Autor Cointelegraph By Arijit Sarkar

Ethereum liquidity provider XCarnival negotiates return of 50% stolen ETH

Ethereum liquidity provider XCarnival negotiates return of 50% stolen ETH

Uverejnil používateľ | jún 27, 2022 |

XCarnival, a liquidity provider for the Ethereum ecosystem, recovered 1,467 Ether (ETH) just a day after suffering an exploit that drained 3,087 ETH, worth roughly $3.8 million, from the protocol.Blockchain investigator Peckshield noticed the XCarnival hack as it came across a stream of transactions that eventually bled 3,087 ETH from the protocol. Explaining the nature of the exploit, Peckshield stated:“The hack is made possible by allowing a withdrawn pledged NFT to be still used as the collateral, which is then exploited by the hacker to drain assets from the pool.”Soon after the revelation, XCarnival proactively informed the users about the hack while temporarily suspending a part of its services to counter the annoying attack. The protocol also offered the hacker 1,500 ETH as a bounty in addition to offering exemption from legal proceedings.XCarnival was attacked on June 26, 2022 and suspended part of the protocol. XCarnival officials will give 0xb7CBB4d43F1e08327A90B32A8417688C9D0B800a owner 1500 ETH bounty. At the same time, XCarnival officals explicitly exempt the person from legal action. By XCarnival team— XCarnival (@XCarnival_Lab) June 27, 2022Eventually, XCarnival suspended the smart contracts and deposit and borrowing features until it could identify and rectify the internal bug that made the hack possible. According to Packshield, the hacker used a previously withdrawn pledged NFT from the Bored Ape Yacht Club (BAYC) collection as collateral to drain the assets.Flowchart showing the transfer of the stolen XCarnival funds. Source: PeckshieldWhile the XCarnival hacker’s wallet showed the presence of 3,087 ETH after the hack, the remaining funds seem to be siphoned successfully — with the wallet showing 0 ETH at the time of writing.ETH wallet balance of the XCarnival hacker. Source: etherscan.io XCarnival announced plans to reveal details about the situation in time to come.Related: White hat hacker attempts to recover ‘millions’ in lost Bitcoin, finds only $105What could have been the story of the year turned out to be a disappointment after efforts from a white hat hacker to recover a locked phone full of Bitcoin (BTC) resulted in the discovery of just 0.00300861 BTC.As Cointelegraph reported, Joe Grand, a computer engineer and hardware hacker, traveled from Portland to Seattle to potentially recover BTC from a Samsung Galaxy SIII phone owned by Lavar, a local bus operator. Meticulous efforts that involved micro soldering, downloading the memory and discovering the Samsung’s swipe pattern for access, Lavar opened his MyCelium Bitcoin wallet and discovered only 0.00300861 BTC — worth $105 at the time, down to roughly $63 at the time of publication.

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Small-time investors achieve the 1 BTC dream as Bitcoin holds $20k range

Small-time investors achieve the 1 BTC dream as Bitcoin holds $20k range

Uverejnil používateľ | jún 26, 2022 |

Ever since early Bitcoin (BTC) investors woke up millionaires as the ecosystem gained tremendous popularity alongside the mainstreaming of the internet, investors across the globe have been in the rush to accumulate as many of the 21 million BTC — one Satoshi at a time.With BTC recently trading at the $20,000 range for the first time since 2020, small-time investors found a small window of opportunity to achieve their dream of owning at least 1 BTC. On June 20, Cointelegraph reported that the number of Bitcoin wallet addresses containing one BTC or more increased by 13,091 in just 7 days. While the total number of addresses holding 1 BTC saw an immediate reduction in days to come, the crypto community on Reddit continues to welcome new crypto investors that hodled their way into becoming a wholecoiner.A Reddit post announcing the procurement of 1 Bitcoin. Source: RedditRedditor arbalest_22, who shared the above screenshot, revealed that it took him around $35k in total to accumulate 1 BTC over several months since February 14, 2021. Showing further support for the Bitcoin ecosystem, the Redditor aims to continue procuring Satoshis or sats until he accumulates over 2 BTC. Arbalest_22 started purchasing BTC from crypto exchange Coinbase but later started using Strike owing to lower fees. Sharing a peek into his future plans, they stated:“I’m hoping in the future I can treat it more like rich people treat real estate and take loans out against it. Then as it appreciates just pay off the old loan with a new one. Boom, tax-free income.”Following suit, another Reddit user Evening-Main-5860, too, posted about being able to 1 BTC after largely following a dollar-cost averaging (DCA) strategy, wherein they regularly bought smaller amounts of BTC over a long period of time, stating:“I was able to catch the falling knife and buy enough to get me over the finish line. This was no easy feat. I’m just an ordinary guy with an ordinary life.”Data on number of wallet addresses with at least 1 BTC. Source: GlassnodeBetween June 15 to June 25, the total number of Bitcoin wallet addresses holding more than 1 BTC grew by 873, according to Glassnode data.Related: ‘Bitcoin dead’ Google searches hit new all-time highWhile falling BTC prices are seen by many as an investment opportunity, Google search trends highlight the tendency of other investors to speculate about its demise.Google searches for “bitcoin dead” hit all time highs over the weekend. pic.twitter.com/oDXNqGEeIL— Alex Krüger (@krugermacro) June 20, 2022The Google search results reflect peak anxiety for the cryptocurrency markets following weeks of relentless selloffs in asset prices.

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Bitpanda announces layoffs citing no compromise on product quality

Bitpanda announces layoffs citing no compromise on product quality

Uverejnil používateľ | jún 25, 2022 |

Austrian crypto and stock trading platform Bitpanda joins the growing list of companies to announce a mass layoff as it aims to “get out of it financially healthy” amid an unforgiving bear market.Over the past several weeks, the bear market resulted in numerous catastrophic outcomes for many ecosystems such as Terra’s (LUNA) and Abracadabra’s Magic Internet Money (MIM) de-pegging fiasco. Witnessing the crashes from a front-row seat, Bitpanda made the “tough decision” of cutting down its employee headcount to roughly 730 people.While the exact number of employees intimated to stop working for Bitpanda remains undisclosed, data from LinkedIn indicates that the company is in the process of laying off approximately 277 full-time and part-time employees. In the announcement, named ‘The Way Forward,’ Bitpanda supported the move to cut down employees by highlighting the need to be “robustly well-capitalized” amid uncertain market conditions, stating:“It is a tough, but necessary decision and we are confident that the new organizational design will help us be more focused, effective and stronger as a company.”The company is offering itex-employees support packages which include mental health support, references and an employee assistance program (EAP). Speaking about its hypergrowth phase, a timeline when the crypto market breached the $2 trillion market capitalization, Bitpanda revealed problems with internal processes and infrastructure to successfully onboard new joiners:“We reached a point where more people joining didn’t make us more effective, but created coordination overheads instead, particularly in this new market reality. Looking back now, we realize that our hiring speed was not sustainable. That was a mistake.”Bitpanda has not yet responded to Cointelegraph’s request for comment.Related: Coinbase to shut down Coinbase Pro to merge trading servicesJoining the mass reorganization drive to better suit the bear market, American crypto trading firm Coinbase announced the closure of its Coinbase Pro services. As Cointelegraph reported, Coinbase Pro’s services will gradually migrate to Advanced Trade, Coinbase’s new trading section accessible via the exchange’s website — over the next several months.

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Bitcoin network power demand falls to 10.65GW as hash rate sees 14% drop

Bitcoin network power demand falls to 10.65GW as hash rate sees 14% drop

Uverejnil používateľ | jún 25, 2022 |

The overall power consumption of the Bitcoin (BTC) network recorded a drastic drop after mimicking the two-week-long fall in the mining hash rate, which reduced the commuting power for mining BTC blocks to 199.225 exahash per second (EH/s). According to the data shared by the Cambridge Centre for Alternative Finance, the Bitcoin network recorded the year 2022’s lowest power demand of 10.65 gigawatts (GW). At its peak, the BTC network demanded 16.09 GW of power. Bitcoin network power demand from 2018-2022. Source: ccaf.ioOn June 16, a Cointelegraph report highlighted how the banking sector utilizes 56 times more energy than the Bitcoin ecosystem. Publisher Michel Khazzaka, an IT engineer, cryptographer and consultant said in an exclusive interview:“Bitcoin Lightning, and Bitcoin, in general, are really great and very efficient technological solutions that deserve to be adopted on a large scale. This invention is brilliant enough, efficient enough, and powerful enough to get mass adoption.”The sudden reduction in Bitcoin’s power demand can be attributed to the falling hash rate. The mining hash rate serves as a key security metric, the computing power required by BTC miners to successfully mine a block.Bitcoin hash rate graph for 2022. Source: blockchain.com Bitcoin’s mining difficulty reached an all-time high of 231.428 EH/s on June 13, which was followed by over a -13.9% drop over two weeks. The latest breakdown of the hash rate distribution shows F2Pool and AntPool as the biggest known miners with each mining 81 and 80 blocks over the last four days respectively. Related: Scientists claim to have designed a fully decentralized stablecoin pegged to electricityA group of researchers, under federal funding, designed a class of stablecoin dubbed the Electricity Stablecoin (E-Stablecoin) that would transmit energy as a form of information. As explained by Cointelegraph, the E-Stablecoin would be minted through the input of one kilowatt-hour of electricity, plus a fee, which could then be used for transactions the same way as any stablecoin.

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Crypto resonates better with BIS' vision of ideal monetary system

Crypto resonates better with BIS' vision of ideal monetary system

Uverejnil používateľ | jún 22, 2022 |

In its continued efforts to identify the ideal future monetary system, The Bank of International Settlements (BIS) revealed the edge of the crypto ecosystem over the present-day fiat economy when it comes to fulfilling the policy goals. While sharing its vision for the future monetary system, the BIS outlined eight high-level goals it hopes to achieve — safety and stability, accountability, efficiency, inclusion, user control over data, integrity, adaptability and openness. In its study, BIS found the crypto ecosystem outweighs the traditional finance when it came to broadly fulfilling the policy goals.High-level goals of the monetary system set by the BIS. Source: BISThe above table shared by the BIS shows that the current-day fiat economy is far from meeting the requirements of an ideal monetary system. The report awarded points to the fiat ecosystem for the safety and stability policy while highlighting that “public oversight has helped achieve safe and robust payment systems.”The cryptocurrency ecosystem, however, broadly fulfilled two of the eight policies laid down by the BIS — adaptability and openness. In addition, the report suggested improvements in the inclusion and user control over data policies, which would result in the crypto ecosystem fulfilling half of BIS’ recommendation for an ideal monetary system.The BIS currently banks on the rise of central bank digital currencies (CBDC) to counter the mainstream adoption of cryptocurrencies. Its vision for the future monetary system involves the use of multi-CBDC arrangements with new data architectures that provide better privacy and control while serving the unbanked.The BIS Innovation Hub recently shared plans to launch a market intelligence platform as a reaction to the collapse of numerous stablecoins projects and decentralized finance (DeFi) lending platforms. The platform aims to serve as an alternative to unregulated firms for providing data on asset backing, trading volumes and market capitalization. Related: Bank of Israel experiments with central bank digital currency smart contracts and privacyThe Bank of Israel recently commenced its first technological experiment with a CBDC, which examined user privacy and the use of smart contracts in payments.While the experiment was riddled with a myriad of technical issues, it also highlighted the need to establish a Know Your Customer and an Anti Money Laundering system through a centralized database.

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