Month: July 2023

$30B stolen from crypto ecosystem since 2012: Report

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From 2012 to the present, over $30 billion in crypto has been hacked in 1,101 documented incidents, a July 7 report from SlowMist has revealed. According to the blockchain security firm, the top five most common hacks are smart contract vulnerabilities, rug pulls, flash loan attacks, scams and private key leaks. The losses represent roughly 2.5% of the current market capitalization of cryptocurrencies. Out of total incidents, there were 118 exchange hacks, 217 Ethereum ecosystem hacks, 162 BNB Smart Chain ecosystem hacks, 119 EOS ecosystem hacks and 85 hacks related…

The Real Use Case for CBDCs: Dethroning the Dollar

It’s all part of Pozsar’s “Bretton Woods III” vision, where the dollar ultimately loses its hegemonic status over the next decade. Importantly, he sees a different outcome from that of the British pound’s loss of reserve status in the early 20th century, when the U.S. dollar simply supplanted it. Instead, he predicts a multi-currency world where no one currency is dominant, a result made possible because of CBDC clearing mechanisms, which negate the need for reserve currency intermediation. Negotiating counterparts will need to agree on which of their two currencies…

Threads is Libra and Meta All Over Again

It’s also unclear exactly how “portable” Threads user data will be in practical terms. Critics have often described Mastodon, another platform that uses the ActivityPub protocol, as extremely clunky and non-intuitive, with moving from one server to another a particular challenge. It would be in Meta’s hands, it seems, to build tools that would make it easy for users to leave Threads, but that doesn’t seem in its financial best interest. And Meta, a publicly traded company, doesn’t do things that aren’t in its financial best interest. Original Source LibraMetathreads…

Collectors Are Bored of Apes, Don’t Want to Pay Royalties

Royal pain: NFT creators are making less money from secondary sales than they have in two years, according to a report from data analytics platform Nansen. Royalty payments hit their peak in April 2022, reaching 28,000 ETH (nearly $76 million) for creators in one week. Meanwhile, June’s best week saw creators collectively earn 2,000 ETH, or about $3.8 million. As competition amongst NFT marketplaces has heated up, many of the most popular platforms changed their policies on enforcing royalty payments to stay afloat. Two of the largest NFT marketplaces, Blur…

Oracle Red Bull Racing Teams Up with Mysten Labs for Blockchain Engagement via Sui Platform

Sui has been selected to serve as the official blockchain partner for Oracle Red Bull Racing. Oracle Red Bull Racing Validator will be available on Sui thanks to the collaboration between the team and Mysten Labs. Mysten Labs, which was the project’s first contributor, will be in charge of managing and operating the validator. In order to enhance the Sui protocol, the Oracle Red Bull Racing Validator will take part in the process of reaching a consensus throughout the network. This will assist to guarantee that the blockchain is populated…

Gemini files lawsuit against Digital Currency Group and Barry Silbert over Genesis and Earn program

United States-based cryptocurrency exchange Gemini has announced legal action against the conglomerate Digital Currency Group (DCG) and its CEO Barry Silbert, claiming “fraud against creditors”. In a July 7 filing in a New York court, Gemini alleged DCG and Silbert engaged in a scheme involving lending “huge amounts of cryptocurrency and U.S. dollars” to Genesis. According to the filing, Gemini seeks to recover funds incurred as a result of “DCG’s and Silbert’s false, misleading, and incomplete representations and omissions to Gemini, and Defendants’ role in encouraging and facilitating Genesis’s fraud…

Gemini Sues Digital Currency Group and Founder Barry Silbert Alleging ‘Fraud’

The lawsuit is intended to recover Gemini’s funds from DCG, a filing made to the New York County Supreme Court said. Gemini entered into a partnership with Genesis which allowed its customers to earn up to 7.4% in annual percentage yield. Gemini sent its customers’ funds to Genesis, which in turn loaned them out to companies like the now-defunct Three Arrows Capital. Like Genesis, CoinDesk is a subsidiary of DCG. Source

AI has potential to send Bitcoin price over $750K — Arthur Hayes

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Bitcoin (BTC) will be the currency of artificial intelligence (AI) and could reach a price per coin of $760,000 in the process, Arthur Hayes says. In his latest essay titled “Massa,” the former BitMEX CEO concluded that the AI revolution would naturally gravitate toward BTC. Hayes: Bitcoin is “logical currency choice for AI” Despite fiat currency regimes being destined to become evermore dysfunctional in future, Hayes says, there is one burgeoning economic sector which will only go from strength to strength: AI. While still nascent in 2023, the coming decades…

George Bachiashvili’s lawyer denies $39M Bitcoin misappropriation charges

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The legal team representing the billionaire entrepreneur George Bachiashvili has issued a statement denying the criminal charges filed by the Prosecutor’s Office of Georgia, alleging that the businessman misappropriated Bitcoin (BTC) worth $39 million.  On July 6, the prosecutor’s office charged Bachiashvili with the misappropriation of crypto and money laundering. In 2015, the office said that Bachiashvili engaged in Bitcoin mining with an investor who expected the profit to be divided in proportion to the invested funds. The government body alleged that Bachiashvili generated a profit of 8,253.13 BTC in…