Month: July 2023

CPI meets low BTC supply — 5 things to know in Bitcoin this week

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Bitcoin (BTC) begins a new week barely clinging to $30,000 as a “bearish divergence” sets the tone. After a quiet weekend, BTC price action faces a potential pullback period within its broader bullish trend, traders say. What could be on the menu for the market this week? After a relative period of calm, external triggers are back for risk assets, with a slew of United States macroeconomic data releases combining with multiple speeches from Federal Reserve officials. Add to that some interesting dynamics around U.S. BTC buying now in play…

Vadim Krekotin envisions ZK technology’s potential

Cryptomeria Capital’s Vadim Krekotin provided a comprehensive overview of ZK roll-ups at ETHBarcelona, shedding light on the differences between optimistic and zero-knowledge roll-ups while highlighting their potential applications beyond the crypto industry. Vadim Krekotin, the founding partner of a crypto-focused investing company Cryptomeria Capital, presented a detailed analysis of ZK roll-ups during the ETHBarcelona conference. As an experienced investor in blockchain companies, Krekotin offered insights into the evolving landscape of zero-knowledge technology and its comparison to optimistic roll-ups. The presentation delved into the history of zero-knowledge technology, tracing its origins…

DeFi protocol Arcadia Finance hacked on Ethereum and Optimism for $455k

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A hacker drained approximately $455,000 from non-custodial decentralized finance (DeFi) protocol Arcadia Finance by exploiting a code vulnerability. Blockchain investigator PeckShield alerted about the hack on Arcadia Finance, pointing out the cause as “the lack of untrusted input validation.” The code supposedly lacked a validation mechanism to cross-check unverified inputs. This loophole allowed the hacker to drain funds worth roughly $455,000 from Ethereum (darcWETH) and Optimism (darcUSDC) vaults collectively. Arcadia Finance code required no validation of untrusted input. Source: PeckShield Arcadia Finance has not yet responded to Cointelegraph’s request for…

AI messaging interface aims to bridge gap in web3 accessibility

Ian W. from OSO AI delivered a speech at the ETHBarcelona conference, discussing integrating AI into the web3 space to create a new front-end that simplifies user experience and fosters mainstream adoption. Ian W., representing OSO AI, took the stage at the ETHBarcelona conference to share his vision for enhancing the user experience in the web3 space through the power of artificial intelligence (AI). In his talk titled “Creating a new front-end for web3 using AI + Messaging,” he emphasized the potential of AI to streamline interaction, simplify complexity, and…

Revoke adds new feature after users complain of fake approvals scam

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Approval management platform Revoke has issued a fix aimed at mitigating a new crypto scam, which involves baiting crypto users into revoking “fake approvals” and then stinging them with excessively high transaction fees.  On July 9, Revoke.cash stated that it had received reports of people seeing unknown approval transactions in their transaction history. Yesterday, we received reports of people seeing unknown approval transactions in their transaction history. It turns out that this is a new scam where scammers use so-called gas tokens to steal money when victims revoke these “fake…

Bitcoin on $3K discount at Binance.US, but there’s a catch

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Bitcoin (BTC) is selling for a nearly $3,000 discount on Binance.US, providing a significantly better rate than global spot prices — but there’s just one catch.  On July 9, a swathe of crypto users began noticing a widening price discrepancy between cryptocurrencies listed on the United States crypto exchange and their global spot prices, with many calling it a “depeg” of cryptocurrencies. BTC/USD charts on Binance.US shows a current price of $27,536. Source: Binance.US Bitcoin is currently trading at $27,536 on the exchange against the U.S. dollar, which is around…

MiCA’s stablecoin transaction cap stifles crypto adoption, say lawyers

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Stablecoin use could be “stifled” by daily transaction caps in the European Union’s Markets in Crypto-Assets (MiCA) legislation, with some calling for the framework to be revised. On May 31, MiCA was signed into law which paved the way for the world’s first regulatory guidance on cryptocurrencies to come into effect. The legislation was received positively by many in the crypto industry, but one of the more controversial measures introduced is the $219 million (200 million euro) cap on daily transactions for private stablecoins such as Tether (USDT) and Circle’s…

‘Scammers’ impersonate Crypto Twitter users on Threads as users near 100M

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Scammers appear to have wasted no time since the launch of Meta’s new microblogging app — with several high-profile Crypto Twitter users already warning of imposter accounts on Threads. Threads was launched on July 5 and has seen sign-ups climb above 98 million in the days following. It’s still far away from Twitter’s estimated 450 million users. However, over the past few days, multiple Crypto Twitter figures have already pointed out fake accounts on Threads impersonating others or themselves. On July 8, decentralized finance platform Wombex Finance tweeted an image…

Bitcoin Opens Week Defending $30K Support Level

“So-called mainstream adoption will bring waves of new entrants to bitcoin, and the risk is that they won’t care, and won’t protect the decentralization properties that make it valuable over centralized alternatives in the first place,” Alex Thorn, head of research at Galaxy, wrote last week in his report. Source

Rush for Hong Kong’s crypto licenses yet to translate to jobs: Recruiters

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Crypto firms may appear to have been prepping entry to Hong Kong with unabated excitement, but it’s yet to translate into in-country hires, according to recruitment executives. On June 1, around 150 companies lined up for a local crypto license which permits the operation of a local crypto trading platform. Some have reportedly even spent up to $25 million to nab one. Speaking to Cointelegraph, Sue Wei, managing director of major recruitment firm Hays, said that while exchanges have been seeking to build a base in Hong Kong, the industry’s…