Day: February 23, 2023

Developers Propose Cross-Chain Bridge for XRPL Network to Enhance Blockchain Interoperability – Bitcoin News

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Software engineers and members of the development lab Ripplex want to create a cross-chain bridge for the XRPL network to bolster cross-chain transfers between different blockchain networks. According to a recent Github draft, the proposal outlines how the cross-chain bridge could function and suggests ways to prevent transaction replay. Ripplex Dev Proposes XRPL Cross-Chain Bridge Technology According to a recent draft submitted to Github, developers want to create a cross-chain bridge for the XRP Ledger (XRPL). The technology would allow cross-chain transfers and provide blockchain interoperability between XRPL and various…

MEXC Global publishes proof of reserves after month long testing

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On Feb. 22, cryptocurrency exchange MEXC Global released its proof-of-reserves (PoR) snapshot after 45 days of testing. In a document seen by Cointelegraph, MEXC claimed its reserve ratios for Tether (USDT), USD Coin (USDC), Bitcoin (BTC), and Ethereum (ETH) were 120.70%, 240.18%, 116.50%, and 110.53%, respectively via the Merke Tree method.  As of the date of snapshot on Feb. 10, MEXC held 232.4 million USDT, 33.0 million USDC, 1,869.0 BTC, and 12,472.0 ETH in custodied user assets. Meanwhile, the total assets held within MEXC wallets for the four coins were…

Can Bitcoin Afford to Maintain Its Core Network?

A recent report by crypto venture firm Electric Capital supports Lee’s perspective. Despite a bloodbath in the crypto markets, the number of full-time developers in the general blockchain ecosystem grew by 8% to an all-time high of 61,000 developers in 2022. The data is even more impressive when reviewed over a five-year period: The number of monthly active developers in the Bitcoin ecosystem has tripled since 2018 and stands at roughly 1,000 active developers every month. Ethereum’s developer count has swelled five-fold to almost 6,000 contributors over the same timespan,…

Platypus reveals compensation plan for users’ funds after attack

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Decentralized finance (DeFi) protocol Platypus disclosed details of a recent $9.1 million exploit, alongside efforts to recover the funds, and a compensation plan for victims. In a Medium post on Feb. 23, the company revealed that a logic error in the USP solvency check mechanism within the collateral-holding contract was responsible for the three separate attacks carried out by the same exploiter. Stableswap’s operations have not been affected, said Platypus. Since the attack, we’ve been working with security experts & stakeholders to recover lost funds, trace the hacker, and explore…

Investors Are Still Interested In Crypto, Staking

The move may stop Kraken’s U.S. based customers from participating in staking services, but according to Chou, staking more broadly is a “really interesting, important crypto native aspect” tied to new and emerging protocols, and one that she says “a lot of our institutional clients have an interest in.” Source

Coinbase Joins the Ethereum Layer 2 Rat Race – Can It Grow?

According to TechCrunch, Base will initially charge fees in the 10- to 50-cent range – comparable with leading Ethereum layer 2 networks such as Arbitrum and Optimism. And, although still just a testnet, it doesn’t seem like Base will want for early adopters: Established projects including Chainlink, Etherscan, Aave, Animoca Brands, Dune, Nansen, Magic Eden and Wormhole, among others, have signaled support. This is big news considering “Coinbase has no plans to issue a new network token,” as CoinDesk’s Shaurya Malwa put it bluntly. Source

Bitcoin bears attempt to pin BTC price under $23K ahead of this month’s options expiry

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Bitcoin’s (BTC) 16% price gain between Feb. 13 and Feb. 16 practically extinguished the bears’ expectation for a monthly options expiry below $21,500. As a result of the abrupt rally, these bearish bets are unlikely to pay off, especially since the expiry occurs on Feb. 24. However, bulls were not counting on the strong price rejection at $25,200 on Feb. 21 and this reduces their odds of securing a $480 million profit in this month’s BTC options expiry. Bitcoin investors’ primary concern is a stricter monetary policy as the U.S.…

Former Cohasset High School Employee Accused of Stealing Thousands in Electricity to Mine Bitcoin in School Campus Crawlspace – Bitcoin News

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A former school assistant facilities director in Cohasset, Massachusetts, has been accused of operating a cryptocurrency mining operation inside a crawlspace at Cohasset High School. The Cohasset Police Department alleges that Nadeam Nahas stole nearly $18,000 in electricity to power the crypto mining scheme. Former Cohasset School Employee Faces Charges for Electricity Theft in School Crawlspace Crypto Mine A report published by Boston’s WCVB network alleges that Nadeam Nahas, a former school employee in Cohasset, Massachusetts, stole electricity from the district to mine cryptocurrency. Nahas is accused of setting up…