Month: August 2023

It Wants to Earn Interest on Your Deposits

These changing conditions would make a stablecoin vastly more appealing for PayPal, for two straightforward reasons. First, as Da Ponte implied, the extended services enabled by a stablecoin may encourage users to hold a larger amount of money in the form of PYUSD, and to hold it longer. In theory, that could happen if there are simply more ways to use PYUSD than a conventional PayPal balance — for instance, for crypto trading on decentralized-finance platforms. Those larger overall collateral balances would produce more interest for PayPal on the back…

As Curve Averts DeFi Death Spiral, Fiasco Exposes Serious Risks

“I don’t necessarily think it’s a sign of unethical behavior, but it does open up risks — exactly as you’ve seen occur — and the risks are not too hard to predict,” remarked Powell. “If you have a $100 million loan, and you have that on leverage, and it’s against your token, there’s a chance your token could drop in price and you’ll need to liquidate it to cover yourself.” Source

The Right Way to (Passively) Invest in Crypto

Additionally, in the crypto sector, it is essential to establish qualitative inclusion criteria. Unlike in the stock world, where companies are thoroughly examined by regulators, banks and auditors before being listed on an exchange, crypto projects and tokens are subject to limited due diligence, resulting in unforeseen debacles such as Terra/Luna and FTX. Rigorous analysis can help avoid such situations. Source

Coca-Cola and Friends with Benefits to Celebrate Base Network’s ‘Onchain Summer’

Onchain Summer’s first week will feature daily mints, starting with Friends With Benefits, who will issue an NFT on Thursday designed by artist Deekay Kwon alongside pseudonymous NFT collector Cozomo de Medici. On Saturday, Coca-Cola will open a mint of digital artworks from the Masterpiece collection, with works from artists Aket, Fatma Ramadan and Vikram Kushwah, as well as famed painters Edvard Munch, Johannes Vermeer and Vincent van Gogh. Source

Coinbase Launches ‘Base’ Blockchain, in Milestone for Public Company

“Historically the aperture of what people can do with crypto has been relatively limited, mostly speculation,” Pollak said. “In order for Coinbase and crypto and this work that we’re doing to have the impact that we all want, we need to move from the place where this is speculation to a place where this is integrated into every part of someone’s day-to-day existence.” Source link

Aave’s Earning Farm protocol targeted by reentrancy attack — PeckShield

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Blockchain security firm PeckShield revealed fresh vulnerabilities targeting decentralized finance (DeFi) projects on Aug. 9. According to the firm, Aave protocol’s Earning Farm has been compromised by a reentrancy attack, resulting in the theft of at least $287,000 worth of Ether (ETH). #PeckShieldAlert ~$287K #Ethereum pic.twitter.com/TOQ9oSzcGN — PeckShield Inc. (@peckshield) August 9, 2023 A reentrancy attack is like tricking an ATM into giving you money multiple times before it realizes you have none left. This happens by sneaking in and out of a money request, fooling the system into granting…

Russia to Start Digital Ruble Tests on Aug. 15 With Banks, Clients

“The launch of pilot operations with real digital rubles is the most important stage of the project,” the Bank of Russia said in Wednesday’s announcement. “This will allow us to test the operation of the digital ruble platform already in an industrial environment, work out all the necessary procedures with the involvement of clients, adjust processes, if necessary, and make sure that the client path is convenient and understandable for users.” Source AugBanksClientsDigitalRubleRussiaStartTests CryptoX Portal

CoinsPaid Says Systems Were Under Attack For Six Months

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In a new report, Estonia’s preeminent crypto payment and personal wallet provider, CoinsPaid, has revealed the intricate workings of a hacking incident that led to a colossal loss of $37 million. This audacious breach was reportedly the culmination of a six-month saga marked by calculated maneuvers and sophisticated tactics, orchestrated by none other than the notorious Lazarus Group.  Collaborating with Match Systems, CoinsPaid embarked on a comprehensive inquiry, unearthing the modus operandi of the hacking group and exposing the subsequent laundering of pilfered assets in a post. Elaborate 6-Month Operation…