Day: November 26, 2023

Inferno Drainer says it’s shutting down after helping steal $70M in crypto

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Inferno Drainer, one of the most popular crypto wallet-draining kits for hire says it is shutting down for good after helping phishing scammers steal nearly $70 million worth of crypto this year. In a Nov. 26 Telegram post, the team behind Inferno Drainer said it was “time for us to move on.” However, it said that the files and infrastructure needed to run the wallet drainer won’t be destroyed but instead will remain active so users can make a “smooth transition” to other services. “It has been a long ride…

Lightning devs must ‘wake up’ and fix security bugs, not please VCs: Bitcoin dev

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Developers working on the Bitcoin layer 2 Lightning Network have become less security-oriented and more focused on producing cash flow for their investors, argues a former Lightning Network developer. Bitcoin core developer and security researcher Antoine Riard, made headlines last month after leaving the Lightning ecosystem over concerns about a new attack vector called “replacement cycling,” which exploiters could potentially use to steal funds by targeting payment channels. How does a lightning replacement cycling attack work? There’s a lot of discussion about this newly discovered vulnerability on the mailing lists, but the actual…

Bitcoin mining hits record high difficulty

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Bitcoin mining has hit a historic high, with a 5.07% surge in mining difficulty — a record 67.96 T.  Data from blockchain explorer BTC.com indicates the leap in Bitcoin (BTC) mining difficulty has reached an unprecedented 67.96 T (terahashes), with the average hashrate — the Bitcoin network’s computational power gauge — standing at a robust 504.80 EH/s (exahashes per second).  Bitcoin mining difficulty ushered in a mining difficulty adjustment at block height 818496. The mining difficulty was raised by 5.07% to 67.96 T, continuing to hit a record high. The…

Cosmos Hub approves proposal to slash ATOM inflation

The Cosmos Hub community is giving the green light to a proposal aimed at reducing the maximum inflation rate of its native token, Cosmos (ATOM), from 14% to 10% as a security enhancement measure. The objective of this proposal is to decrease the annual interest rate for stakers, with the intention of fostering long-term profitability and facilitating price growth in ATOM. The proposal, which garnered 41.1% support, narrowly passed with 38.5% of votes against it, marking the highest-ever turnout vote in the Cosmos ecosystem. The approved change is set to…

Blast’s marketing approach “cheapens the work of a serious team” — Paradigm

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Crypto venture capital firm Paradigm criticized Blast’s protocol marketing strategy, claiming the startup “crossed lines in both messaging and execution.” The VC firm is a seed investor in Blast. The head of research at Paradigm, Dan Robinson, shared a statement on X (formerly Twitter) expressing disagreement about Blast’s decision to launch a bridge before its layer-2 network and to not allow withdrawals for three months. “We think it sets a bad precedent for other projects,” Robinson wrote, adding that “much of the marketing cheapens the work of a serious team.”…

Binance listing triggers a 75% price surge for Blur

BLUR, the native cryptocurrency of the Blur NFT marketplace, experienced a 75% surge in price over the last seven days, largely due to the token’s listing on Binance and several other positive developments. Blur stands out in the non-fungible token (NFT) sector by employing BLUR as its governance token. This unique approach aims to decentralize the Blur NFT marketplace, giving control to the community — a distinctive strategy when compared to competitors like OpenSea, which operates without a token and relies on private investors. The platform has recorded a decent…

Singapore’s MAS curbs speculation, introduces crypto rules

The Monetary Authority of Singapore (MAS) has taken a step in shaping the future of cryptocurrency within its borders, introducing a set of regulations aimed at safeguarding consumers. In response to the growing influence of cryptocurrencies, MAS has released the final tranche of regulations for Digital Payment Token (DPT) service providers, addressing concerns related to business conduct, consumer access, and technology and cyber risk management. MAS has outlined specific measures to guide DPT service providers in conducting business responsibly. These include identifying and mitigating conflicts of interest, establishing transparent criteria…

Bitcoin Mining Difficulty Hits New Record High With 5% Rise

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The Bitcoin mining difficulty has witnessed another increase in 2023, bringing the metric to a new all-time high. The Bitcoin “difficulty” is a vital aspect of the network that controls the rate at which new blocks are added to the blockchain at a given time. Bitcoin Mining Difficulty Surges To A New High Of 67.96T According to data from BTC Blockchain Explorer, the Bitcoin network experienced a significant adjustment at block height 818,496. This caused the blockchain’s difficulty to soar by 5.07%, reaching a new all-time high of 67.96 T.…

Bitcoin struggles to flip $38K to support, while UNI, IMX, VET and ALGO aim to push higher

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Bitcoin (BTC) rose above $38,000 on Nov. 24, but the bulls could not build upon this strength. This suggests hesitation to buy at higher levels. Bitcoin is on track to form a Doji candlestick pattern on the weekly chart for the second consecutive week. This signals indecision among the bulls and the bears about the next directional move. With Bitcoin maintaining near its 18-month high, BitMEX co-founder Arthur Hayes retained his bullish stance. In a X (formerly Twitter) post, Hayes said that the United States dollar liquidity was increasing, which…

Top cryptos to watch this week: BTC, CTC, ROSE

In a largely favorable week, the global crypto market cap rose 2.12% from $1.41 trillion at the start of the week to the current $1.44 trillion, with Bitcoin (BTC), Creditcoin (CTC) and Oasis Network (ROSE) each making notable movements. BTC clinches new yearly peak Being the most dominant crypto asset, Bitcoin’s recent movements impacted the broader crypto market. The asset began the week on favorable grounds but succumbed to pressure from the bears on Nov. 21 amid reports of Binance’s legal troubles. BTC price – Nov. 26 | Source: Trading…