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May 01,2022

Deus Finance Gets Hacked As Over $13 Million Stolen In Latest Flash Loan Based Exploit

Deus Finance DAO has become the latest target of a hack that saw a massive $13.4 million be stolen. To make matters worse, this is the second attack on the platform within the past 2 months.

What happened?

PeckShield, a blockchain security company, announced on April 28th that hackers had indeed compromised Deus Finance, a decentralized finance initiative that uses the Fantom blockchain. According to the firm, the incident resulted in a loss of over $13 million, with ETH accounting for the majority of the stolen assets.

The breach was reportedly made feasible by the modification of the price oracle which reads from the StableVW AMM, USDC/DEI pair via a flash loan. The modified collateral DEI price was then utilized to borrow from and drain the pool.

Another day, another flash loan exploit

Unfortunately, this is not the first time that hackers have successfully stolen funds through flash loan based exploits, and judging from the most recent activities, it will most likely not be the last either. After being utilized in some of the most high-profile assaults of 2022 alone, flash loans have gained quite the reputation of being among the most popular ways to target DeFi platforms.

The breach was triggered by a total of 800 ETH, which was extracted from Tornado Cash and transmitted to Fantom via the MultiChain. The stolen funds were subsequently converted to Ether and transferred to the hackers account at the end of the assault.

There may be some light at the end of the tunnel though, as the hackers wallet address was quickly marked with a warning that marks it as being allegedly involved in a flash loan exploit. However, the damage has already been done and it is currently unclear whether the hacker has already sent the stolen crypto to another wallet by now.

From bad to worse

The previous attack, which took place in March, was eerily similar to the most recent attack in that it employed the same flash loan-assisted pricing manipulation. The funds were moved from Tornado Cash and transferred in the same manner as the April hack.

Needless to say, the community is extremely disappointed that the protocol has been hacked again in the same way and in such a short period of time. While we await an official response, countless calls have since been made to Circle to freeze the $USDC implicated in the incident. We can only hope that the funds are quickly returned to the rightful owners and that other platforms do their best to ensure that something like this does not happen to them in the near future. Some have even resorted to hiring white hat hackers and employing bug bounty programs.

April 29,2022

Goldman Sachs Approved Bitcoin-Backed Fiat Loan

Goldman Sachs has just approved its first Bitcoin-backed loan, indicating that Wall Street is becoming increasingly interested in crypto. A borrower was allowed to utilize BTC as collateral for a cash loan using the bank's secured lending program.

According to a Goldman representative, the bank recently expanded a secured loan facility in which they lent cash collateralized on BTC, with the borrower owning the BTC. They went on to say that the structure and the 24/7, 365-day risk management were the most intriguing aspects.

In related news, Goldman, which also has a specialized digital assets division, recently traded its first OTC BTC options to Galaxy Digital.
With the latest move though, Goldman seems to be following in the footsteps of other traditional banking behemoths in terms of expanding its crypto investments and portfolio.

Elsewhere, Cowen also formed a digital assets divsion in the past month, while BlackRock (BLK) recently took part in Circle's $400 million fundraising round.

April 27,2022

Central African Republic Is Worlds Second Country To Accept Bitcoin As Legal Tender

The Central African Republic has now become the worlds second country to accept Bitcoin (BTC) as legal tender, confirming reports that had circulated for a few days.

As per a statement from President Faustin Archange Touadera, the National Assembly recently approved an officially signed measure authored by Gourna Zacko, Minister of Digital Economy, and Calixte Nganongo, Minister of Finance and Budget, after which BTC was legalized.

The Central African Republic has a population of over 4.8 million people, with around 11% having an Internet connection. El Salvador was the first country to accept the flagship crypto as legal tender less than a year ago. Crypto enthusiasts are thus hopeful that other countries will follow suit and eventually legalize Bitcoin within their own borders as well.

April 26,2022

Elon Musks Twitter Offer Accepted

Elon Musk and Twitter have come to an agreement wherein the social media platform has officially accepted a $54.20-per-share buyout offer from the Tesla CEO, valuing the company at approximately $44 billion in cash.

Twitter will henceforth become a privately owned firm once the transaction is finalized.

Elon argues that free speech is the foundation of a healthy democracy, and that Twitter is the main virtual hub where important issues affecting humanity's future are often discussed.

He went on to declare that he wants to make Twitter better than ever by adding new features, making the algorithms open-source in order to promote trust, combating spam bots, and authenticating everyone.

In related news, Jack Dorsey praised the Tesla CEO and his new acquisition, claiming that Elon could very well be the singular solution to Twitter's various contemporary issues. Whether that is indeed the case or not remains to be seen.

April 25,2022

Tether Use Cases - Are They Still Relevant?

Tether is a cryptocurrency that is pegged to the U.S. dollar. This means that each Tether unit is worth $1. Tether is often used as a way to store value in a digital form. Because it is pegged to the dollar, it is seen as a stablecoin. This makes Tether popular among cryptocurrency traders who want to avoid the volatility of other digital assets.

Tether was created in 2014 by Brock Pierce and Reeve Collins. The two co-founded the company Tether Limited, which issues the token. Tether is headquartered in Hong Kong.

Tether is built on top of the Bitcoin blockchain and uses the Omni Layer Protocol. This allows for the creation and issuance of tokens on the Bitcoin blockchain. Each Tether unit is backed by real currency that is held in a reserve. Tether Limited claims that its reserves are audited monthly by an accounting firm.

Their Use Cases

Tether is often used as a way to pay for products and services online. Because it is stable and has low volatility, it is seen as a safe way to make transactions.

One of the more popular examples for this is betting with cryptocurrencies. Tether bet is seen as one of the more stable options available. Because it is pegged to the U.S. dollar, Tether does not experience the same level of volatility as other digital assets. This makes it a popular choice for those looking to avoid risk when placing bets online. It can also be easily converted into other cryptocurrencies, making it a versatile option when looking to make a bet on a specific blockchain-based project.

Another use case for Tether is as a way to store value in a digital form. Because it is pegged to the dollar, it is seen as a stablecoin, which makes it popular among cryptocurrency traders who want to avoid the volatility of other digital assets. Tether can also be used to buy and sell other cryptocurrencies. It is listed on a number of cryptocurrency exchanges, and it can be converted into other digital assets.

Are They Still Relevant?

Tether is often compared to other popular cryptocurrencies such as Bitcoin. Because it is pegged to the U.S. dollar, Tether does not experience the same level of volatility as other digital assets. Bitcoin, on the other hand, is not pegged to any specific currency and is instead backed by the computing power of its users. This makes it a more volatile option, but also allows for more flexibility when it comes to transactions.

When comparing the two, it is important to consider what your goals are with cryptocurrency. If you are looking for a stable option that can be used to buy and sell other assets, then Tether is a good choice. If you are looking for a more flexible option that can be used for a variety of purposes, then Bitcoin may be a better choice.

Tether is still relevant now and will likely still be in the future. It has a lot of use cases and its partnership with Bitfinex will help to increase its adoption. It is a popular choice among cryptocurrency traders and is seen as a stablecoin. Tether is also versatile and can be used to buy and sell other cryptocurrencies. It is listed on a number of exchanges and can be easily converted into other digital assets.

April 25,2022

Ethereum Classic Popular Use Cases For Entertainment

Ethereum Classic is a decentralized platform that runs smart contracts, which is an application that runs exactly as programmed without any possibility of fraud or third party interference. It is a continuation of the original Ethereum blockchain - the classic version preserving untampered history free from external interference and subjective tampering of transactions.

Ethereum Classic is a public, decentralized platform that runs smart contracts and allows users to create and run decentralized applications (dApps). The platform is powered by the Ethereum Classic blockchain, which is a fork of the original Ethereum blockchain. The main difference between the two platforms is that Ethereum Classic maintains the untampered history of the Ethereum blockchain, while Ethereum has a separate blockchain that contains all of the changes made to the original blockchain.

Ethereum Classic is also notable for its strong community of developers and users. The platform has a wide range of resources available for developers, including an official forum, a blog, and a dedicated Slack channel. These resources make it easy for developers to get started with Ethereum Classic and learn more about the platform.

Ethereum is a platform that can be used to create decentralized applications (dApps). These dApps can have a wide variety of purposes, including but not limited to:

1. Decentralized exchanges: Ethereum can be used to create decentralized exchanges, which would allow users to trade cryptocurrencies without having to trust a third party. This would provide increased security and privacy for users, as well as reduce the risk of theft or fraud.

2. Decentralized marketplaces: Ethereum can also be used to create decentralized marketplaces, which would allow buyers and sellers to interact directly with each other without the need for a third party. This would help reduce costs and fees, and would also be more secure and trustworthy than traditional marketplaces.

3. Voting and governance: Ethereum can be used to create decentralized voting and governance systems. This would allow for more transparent and democratic decision-making, as well as reduce the risk of fraud or manipulation.

4. Social networking: Ethereum can be used to create decentralized social networking platforms. This would give users more control over their data and privacy, and would also be more resistant to censorship.

Ethereum classic is a versatile platform that can be used for a variety of purposes, including online entertainment. For example, Ethereum can be used to power transactions in online Ethereum classic casino. This makes it easy for players to deposit and withdraw funds, and it also allows casinos to offer a wide range of games and bonuses.

Ethereum Classic also has a variety of applications that can be used for a variety of purposes, including online entertainment. For example, Ethereum can be used to power transactions in online casinos.

Ethereum Classic offers a number of benefits over traditional Ethereum, such as it is less vulnerable to fraud or theft, and it also helps ensure that transactions are fair and accurate. The platform has a wide range of resources available for developers,  making it easy for developers to improve and build upon them.

April 24,2022

DeFi Privacy: How the Railgun Privacy System Protects Users

Privacy is important to most people, and thats especially true in areas such as finance. Railguns developers understand that. With smart contracts designed for totally private transactions, the Railgun Privacy System removes the greatest obstacle to privacy on open ledger blockchains. That is the problem of a single transaction revealing all a users previous transactions and contract interactions through their wallet history. 

Railgun is built directly on-chain, with anonymity and privacy as the default. The system allows for direct interaction with lending platforms, DEXs, and smart contract application options without leaving a record of the users wallet address. This means users actions are kept private, preserving anonymity. Theres no need to use any new tokens or transfer to another blockchain: the DeFi interactions are the same as always, only with complete privacy.

While Railgun solves the problem of maintaining privacy on open-ledger blockchains, DeFi also has intrinsic advantages over traditional finance for protecting private information. Lets examine that.

How does DeFi protect user privacy?

With decentralized finance (DeFi), privacy can in part be protected because protocols can be used with no middle man. Traditional financial options require that people turn over information to third parties, such as banks. While the customer may wish to keep their information private, the third party may not have the same obligation. That often means governments have ways of getting access to that information.

But with DeFi, that doesnt happen. Why? Because DeFi doesnt follow the same financial rules and requirements. As a decentralized option, there arent any third parties. The user simply interacts with smart contracts.

DeFi and the Third-Party Doctrine

The third-party doctrine is what gives the government power for the collection of financial information from third parties like banks. If DeFi doesnt use a third party, the government loses the opportunity to use the third-party doctrine to get information, such as banking records. But of course governments are likely to take more and more measures to force users to go through third parties.

DeFi is part of a substantial upheaval in how people trade and transact. People used to pay in cash, and finding records of those transactions wasnt always easy. As things changed, people started conducting transactions through other means, such as credit and debit cards.

Now, technology is so advanced that people can conduct business with companies and individuals all over the world. They do that through online options, and typically that means going through a third party. DeFi is conducted online, but its a much more private experience that doesnt keep the same kinds of records. Thats the focus of any financial transactions that are decentralized. They represent new, more independent and flexible options for people who care about their privacy.

Railgun allows users greater control over their own privacy than any other option. Of course, there are some people who want or need to be transparent when they transact on the chain. In those cases, Railgun provides a verifiable action report and balance for the user to share with whoever they want to. Privacy matters, and Railgun offers the opportunity for users to control what they keep from others.

Read more or join the conversation on the RAILGUN Twitter, Medium and dedicated Telegram Channels:


April 24,2022

Ripple Courtroom Battle Will Go On Longer Than Expected

The XRP community was hoping for a swift conclusion to the SEC v. Ripple courtroom battle, but it will now reportedly have to wait a bit longer than initially expected. As per Stuart Alderoty, Ripples General Counsel, a definitive conclusion to the lawsuit may be postponed until 2023.

In a long series of tweets, Alderoty observed that the SECs enforcement operations are effectively pulling the rug out from under XRP investors with every passing day of the case. The XRP market was hammered the day the complaint was filed, dealing a devastating blow to the investors that the SEC seemingly claims to protect.

Ripples General Counsel then chastised the SEC for failing to provide regulatory clarity in the United States, a key component of the companys case. Notwithstanding the veil of uncertainty which the agency has cast over the sector, the recently signed executive order claims that a minimum of 40 million Americans now possess crypto in some form.

Meanwhile, many Americans are becoming increasingly worried that the continued regulatory actions of the SEC are inadvertently encouraging local talent to look beyond their borders in search of countries who will appreciate them and have a more lenient approach regarding crypto. This brain drain could seriously harm the U.S in the long run, according to various experts.

April 24,2022

New Limited Beta Version Of NFT Marketplace Launched By Coinbase

Coinbase recently announced that its NFT marketplace has now entered the beta phase and is open to a limited number of beta testers who will be admitted based on their position on the queue. The exchange plans to compete with major players in the field by including social elements such as a comment system (complete with downvotes and upvotes) as well as an algorithmic feed.

This development will go a long way towards further establishing Coinbase as one of the top crypto platforms in the world and will simultaneously help increase mainstream adoption of NFTs as well.

What can we expect?

The screenshots included in Coinbases blog post resemble a mix between Instagram and OpenSea, which is among the biggest NFT marketplaces in the world. In fact, there are profiles where individuals can display their collections which others can also follow, along with a Discover feed that Coinbase claims will propose NFTs to users based on what they purchase, whats popular, who they follow, and various other factors.

Moreover, favoriting NFTs is likewise supported by the marketplace, as it is by OpenSea and numerous other markets. There is also a Shop page where beta testers may buy NFTs. Presently, only the Ethereum blockchain is supported by the marketplace, and beta users can connect via a wallet such as Coinbases own wallet or MetaMask. Furthermore, although the platform claims that Coinbase NFT would eventually accept Mastercard, only ETH is being utilized for pricing at the moment.

A little late to the party?

Most would agree that Coinbase is a prominent participant in the crypto exchange market and plays a vital role in this sector, however some would nevertheless argue that the platform is entering the NFT space a little late. Currently, the market is displaying symptoms of weakness as both trading volume and the amount of traders on the biggest marketplaces have uniformly declined in the last month, according to DappRadars NFT marketplace tracker.

As a matter of fact, even OpenSea recently experienced about 67% fewer deals and 23% fewer traders than it had in March. Additionally, whereas search interest in non-fungible tokens increased between October 2021 and January 2022, it has subsequently returned to normal levels by now.

Still, better late than never for Coinbase as NFTs continue to rise in popularity and usage with little signs of slowing down, although the platform also has its hands full with a class-action lawsuit as well.

April 24,2022

Grant Program Worth $100 Million Launched By Kadena To Help Enhance Blockchain Scalability

Kadena, a Layer-1 PoW (Proof-of-Work) protocol, recently announced a $100 million grant. The initiative is part of Kadena Eco, a strategic effort which brings together industry thought leaders, IT talent, and financing to stimulate the growth of Kadenas respective ecosystem.

Why is this important?

Kadena Eco is an innovation network aimed at accelerating the development and adoption of useful apps that help everyday individuals. The network makes use of Kadenas builder-centric blockchain, which allows developers to combine Web 3.0 innovation with that of Web 2.0 usability.

With that in mind, creators and entrepreneurs who want to expand on Kadena or design other important aspects of the network may now apply for the networks new funding program. The platform has dedicated $100 million to the initiative as aforementioned and is seeking contributions from high-quality, open-source projects in fields such as gaming, the metaverse, DeFi, Web 3.0 and NFTs.

All participants have to be willing to embrace Kadenas creation in the open concept by presenting meaningful content, tutorials, and product explainers across all relevant communities as well as channels. Moreover, grant submissions will be judged based on technical merit, specification details, team experience, and overall value to the Kadena ecosystem. In exchange, Kadena Eco will provide crucial coaching, in-person cooperation, and substantial financial assistance.

Future prospects

The Kadena grant program will comprise many different yet related elements. These include an R&D division that converts complicated technological ideas into practical applications, an incubator for hands-on technical development, an accelerator for early financing and coaching, and finally a venture fund that provides smart capital and operational skills.

According to CEO Francesco Melpignano, Kadena Eco will advance the evolution of blockchain technology by giving developers innovative, scalable architecture and secure smart contracts. He also stated that the teams goal is to ultimately empower inventors, entrepreneurs, and anybody else with a creative mind to keep the revenues from their work.

With blockchain, consumers may now own their digital assets and products and genuinely have digital ownership over what happens on the Internet for the first time. This was not conceivable before the development of blockchain, the CEO added, which is why Kadena Eco is assisting in scaling blockchain for the mainstream and making it available to countless people worldwide as the sector continues to experience unprecedented growth and mainstream acceptance.

April 20,2022

Emirates Airlines Announces Foray Into Metaverse And NFTs

Emirates Airlines, based in the United Arab Emirates (UAE), has announced its foray into the metaverse and NFT space. Emirates will hence reportedly provide a wide range of services and a variety of digital collectibles to improve its flyers metaverse experience.

The recent decision follows the legalization of crypto-oriented activities and enterprises in Dubai and Abu Dhabi. Various Middle Eastern regions seek to connect their digital economy to the crypto industry in lieu of the burgeoning sector and how quickly it is being accepted in the area.

Furthermore, Emirates is converting its Emirates Pavilion at the Expo 2020 site as a point of contact for those interested in contributing to the airlines future-focused initiatives, such as those involving the metaverse, non-fungible tokens, and Web 3.0.

In related news, UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum approved a new legislation governing digital assets last month, in addition to establishing an independent agency to supervise crypto-related governance.

Binance and other global crypto organizations are also setting up shop in the country at an accelerated rate thanks to the newfound acceptance of the UAE Prime Minister.

April 17,2022

Coinbase Faces More Class-Action Law Suits

Coinbase, a leading cryptocurrency trading platform in the United States, has become the focus of a class-action lawsuit alleging that its arbitration practices are unenforceable.

A plaintiff claims in a recent court filing that Coinbase's arbitration clause in its terms of service is fundamentally unconscionable since it significantly favors one party. He said that a contract term is invalid under California law if it was unconscionable at the time it was made.

Moreover, the plaintiff does not argue that when he signed up for his user account, he agreed to be bound by the Coinbase user agreement in effect, nor that it addresses the issue. Rather, he claims that the arbitration agreement is unlawful since it lacks any semblance of bilaterality.

As per the court filing, the plaintiff, who aims to represent a group of individuals in a similar circumstance, requested to arbitrate after a fraudster took approximately $31,000 from his account but found Coinbase unresponsive and the terms seemingly unjust.

In related news, Coinbase was slammed with another class-action lawsuit not too long ago, alleging that the platform offered cryptocurrency assets as unregistered securities.