crypto blog
What is Etherscan, and how does it work?
Etherscan is the most trusted tool for navigating through all the public data on the Ethereum blockchain and is sometimes called “Ethplorer.” This data includes transaction data, wallet addresses, smart contracts and much more. The application is self-contained and is neither sponsored nor administered by the Ethereum Foundation, which is a non-profit organization. The team behind Etherscan includes seasoned developers and industry professionals, who developed the Etherscan app to make the Ethereum blockchain more accessible to everyday users. Although Etherscan is a centralized platform, the app does make it easier for people to search through the Ethereum blockchain. Is Etherscan a wallet? Etherscan is not an Ethereum wallet, nor is it a wallet service provider. Users don’t receive an Et...
CertiK’s identification of Crypto Cars as ‘rug pull’ was a false alarm
In a period of market downturns, rumors of crypto bans and decentralized finance, or DeFi scams, blockchain enthusiasts can be sensitive to the smallest abnormalities within projects they follow and sometimes erroneously fear for the worse. The day prior, CertiK, a leading cybersecurity ranking platform in the blockchain space, issued a warning via Twitter regarding CryptoCars, alleging that it was a “rug pull.” However, the staff quickly deleted the post as it was a false alarm. Via a series of Twitter screenshots obtained by Cointelegraph, CertiK first claimed that the website and Telegram for CrytoCars were down. However, users quickly pointed out that both the CryptoCars website and Telegram apps were still functional, resulting in CertiK rescinding the community alert. Acc...
Kyber Network (KNC) bucks the market-wide downtrend with a 57% gain in January
In the crypto market volatility continues to reign supreme, and fear, uncertainty and doubt (FUD) run rampant. This makes it challenging for any project to rise above the noise and post positive price gains but there are a few projects that are showing strength during the current downturn. Kyber Network (KNC) is a multi-chain decentralized exchange (DEX) and aggregation platform designed to provide decentralized finance (DeFi) applications and their users with access to liquidity pools that provide the best rates. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a bottom of $1.18 on Jan. 6, the price of KNC has rallied 57% to a daily high at $1.87 on Jan. 27 despite the wider weakness in the crypto market. KNC/USD 4-hour chart. Source: TradingView Three re...
The biggest crypto heists of all time
The biggest crypto heists to date are MT Gox, Bitgrail, Coincheck, KuCoin, PancakeBunny, Poly Network, Cream Finance, BadgerDAO, Vulcan Forged and Bitmart. MT Gox MT Gox was the first large-scale exchange hack, and it remains the most significant Bitcoin (BTC) heist from an exchange. The MT Gox robbery, on the other hand, was not a one-off occurrence. Rather, the site leaked cash from 2011 to February 2014. Hackers stole 100,000 BTC from the exchange and 750,000 BTC from its consumers over a few years. These Bitcoin burglaries were valued at $470 million at the time, but they’re now worth approximately ten times this amount. Shortly after the theft, MT Gox went into liquidation, with liquidators recovering roughly 200,000 of the stolen BTC. Bitgrail Bitgrail was a small Italian excha...
Web3 innovations are replacing middlemen with middleware protocols
Cryptocurrencies and the wider blockchain ecosystem are helping change the status quo of how we conduct our day-to-day lives. With these emerging technologies, Web3 is being ushered in as a permissionless and open innovation using middleware blockchain protocols. By doing so, they’re replacing middlemen software-as-a-service (SaaS) companies by capturing value at a greater level. Middleware protocols are by no means new. After all, Web2 is supported by middleware applications, the main one being HTTP. Middleware is what enables users to interact with each other and with applications in a computing environment. And with Web3, there are a variety of protocols in the middle layer stack of this new internet to support applications. More vitally, though, are they really important? Creating valu...
The Sandbox (SAND) metaverse token gains 40% after Snoop Dogg, Warner Music partnership
Sandbox (SAND) refused to go down despite broader negative market sentiment in the past 24 hours. Instead, the altcoin logged a breakaway recovery as traders assessed its recent high-profile partnerships as a sign that the project has strong fundamentals. SAND rose 10.23% to $3.38 at the UTC close on Jan.27, followed by another 5.42% spike to $3.57 on Friday. In contrast, Bitcoin (BTC), dropped 1.41% within the same timeframe. SAND/USD daily price chart. Source: TradingView SAND adoption booms Traders decided to increase their exposure to SAND after the Sandbox announced partnerships with American rapper Snoop Dogg and Warner Music, a major record label. On Jan. 27, Snoop Dogg tweeted a teaser of what appeared to be his upcoming nonfungible token (NFT) collection, dubbed ...
Daniele Sestagalli discusses Wonderland’s future after QuadrigaCX co-founder dox
On Friday, Daniele Sestagalli, co-founder of decentralized finance, or DeFi, protocol Wonderland and stablecoin protocol Abracadabra, issued a statement on the path forward after the doxing of his colleague Michael Patryn: “Do we wind down or continue to fight for the aspect of an investment DAO [decentralized autonomous organization] being a revolutionary new organization? For the option that I am for, which is to fight and bring someone new and experienced to manage the treasury.” The day prior, an investor uncovered the identity of Wonderland’s chief financial officer to be Patryn, who was the former co-founder of defunct Canadian cryptocurrency exchange QuadrigaCX. Over $145 million worth of QuadrigaCX customers’ funds are still missing after the mysterious death of its co-...
Trezor removes controversial address verification protocol, other wallets follow suit
Since 2019, Swiss financial crypto intermediaries have required proof of ownership of an external wallet’s address for Bitcoin withdrawals and deposits to their customers’ non-custodial wallets. One automated mechanism used for this is the Address Ownership Proof Protocol, or AOPP. The Trezor hardware wallet introduced AOPP signing as part of its latest January update last week, allowing users to generate signatures that conform to the AOPP standard used in certain jurisdictions. On Jan. 28, Trezor announced that it will remove this protocol in the next Trezor Suite update “after careful consideration of recent feedback.” Recent feedback refers to Reddit and Twitter users who were concerned that the use of AOPP signaled Trezor’s support f...
Fitch says proposed Russia crypto ban eases risks but curbs innovation
On Friday, credit rating agency Fitch published a research piece about Russia’s proposed ban on cryptocurrencies. Although the report agreed with the Central Bank of Russia’s (CBR) position that the ban would limit its financial system’s exposure to risks, it also cautioned that such a proposal could “hold back the diffusion of technologies that could improve productivity.” In addition, Fitch warned: “Suppose this slows the spread of crypto-driven innovations that, for example, improve the speed and security of payments or asset liquidity via tokenization. In that case, it could over time weaken this aspect of the Russian banking sector’s operational environment relative to peers.” Additionally, Fitch commented on the adoption of a central ba...
LeBron James Foundation partners with Crypto.com to promote Web3 awareness
The students taking part in the foundation’s I PROMISE program will have access to resources to help them learn about Web3 and other technologies The partnership is not only focused on Akron kids but also their families as part of the values the Foundation holds dear Crypto.com has teamed up with 4x NBA Finals MVP LeBron James in a philanthropic pursuit in the latter’s home area, as per a Friday report on Akron Beacon Journal. Through the partnership, blockchain and Web3 modules will be integrated into training offered to kids under the LeBron James Family Foundation’s I PROMISE program “Building on a strong basis of educational empowerment, the partnership will give students and families connected to the I PROMISE program access to the tools and educational ...
Bitcoin dodges ‘sub-$30K liquidity grab’ — Levels to watch now
Bitcoin (BTC) could still crash to $29,000 and lower, but price action is “healthier” than a week ago, the latest research concludes. In a fresh market update on Friday, analysts at trading suite Decentrader said that BTC price action is finally showing “green shoots of optimism.” Eyes on “near-term relief bounce” for BTC After a difficult week in which BTC/USD dipped to just under $33,000, market analysis is now focusing on the likely outcomes of the rangebound behavior seen over the past few days. For Decentrader, there is reason to be cautiously optimistic now where there was none a week ago. “We believe that the current derivatives landscape shift and this extremely negative sentiment backdrop does increase the potential for at least a near-term relief bounce,” analysts summarized. The...
Google Cloud ramps up blockchain efforts by launching digital assets team
Blockchain, cryptocurrency and decentralized technology are all fascinating topics that have been heating up for almost a decade. Nowadays, everyone wants to be part of cutting-edge innovations. A Thursday announcement by Yolande Piazza, Google Cloud’s vice president of Financial Services, said the firm has established a Google Cloud Digital Assets Team that will assist clients in creating, trading, storing value and launching new products on blockchain-based platforms. The blog reads; “This new team will enable our customers to accelerate their efforts in this emerging space and help underpin the blockchain ecosystems of tomorrow.” We’re launching a new, dedicated Digital Asset Team to help underpin the #blockchain ecosystems of tomorrow. Whether you’re implementing...
