Day: September 6, 2023

ChatGPT-coded smart contracts may be flawed, could ‘fail miserably’ when attacked: CertiK

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Artificial intelligence tools such as OpenAI’s ChatGPT will create more problems, bugs and attack vectors if used to write smart contracts and build cryptocurrency projects, says an executive from blockchain security firm CertiK. Kang Li, CertiK’s chief security officer, explained to Cointelegraph at Korean Blockchain Week on Sept. 5 that ChatGPT cannot pick up logical code bugs the same way that experienced developers can. Li suggested ChatGPT may create more bugs than identify them, which could be catastrophic for first-time or amateur coders looking to build their own projects. “ChatGPT…

Crypto firm crises bring over $700m to legal professionals

The legal industry has risen as a major beneficiary amid the financial downturn of several prominent cryptocurrency firms, garnering hundreds of millions in fees. According to a report on Sep. 5, professionals, including lawyers, accountants, and consultants, have amassed at least $700 million from the bankruptcy cases of major crypto entities in the past year. This substantial figure encompasses the fees incurred from the bankruptcy proceedings of five notable crypto companies: FTX, Celsius Network, Voyager Digital, BlockFi, and Genesis Global, from July 5, 2022, to July 31, 2023. As these…

South Korean bank develops crypto custody together with BitGo

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The South Korean bank KEB Hana Bank closed a new partnership with the cryptocurrency company BitGo to develop crypto custody. The partnership between the two companies will aim to develop a cryptocurrency custody business in South Korea. KEB Hana Bank has 111 branches with $10 billion in assets and $490 million in equity. The commercial partnership will establish a joint venture between the two entities, mixing BitGo’s custody solutions with Hana Bank’s financial services. Cryptocurrency development…

Will BTC Plummet To Fill The Void At $19,500?

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Bitcoin (BTC), the leading cryptocurrency in the market, continues to exhibit a stagnant price movement. However, a notable development has emerged as BTC struggles to sustain consolidation above the critical $26,000 threshold. This could potentially present challenges for the cryptocurrency’s performance. Currently trading at $25,700, Bitcoin is on the cusp of a significant breakout. This breakout can exert pressure on short positions and liquidity pools positioned above or to fill the gaps on lower levels of the Chicago Mercantile Exchange (CME).  What’s more concerning is that these gaps are located…

Crypto market ‘dramatically underestimates’ bullishness of spot Bitcoin ETFs

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The potential of a spot Bitcoin (BTC) exchange-traded fund (ETF) approval to drive prices up is dramatically underestimated by the crypto market, claim analysts from crypto research firm K33 — formerly Arcane Research.  In a Sept. 5 market report, K33 senior analyst Vetle Lunde and vice president Anders Helseth said the last three months had greatly improved the chances of a spot Bitcoin ETF approval despite the sentiment not being reflected in the price of Bitcoin or other mainstay crypto assets. The analysts explained while Bitcoin had all but given…

Liquid Staking’s $20 Billion Rise Amid Market Uncertainty

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The crypto market has witnessed several fluctuations, but specific sectors’ resilience within this domain remains attractive. Recently, despite a noticeable dip in the broader crypto market, one area seems poised to touch its peak, demonstrating the potential and adaptability within the crypto ecosystem, per a report.  Liquid staking, a sector that facilitates rewards for token pledges supporting blockchain operations, shows signs of resurgence. This re-emergence occurs despite an overarching downturn in crypto assets. Recovery Amid Crypto Crisis According to Bloomberg, citing data from DefiLlama, there is a roughly 292% surge…

Sam Bankman-Fried’s Laptop Has a New Battery Now, DOJ Says

Twice a week, Bankman-Fried has access to an internet-enabled laptop. Defense attorneys had previously raised issues about the battery life and weak internet connection, but Tuesday’s letter said the defense team had provided a new battery that “has approximately 8 hours battery life,” and the internet speed over the course of a day ranged from 7.5 megabits per second (mbps) to 34 mbps. Source

Visa tests USDC settlement payments on Solana blockchain

Visa recently announced its initiative to experiment with USDC settlement payments via the Solana blockchain. In a press release, Visa claimed it would allow USDC settlement payments through the Solana blockchain on Sept. 5. The company will facilitate these USDC-denominated transactions to merchant banks Worldpay and Nuvei, who can then process payments to their merchants in the same digital currency. Visa’s role in the financial ecosystem is monumental, with daily operations involving the clearing, settlement, and transferring of billions of dollars. Cuy Sheffield, Head of Crypto at Visa, explained that…

Ethereum Whales Send $486 Million To Coinbase, Time To Exit?

Ethereum has seen the price of its native token ETH drop alongside Bitcoin as the bear market continues to gain group. This has triggered fear among investors, leading to high selling pressure on the digital asset. Even the Ethereum whales are now dancing to the tune of the bear market as they have begun to send large amounts of ETH to centralized exchanges. Ethereum Whales Push Toward Selling A recent Santiment report posted on the X (formerly Twitter) platform has shown that Ethereum whales may be looking to exit stage…