Day: September 25, 2023

Is Terra Classic Planning A USTC Re-Peg To The Dollar?

boss

The Terra Luna Classic (LUNC) community has voted overwhelmingly, with nearly 60% in favor, to cease the minting and reminting of Terra Classic UST (USTC) tokens. The drastic decision, in a decisive move aimed at rescuing the beleaguered Terra Classic stablecoin, comes in the wake of Terra’s collapse in May 2022, which had sent shockwaves through the crypto market, leaving USTC’s value in shambles. The proposal to halt USTC minting and reminting is part of a comprehensive plan to facilitate the re-pegging process of the stablecoin. To accelerate this process,…

US gov’t shutdown looms — 5 things to know in Bitcoin this week

boss

Bitcoin (BTC) starts the last week of September with a retest of $26,000 as a stubborn range persists. An unimpressive weekly close sets the tone for the culmination of a traditionally lackluster month for BTC price action. Having shaken off a hectic week of macroeconomic events, Bitcoin has plenty more to weather before September is over. United States gross domestic product figures for Q2 will come on Sept. 28, with Personal Consumption Expenditures (PCE) data following the day after. The highlight, however, will likely come in the form of a…

Mixin Network hack drains $200M from mainnet assets

boss

Decentralized peer-to-peer network Mixin Network has lost approximately $200 million in a hack involving the compromise of the database of a third-party cloud service provider. On Sept. 25, Mixin Network confirmed that a hack on Sept. 23 drained approximately $200 million worth of crypto assets from its mainnet. An immediate suspension of all deposit and withdrawal services on Mixin Network followed the revelation. [Announcement] In the early morning of September 23, 2023 Hong Kong time, the database of Mixin Network’s cloud service provider was attacked by hackers, resulting in the…

Ethereum Founder Vitalik Buterin Reveals The Challenges Of The Network

boss

The Ethereum blockchain is notable for its smart contract functionality and various other things. However, many might not be conversant with the challenges the network encounters. In a recent interview, Ethereum’s founder, Vitalik Buterin, revealed the biggest of them all. Ethereum’s Biggest Challenge Speaking with CNBC, Buterin mentioned that the biggest challenge that the “Ethereum ecosystem” faces is ensuring that it builds products that provide value to its users. According to him, the last decade was test-running, but now Ethereum needs to provide utility.   Ethereum is known to host some…

Chainlink downplays worries after users notice quiet change to multisig

boss

Decentralized oracle network Chainlink has downplayed a recent change in the number of signers required on its multisig wallet — a move that garnered backlash on social media from vocal critics. Crypto researcher Chris Blec was among a number of users on X (formerly known as Twitter) who called out Chainlink for quietly reducing the number of signatures required on its multi-signature wallet from 4-of-9 to 4-of-8. The 4-of-8 multisig requirement is a security measure that requires four out of eight signatures to authorize a transaction. In a Sept. 25…

North Korean Lazarus Group amasses over $40M in Bitcoin, data reveals

boss

North Korean hacking collective Lazarus Group holds a whopping $47 million in cryptocurrency, most of which is in Bitcoin (BTC), new data shows.  According to data collated on Dune Analytics from 21.co — the parent company of 21Shares — wallets associated with the Lazarus Group currently hold around $47 million worth of digital assets, including $42.5 million in Bitcoin, $1.9 million in Ether (ETH), $1.1 million in Binance Coin (BNB) and an additional $640,000 in stablecoins, primarily BUSD. However, the amount of crypto held appears to have dropped from the…