Day: July 3, 2023

Twitter rival Mastodon active user base increases by 100+k

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A day following Twitter’s new limits on the number of posts users can see according to their verification status, a rival to the social media company called Mastodon reported a large increase in traffic.  According to a post from the creator and CEO of Mastodon, Eugen Rochko, on July 2 the platform’s active user base surged, with an increase of at least 110,000. Mastodon CEO, Eugen Rochko on Mastodon.  Mastodon is a German rival of Twitter with a similar tweet-like structure, though it highlights that the platform is user-driven and…

UK Law Commission recommends ‘distinct’ legal category for crypto

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The United Kingdom’s Law Commission is pushing for the creation of a ‘distinct’ category of personal property to accommodate and protect unique features of cryptocurrencies and digital assets. The body made the recommendation alongside three other key points following a mandate from the British government to carry out a common law analysis unpacking how legal frameworks in England and Wales can accommodate cryptocurrencies, nonfungible tokens (NFTs) and other digital assets. Chief among the recommendations is the creation of a new and distinct category of personal property for digital assets. The…

Revenge trading goes wrong as whale losses $1.88 million on ETH shorts

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied A crypto whale has lost approximately $1.88 million after their ETH short position failed to yield the desired result. The price of ether (ETH) has continued its bullish momentum this week.  Most likely fueled by a desire to recover losses from an initial liquidation, the whale decided to double down on the short position on ether. However, the price of ETH kept soaring higher, resulting in a $1.88 million loss for the trader. Ether price analysis …

Chibi Finance $1M alleged rug pull: How it happened

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On June 26, decentralized finance (DeFi) aggregator Chibi Finance was exploited by its own deployer account, and $1 million worth of cryptocurrency was drained from its contracts in an apparent rug pull or exit scam. The protocol’s official user interface disappeared, producing a 404 error, and all social media for the app was taken down. After the funds were drained, they were swapped for Wrapped Ether (WETH) and bridged to Ethereum, where they were afterward sent to Tornado Cash by the attacker. The price of the Chibi Finance (CHIBI) governance…

Generative AI will disrupt blockchain too: Here’s how

Artificial intelligence (AI) isn’t just generating lots of content these days, but equally, lots of excitement too. The rise of ChatGPT has led to the rapid adoption of generative AI technology in numerous industries, helping to answer people’s queries, create fresh content, book appointments, draw pictures, assist coders and much more.  The excitement around AI can be compared to the level of hype that emerged around blockchain when decentralized ledger technology first emerged in the previous decade. People’s imaginations are running wild, creating highly disruptive applications for generative AI that…

Traders Place Big Bets on Ether for Second Half of 2023

Ether, the token of the Ethereum blockchain, jumped 61% in the first six months of the year. Traders are now betting the rally could extend in the second half. On Friday, an investor purchased roughly 63,250 “bull call spreads” tied to ether and due for expiry on Dec. 29, according to data source Amberdata. The trade involved the sale of a call option at the $2,500 strike price to partly fund the purchase of a call option at the $1,900 strike. The strategy cost an initial $10 million because the…

Singapore to require crypto firms to put user assets into trusts by year-end

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Singapore’s central bank is introducing new measures to improve investor protection and market integrity in the cryptocurrency industry. On July 3, the Monetary Authority of Singapore (MAS) announced new requirements for crypto service providers to hold customer assets into a statutory trust by year-end. “This will mitigate the risk of loss or misuse of customers’ assets, and facilitate the recovery of customers’ assets in the event of a DPT service provider’s insolvency,” the regulator said. The new custody measures follow a public consultation on regulatory measures to reduce risks to…

PolyNetwork remains suspended 24 hours after $5m hack

PolyNetwork is still trying to recover from the attack on July 2, where hackers stole about $5.5 million, even though the notional value of the episode is reportedly $34 billion. The Poly developers have halted all smart contracts to resolve the breach. Following the incident, several blockchain security firms, including SlowMist, Binance Labs, Dedaub, and Peckshield, offered to assist with investigations.  Dear users, As we continue to address this situation, we regret to inform you that our services will remain temporarily suspended. 【1/7】 — Poly Network (@PolyNetwork2) July 2, 2023…