Month: March 2023

ZenGo uncovers ‘red pill attack’ vulnerability in popular Web3 apps

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According to a blog post published by developers of crypto wallet ZenGo, the firm said it had uncovered security vulnerabilities in, transaction simulation solutions used by popular decentralized applications, or dApps. Dubbed the “red pill attack,” this vulnerability allowed malicious dApps to steal user assets based on opaque transaction approvals offered to and approved by users. The vulnerability derives its name from the iconic “red pill” scene from The Matrix movie series.  “If malware is able to detect its actually being executed in a simulated environment or living in the…

‘It’s happening in a different way’

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Bestselling author Neal Stephenson spoke with Cointelegraph at Paris Blockchain Week 2023, discussing various topics, including problems within the current Web3 ecosystem and the metaverse — a term Stephenson coined in his 1992 book titled Snow Crash.  The first 1992 edition of Neal’s Stephenson Snow Crash According to Stephenson, many of the current problems within the space come from people wanting to “financialize everything too fast.” Stephenson pointed out that many see the goal of getting lots of money and are eager to get to it. This leads to skipping…

India’s Central Bank Seeking Privacy Legislation for Retail CBDC Users

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What lessons has the Bitcoin community learned?

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In the early days of Bitcoin, Mt. Gox was by far the most prominent Bitcoin (BTC) exchange in the world. The Tokyo-based company was responsible for more than 70% of all Bitcoin transactions in 2013. However, by early 2014, it had collapsed spectacularly, leaving investors and traders with losses amounting to hundreds of millions of dollars.  The downfall of Mt. Gox was a defining moment in the history of Bitcoin and cryptocurrency in general, with several regulators, market analysts and industry experts continuing to study the case to prevent such…

White House Says Biden Has ‘Confidence’ in Fed Chair Powell While Fedwatch Tool Predicts a 25bps Hike This Week – Economics Bitcoin News

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With the Federal Open Market Committee convening on Wednesday and the recent financial troubles facing the U.S. banking system, White House press secretary Karine Jean-Pierre said President Joe Biden has “confidence” in Federal Reserve chair Jerome Powell. Meanwhile, according to the CME Group’s Fedwatch tool, the target rate probability suggests the Fed will raise the federal funds rate by 25 basis points (bps) this week. There’s also a 26.9% chance the U.S. central bank won’t raise the rate this month. Market Laser-Focused on Upcoming Fed Meeting; Biden Administration Confident in…

Yellen defends government intervention to avoid another SVB

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Nearly two weeks after three United States banks collapsed — Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank — U.S. Treasury Secretary Janet Yellen said the federal government is ready to take action if needed.  According to a Bloomberg report of excerpts from a speech Yellen will give on Tuesday at the American Bankers Association in Washington D.C., the Treasury Secretary said: “Our intervention was necessary to protect the broader US banking system, and similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion.”…

Best and worst countries for crypto taxes — plus crypto tax tips – Cointelegraph Magazine

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Tax is a nightmare for compliance. And crypto taxes — which include a variety of innovative mechanisms and products that have no analog in traditional finance — are 10 times worse. Complicating matters even further, the global industry operates across borders and jurisdictions. But there are definitely better and worse countries for the newly crypto-rich to base themselves as tax havens — even Americans who get followed around by the IRS with its hand out no matter where they are. (The information provided is not legal or financial advice and…

Web3 a hot topic at SXSW despite bear market and declining interest in NFTs

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Giant rabbits wearing trendy outfits situated alongside cartoon characters with rainbows flowing out of their mouths lined the streets of South by Southwest (SXSW) last year. This is because two nonfungible token (NFT) projects — Doodles and Fluf World — dominated SXSW 2022.  Yet these projects were nowhere to be found at SXSW 2023, demonstrating the lack of interest in NFTs this year. This shouldn’t come as a surprise, though. With crypto prices down, coupled with declining NFT prices and trading volumes, very few projects seem to be focused on…

US Officials Reportedly Studying Ways to Guarantee Bank Deposits of $17 Trillion amid Crisis

The FDIC and Fed are looking for ways the US government can guarantee all bank deposits amounting to $17 trillion should the financial turmoil worsen. The US government is considering ways to guarantee bank deposits if the current banking crisis worsens. According to reports, the Federal Deposit Insurance Corporation (FDIC) and Federal Reserve are exploring a potential guarantee of all US bank deposits. Officials from both parastatals embarked on this scheme on advice from a banking coalition that deemed it necessary to avert a financial crisis. This development could also mean that the FDIC…