cites data showing that, in 2021, 80% of the incidents affecting decentralized applications related to smart contracts — with losses hitting $6.9 billion. Breaking this down even further, and we can see that the average cost per project stands at $47 million. Somehow, $500,000 looks a lot less expensive now. Overall, 60% of its clients have been based on Ethereum so far in 2022. And here&...
Crypto lender Vauld seeks protection against creditors: Report
Singapore crypto exchange Vauld Group is seeking a moratorium against its creditors — a move that would give the troubled lender more time to restructure its business after collapsing asset prices impacted its operations earlier this month. Vauld filed an application in Singapore on July 8 seeking a moratorium order, The Wall Street Journal reported Wednesday. If granted, the moratorium would provide the distressed lender more time to seek out a proper restructuring plan. The Journal said a Singaporean moratorium order is similar to Chapter 11 bankruptcy in the United States, although the moratorium helps the company avoid complete closure. Vauld issued a statement on July 11 informing the public that it would pursue a moratorium order to give management “the breathing space it requires to...
Experts reveal what Tesla’s $936M sell-off means for Bitcoin
Crypto industry experts are largely unfazed by Tesla’s decision to sell 75% of its Bitcoin (BTC) holdings, saying it’s a fairly typical strategy for companies to improve cash flow during economic slowdowns. On Wednesday, the electric vehicle manufacturer revealed that it had sold 75% of its Bitcoin holdings in Q2, adding $936 million in fiat to its balance sheet. During a conference call, Tesla CEO Elon Musk noted that the sale “should not be taken as a verdict on Bitcoin,” explaining that the move was due to liquidity concerns given the continued COVID-19 lockdowns in China. “The reason we sold a bunch of our Bitcoin holdings was that we were uncertain as to when the Covid lockdowns in China would alleviate. So it was important for us to maximize our cash position:” “We are certainl...
SEC objects to XRP holders aiding Ripple defense
The United States Securities and Exchange Commission (SEC) is attempting to block Ripple (XRP) holders from aiding in Ripple’s defense, and prohibit attorney John E. Deaton from any further participation in proceedings. In its official objection submitted on Tuesday, the regulator opposed the decision to recognize 1,746 XRP holders as “amici curiae” along with attorney John E. Deaton. Amici (plural: amici curiae) means “friend of the court” — an individual or organization not a party to a legal case but is permitted to assist a court by providing information, expertise or insights. In this case, in support of Ripple’s defense. Deaton has 3,252 affidavits signed by the token holders essentially stating that they are victims of the SEC’s lawsuit against Ripple as a result of lost profi...
Nifty News: BAYC hodler loses 100 ETH in ‘joke’ domain sale gone wrong
A major Bored Ape Yacht Club (BAYC) nonfungible token (NFT) hodler lost 100 Ether (ETH), worth $150,000, as a result of a joke bid on his own registered Ethereum Name Service (ENS) domain. The NFT whale, who owns 57 BAYC NFTs and goes by franklinisbored on Twitter, minted the ENS domain “stop-doing-fake-bids-its-honestly-lame-my-guy.eth” using an alternate wallet on Wednesday. The move was a part of a meme discussed with other NFT collectors in the community, in which he was attempting to trigger the EnsBidsBot account to tweet about a hefty 100 ETH bid on an ENS domain, essentially to mock the purpose of such Twitter accounts. What phrase or meme do you want me to have the ens bot tweet out as a .eth address with a 100 WETH bid? Lol I would have to mint the ENS address myself too. — Frank...
Price analysis 7/20: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX
Bitcoin (BTC) briefly extended its recovery above $24,000 and the altcoins continued to make smart gains on July 20, but the bullish momentum of the week experienced a brief setback after Tesla’s earnings report showed the company had sold 75% of its BTC position. Although the sharp breakout of this week is a positive sign, analysts were quick to point out that a sustained recovery depends on a strong performance from Wall Street. Analyst Venturefounder pointed out that the rally was largely macro-driven and Bitcoin’s correlation with NASDAQ remained at a historical high of 91%. Bitcoin’s sharp rally in the past few days has awakened hibernating bulls who are dishing out lofty targets. Analyst TechDev projected a target of $120,000 in 2023, while Galaxy Digital CEO Mike Novogratz tol...
What’s next for the future of Ethereum? Mihailo Bjelic from Polygon explains
With the transition to a scalable, energy light proof-of-stake blockchain (dubbed “the Merge”) at play for Ethereum, many have cast doubts on the popular coin’s future given the magnitude and complexity of the upgrade involved. But among prominent stakeholders, one particular project remains heavily bullish on Ethereum’s future, which is non-other than layer-two scaling solution Polygon. At the annual Ethereum Community Conference in Paris, Cointelegraph’s Events Manager Maria A. spoke to Polygon’s vice president of growth Mihailo Bjelic regarding the topic. Here’s what Mihailo had to say with regards to the Merge: “This is an upgrade on a live network that has millions of users, billions in capital, and tens of thousands of applications. It is never easy, but the Merge has been in t...
Crypto firms facing insolvency ‘forgot the basics of risk management’ — Coinbase
Department heads at Coinbase have weighed in on the market downturn amid solvency concerns around Three Arrows Capital, crypto lending firm Celsius, and Voyager Digital, saying the crypto exchange had “no financing exposure” to the companies. In a Wednesday blog post, Head of Coinbase Institutional Brett Tejpaul, Head of Prime Finance Matt Boyd, and Head of Credit and Market Risk Caroline Tarnok said Coinbase had not engaged in the “types of risky lending practices” exhibited by Three Arrows Capital, Celsius, and Voyager, claiming the firms were examples of practicing “insufficient risk controls.” According to the trio, crypto companies faced the possibility of insolvency caused by “unhedged bets,” large investments in Terra, and overleveraging with venture capital firms. “The issues here ...
Bitcoin price dips under $23K after earnings report reveals Tesla sold 75% of its BTC
Easy come, easy go was the story on July 20 as the day started on a positive note with Bitcoin (BTC) climbing above $24,300, only to end the official trading day in the red after less than stellar Q2 earning news showed Tesla sold 75% of its Bitcoin and Minecraft reversed course by deciding to ban NFTs on its platform. Daily cryptocurrency market performance. Source: Coin360 A potential source of the afternoon downturn can be traced to Tesla’s Q2 earnings data, which showed that the electric car company sold off 75% of its Bitcoin holdings in order to add $963 million in cash to its balance sheet. So, not only forced selling from 3AC, $LUNA & $UST, but also Voyager, BlockFi and Celsius have been causing the markets to crash. On top of that, Tesla did sell 75% of their #Bitcoin pur...
Morgan Stanley encourages investors to buy battered El Salvador eurobonds
El Salvador’s Bitcoin (BTC) bet has somewhat backfired, with the top cryptocurrency currently trading at a 70% discount from its top. At a time when the Latin American nation is struggling with its debt, Morgan Stanley has given a buy call for the battered eurobond. Simon Waever, global head of emerging-market sovereign credit strategy at Morgan Stanley, told investors in a Tuesday note that El Salvador’s bonds are overly punished by the market conditions, despite the country having better financial metrics than many of its peers, reported Bloomberg. The note to investors read: “Markets are clearly pricing in a high probability of the autarky scenario in which El Salvador defaults, but there is no restructuring.” Waever noted that a country’s debt shouldn’t trade lower than $0.437 on the d...
NFT and Islamic education: A new frontier to teach religion?
The world is in the midst of a digital revolution and with it, the way we think about value is shifting. The application of nonfungible tokens (NFTs) to represent and transmit religious values and principles is one of the most fascinating manifestations of this new perspective. The NFT is a very new technology, but there’s a lot of excitement about its potential. There’s also a lot of enthusiasm for the possibilities that NFTs provide in various sectors, including education and religion. The ability of NFTs to help teach and pass on religious values and beliefs is particularly fascinating. Cointelegraph caught up with Deepali Shukla, the founder and managing director at MetaDee, a new London-based NFT marketplace that just launched exclusive handwritten Quran NFTs dating back t...
Demand for widely used euro stablecoin is huge, says DeFi expert
The market capitalization of Tether (USDT), a United States dollar-pegged stablecoin, is currently over $65 billion. USD Coin (USDC), another stablecoin backed by the U.S. dollar, clocks in near $55 billion. Some reports estimate that the total market cap of dollar-backed stablecoins is over $160 billion. Despite this success of dollar-based stablecoins, there has not been a euro stablecoin that is even remotely comparable in size. By the end of June, the U.S.-based company Circle announced that it will launch its own euro stablecoin, Euro Coin (EUROC), on the Ethereum blockchain. With a euro-based stablecoin, uncomplicated euro transfers will be possible worldwide in the future, as is currently the case with the U.S. dollar. Instead of the eurozone-based business, Circle has opted to issu...
