Autor Cointelegraph By Arijit Sarkar

Elon Musk-crypto video played on S. Korean govt's hacked YouTube channel

Elon Musk-crypto video played on S. Korean govt's hacked YouTube channel

Uverejnil používateľ | sep 4, 2022 |

A YouTube channel owned by the government of South Korea was reportedly hacked and renamed SpaceX Invest, following which the channel uploaded fabricated videos of Elon Musk discussing cryptocurrencies.On Sept 3, the South Korean government’s YouTube channel was momentarily hacked and renamed for sharing live broadcasts of crypto-related videos. However, the account was soon restored within four hours following a proactive intervention, confirmed a local report from Yonhap News Agency (YNA).The above screenshot was provided to YNA by a locale that shows the compromised channel being renamed to SpaceX Invest and streaming videos depicting SpaceX CEO Elon Musk.The compromised ID and password of the YouTube channel were identified as the root cause of the hack. Google, too, reportedly confirmed the compromise.Related: Hackers try to sell NFT of Belarusian leader’s supposed stolen passportTo help KyberSwap recover from a recent hack that drained off $265,000 worth of user funds, Binance conducted an internal investigation to track down the culprits.#Binance security team has identified two suspects for yesterday’s KyberSwap hack. We have provided the intel to the Kyber team, and are coordinating with LE (law enforcement).Stay #SAFU. https://t.co/tbQBGaGTNG— CZ Binance (@cz_binance) September 3, 2022Binance CEO Changpeng ‘CZ’ Zhao revealed that the Binance security team identified two suspects and forwarded the intel to KyberSwap and law enforcement. “Binance is now playing the role of a big brother in the crypto space. Binance has gone beyond securing its platform to securing the entire crypto ecosystem,” a member of Crypto Twitter pointed out.

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Repurposing Bitcoin mining heat can solve global energy crisis: Arcane

Repurposing Bitcoin mining heat can solve global energy crisis: Arcane

Uverejnil používateľ | sep 4, 2022 |

The flexibility behind running Bitcoin (BTC) mining operations can be vital to solving the real-world problems that stand in the way of the energy industry, suggests Arcane research.One of the biggest concerns authorities raise when it comes to Bitcoin’s mainstream adoption is its energy requirements. While innovations in chipset manufacturing have helped reduce operational costs related to Bitcoin mining, a report from Arcane reveals the market’s potential to transform the energy industry. Owing to low cost of reacting, Bitcoin mining complements the growth of wind and solar grids, which often produce unstable and non-controllable energy. Arcane research points out that the Electric Reliability Council of Texas, to date, has only allowed bitcoin miners to participate in the most advanced demand response programs.In addition to being flexible to grid demands, Bitcoin mining can also help solve issues related to gas flaring — the process of burning natural gas associated with oil extraction. Arcane highlights that by leveraging the agnosticism, modularity, and portability of Bitcoin rigs, miners can setup operations next to oil wells, reasoning that “Per $1,000 investment, a bitcoin mining system reduces emissions of 6.32 tons of CO2 equivalents per year, compared to 1.3 for wind and 0.98 for solar.”Bitcoin mining can further help the energy industry by repurposing its byproduct — heat — to heat up homes, industries, and other applications during the coming winter. It is important to note that heating accounts for roughly 40% of the world’s CO2 emissions.Repurposing heat from Bitcoin mining offers various advantages, including operational subsidies and lower heating costs.Related: US lawmakers appeal directly to 4 mining firms, requesting info on energy consumptionThe importance of the above research comes at a time when Eurozone hit record inflation of 9.1% amid gas and energy crisis. As Cointelegraph reported, energy prices made up the largest price push, up by an annual rate of 38.3% over the past month.

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Binance identifies KyberSwap hack suspects, involves law enforcement

Binance identifies KyberSwap hack suspects, involves law enforcement

Uverejnil používateľ | sep 3, 2022 |

Helping investigate a $265,000 hack on decentralized crypto exchange KyberSwap, crypto exchange Binance narrowed down two suspects that seem responsible for the attack. On Sept. 1, Kyber Network succumbed to a frontend exploit, allowing the attacker to make away with $265,000 worth of user funds from KyberSwap. While investigations were underway, KyberSwap offered a 10% bounty — of roughly $40,000 — to the hacker as means to remediate the situation.Parallelly, based on an independent investigation, Binance’s security team identified two suspects that may be responsible for orchestrating the virtual heist. Binance CEO Changpeng ‘CZ’ Zhao confirmed that the intel had been sent to the Kyber team. #Binance security team has identified two suspects for yesterday’s KyberSwap hack. We have provided the intel to the Kyber team, and are coordinating with LE (law enforcement).Stay #SAFU. https://t.co/tbQBGaGTNG— CZ Binance (@cz_binance) September 3, 2022Binance has also begun coordinating with law enforcement as efforts from both ends continue to corner the hackers.Being the biggest crypto exchange in terms of trading volume, Binance’s proactive and selfless effort to help investors from other ecosystems didn’t go unnoticed, as one of the community members pointed out:“Binance is now playing the role of a big brother in the crypto space. Binance has gone beyond securing its platform to securing the entire crypto ecosystem.”If Binance’s investigation checks out, KyberSwap investors may be witness to a rare community-driven hack redemption.Related: Binance froze $1M corporate account due to law enforcement requestCZ recently retaliated against rumors and false allegations that Binance was a Chinese-based “criminal entity” that “secretly [belongs] in the pocket of the Chinese government.”While explaining his long-time ties to Chinese entrepreneurs and colleagues, he added: “The greatest challenge that Binance faces today is that we (and every other offshore exchange) have been designated a criminal entity in China. At the same time, our opposition in the west bends over backward to paint us as a ‘Chinese company.’”CZ confirmed that Binance has never been legally incorporated in China and never operated like a Chinese company culturally either.

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Crypto's adaptability, openness key to ideal monetary system, say BIS execs

Crypto's adaptability, openness key to ideal monetary system, say BIS execs

Uverejnil používateľ | sep 3, 2022 |

Governments across the globe see central bank digital currencies (CBDC) as a means to improve the existing fiat ecosystem. Cryptocurrency’s technical prowess supported by the central bank’s underlying trust is key to enabling a rich monetary ecosystem, suggests an International Monetary Fund (IMF) publication. “Digital technologies promise a bright future for the monetary system,” reads the publication attributed to IMF deputy managing director Agustín Carstens and BIS executives Jon Frost and Hyun Song Shin. A BIS study from June revealed that cryptocurrencies outdo fiat ecosystems when it comes to achieving the high-level goals of a future monetary system.Some of the most significant flaws preventing present-day cryptocurrencies from mainstream adoption, pointed out by the BIS execs, are bottleneck congestion in decentralized finance (DeFi) and the reliance on volatile assets.Both wholesale and retail CBDCs can potentially inherit abilities from the crypto ecosystem that benefit end users, the post highlighted:“By embracing the core of trust provided by central bank money, the private sector can adopt the best new technologies to foster a rich and diverse monetary ecosystem.”It further recommended central banks utilize innovations such as tokenization to allow purchases using multiple fiat currencies — further benefiting merchants and customers.Related: India cooperates with IMF on crypto consultation paperThe IMF’s gloomy forecast predicting a global economic slowdown raised concerns about an incoming recession in the crypto markets. Cointelegraph previously reported that Bitcoin (BTC) markets were likely to recover when the uncertainty about the current state of the economy and geopolitical tensions are resolved.However, the IMF pointed out that the various liquidations, bankruptcies and losses at major firms like Celsius, Three Arrows Capital and Voyager Digital Holdings had only a minor impact on traditional financial systems.

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US Congressman to review all Binance US files related to consumer safety

US Congressman to review all Binance US files related to consumer safety

Uverejnil používateľ | aug 31, 2022 |

Brian Shroder, the president and CEO of Binance US, received a federal letter requesting the urgent disclosure of official documents that prove the exchange’s adherence to various investor-centric safety protocols. The request comes from a Subcommittee chairman under the United States House Committee on Oversight and Government Reform.In the letter addressed to Shroder, Congressman Raja Krishnamoorthi from the Subcommittee on Economic and Consumer Policy highlighted the lack of participation from crypto exchanges in helping the US government curb financial fraud and protect investors, stating:“I am concerned by the rapid growth of fraud and consumer abuse. I am also concerned by the apparent lack of action by cryptocurrency exchanges to protect consumers conducting transactions through their platforms.”Krishnamoorthi showed skepticism in the vetting process that goes behind listing tokens on crypto exchanges, which ultimately increases the risks for the investors. Binance US, being a subsidiary of the biggest crypto exchange Binance, was reached out by the Subcommittee for producing various documents — in an attempt to help review the depth of their aforementioned concerns. Binance US will require to produce all requested documents since it began operation and has been given a deadline of less than two weeks, Sept. 12, 2022, to produce the same, as shown below.Snippet of the letter with document checklist for Binance US. Source: oversight.house.govSpeaking on behalf of the US Congress, Krishnamoorthi reiterated that crypto exchanges must take proactive measures to ensure investor safety “By implementing audit policies, requiring certain disclosures, delisting, and adopting other safety mechanisms.”In addition to the documents, Shroder has also been asked to answer questions disclosing the tools and mechanisms implemented by the exchange to reduce risks, fraud and scams.Related: Congress will likely decide the fate of crypto jurisdiction — Lummis stafferA recent survey revealed that 46% of adult crypto users in the United States witnessed loss in investments amid the ongoing crypto winter.A vast majority of the respondents tried investing in cryptocurrency while looking for a “different way to invest,” and thought it was a “good way to make money.”

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