Autor Cointelegraph By Judith BannermanQuist

Santander UK limits crypto transactions for its customers

Santander UK limits crypto transactions for its customers

Uverejnil používateľ | nov 3, 2022 |

Multinational banking group Santander has placed a limit on all crypto transactions for its customers in the UK. The group cited cryptocurrency fraud warnings from regulators as the reason behind its decision. According an announcement on Nov. 3, the bank plans to protect its customers from the risks associated with investing in crypto assets, sharing that: “money held in customers’ crypto wallets is unlikely to be protected by the Financial Ombudsman Service and Financial Services Compensation Scheme if something goes wrong.”In an alleged effort to shield its customers from crypto-related risks, Santander UK said it believes that the best way to protect its clients is to limit the amount of money they can send to crypto exchanges, asserting that this is, “the best way to make sure your money stays safe.”The limitation will be enforced from Nov. 15, where customers will be restricted to a £1,000 limit per transaction, and a total limit of £3,000 a month. The bank added:“We’ll be making more changes to limit or prevent payments to crypto exchanges in the future, though we’ll always let you know before we make these changes”Despite the newly imposed limitation, customers will still be allowed to receive payments from cryptocurrency exchanges in their bank accounts.Related: Santander’s UK arm follows Barclays in banning payments to BinanceThe announcement was met with criticism and raised eyebrows from members of the crypto Twitter community. Bitcoin enthusiast, podcaster, and author @LayahHeilpern said, “Remember, they only ban what threatens them. If this isn’t your signal to buy I don’t know what is…”So literally nothing new. UK banks have been slowly blocking/limiting crypto payments for over a year now, I live there, I have multiple banks here— Brand ⚒️ (@Brand99_) November 3, 2022Another user by the name of @alesxius shared: “Since when do they have the authority to tell you what you can and can’t do with your own money?”Since when do they have the authority to tell you what you can and can’t do with your own money?— Alesxius (@alesxius) November 3, 2022

In 2021, Cointelegraph reported that Santander’s U.K. banks had followed in Barclays’ footsteps in banning its customers from sending payments to Binance, citing warnings from the Financial Conduct Authority.

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Skyward finance exploit allegedly results in $3 million loss

Skyward finance exploit allegedly results in $3 million loss

Uverejnil používateľ | nov 2, 2022 |

Skyward finance, an IDO platform enabling fair token distribution for projects on the NEAR Protocol, has reportedly been exploited for 1.1M NEAR tokens, worth an estimated $3 million USD at time of publication. The news was shared on Twitter by Aurora Lab’s community moderator Sanket Naikwadi, who stated that the exploit was first noticed by a member of the NEAR protocol community, who goes by the handle @Nearscout. The @skywardfinance was just exploited for ~1.1M $NEAR Tokens (Worth ~3M) . Thnx to @NearScout for noticing the treasury drain, he pinged me asking if something is wrong with skyward… then we looked into contract txns and found out about the exploit and sus txns.smol — SankΞt Ⓝ⚡️| sanketn81.near ,sanketn81.lens (@sanket_naikwadi) November 2, 2022According to the series of tweets on the exploit, Ref finance — a community-led multi-purpose DeFi platform built on the NEAR Protocol — and the Skyward team have been notified of the drain. The exploiter reportedly initiated the drain by buying lots of skyward tokens on Ref Finance, and “then redeemed it through Treasury on Skyward Finance.”, where they appear to have “got lots of NEAR than what 1 SKYWARD was worth”.Naikwadi cautioned SKYWARD Token holders to redeem or swap their tokens wherever they can, and no longer interact with Skyward Finance, adding that the “Hacker has already withdrawn NEAR to lots of different wallets.”If you’re a SKYWARD Token holder redeem/swap wherever you can and no longer interact with Skyward Finance.Hacker has already withdrawn NEAR to lots of different wallets.Huge shoutout again to @NearScout.also, Shoutout to @pikespeak_ai , it helped a lot in identifying the txns— SankΞt Ⓝ⚡️| sanketn81.near ,sanketn81.lens (@sanket_naikwadi) November 2, 2022

Related: Barely halfway and October already the biggest month in crypto hacks: Finance Refined Exploits within the Defi ecosystem appear to be on the rise. Blockchain analytics firm Chainalysis recentlylabeled October 2022 as “the biggest month in the biggest year ever for hacking activity.”On Oct 12, Cointelegraph reported that $100 million worth of cryptocurrency was drained from Solana-based decentralized finance (DeFi) exchange Mango Markets, resulting in its token plunging by 52%. On the same day of the Mango Market’s exploit, TempleDAO was also exploited for $2 million.

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South African grocery giant ‘Pick n Pay’ intends to accept Bitcoin in all stores nationwide

South African grocery giant ‘Pick n Pay’ intends to accept Bitcoin in all stores nationwide

Uverejnil používateľ | nov 1, 2022 |

Pick n Pay, one of South Africa’s largest supermarket chains, is set to allow its customers to pay for items in all its stores using Bitcoin.According to South African-based tech news outlet Tech Central, Pick N Pay is planning to roll out its cryptocurrency payments service to its stores nationwide in the coming months, after years of experimentation in select stores. The supermarket chain allegedly started experimenting with Bitcoin payments five years ago in Cape Town, but was stymied by expensive costs and long transaction wait times. The nationwide rollout will allow the store’s customers to pay for items using cryptocurrency through “trusted apps” on their smartphones, or by simply scanning a QR code and accepting the rand conversion rate at the time of payment.As per the report, Chris Shortt, the group executive for IT at Pick n Pay, shared that the advancement and evolution of cryptocurrency technology over the years has made it possible to now “provide an affordable service for high volume, low-value transactions that will promote financial inclusion in South Africa.”Pick n Pay reportedly partnered with Electrum and CryptoConvert during its pilot program to make it possible for customers to pay for items via the bitcoin lightning network.Related: South African crypto landscape primed for TradFi growth after FSCA rulingSouth Africa appears to be making headway when it comes to the adoption of cryptocurrency in the African region. In October, South Africa’s Financial Sector Conduct Authority (FSCA) amended its financial advisory to define crypto assets in the country as financial products, making it possible for cryptocurrencies to be offered by both domestic and international South-African licensed financial service providers. Chainalysis’ 2022 Global Crypto Adoption Index, published in September, also ranked South Africa 30th worldwide for cryptocurrency adoption. Various estimates support the notion that about 10-13% of the South African population are crypto holders.

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Decentralized Storage Alliance seeks to bridge the Web3 gap through education and advocacy

Decentralized Storage Alliance seeks to bridge the Web3 gap through education and advocacy

Uverejnil používateľ | okt 31, 2022 |

Decentralized storage network Filecoin has partnered with Protocol Labs and other participants within the Web3 ecosystem to launch the Decentralized Storage Alliance. According to the announcement, one of the main goals of the newly formed alliance is to help Web2 enterprises transition to Web3 through education, advocacy and best practices.The Alliance said it hopes to achieve this by bringing together diverse viewpoints from leading Web2 and Web3 industry players, such as Advanced Micro Devices, Ernst & Young and data storage solutions provider Seagate. The organization aspires to become a trusted space where different companies can collaborate around Web3 technologies like decentralized storage in order to accelerate its adoption.It also seeks to provide access to educational materials and technical resources that will improve the process of onboarding data to decentralized storage networks, and make it easier for new data centers to onboard to the network. Stefaan Vervaet, head of network growth at Protocol Labs, claimed:“With top-tier leaders across Web2 and Web3 coming together to explore the unrealized potential of decentralized technology, this Alliance has the power to transform the foundation of the internet.” Related: Filecoin service provider announces move to Singapore in light of tightening restrictions in China On Oct. 25, Cointelegraph reported that another Protocol Labs initiative launched CO2.Storage, a Web3 data storage solution that intends to enable transparency for carbon offsets and address traditional storage solutions for all types of digital environmental assets, including renewable energy credits. The initiative was designed with the intention of reducing the environmental impact of Filecoin.

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Axelar partners with Polygon to deliver cross-chain communication to Polygon Supernets

Axelar partners with Polygon to deliver cross-chain communication to Polygon Supernets

Uverejnil používateľ | okt 27, 2022 |

Cross-chain platform Axelar has announced a partnership with Polygon to deliver secure cross-chain communications to Polygon Supernets. The company said that Axelar’s partnership with Polygon will serve as infrastructure for an interoperable internet of dedicated Ethereum Virtual Machine (EVM) blockchains powered by Polygon Edge. Speaking with Cointelegraph, CEO and co-founder of Axelar Sergey Gorbunov shared that this partnership is important to the Web3 ecosystem because the industry needs to scale from thousands of developers to millions. According to Gorbunov:“Application-specific chains are critical infrastructure for that step, but they present huge challenges without interoperability. Axelar and Polygon Supernets are enabling developers to build on chains that make it easy to accomplish their goals, with zero barriers to liquidity or user onboarding.”In response to how the partnership between Axelar and Polygon will positively impact the Web3 ecosystem, Gorbunov said that, “Ethereum ecosystem developers will now have access to functions and users on the dozens of connected chains Axelar has integrated. That means developers can compose freely and build dApps that can attract users in the hundreds of millions.”Related: Blockchain platform Axelar establishes unicorn status, mainnet launch impending According to Gorbunov, the partnership with Polygon is an opportunity to share the vision of a cross-chain future with a growing community of builders on Polygon Supernets, and support the applications and blockchains that will be built there. He added that Polygon users would benefit from this partnership because, “they will be able to connect securely to functions, assets, and user networks, anywhere on Web3.”Gorbunov told Cointelegraph that apart from developers, the biggest beneficiaries of this partnership will be new users, “who can onboard into those dApps bringing their existing tokens, wallets, and Web3 identities – without having to bridge or swap via separate interfaces.”In September, Cointelegraph shared that Axelar had entered into a partnership with Mysten Labs — the infrastructure company behind the Sui blockchain — to deliver cross-chain communication for developers through General Message Passing and to advance the prospect of a so-called “super DApp.”

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