Month: March 2023

ZenGo uncovers dApp vulnerability | Blockchain News

ZenGo, a crypto wallet developer, has discovered a security vulnerability in decentralized applications (dApps) called the “red pill attack.” This vulnerability allowed malicious dApps to steal user assets using opaque transaction approvals. ZenGo conducted research that revealed that many leading vendors, including Coinbase Wallet, were vulnerable to such attacks. However, ZenGo stated that all vendors were receptive to their reports, and most of them were quick to fix their faulty implementations. The vulnerability is possible due to a programming oversight in “Special Variables” among smart contracts storing general information on…

Speculators flock to Arbitrum IOU tokens ahead of this week’s ARB airdrop

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Developers from the Arbitrum Foundation announced the launch of Arbitrum DAO and its native governance token, ARB, on March 16. Eligible users and developers will receive 12.75% of the token’s total supply of 10 billion on March 23, when the token will be deployed.  Speculation around ARB began soon after the token launch announcement on OTC desks, derivatives exchanges and spot exchanges via IOUs (I Owe You). ARB tokens gain steam in pre-launch trading BitMEX launched the derivatives contract for ARB June futures on Monday around 11 p.m. EST. The…

Former White House Senior Advisor David Plouffe Joins Alchemy Pay Advisory Board – Sponsored Bitcoin News

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sponsored Serving as a committee member of Alchemy Pay’s management and advisory board, and as Global Strategic Adviser to support Alchemy Pay’s expansion and growth in global markets, contributing actively to strategy, compliance and government relations. Alchemy Pay, Singapore based pioneer of the world’s first payment gateway solution to bridge the gap between fiat and crypto economies, has announced the appointment of legendary campaign manager and former White House Senior Advisor, David Plouffe, as Global Strategic Advisor. Plouffe is credited with the strategy and grass-roots public engagement savvy that won…

IRS calls for public feedback on taxing NFTs as collectibles

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The Internal Revenue Service said they plan to release guidance on having nonfungible tokens, or NFTs, treated as collectibles under the United States tax code. In a March 21 notice, the IRS called for feedback from the U.S. public on how NFTs could be taxed as collectibles. According to the government body, collectibles under U.S. tax law “do not have as advantageous capital-gains tax treatment as other capital assets,” seemingly referring to how crypto assets are currently taxed in the country. “Until additional guidance is issued, the IRS intends to…

Swedish pension fund Alecta dumps First Republic Bank shares after price plummets

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Private Swedish pension fund Alecta has sold its shares in First Republic Bank, the American bank struggling to stay afloat after a serious drop in share value, a bank spokesperson announced March 21. Alecta was the bank’s fifth-largest shareholder. Alecta took a loss in the deal after losing funds in the collapses of Silicon Valley Bank (SVB) and Signature Bank. First Republic Bank’s shares fell 87% after SVB was forced to close earlier this month. Regarding the latest developments, Alecta CEO Magnus Billing told Bloomberg: “The uncertainty about First Republic’s future was…

Why is Bitcoin rising amid collapsing banks? Watch The Market Report

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This week on The Market Report, our beloved host, Joe Hall, and insightful expert, Sam Bourgi, unfortunately, could not make it, but don’t worry because Marcel Pechman is here to discuss why he thinks Bitcoin’s (BTC) price is rising amid collapsing banks. We kick things off with this week’s first article: UBS Group agrees to $3.25B “emergency rescue” of Credit Suisse UBS Group agreed to buy its ailing competitor Credit Suisse for $3.25 billion on March 19 as part of an “emergency ordinance” to prevent financial market instability. To close the deal, Swiss…

Bitcoin Network Preps for Another Difficulty Spike as Hashrate Remains Strong and Miners Profit Amid Price Surge – Mining Bitcoin News

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Following the last two difficulty increases on the Bitcoin network, another rise in difficulty is expected to take place on March 24, 2023. Statistics show that Bitcoin’s hashrate has remained high despite the last two adjustments, and block times have been faster than the ten-minute average. Bitcoin Difficulty Expected to Rise Following the Past Two Consecutive Increases At the time of writing, Bitcoin’s difficulty is at an all-time high of 43.55 trillion, and the network’s hashrate remains above the 300 exahash per second (EH/s) range at 319.86 EH/s. Bitcoin has…

Anonymous DAO tomi raises $40M for ‘surveillance-free’ internet

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Alternative internet developer tomi has raised $40 million from venture capital firms as part of a broader effort to lure content creators to its decentralized World Wide Web alternative.  The funding round was led by venture firms DWF Labs, Ticker Capital and Piha Equities, as well as Japanese crypto investor Hirokado Kohji, tomi announced on March 21. The funding will be used by tomi to attract publishers and further develop its network, which is described as a “surveillance-free alternative” to the internet. The tomi project launched in 2022 as a…