Day: June 12, 2023

Attacker drains $800K from DeFi protocol Sturdy Finance

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Decentralized finance (DeFi) protocol Sturdy Finance has lost 442 Ether (ETH), worth almost $800,000 when writing, to a security exploit. The attacker exploited a vulnerability that eventually manipulated a faulty price oracle, allowing them to drain funds from the protocol.  On June 12, blockchain security firm PeckShield alerted Sturdy Finance and reported a transaction that seemed to be related to price manipulation. Almost an hour later, the DeFi protocol said that they were aware of the exploit and responded by pausing all their markets and assuring its users that no…

How Bitcoin can help secure proof-of-stake blockchain protocols

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The proof-of-work consensus mechanism of Bitcoin (BTC) could become a useful means of securing a variety of proof-of-stake (PoS) smart contract blockchain protocols thanks to efforts from a Stanford University professor. David Tse and his research team are driving the use of the preeminent cryptocurrency to provide added security to PoS networks. Tse’s proprietary Babylon blockchain aims to use Bitcoin to bolster network security and incentivize BTC holders to participate in what is ostensibly a new approach allowing staking of Bitcoin on proof-of-stake chains. In an interview with Cointelegraph, Tse outlined…

Ethereum ‘fails’ without these 3 important ‘transitions’

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Ethereum co-founder Vitalik Buterin believes the success of Ethereum will come down to three major technical “transitions” that need to happen almost simultaneously — layer-2 scaling, wallet security, and privacy-preserving features. In a June 9 post via his personal blog, Buterin explained that the Ethereum blockchain outright “fails” without sufficient scaling infrastructure to make transactions cheap. “Ethereum fails because each transaction costs $3.75 ($82.48 if we have another bull run), and every product aiming for the mass market inevitably forgets about the chain and adopts centralized workarounds for everything,” he…

SEC can’t keep Western financial system going forever

Crypto.news’ editor Nicholas Ross Say shares his opinion on the US SEC’s recent crusade against crypto that cost the industry millions of dollars. He opines that innovation oppression won’t last forever. Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. The most valuable asset in the world is innovation. New ideas that create positive results are worth more than anything else to an economy. Today, the United States Securities and Exchange Commission (SEC) is using an…

TaxBit, Cryptocurrency Unicorn, Implements 40% Workforce Reduction

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TaxBit, a cryptocurrency tax software company, has made significant staff reduction, marking the second round of layoffs within a few months. According to The Information, employees were notified about the layoffs on Thursday. Coinciding with the staff reduction, TaxBit’s CEO and co-founder, Austin Woodward, stepped down from his position. Taking his place is Lindsey Argalas, a former Intuit executive and the current Chief Operating Officer of TaxBit, , media reports said. With these job cuts, TaxBit joins a long list of crypto firms that have resorted to reduction in headcount since…

Democrats ‘war on crypto’ will lose its key voters: Winklevoss twins

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United States President Joe Biden and the Democratic Party risk losing its crucial youth voters as a result of its continued “war against crypto,” according to the Winklevoss twins. On June 10, co-founder of the crypto exchange Gemini, Cameron Winklevoss, tweeted the Democrats will “alienate an entire generation” of youth voters due to its war — the same voters that were crucial to winning the previous election. The @SenWarren and @GaryGensler war against crypto is going to alienate an entire generation of would-be Democrats. Winning the youth vote w/ “get…

Binance CEO CZ responds as data points to billions in exchange outflows

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While data suggests that crypto assets have been flowing out of centralized exchanges at an accelerated pace over the last week, Binance CEO Changpeng Zhao argues it may not be as bad as it appears.  Leading analytics platforms such as Nansen and DeFiLlama have all measured increased exchange outflows from Binance over the past seven days after news of the SEC lawsuit against the firm hit the airwaves. According to Nansen, there has been a net outflow of $2.36 billion from Binance over the past seven days along with $123.7 million…

a16z opening London crypto office citing ‘predictable’ environment

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Venture capital firm Andreessen Horowitz (a16z) is set to open its first office outside of the United States this year, adding to the backdrop of U.S.-based firms seeking greener pastures outside of the country. Chris Dixon, a16z’s crypto founder and managing partner cited a “predictable business environment” as one of the main factors behind its decision to expand, and comes amid a slew of regulatory actions against crypto firms in the United States in recent months. Big news to share: @a16z is expanding to the UK We plan to open…