Autor Cointelegraph By Arijit Sarkar

Bitcoin hash rate marks all-time high as BTC price drops below $25K

Bitcoin hash rate marks all-time high as BTC price drops below $25K

Uverejnil používateľ | jún 13, 2022 |

Bitcoin (BTC) hash rate, a network security measure based on computing power for mining, achieved a new all-time high (ATH) of 231.428 ExaHash per second (EH/s) amid an ongoing bear market that witnesses BTC price plunging below the critical $25,000 mark.Hash rate is directly proportional to the computing power of mining equipment for confirming transactions, which deters bad actors from manipulating on-chain transactions. Complimenting the new hash rate ATH, the Bitcoin network difficulty stands at a strong position of 30.283 trillion.The estimated number of TH/s the Bitcoin network is performing in the last 24 hours. Source: Blockchain.comSome of the most popular Bitcoin mining pools based on market share include Poolin, AntPool, F2Pool, ViaBTC and SlushPool. However, a majority of the total hash rate is contributed by distributed miners, shown as ‘Others’ in the graph below.An estimation of hash rate distribution amongst the largest mining pools. Source: Blockchain.comDespite the market crash that threatens to wipe numerous crypto projects out of existence, the Bitcoin ecosystem continues to strengthen its core by consistently recording new ATHs for hash rate, network difficulty and network capacity.In addition, the Bitcoin Lightning Network — the layer-2 technology built on Bitcoin, too increased its capacity to 4,000 BTC, furthering its goal to enable faster and cheaper peer-to-peer BTC transactions. With continued support from miners, traders and developers, Bitcoin remains well-positioned to be hosted on the most secure blockchain network in the world.Related: Lowest weekly close since December 2020 — 5 things to know in Bitcoin this weekBlock subsidiary TBD announced plans to build “Web5,” a new decentralized web centered around BTC, underscoring founder Jack Dorsey’s belief that the largest blockchain network will play a major role in the internet’s evolution.1/ Jack Dorsey’s @TBD54566975 unit has just announced it is building “Web5”.This new decentralized web leverages #Bitcoin to put users back in control of their data and identity – once and for all.Here’s a thread with all you need to know … pic.twitter.com/TpW8OvuyKX— Namcios (@namcios) June 10, 2022Unlike Web3’s aim to decentralize the Internet, Dorsey envisions Web5 as an identity-based system that runs only on the Bitcoin blockchain. As previously explained by Cointelegraph, based on TBD’s prototype documents, Web5, as a decentralized web platform (DWP) allows developers to create decentralized web apps via DIDs and decentralized nodes. 

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Yuga Labs co-founder prewarns possible attack, claims Twitter insider involved

Yuga Labs co-founder prewarns possible attack, claims Twitter insider involved

Uverejnil používateľ | jún 12, 2022 |

Gordon Goner, the pseudonymous co-founder of Yuga Labs, issued a warning about a possible incoming attack on their social media accounts under the Yuga Labs umbrella after receiving “credible information” that an insider from Twitter would help bypass the security of the accounts.Yuga Labs, home to some of the most popular nonfungible tokens (NFTs), including the Bored Ape Yacht Club (BAYC) and Otherside, proactively approached Twitter for security after receiving information about a soon-to-happen orchestrated attack on its social media accounts.We’ve received credible information that there may soon be an attack on our social media accounts, using an inside source at @Twitter to bypass our security. There are no surprise mints. Ever.— GordonGoner.eth (@GordonGoner) June 11, 2022Soon after warning the community, Twitter officials began actively monitoring the activities on the accounts in addition to fortifying their existing security. While issuing the proactive warning, Goner informed investors that the company would never conduct surprise mints — a popular method attackers use to lure in victims.The popularity and public demand of Yuga Labs’ NFT offerings resulted in the inadvertent rise of ape-themed scams. On June 5, attackers managed to breach into Yuga Labs’ BAYC an OtherSide Discord groups and made away with over 145 Ether (ETH).BAYC & OtherSide discords got compromised‼️Seems because Community Manager @BorisVagner got his account breached, which let the scammers execute their phishing attack. Over 145E in was stolen Proper permissions could prevent this pic.twitter.com/lCl2DfZQ0W— OKHotshot (@NFTherder) June 4, 2022

An investigation by blockchain detective OKHotshot revealed that the attack was conducted by hacking into the Discord account of Boris Vagner, community and social manager at Yuga Labs.Related: Optimism loses 20M tokens after L1 and L2 confusion exploitedOptimism layer-2 scaling solution suffered a loss of 20 million OP tokens after falling victim to an exploit in its market maker’s smart contract.Hey folks–in the interest of transparency, we’d like to share some details about an ongoing situation:https://t.co/915vIgRIJGSummary below — Optimism (✨_✨) (@optimismPBC) June 8, 2022

Out of the lot, one million tokens valued at about $1.3 million were sold off and one million tokens valued at about $730,000 were transferred to Vitalik Buterin’s Ethereum address on Optimism. The remaining 18 million tokens remain dormant and can be sold or used to sway governance decisions.

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UNFCCC weighs blockchain use cases to fight climate change with Cointelegraph

UNFCCC weighs blockchain use cases to fight climate change with Cointelegraph

Uverejnil používateľ | jún 12, 2022 |

The United Nations Framework Convention on Climate Change (UNFCCC) along with climate change entrepreneurs and Cointelegraph delved into discussing the role of emerging technologies such as blockchain in solving global issues including climate change.During the DigitalArt4Climate press conference, Cointelegraph editor-in-chief Kristina Cornèr took over the stage to understand the various blockchain initiatives that actively fight climate change. Starting off the conversation was Anna Dart, a digital avatar by DigitalArt4Climate who shared the idea of bringing together artists to inspire climate change:“We are blessed with having the opportunity to impact our world with the transformational power of art and eco-friendly blockchain technology together.”As part of the initiative, the digital arts of the finalists will be exhibited as clean nonfungible tokens (NFT) across various UN initiatives related to climate change. Miroslav Polzer, the founder and CEO of IAAI and the strategic director of the Climate Chain Coalition, took over the conversation as he explained the next phase of the initiative — which involves mobilizing the resources or funds. Panelists at the UN Climate Change conference. Source: UNFCCCPolzer explained that the sale of the clean NFT aims to support United Nations’ youth-focused Sustainable Development Goals initiative — with 15% of the revenue going to the artists, 35% to the Youth Climate Action Fund. The remaining 50% will be dedicated to institutional and technological infrastructure for non-party stakeholders including DigitalArt4Climate management, the United Citizens Organization DAO set-up, education and GloCha GoodLifeApp. Diving into the technical aspects of NFTs for climate change, Irina Karagyaur, the head of ecosystem growth and BD at Unique Networks, spoke about bringing back the power to creators and people. She supported Unique Networks’ decision to build proof-of-stake (PoS) NFTs over Polkadot citing the need for a lower carbon footprint, especially when fighting climate change:“In general, the industry is transitioning to PoS to enable climate and ESG initiatives and to improve and reduce energy consumption by 99%.”Dolphine Magero, the CEO of Global Youth Climate Action Fund Institution, too, highlighted the importance of including artists that wish to join in on the global fight against climate change. According to Karagyaur, minting an NFT on Unique equates to emitting a carbon footprint of a single human breath, which can be used to power climate action. Eyeing widespread adoption of the technology, Unique Networks launched an open NFT marketplace wherein artists can mint eco-friendly NFTs to power various climate change initiatives:“There is a blue ocean for doing good, please reach out to us, pitch us your idea and be part of the movement.”Related: Iota Foundation joins Dell to develop real-time carbon footprint trackingDell’s edge solutions team announced the onboarding of Iota Foundation, climate change-focused technology company ClimateCHECK and BioE to develop a solution on top of Dell’s in-house Data Confidence Fabric (DCF) and Project Alvarium initiatives.We’ve partnered w/ @Iota, BioE, & @ClimateCHECK to develop real-time carbon footprint tracking through a #data confidence fabric! Hear how #ProjectAlvarium accurately tracks carbon footprints w/ #DellTech Edge solutions.https://t.co/u5CxmbMBAL@Intel #IOTA #Sustainability pic.twitter.com/52RENnEW3X— Dell Edge & Telecom (@Dell_Edge) June 6, 2022Mathew Yarger, head of sustainability at the Iota Foundation, stated:“Transparency and trust in data is paramount for addressing the global issues of climate change and transitioning to climate action.”

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Do Kwon dismisses allegation of cashing out $2.7B from Terra (LUNA), UST

Do Kwon dismisses allegation of cashing out $2.7B from Terra (LUNA), UST

Uverejnil používateľ | jún 12, 2022 |

Do Kwon, the CEO and co-founder of the infamous Terra (LUNA) and TerraUSD (UST) ecosystems, refuted the claims of cashing out $80 million every month for nearly three years. Numerous unconfirmed reports surfaced on June 11, claiming Kwon’s participation in draining liquidity out of LUNA and UST before the crash to purchase US dollar-pegged stablecoin such as Tether (USDT).Rumors about Kwon cashing out LUNA and UST reserves surfaced after a Twitter thread by @FatManTerra shared the alleged details on how Kwon, along with Terra influencers, managed to drain funds while artificially maintaining the liquidity. Some of you thought $80m per month was bad. That’s nothing. Here’s how Do Kwon cashed out $2.7 billion (33 x $80m!) over the span of mere months thanks to Degenbox: the perfect mechanism to drain liquidity out of the LUNA & UST system and into hard money like USDT. (1/13)— FatMan (@FatManTerra) June 11, 2022However, the entrepreneur advised the crypto community to steer away from fueling the rumor until it was proven true:“This should be obvious, but the claim that I cashed out $2.7B from anything is categorically false.”Sharing his side of the story, Kwon stated that the recent rumor of cashing out $80 million per month contradicts the claims that he still holds most of his LUNA holdings, procured during the airdrop. Moreover, Kwon further reiterated that his income over the past two years has only been a cash salary from TerraForm Labs (TFL).3/ To reiterate, for the last two years the only thing ive earned is a nominal cash salary from TFL, and deferred taking most of my founder’s tokens because a) didn’t need it and b) didn’t want to cause unnecessary finger pointing of “he has too much”— Do Kwon (@stablekwon) June 12, 2022

Kwon told the community that “spreading falsehood” adds to the pain of all LUNA investors, remarking that:“I didn’t say much because I don’t want to seem like playing victim, but I lost most of what I had in the crash too. I’ve said this multiple times but I really don’t care about money much.”Related: Anchor dev claims he warned Do Kwon over unsustainable 20% interest rateMr. B, a developer from Anchor Protocol, a Terra-centric sub-ecosystem, allegedly warned Kwon about the unrealistic high-interest rates. Mr. B said that the platform was designed only to offer an interest rate of 3.6% for keeping the Terra ecosystem stable, but was changed to 20% just before the release:“I thought it was going to collapse from the beginning (I designed it), but it collapsed 100%.”The developer allegedly suggested to Kwon about lowering the interest rates but the request was refused. Do Kwon has been summoned to attend a parliamentary hearing on the matter in South Korea in mid-May.

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Coin Center takes US Treasury to court over alleged financial spying

Coin Center takes US Treasury to court over alleged financial spying

Uverejnil používateľ | jún 11, 2022 |

Coin Center, a Washingon, DC-based non-profit blockchain advocacy group, filed a lawsuit against the United States Department of the Treasury for allegedly provisioning an unconstitutional amendment in the controversial infrastructure bill.Coin Center lawsuit information about plaintiffs and defendants. Source: Case: 5:22-cv-00149-KKCIn an official announcement, Coin Center revealed the filing of a suit against the Treasury Department in federal district court — challenging the enforcement of Section 6050I’s reporting mandate within the Infrastructure Investment and Jobs Act. The lawsuit read:“In 2021, President Biden and Congress amended a little-known tax reporting mandate. If the amendment is allowed to go into effect, it will impose a mass surveillance regime on ordinary Americans.”The 6050I amendment requires individuals and businesses to report information related to all incoming transactions worth $10,000 or more, which includes the sender’s name, date of birth and Social Security number. Coin Center, in its announcement, highlighted how the amendment affects the entire crypto community, including the NGOs that receive anonymous donations and nonfungible token (NFT) artists who will have to reveal their client’s personal information to the government.In the first claim of the lawsuit, Coin Center alleged that the 6050I provision is not aimed at collecting information about the third parties but rather focuses on the information about the general public participating in crypto transactions. “The second claim is about our freedom of association,” the company added as it pointed out a Supreme Court ruling that forbids the government from forcing organizations to keep and report lists of their members.On an end note, Coin Center reached out to the crypto community for support, stating that:“We are considering adding additional co-plaintiffs to this suit, so if you might fit this description and are interested, please get in touch.”Related: Leaked copy of US draft bill shows DeFi and DAOs under regulatory lensLast week, on June 7, Cointelegraph came across a leaked copy of a US draft bill concerning cryptocurrency doing the rounds on Twitter.here you go(plz RT) pic.twitter.com/UOVhIUiUBu— slam (@bot_slam) June 7, 2022Further investigations revealed the regulators’ concerns around user protection across the decentralized finance (DeFi), stablecoins, decentralized autonomous organizations (DAOs) and crypto exchanges ecosystems.

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