Day: August 9, 2023

Bitcoin Lightning Network is growing, but 3 major challenges remain

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The Lightning Network is a layer-2 solution built on top of the Bitcoin blockchain, and its primary objective is to address the Bitcoin network’s scalability issues. It also allows for faster and cheaper transactions by facilitating off-chain payments through a network of payment channels.  The Lightning Network has gained traction since its launch in 2018, hitting a total value locked of $140 million, but this is relatively small compared to Bitcoin’s (BTC) $580 billion market capitalization. However, this oversimplification disregards that this scaling solution focuses on instant transactions, not lending, yield farms…

Early Base Whales Have an Affinity for Meme Tokens, Nansen

The 22 early base whales, which had the most interactions with 1inch, Uniswap, Base, 0x, USDC and Unibot, “show how heavily leaning towards Ethereum and L2 ecosystems,” wrote Nansen research analyst Jake Kennis. “Their interactions with well-established DEXs, L2 bridges, and especially the noticeable presence of Unibot, shows the adoption of Telegram bots and new applications.” Source

Bitdeer, B. Riley Financial enter into agreement for $150M share purchase

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Bitdeer, a crypto mining firm spun off from mining manufacturer Bitmain, has entered into an agreement with the special purpose acquisition company (SPAC) B. Riley Financial to sell up to $150 million of its Class A ordinary shares. According to an Aug. 9 filing with the United States Securities and Exchange Commission (SEC), B. Riley will have the right, but not the obligation, to purchase a specified number of Bitdeer’s shares over three years. The agreement’s rules include a maximum purchase of 1 million shares or 25% of Bitdeer’s shares…

US House Financial Services Committee leadership takes opposing sides on the PayPal stablecoin

PayPal’s launch of a U.S. dollar-pegged stablecoin has prompted questions from Democratic members of the House Financial Services Committee, while Republican leadership said the coin showed the potential of regulatory clarity. In an Aug. 9 statement, committee ranking member Maxine Waters said she was “deeply concerned” about the PayPal USD (PYUSD) stablecoin without a regulatory framework in place to ensure oversight and protection for investors. PayPal announced the stablecoin’s launch on Aug. 7, saying its PYUSD would be issued by Paxos Trust and “fully backed by U.S. dollar deposits, short-term…

Billionaire Investor Wishes He Bought Bitcoin Early On, Here’s Why

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As Bitcoin continues to enjoy more mass adoption, many have regretted their decision not to get in earlier on the flagship cryptocurrency. Co-founder of private investment firm The Carlyle Group David Rubenstein joins this long list of individuals as he wishes he had bought BTC early on.  Bitcoin Is Here To Stay Speaking on Bloomberg Television on August 8, Rubenstein said he wished he had bought Bitcoin when one BTC was worth $100. The statement stems from the fact that the billionaire believes BTC is here to stay, following “enormous…

CipherTrace expert says Chainalysis data contributed to ‘wrongful arrest’ of alleged Bitcoin Fog founder

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Jonelle Still, the director of investigations and intelligence at CipherTrace, a Master Card company, recently submitted a report supporting the defense in the United States v. Roman Sterlingov, a criminal case involving the Bitcoin Fog cryptocurrency mixing service.  The company’s involvement in the case comes at the behest of Sterlingov’s defense attorneys, and includes a 41-page report detailing Still’s opinion on the efficacy of data obtained by the prosecution from blockchain investigation organization Chainalysis. At the core of the report is the assertion that data provided by Chainalysis cannot be…

Cardano (ADA) Next In Line For A Rally Following Shark And Whale Buying Spree

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Cardano (ADA) has not exactly been the best performer in the last month. Instead, the altcoin’s price has continued to stall even during periods of market recovery. However, this trend could change pretty soon given the current accumulation trend among sharks and whales, something that could take a significant chunk of available supply off the open market and trigger another rally. Cardano Sharks And Whales Go To Market In a Tuesday post, the on-chain data aggregator platform Santiment revealed an interesting development concerning the ADA sharks and whales. The sharks…

Barbie Is a Metaverse

Visitors to these worlds could be anyone or anything they wanted — no matter who they were or weren’t back in the so-called real world. And while VR has transported its users to places where they can be adventurers, warriors and heroes, Barbie seeded a world where women graduated from college, held independent careers, and earned income of their own. In 1959, when Barbie was invented, this was still a wild idea. Back then, women did little else with their lives than bear children, tend to household chores, and cater…

Only 6 out of 45 crypto wallet brands have undergone penetration testing: Report

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A July report from cybersecurity certification platform CER found that only six of 45, or 13.3%, of cryptocurrency wallet brands have undergone penetration testing to find security vulnerabilities. Of these, only half have performed tests on the latest versions of their products.  The three brands that have done up-to-date penetration tests are MetaMask, ZenGo, and Trust Wallet, according to the report. Rabby and Bifrost performed penetration testing on older versions of their software and LedgerLive did them on an unknown version (listed as “N/A” in the report). All other brands…