Day: May 22, 2023

VardexPay Launches Highly Functional Wallet with Multiple Functionalities

The VardexPay wallet has lowered the barriers to entry for all users, and it gives a unique reward to users who can also deposit their funds to earn competitive rewards. Web 3.0 financial technology startup VardexPay is introducing its advanced crypto wallet as it seeks to make its mark in the emerging industry. The plan to debut a crypto wallet stems from the deep understanding that non-custodial wallets are central to the evolution of the industry and to giving users a safe and personal banking outlet that can give complete…

Hotbit exchange halts operations, urges users to withdraw funds

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In an announcement, the exchange said that its operating conditions have deteriorated since a former member of its team was subjected to an investigation back in August 2022. According to the exchange, the probe forced them to stop their business for weeks. In addition, Hotbit also cited various incidents within the crypto space as contributors to its decline. The exchange cited the FTX exchange collapse and the banking crises that caused the USD Coin (USDC) depegging incident as reasons for its deteriorating cash flow. Hotbit said that the incidents resulted…

BTC Price Trading Range Narrows to Tightest in Months

The range, or the difference between the high and the low reached in the seven days to May 21, was 3.4%. That’s one of the narrowest in the past three years and comparable to lackluster trading seen at the start of the year, for a brief moment last month and in July 2020, according to data tracked by analytics firm Glassnode. Source

Bitcoin Price on Cusp of Further Capitulation, Michael Kramer Weighs In

A fall in Bitcoin price could pull the entire altcoin industry amid reduced crypto liquidity fueled by increased scrutiny from US regulators. The most valuable digital asset Bitcoin (BTC) has struggled to continue with the new year’s crypto relief rally in the past two months. Trading around $26, 699 on Monday, Bitcoin price dropped approximately 1.7 percent in the past 24 hours. Nevertheless, the top coin is up approximately 60 percent YTD, outperforming the entire stock market indexes. The $517 billion valued digital asset had a crypto market dominance of…

Tornado Cash attacker to potentially giveback governance control, proposal reveals

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Just a day after an attacker sparked community-wide panic after hijacking the Tornado Cash governance, a new proposal hints at the possible restoration of the state of governance. On May 21, the passing of a malicious proposal allowed an attacker to gain complete control over Tornado Cash’s governance. With total control over the governance of the decentralized crypto mixer, the attacker was in a position to inflict massive losses considering they could withdraw all of the locked votes, drain all of the tokens in the governance contract and brick the…

Vitalik Buterin warns against overloading Ethereum consensus

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Ethereum co-founder Vitalik Buterin has published a lengthy blog post warning of the dangers of “stretching” Ethereum’s consensus past its core functions of validating blocks and securing the network.  Ethereum consensus is the process whereby blocks are validated by the proof-of-stake mechanism implemented in September 2022 with “the Merge.” In a May 21 blog post titled “Don’t overload Ethereum’s consensus,” Buterin warned that using Ethereum’s network consensus for other things could bring “high systemic risks to the ecosystem and should be discouraged and resisted.” The Ethereum co-founder was essentially promoting…

Ordinals sends LTC and DOGE network activity surging for 3 straight weeks

What began with developer Casey Rodarmor creating the Ordinals protocol to “inscribe” text and imagery on the Bitcoin (BTC) network has now made its way to Litecoin (LTC) and Dogecoin (DOGE) sending transaction volume on the two chains surging for the better part of a month.  Recent network activity on Litecoin and Dogecoin networks. Source: BitInfoCharts. On May 18, Dogecoin reached a new transaction volume record, with 1.2 million transactions in a single 24-hour period, according to data from BitInfoCharts. Similarly, on May 10, Litecoin reached its highest ever daily…

Tornado Cash’s TORN Token Up 10% as Attacker Submits Proposal to Undo Attack

Given the attacker’s holdings of TORN governance tokens, the proposal looks as though it will pass when voting closes on May 26, though it’s unclear when the action will be executed. When the proposal passes, the malicious code that the attacker integrated into the protocol, which allowed them to steal voting power from others, will be removed, and the governance of Tornado Cash’s DAO will go back to token holders. Source