Autor Cointelegraph By Arijit Sarkar

ETH gas price surges as Yuga Labs cashes in $300M selling Otherside NFTs

ETH gas price surges as Yuga Labs cashes in $300M selling Otherside NFTs

Uverejnil používateľ | máj 1, 2022 |

While the community was witness to the largest NFT mint yet, Ethereum (ETH) gas prices rose to unprecedented levels, in addition to users experiencing failed transactions due to blockchain bottlenecks.Bored Ape Yacht Club creator Yuga Labs launched a sale of Otherdeed non-fungible tokens (NFTs) that represents digital land deeds on their new venture, the Otherside metaverse. With each piece of land selling at 305 ApeCoin (APE) or nearly $5,800 at the time of the sale, Yuga Labs made $319 million after 55,000 NFTs sold out almost instantly.The Otherdeed NFT mint is sold out – we are awestruck at the demand shown tonight. Apes and Mutants, the opening of the 21-day claim period is being delayed until the price of gas drops to reasonable levels. We’ll tweet when the claim opens. https://t.co/iRz64lklbv— OthersideMeta (@OthersideMeta) May 1, 2022While the Otherdeed NFTs could be minted only in APE, it also required ETH for gas fees. The minting mechanics set by Yuga Labs envisioned the sale of NFTs in phases while anticipating a momentary rise in gas prices, which would then decelerate the number of users minting the NFTs:“This pattern of mint → bump limit → mint → bump limit will continue until NFT supply is exhausted. This approach is expected to prevent an apocalyptic gas war, while also encouraging as broad a distribution as possible.”Ethereum gas tracker. Source: EtherscanThe above screenshot was shared by Redditor u/jeux99 sharing their experience on high gas fees at the time, asking:“Why is gas $450 right now??? I’ve seen high gas fees, but nothing like this before!”As rightly pointed out by another Redditor, u/johnfintech, Etherscan data shows that numerous users paid anywhere between 2.6 ETH ($6500) to 5 ETH ($14000) as gas fees.Data on biggest contributors to gas fees. Source: nansenCiting some of the issues related to using Ether during its NFT launch, Yuga Labs stated:“We’re sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale.”For those that lost their ETH holdings in gas due to failed transactions, Yuga Labs has promised to refund the gas amount back to the users.Related: Vitalik Buterin proposes calldata limit per block to lower ETH gas costsEthereum’s infamous gas fees have been a long-standing concern among the community owing to the influx of ecosystems hosted by the blockchain, including NFTs.In Nov. 2021, Ethereum co-founder Vitalik Buterin proposed a new block-wide limit on the total transaction calldata to decrease the overall transaction calldata gas cost over the ETH network. While the community embraced the suggestion, it took over four months to implement EIP-4488 on the Ethereum-sidechain testnet on Geth. Community member Qi Zhou confirmed on 27th April about plans to upgrade the testnet within a month.

Čítaj viac
Warning: Smartphone text prediction guesses crypto hodler’s seed phrase

Warning: Smartphone text prediction guesses crypto hodler’s seed phrase

Uverejnil používateľ | máj 1, 2022 |

Seed phrases, a random combination of words from the Bitcoin Improvement Protocol (BIP) 39 list of 2048 words, act as one of the primary layers of security against unauthorized access to a user’s crypto holdings. But, what happens when your “smart” phone’s predictive typing remembers and suggests the words next time you try to access your digital wallet?Andre, a 33-year-old IT professional from Germany, recently posted on the r/CryptoCurrency subreddit after discovering his mobile phone’s ability to predict the entire recovery seed phrase as soon as he typed down the first word. As a fair warning to fellow Redditors and crypto enthusiasts, Andre’s post highlighted the ease with which hackers can use the feature to drain a user’s funds just by being able to type the first word out of the BIP 39 list:“This makes it easy to attack, get your hands on a phone, start any chat app, and start typing any words off the BIP39 list, and see what the phone suggests.”Speaking to Cointelegraph, Andre, otherwise known as u/Divinux on Reddit, shared his shock when he first experienced his phone literally guessing the 12-24 word seed phrase. “First, I was stunned. The first couple words could be a coincidence, right?”As a tech-savvy individual, the German crypto investor was able to reproduce the scenario wherein his mobile phone could accurately predict the seed phrases. After realizing the possible impact of this information if it went out to the wrong hands, “I thought I should tell people about it. I’m sure there are others who also have typed seeds into their phone.”Andre’s experiments confirmed that Google’s GBoard was the least vulnerable as the software did not predict every word in the correct order. However, Microsoft’s Swiftkey keyboard was able to predict the seed phrase right out of the box. The Samsung keyboard, too, can predict the words if “Auto replace” and “Suggest text corrections” have been manually turned on. Andre’s initial stint with crypto dates back to 2015 when he momentarily lost interest until he realized he could buy goods and services using Bitcoin (BTC) and other cryptocurrencies. His investment strategy involves purchasing and staking BTC and altcoins such as Terra (LUNA), Algorand (ALGO) and Tezos (XTZ) and “then dollar-cost averaging out into BTC when/if they moon.” The IT professional also develops his own coins and tokens as a hobby.A safety measure against possible hacks, according to Andre, is to store significant and long-term holdings in a hardware wallet. To Redditors across the world, OP’s advises “not your keys not your coins, do your own research, don’t FOMO, never invest more than you are willing to lose, always double-check the address you are sending to, always send a small amount beforehand and disable your PMs in settings,” concluding:“Do yourself a solid and prevent that from happening by clearing your predictive type cache.”Related: STEPN impersonators stealing users’ seed phrases, warn security expertsBlockchain security firm PeckShield warned the crypto community about a large number of phishing websites targeting users of the Web3 lifestyle app STEPN.#PeckShieldAlert #phishing PeckShield has detected a bath of @Stepnofficial phishing sites. They insert a false Metamask browser extension leading to stealing your seed phrase or prompt you to connect your wallets or “Claim” giveaway. @Metamask @Coinbase @WalletConnect @phantom pic.twitter.com/cmWUcprMAN— PeckShieldAlert (@PeckShieldAlert) April 25, 2022As Cointelegraph recently reported, based on PechShield’s findings, hackers insert a forged MetaMask browser plugin through which they can steal seed phrases from unsuspecting STEPN users.Access to seed phrase guarantees complete control over the user’s crypto funds via the STEPN dashboard.

Čítaj viac
Rari Fuze hacker offered $10M bounty by Fei Protocol to return $80M loot

Rari Fuze hacker offered $10M bounty by Fei Protocol to return $80M loot

Uverejnil používateľ | máj 1, 2022 |

Decentralized finance (DeFi) platform Fei Protocol offered a $10 million bounty to hackers in an attempt to negotiate and retrieve a major chunk of the stolen funds from various Rari Fuse pools worth $79,348,385.61 or nearly $80 million.On April 30, Fei Protocol informed its investors about an exploit across numerous Rari Capital Fuse pools while requesting the hackers to return the stolen funds against a $10 million bounty and a ‘no questions asked’ commitment.We are aware of an exploit on various Rari Fuse pools. We have identified the root cause and paused all borrowing to mitigate further damage.To the exploiter, please accept a $10m bounty and no questions asked if you return the remaining user funds.— Fei Protocol (@feiprotocol) April 30, 2022While the exact losses from the exploit were not officially released, DeFi investigator BlockSec’s monitoring system detected a loss of more than $80 million — citing the root cause as a typical reentrancy vulnerability. While reentrancy bugs have been the main culprit in many exploits within the DeFi ecosystem, the $80 million loot makes the Fei Protocol exploit one of the largest reentrancy hacks ever.Invocation flow. Source: BlockSecUpon further investigations, Rari developer Jack Longarzo revealed a total of six vulnerable pools (8, 18, 27, 127, 144, 146, 156) that have been temporarily paused while an internal fix is underway. At the time of writing, Rari’s internal and external security engineers partnered with DeFi service provider Compound Treasury to further investigate and neutralize the hack.Providing further insights into the development, blockchain investigator PeckShield narrowed down the exploit to a reentrancy bug, which allows hackers to use a function and make external calls to another untrusted contract.The old reentrancy bug bites again on Compound forks w/ $80M loss! This time, it re-enters via exitMarket()!!! https://t.co/NpC8AAZRXc Watch out, all Compound forks in EVM-compliant chains. Get in touch with your auditors now or feel free to contact us if we can be of any help pic.twitter.com/M9JElTWMSd— PeckShield Inc. (@peckshield) April 30, 2022

Security-focused ranking platform CertiK told Cointelegraph that the attacker has sent 5400 Ether (ETH) (~$15,298,900) to Tornado Cash and still holds $64,245,245.43 (22,672.97 ETH) in their wallet. The attack has drained funds from the Rari pool whilst the Fei Pools (Tribe, Curve) remain unaffected.Last year, in May 8, 2021, Rari Capital became victim to a high-priced exploit that was related to an integration with Alpha Venture DAO (previously Alpha Finance Lab). At the time of reporting, there have been no official announcements from the Fei Protocol team on the results of their investigation.Related: Plan for $1M bug bounties and double the nodes in wake of $600M Ronin hackAs the crypto community goes through an ever evolving battle against hackers, numerous projects and protocols have decided to amp up their security measures. On April 28, the Ronin Network and Sky Mavis revealed plans to upgrade their smart contracts — following the $600 million hack in the previous month.We have put together a postmortem regarding the Ronin exploit that occurred on March 23rd.• Why it happened• What we’re doing to make sure this never happens again• Ronin bridge re-opening updatehttps://t.co/FfwCtCG84E— Ronin (@Ronin_Network) April 27, 2022

The Federal Bureau of Investigation (FBI) attributed the attack to North Korea-based and state-sponsored hacking group Lazurus, as it fired off a warning to other crypto and blockchain organizations.

Čítaj viac
Binance to drive crypto and blockchain awareness among Indian investors

Binance to drive crypto and blockchain awareness among Indian investors

Uverejnil používateľ | apr 30, 2022 |

Crypto exchange Binance announced the parallel launch of three key educational initiatives to fast-track educating Indian investors and students about the cryptocurrency and blockchain ecosystem.While recognizing the importance of investors’ awareness of crypto and blockchain, Binance highlighted that Indian regulators and policymakers cite the lack of education as an area of concern, which currently hinders the widespread adoption of crypto. Primarily targeting the student demographic in India, one of the three educational initiatives launched by Binance involves the initiation of the ‘Blockchain for Good’ Ideathon, a platform for college students to come up with solutions for making crypto more accessible and inclusive.Binance also partnered with India-based crypto influencers and educators, including Neha Nagar, Aditya Saini and Kashif Raza, to host a free webinar named Crypto for All on May 1. According to the official announcement, the crypto influencers will focus on teaching the basic concepts of blockchain and crypto while demystifying myths related to crypto trading:“Along with providing certificates issued over blockchain by Binance NFT to all attendees, select winners will receive grand giveaways in Bitcoin and Binance Coin (BNB).”Excited!@binance has chosen me for their mission to educate masses on crypto assets and Blockchain.Plz register yourself for a LIVE webinar on 1st may 2022 at the link https://t.co/b1XUiAF77uEach participant will get a free certificate on Blockchain issued by Binance. pic.twitter.com/YBYgj6bKAa— Kashif Raza (@simplykashif) April 26, 2022Speaking to Cointelegraph about the Indian landscape, the founder of Bitinning, Kashif Raza, revealed that “The major roadblock in the current crypto education system is that there are not enough platforms providing education in a simplified manner.” He also pointed out the need for introducing educational information in various languages to cater to the vastly diverse Indian population.Binance’s third initiative is the newly launched Learn and Earn program that allows users to earn crypto while learning about the crypto and blockchain ecosystem. Being a long-standing crypto educator in India, Raza highlighted Binance Academy’s role in keeping up-to-date with the latest educational information. Underscoring the untapped opportunity in educating the young crowd of India, Leon Foong, Head of APAC at Binance, stated:“We hope to create the right incentives for users to do more thorough research and make better-informe investment decisions.”The crypto exchange has also partnered with one of India’s top tier universities, the Indian Institute of Technology Delhi (IIT – D), as a title sponsor for its cultural fest Rendezvous to showcase use cases, including NFT tickets and certificates, fan tokens and Proof of Attendance Protocol (POAP).On an end note, Raza recommended fellow Indians to educate themselves about the crypto ecosystem before making investments:“Learn first and then think of earning. Web3 > crypto and one should understand the underlying tech and also try to build a career in it.”Related: Coinbase to invest in Indian crypto and Web3 amid tax regulation clarityWhile counter-productive on some levels, India’s decision to levy heavy taxes on crypto investors has brought over certain clarity around the government’s stance on the budding ecosystem. In early April, Coinbase Ventures, an investment arm of American crypto exchange Coinbase, conducted an in-person pitching event in Bangalore, India, with plans to plan to invest $1 million in various Indian cryptocurrency and Web3 initiatives.In partnership with Buidlers Tribe, Coinbase CEO Brian Armstrong revealed that the venture firm intends to tap into India’s software talent and help accelerate India’s economic and financial inclusion goals. Speaking to Cointelegraph about the impact of the new tax law in attracting foreign investments, Buidlers Tribe co-founder Pareen Lathia stated:“Tax law is just one positive step. This is a paradigm shift, and regulations will catch up.”

Čítaj viac
Bitcoin network difficulty breaks into a new all-time high of 29.794T

Bitcoin network difficulty breaks into a new all-time high of 29.794T

Uverejnil používateľ | apr 30, 2022 |

Reassuring its position as the most resilient blockchain network against attacks, the Bitcoin (BTC) network recorded a new all-time high network difficulty for the second time this month in April — jumping from its previous all-time high of 28.587 trillion to 29.794 trillion.Greater network difficulty demands greater computational power to successfully mine a BTC block, which prevents bad actors from taking over the network and manipulating transactions, also known as double-spending. As evidenced by data from blockchain.com, Bitcoin’s network difficulty has seen almost a year-long uptrend since August 1, 2021. Before that, between May and July 2021, was a timeline when BTC network difficulty fell nearly 45.5% from 25.046 trillion to 13.673 trillion — at the time raising momentary concerns about the network’s vulnerability.Bitcoin network difficulty. Source: Blockchain.comFurther cementing Bitcoin’s resilience against 51% attacks, on April 28, the Bitcoin network hash rate too recorded a new ATH of 258 EH/s. As shown below, the network hash rate eased down to the 220 EH/s mark by the end of the month with no visible negative impact on the BTC network difficulty.Bitcoin total hash rate. Source: Blockchain.comThe month of April also was witness to one of the lowest average transaction fees on the Bitcoin network — the cost associated with transferring BTC. For the first time in two years, on April 18, the average BTC transaction fee fell down to $1.039, which at its highest was $62.788 in April 2021. While Bitcoin miners continue to pursue the last 2 million BTC into circulation, the network is well-positioned to attain a newer all-time high with respect to overall security and price.Related: Bitcoin hodlers targeting $100K is what’s preventing 40% price drawdown, data suggestsNew research paints an optimistic picture about BTC, underscoring the strength of hodlers hoping for all-time highs. As Cointelegraph reported, on-chain indicators suggest bullish momentum thanks to a lack of short-term holders (STHs), as noted by popular analyst “Root”:“Since we didn’t reach prices above 100K, which so many expected, many still believe this will eventually happen and might therefore hold on to their coins.”

Čítaj viac

Získaj BONUS 8 € v Bitcoinoch

nakup bitcoin z karty

Registrácia Binance

Burza Binance

Aktuálne kurzy