Crypto startup investor and IDEO Managing Director Ian Lee has revealed how DeFi protocols can avoid being cloned and drained of liquidity by improving upon their design and governance from the start. When SushiSwap forked from Uniswap on Friday, August 28, it suggested the beginning of a wave of similarly cloned DeFi protocols due to their open-source natures. Projects that take years of research and development, undergo several security audits, and attract millions in seed funding can simply be cloned with little or no recourse. In a blog on Substack,…
Day: September 2, 2020
‘We’re getting paid to produce Bitcoins’ reveals Texas BTC miner
Texas crypto miner operator Layer1 Technologies has been able to sell back its power supply for 8X the price. According to a Sept. 1 Bloomberg report, Layer1 reported nearly 700% profits from selling excess electricity from its ‘Bitcoin Batteries’ – large-scale energy storage systems used on the firm’s crypto farms in Texas. When the power demand for air conditioning is highest in Texas — where it’s regularly above 37 degrees Celsius (100 in Fahrenheit) in the summer — Layer1 reduces or stops crypto mining as needed to send any unused…
Alleged second teen mastermind behind Twitter’s ‘Bitcoin giveaway’ hack
The FBI executed a search warrant against a 16-year-old Massachusetts resident in connection with the massive Twitter breach. According to a New York Times report, on Sept. 1 authorities raided the home of a 16-year-old boy who may have played an “equal, if not more significant role” in the infamous July 15 hack, which resulted in millions of followers of high-profile Twitter accounts being falsely offered a 2-to-1 ‘giveaways’ for any Bitcoin (BTC) sent. The investigation revealed he may have posed as a Twitter employee or contractor to fool legitimate…