Day: April 7, 2023

South Korean Prosecutors Uncover Alleged $314 Million Criminal Proceeds Tied to Terraform Labs Co-Founders – Bitcoin News

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According to a report by South Korean news publication KBS, Do Kwon, the co-founder of Terraform Labs, has converted a “large part” of his assets into bitcoin. Prosecutors in South Korea believe that Kwon’s purported bitcoin stash was transferred to an international exchange. Report Says Do Kwon Allegedly Sold a ‘Large Part’ of His Assets for Bitcoin A report by KBS journalist Jieun Lee details that South Korean prosecutors have discovered 414.5 billion won ($314 million) in alleged criminal proceeds tied to employees of Terraform Labs. The report indicates that…

Meta coughing up big money to developers building their metaverse

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Tech giant Meta – the parent company of Facebook, Instagram and WhatsApp messaging service – has been eyeing expansion into the metaverse for some time now. However, it has had a rough start, with billions in losses. Nonetheless, a new report from the Wall Street Journal says that Meta’s programmers working on the company’s virtual reality suite can earn total compensation from “$600,000 to packages approaching $1 million.” The report said the information on metaverse developer salaries at Meta came from anonymous “people familiar with the matter.” According to reports…

How it happened, and what can be learned

The March 13 flash loan attack against Euler Finance resulted in over $195 million in losses. It caused a contagion to spread through multiple decentralized finance (DeFi) protocols, and at least 11 protocols other than Euler suffered losses due to the attack. Over the next 23 days, and to the great relief of many Euler users, the attacker returned all of the exploited funds. But while the crypto community can celebrate the return of the funds, the question remains whether similar attacks may cause massive losses in the future. An analysis…

Advocates wear cryptocurrency on their sleeve

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Got Bitcoin ink? Many Bitcoin believers do. But what are the risks? What about privacy? And what happens if — one fateful day — Bitcoin crashes and burns to zero? Cointelegraph spoke with Bitcoin (BTC) advocates to understand why they have permanently etched a Bitcoin logo, motif, equation or slogan onto their skin. They’ve shown permanent solidarity with the decentralized movement, expressing their support for the Bitcoin protocol and the values it represents. Taihuttu’s Bitcoin B tatto. Source Taihuttu. Didi Taihuttu, father of the “Bitcoin family,” explained that he inked himself…

Samsung Records Worst Profit Since 2009, Set to Cut Chip Production

Samsung attributed its low performance to the sliding demands from consumers that have a largely limited supply of its advanced chip technology. South Korean multinational technology giant Samsung Electronics Co Ltd (KRX: 005930) has revealed its plans to cut its chip production after reporting one of the worst quarters in more than a decade. According to the release on Friday, the company posted a total of 63 trillion won in revenue and 600 billion won in operating profit for the first quarter of 2023. This revenue plunged by 19% from…

Top 5 VR sports games

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Virtual reality (VR) games are video games that can be played using VR technology, which immerses the player in a simulated world. Players interact with the game world more immersively and realistically by donning a VR headset that records their motions and renders the game world in 3D. The popularity of VR gaming has grown over the past several years as the technology has become more accessible and affordable. There are many distinct genres of VR games, including simulation, sports, puzzle and action games. VR gaming can offer a distinctive and…

Europe’s digital ID wallet — Easy for users or a data privacy nightmare?

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On March 15, the European Parliament voted 418 to 103 (with 24 abstentions) in favor of negotiating a mandate for talks with the European Union member states about revising the new European Digital Identity (eID) framework and creating the “European Digital Identity Wallet,” also known as EUDI Wallet or EU wallet.  Citizen’s IDs, health cards, certificates and many other documents could soon be digitally stored in a smartphone application for EU citizens. According to an official statement from the European Parliament, the system would allow citizens to identify and authenticate…

Here’s how much was lost to crypto hacks and exploits in Q1 2023

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Hackers were able to gain access to more than $320 million in the first quarter of 2023 alone, according to on-chain data consolidated by blockchain security firm CertiK in its quarterly report. The losses were significantly lower than in 2022’s first and fourth quarters, when hackers took around $1.3 billion and $950 million, respectively. According to CertiK, the low amount of losses may be linked to events happening off-chain that had an impact on the crypto industry as a whole, such as the issues with Silvergate Bank and the depegging…

XRP price eyes 30% upside after key resistance area breaks

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XRP (XRP) has risen by an impressive 60% in the first quarter of 2023, helped by rising speculation over Ripple’s potential legal win versus the U.S. Securities and Exchange Commission and broader bullish sentiment in the cryptocurrency market. The XRP/USD pair now eyes more gains in the second quarter, primarily due to a classic bullish continuation pattern. XRP price paints bull pennant In late March, XRP broke above its multimonth ascending trendline resistance, averting a potential 35% correction. The rebound reached $0.58 on March 29, its highest level since May 2022.…

Bitcoin is in the middle of accumulation, on-chain data shows

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In recent developments, multiple indicators by Glassnode suggest that bitcoin (BTC) is currently in an accumulation phase. Several on-chain data points have reached all-time highs (ATH), indicating increased interest and long-term holding among the investors. This metric measures the percentage of the total bitcoin supply that has not been moved for at least five years. The recent ATH of 28.513% implies that over a quarter of all circulating bitcoins have been held for over five years. This trend may suggest that many long-term investors are holding onto their assets, confident…