Crypto news
Bunny and Qubit turns to DAO following $80 million bug exploit
The development team behind Bunny Finance and Qubit has decided to disband the protocol and turn it into a decentralized autonomous organization (DAO). In an official medium post published on Friday, The Bunny Finance team announced that the exploit on Qubit that resulted in $80 million worth of loss has made it impossible for the team to operate at full scale. Thus, they have decided to disband the protocols and give authority to the community. As reported earlier by Cointelegraph, the Qubit bridge called X-bridge facilitated tokens swaps from Ethereum (ETH) to Binance Smart Chain (BSC). The hacker behind the attack managed to exploit a “logical error” in the X-Bridge smart contract that allowed them to withdraw tokens on the BSC chain without depositing any on Ethereum. pic.tw...
Bitcoin briefly dethroned by unknown altcoin due to CoinGecko glitch
CoinGecko, one of the largest cryptocurrency tracking websites in the world, suffered a major glitch on Friday morning, with Bitcoin (BTC) mistakenly losing its position as the largest digital currency by market capitalization to a lesser-known altcoin. The list of top-valued cryptocurrencies on CoinGecko briefly went somewhat irrelevant, with BTC’s market cap temporarily falling behind a token known as Relevant (REL). As of 7:20 am UTC, REL was mistakenly placed at the top of the most-valued cryptocurrencies on CoinGecko, with its market cap going insane at $6.5 septillion, or way more than all other assets in the world combined. Source: CoinGecko The glitch also affected the total crypto market capitalization on CoinGecko, with the market cap temporarily growing as big as $7 septillion. ...
Bitcoin metrics demand BTC price gains as analysis calls for ‘near-term caution’
Bitcoin (BTC) has a “possibility” of winning back more lost ground this month, but a retest of $40,000 may test bulls beforehand. In its latest market update on Feb. 11, trading suite Decentrader voiced cautious optimism over BTC price action. Derivatives turn complementary After rallying above $45,500 on the back of United States economic data, BTC/USD has since dropped back into the range that has defined it this week. For Decentrader, the chances of a low-timeframe decline are there, even if on-chain metrics are putting in rare bull signals. “Bitcoin is at a relatively neutral level with clear zones of resistance and support above and below,” the update summarized. Acting in bulls’ favor is sentiment, now in “neutral” rather than “fear” territory, and encouraging signs from de...
Drake bets $1.3M in Bitcoin on Bengals vs. Rams Super Bowl match
Drake spends his time betting more than $1 million in Bitcoin (BTC) on Super Bowl matches when he’s not running through the six with his woes. The award-winning rapper recently shared that he placed BTC bets worth a total of $1.26 million on the upcoming Superbowl match between the Cincinnati Bengals and the Los Angeles Rams. Through the crypto sports betting platform Stake, the rapper bet over $471,000 for the Rams to be the winner, including overtime. Drake also expressed his confidence in the Rams’ wide receiver Odell Beckham Jr. The musician placed around $392,000 on Beckham Jr. having more than 62.5 receiving yards and another $392,000 on the wide receiver having over 0.5 anytime touchdowns. Drake wrote, “All bets are in on the family.” Beckham Jr. replied to the post, saying, “...
YouTube sees ‘incredible potential’ in NFT video sales despite backlash threat
YouTube is looking at NFT integrations to provide new methods for creators to engage with fans and develop additional revenue streams. The news comes just a few weeks after YouTube CEO Susan Wojcicki hinted that the platform can use Web3 “as a source of inspiration” for growth and possibly adopt NFTs on the website. In a Feb. 10 blog post, YouTube’s Chief Product Officer Neal Mohan outlined a long list of new products, tools and features that the firm intends to roll out in 2022, with Web3 tech, blockchain, NFTs and the Metaverse all getting mentioned. Mohan stated that YouTube is actively seeking out new ways to provide additional support and options for its two million partnered creators after receiving feedback from the community. After referencing that creators often struggle wit...
iOS jailbreak dev wins $2M bounty for finding critical Optimism bug
Developers from the Ethereum Layer 2 scaling project Optimism announced that a “critical bug” had been identified and subsequently patched earlier this month. The bug, which could have enabled hackers to create as much ‘ETH’ in a Optimism account balance as they wished, was first discovered by white hat hacker and iOS jailbreak software Cydia developer Jay Freeman. Last week, I discovered (and reported) a critical bug (which has been fully patched) in @optimismPBC (a “layer 2 scaling solution” for Ethereum) that would have allowed an attacker to print arbitrary quantity of tokens, for which I won a $2,000,042 bounty. https://t.co/J6KOlU8aSW — Jay Freeman (saurik) (@saurik) February 10, 2022 In a deep-dive blog post, Freeman explained that the bug, “would allow an attacker to re...
Ransomware crypto payments hit at least $602M last year: Chainalysis
A new report estimates that ransomware payments tallied at least $602 million in 2021 — but the actual total could be much higher. Blockchain analysis firm Chainalysis released new data on Feb. 10 about ransomware activity related to cryptocurrency in 2021. However it stated that the total value is likely to end up surpassing the $692 million taken in 2020. “In fact, despite these numbers, anecdotal evidence, plus the fact that ransomware revenue in the first half of 2021 exceeded that of the first half of 2020, suggests to us that 2021 will eventually be revealed to have been an even bigger year for ransomware.” Chainalysis believes 2021 will end of surpassing 2020. The average ransomware payment size reached a record high of $118,000 in 2021. This is a 26% increase from the average...
BBC pulls doco as doubts emerge over trader who turned $50 into $8M
The BBC has pulled a documentary focused on a 20-year-old crypto trader who supposedly turned $50 into an $8 million fortune last year. The doco was titled “The Crypto Millionaire” and followed the story of Birmingham-based Hanad Hassan, who claims to have made a return of around 16,000,000% in one year from trading unspecified crypto assets. The story was set to be broadcast this week and explore how Hassan had started to give back to the community following his newfound wealth, however the show was canned after the Guardian reported on Feb. 10 that it had raised concerns with the BBC’s research: “The Guardian asked the BBC if it was confident in his claimed financial returns and questioned why the program’s promotional material did not mention that Hassan’s cryptocurrency Orfano was abru...
New Hampshire Governor issues executive order establishing commission to study crypto
Chris Sununu, who has served as the governor of New Hampshire since 2017, has established a commission aimed at investigating the technology and laws around digital assets in addition to recommending new legislation. On Wednesday, the New Hampshire Governor’s office announced it would be issuing Executive Order 2022-1 to create the Governor’s Commission on Cryptocurrencies and Digital Assets. Governor Sununu cited the “rising use and acceptance” of crypto as well as the growth of distributed ledger and blockchain technologies in his decision to establish the commission. According to the executive order, the crypto commission will have 180 days — until Aug. 8 — to submit a report to officials within the New Hampshire state government consisting of a “review and investigation regarding...
AXS, RON and SLP surge after Axie Infinity developers revamp the project’s tokenomics
Since launching in 2018, Axie Infinity has amassed over 2 million daily active users (DAUs) and its decentralized exchange, Katana, has a market cap of $5.5 billion, but this growth has not come without challenges. Axie Infinity’s in-game token, Smooth Love Potion (SLP) decreased nearly 93% from it’s all-time high in July 13, 2021 of $0.39 as it faces uncontrollable inflation. As such, the team has announced it will significantly remove SLP issuance from the game, making it harder to farm. Gamers and guilds will, in turn, focus their attention on their strategic competitive edge and the potentially increased price of SLP will inevitably result in the increased price of Axies as the cost to breed would increase all the same. SLP token price. Source: Nansen.ai According to data, SLP’s ...
‘One currency change every generation,’ how monetary skepticism spearheaded cryptocurrency adoption in Czechia
Czechia, a country of 10.7 million people in Central Europe, is known for its beautiful capital (Prague), rich history and good beer. Within the last decade, however, one can now add cryptocurrency adoption to that list. In fact, the Trezor wallet, the first cryptocurrency hardware wallet in the world, was invented here in 2014 and is still going strong. Its parent company, SatoshiLabs, has expanded into creating secure chips for electronic hardware via Tropic Square and advancing cryptocurrency education via Invity. What’s more, the country also gave birth to the world’s first Bitcoin (BTC) mining pool — Braiins (Slush Pool), with close to 1.3 million BTC mined since 2010. Then there’s General Bytes, one of the world’s largest crypto ATM chains, with close to 8,000...
How HashEx is developing new auditing methods to outsmart hackers, as told by founder Dmitry Mishunin
As the cryptocurrency market has grown, so too have the number of bad actors looking to exploit vulnerable decentralized finance, or DeFi, protocols, and projects for their own gain. Earlier this month, the Ethereum-Solana Wormhole token bridge suffered the biggest hack of 2022, with $321 million lost due to a signature verification vulnerability. Such exploits have gotten increasingly sophisticated over the years. But blockchain security firms like HashEx are keeping up the pace just as hackers upgrade their tactics. During the past few years, HashEx has audited more than 700 DeFi smart contracts that secure over $2 billion worth of investors’ funds. One notable project that utilizes HashEx is Trader Joe, a popular decentralized exchange on the Avalanche (AVAX) blockchain. In an exc...
