crypto blog
Chinese crypto miner BIT Mining ‘unlikely’ to flee Kazakhstan: Report
Despite major internet blackouts amid anti-government protests in Kazakhstan, some Bitcoin (BTC) miners operating in the country are not planning to leave the country just yet. BIT Mining, one of the largest BTC mining companies that relocated operations from China to Kazakhstan last year, is still evaluating the impact of political unrest in Kazakhstan, Chinese industry news agency 8BTCnews reported Friday. “It is unlikely that our mining machines will be evacuated to North America,” a spokesperson for BIT Mining reportedly said, adding that the firm will be closely monitoring the situation. The representative also noted that Kazakhstan is not BIT Mining’s main area of business, as it has a number of “mid-to-high-end mining machines” deployed in North America. “It is unlikely th...
LCX loses $6.8M in a hot wallet compromise over Ethereum blockchain
Liechtenstein-based crypto exchange LCX has confirmed the compromise of one of its hot wallets after temporarily suspending all deposits and withdrawals on the platform. The hack was first identified by PeckShield, a blockchain security company, based on the suspicious transfer of ERC-20 tokens from LXC to an unknown Ethereum wallet. hot wallet compromised? @lcx https://t.co/uL5a7oCFfM — PeckShield Inc. (@peckshield) January 9, 2022 The probable hot wallet compromise was soon confirmed by the exchange as it announced the loss of numerous tokens including Ether (ETH), USD Coin (USDC) and other tokens including its in-house LCX token. Ethereum blockchain based assets such as ETH, USDC, EURe, LCX and other assets have been moved to the Hacker ETH Wallet: 0x165402279F2C081C54B00f0E08812F...
Pakistan to investigate Binance for multi-million dollar crypto scam
Pakistan‘s Federal Investigation Agency (FIA) reportedly issued a formal notice to crypto exchange Binance in an effort to identify links around a multi-million crypto scam in the region. The government of Pakistan started a criminal investigation after receiving numerous complaints against an ongoing scam that involved misleading investors into sending funds from Binance wallets to unknown third-party wallets. According to local coverage, the FIA’s Cyber Crime Wing has issued an order of attendance to Binance Pakistan’s general manager Hamza Khan to identify the exchange’s link to “fraudulent online investment mobile applications.” KARACHI: Federal Investigation Agency (FIA) has detected an online fraud of Rs100 billion using a cryptocurrency and issued notice to the local represent...
UK air traffic tech firm uses Hedera Hashgraph to track drones
Hedera’s public ledger consensus service was recently used to “gather, store and order” millions of data points in a drone data trial sponsored by the government of the United Kingdom. As per an announcement, Hedera worked with Neuron Innovations, a London-based aviation technology company, to trial the safe sharing of long-distance airspace by commercial, military and government drones. Neuron has implemented an “aviation surveillance as a service” system to allow drones to seamlessly join existing air traffic. The aviation tech firm then utilized Hedera Network’s Hedera Consensus Service to “gather, store and order” drone data. Neuron CEO Niall Greenwood said: “We have made unmanned, long-distance drone travel possible using safety-critical aviation infrastr...
Bitcoin and Ether heading $100K and $5K in 2022: Bloomberg Intelligence
Despite cryptocurrency markets dropping to multi-month lows, major cryptocurrencies like Bitcoin (BTC) and Ether (ETH) are likely to hit new all-time highs in 2022, according to a Bloomberg analyst. BTC and ETH will be heading toward $100,000 and $5,000 this year, respectively, according to a forecast by Bloomberg Intelligence analyst Mike McGlone published in his latest market analysis on Thursday. “A key issue we see is the Federal Reserve, as it faces the greatest inflation in four decades, more inclined to raise interest rates if risk assets continue climbing,” McGlone noted. McGlone also predicted that BTC, Ether and United States-pegged stablecoins will maintain dominance in 2022, while some top 2021 winners like the Binance Coin (BNB) and Solana (SOL) “may end the pattern of te...
Hong Kong-based Coinsuper allegedly blocks customers’ withdrawals
A cryptocurrency exchange in Hong Kong has reportedly stopped all withdrawal requests, according to reports. Coinsuper is the sole crypto firm in China that is licensed by the government, and was founded by a former senior UBS Group AG executive in November 2017. The report by Bloomberg suggests that customers of the bourse have been unable to withdraw funds since late November, based on a review of messages on the exchange’s primary Telegram chat group. Five clients reportedly filed police complaints after token withdrawals were apparently halted, leaving them unable to reclaim around $55,000 of cryptocurrency and money. I called the Japanese Consulate in Hong Kong about the withdrawal trouble of the Coin Super Exchange, I was asked to report to the Hong Kong Police Force, but this ...
5 NFT-based blockchain games that could soar in 2022
After the popularity of DeFi, came the rise of nonfungible tokens (NFTs) and to the surprise of many, NFTs took the spotlight and remain front and center with the highest volume in sales, occuring at the start of January 2022. Growing number of unique NFT buyers on Ethereum Source: Delphi Digital While 2021 became the year of NFTs, GameFi applications did surpass DeFi in terms of user popularity. According to data from DappRadar, Bloomberg gathered: “Nearly 50% of active cryptocurrency wallets connected to decentralized applications in November were for playing games. The percentage of wallets linked to decentralized finance, or DeFi, dapps fell to 45% during the same period, after months of being the leading dapp use case.” Blockchain, play-to-earn game Axie infinity, skyrocketed an...
Bored Ape Yacht Club is a huge mainstream hit, but is Wall Street ready for NFTs?
Within months after its launch in April 2021, Bored Ape Yacht Club (BAYC) has become one of the main reasons Wall Street should take the emerging nonfungible token (NFT) market seriously, thanks to its recent sales turnover of over $1 billion. Celebrities ape into BAYC For the uninitiated, BAYC is a collection of 10,000 cartoons of anthropomorphic apes with stylish clothes and disreputable expressions. Each ape is practically an image file that should be worthless in a sane world. Nonetheless, they have been managing to fetch astonishing sums, sometimes from some of the world’s most renowned celebrities. For instance, Jimmy Fallon, a popular American TV host, bought the image of a Bored Ape that wore a striped T-shirt and heart-shaped shades for almost $220,000 in November ...
ConstitutionDAO, a ‘crypto red alert’ and other cases of crypto-powered social action in 2021
From the very beginning of the cryptocurrency movement, the societal potential of Bitcoin (BTC) has been one of the fundamental selling points. The decentralized design of crypto-based systems introduces the possibility of bringing individuals together to work toward shared goals, as well as enabling them to pool resources while remaining insulated from outside control. 2021 saw a number of cases that could serve as evidence of this emancipatory power of digital assets. ConstitutionDAO: $49 million raised in a few days Arguably, the most high-profile case of a massive fundraising effort enabled by a decentralized autonomous organization in 2021 was ConstitutionDAO. The group was formed in November with the sole objective of purchasing an original copy of the United States Constitution, whi...
What should the crypto industry expect from regulators in 2022? Experts answer, Part 1
Hatu is the co-founder and chief strategy officer of DAO Maker, which creates growth technologies and funding frameworks for startups while simultaneously reducing risks for investors. “2021 has been a stop-start year for crypto and DeFi, as regulatory bodies have not clarified their stance on the industry. This has held back the retail population from getting involved, and this is a huge opportunity cost for the industry. However, with El Salvador adopting Bitcoin as legal tender and more countries embracing crypto, the future looks brighter. In 2021, yes, there have been multiple deliberations at various levels regarding crypto and its regulatory status. Governments and regulatory authorities across the globe have expressed reservations against the mainstreaming of crypto. Howe...
Will this time be different? Bitcoin eyes drop to $35K as BTC price paints ‘death cross’
Bitcoin (BTC) formed a trading pattern on Jan. 8 that is widely watched by traditional chartists for its ability to anticipate further losses. In detail, the cryptocurrency’s 50-day exponential moving average (50-day EMA) fell below its 200-day exponential moving average (200-day EMA), forming a so-called “death cross.” The pattern appeared as Bitcoin underwent a rough ride in the previous two months, falling over 40% from its record high of $69,000. BTC/USD daily price chart. Source: TradingView Death cross history Previous death crosses were insignificant to Bitcoin over the past two years. For instance, a 50-200-day EMA bearish crossover in March 2020 appeared after the BTC price had fallen from nearly $9,000 to below $4,000, turning out to be lagging than predictive. ...
ImmuneFi report $10B in DeFi hacks and losses across 2021
Decentralized finance, or DeFi, security platform and bug bounty service ImmuneFi published an official report on Thursday, which calculated the total volume of losses in the cryptocurrency markets in 2021. According to its report, the company found that losses resulting from hacks, scams and other malicious activities exceeded $10.2 billion dollars over the past year. Responsible for protecting over $100 billion worth of assets for a number of well-established DeFi protocols, including Synthetix, Chainlink, SushiSwap and PancakeSwap, among others, ImmuneFi has regularly facilitated seven-figure pay-outs to whitehat hackers and other good-willed entities for preventing protocol compromises. According to the report, across 2021, there were 120 instances of crypto exploits or fraudulent rug-...
