Day: October 7, 2023

What to expect when FTX founder’s trial resumes for day 5

Disgraced FTX founder Sam Bankman-Fried’s trial will resume for its fifth day on Oct. 10, with prosecutors expected to question his ex and former colleague, Caroline Ellison. The trial, which is set to last six weeks, will continue on Tuesday with key testimony expected from Ellison, who is regarded as a star witness to the goings-on at Alameda Research, where she held the title of CEO. Alameda, a sister firm to FTX, allegedly siphoned off $8 billion in customer money from FTX and used that cash for personal means. Ellison,…

What is finality in blockchain, and why does it matter?

Understanding finality in blockchain Finality in blockchain refers to the unchangeable confirmation of a transaction or a block of transactions. In conventional financial systems, once a transaction is confirmed, it cannot be undone. Similarly, attaining finality on a blockchain network ensures that a transaction is permanent and cannot be modified after it has been added to the blockchain. For the blockchain to be secure and authentic, this concept is crucial. Finality is attained by the blockchain network’s use of consensus. Different blockchain networks employ various consensus algorithms, each with a…

3 reasons why Ethereum price can’t break $2K

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The price of Ethereum’s native token, Ether (ETH), has gained around 35% so far in 2023. But its attempts to break above $2,000, a psychological resistance level, have witnessed strong bearish rejections multiple times. ETH/USD daily price chart. Source: TradingView Let’s take a closer looks at the three likely reasons why Ethereum price has failed to decisively retake $2,000 since May 2022. Ethereum price paints bear cycle fractal Ethereum’s inability to cross above $2,000 in 2023 resembles the bearish rejection near $425 in 2018-2019. ETH/USD weekly price chart. Source: TradingView…

How Sam Bankman-Fried Allegedly Used Customer Funds

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On day four of the criminal trial of former FTX CEO Sam Bankman-Fried, Gary Wang, who co-founded the now-bankrupt crypto exchange and served as its former chief technology officer (CTO), testified. During his testimony, the former FTX executive revealed details about the connection between the cryptocurrency exchange and Alameda Research. FTX’s Sam Bankman-Fried Allegedly Gave Alameda Research ‘Special Privileges’ According to various reports, on Friday, October 6, Wang appeared again in court and testified that Alameda Research’s account on FTX was allowed to trade more funds than it had available.…

Helius shows off Solana upgrades and improvements

Solana (SOL) is introducing a “Confidential Transfers” feature that provides encrypted SPL token transactions and various performance enhancements. The layer 1 proof-of-stake blockchain released its version 1.16 update, which includes the new “Confidential Transfers” feature, providing encrypted SPL token transactions. Helius Labs, the developer platform that specializes in building on the Solana blockchain, indicated that not all features of the v1.16 update will be immediately live. Developed over 10 months by Solana Labs and audited by blockchain security firm Halborn, the update has received support from a majority of validators.…

Solana Outshines Rivals On Weekend Top 10 Roster, Up 18%

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Solana experienced a significant surge of approximately 20% during the last few days of September and into the first week of October. This sudden price increase has piqued the interest of investors and enthusiasts alike, sparking discussions about its underlying causes. One prominent question on people’s minds is whether this uptick in SOL’s value is directly correlated with Bitcoin’s performance during the same period or if there are distinct factors driving SOL’s price rise independently of Bitcoin’s movements. Before this increase, SOL had a tough time because a U.S. court…

Avalanche-Based Stars Arena Falls Victim To A $3 Million Exploit

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Stars Arena, a decentralized social media platform built on the Avalanche network, has suffered a major security breach, resulting in the loss of a significant amount of cryptocurrency. This comes barely a day after the decentralized application (dApp) reportedly fixed a loophole in its smart contract. On Thursday, October 5, the Stars Arena team said – via a post on X (formerly Twitter) – that it has averted a security exploit, which could have led to the loss of over $1 million worth of funds.  Stars Arena Loses $2.9 Million…

Long and short positions, explained

The concept of long and short positions The long and short positions represent opposite strategies that investors and traders use to speculate on the price movements of assets under consideration. The idea of long and short positions is still applicable to traditional financial markets in the realm of cryptocurrencies. In order to profit from a cryptocurrency’s price increase, a long position entails purchasing it with the expectation that its value will rise over time.  In contrast, going short in the cryptocurrency market means selling a cryptocurrency one doesn’t own in…

Huobi Wallet Suffers $263,000 Exploit In Suspected Internal Job

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According to multiple reports, iToken, formerly known as Huobi Wallet, fell victim to a crypto heist in the last week, leading to the loss of $263,000 worth of users’ assets. The incident draws much attention following recent police investigations into some of Huobi’s former staff. $263,000 Drained From Huobi Wallet – Could There Be An Internal Involvement? Providing more insight on this latest exploit, prominent security firm Peckshield reported that this event occurred on October 3, with the drainer stealing a total of $263,000 USDT and 92 TRX minted on…

Shiba Inu burn rate drops by 82.27%, investors bullish on EOS and InQubeta 

Recent crypto trends show that InQubeta (QUBE) and Eos (EOS) are outperforming other coins despite the current market conditions.  QUBE investors have especially posted profits while EOS is up, posting a modest 7% in the past week. Meanwhile, Shiba Inu (SHIB) has struggled to gain traction despite burning coins and reducing supply.  The Shibburn website reports an 82.27% decrease in the burning rate.  InQubeta, a platform on Ethereum, aims to make investing in artificial intelligence (AI) more accessible to everyone.  Analyzing InQubeta InQubeta utilizes the ERC-20 standard and smart contracts to…