Crypto Guides, Knowledge & Insights

What Went Wrong In The Crypto.com (CRO) Hack? Experts Weigh In

The Crypto.com hack is less than a week old and still very fresh in the minds of investors in the space. In what was a brief attack, the hackers were able to access a portion of users accounts on the platform and steal their funds.　　In this report, we ask a couple of experts in the crypto security space their thoughts on the hack and what could have led to it. These experts provide insight into the attack, as well as how this reflects on decentralized exchanges when it comes to security and control on the part of the users.Crypto.com 2FA Breach　　It is now a widely-known fact that the Crypto.com hackers got in by somehow managing to bypass the 2FA security measures on the site. However, what remains a mystery is how the attackers were able to do this. The exchange itself has not spoken on the mechanism implemented by these hackers so we turned to experts in the space to shed light on how this was possible.　　Gleb Zykov, the co-founder and CTO of HashEx, a blockchain security company that focuses on smart contract code auditing, shared with Bitcoinist how the hackers could have gotten into the system.　　2FA authentication is a

2022-01-21Deep Dive

Binance’s CZ Explains Why Banning Crypto Ads Won’t Affect Demand

Several regulators around the globe have taken a hostile approach around crypto exchanges and crypto-related companies by forbidding them to advertise the industry to the general public. However, Binances CEO Changpeng Zhao thinks this will not affect the high demand of the market.Curbing Crypto Ads　　Crypto-related firms have been accused by international regulators of marketing their services with misleading messages that undermine the risk digital assets investments could possess to users.　　Spain, U.k., and Singapore have banned the advertisement of crypto to different extents.　　In Singapore alone, crypto exchanges and other licensed companies can only publish ads on their own websites and mobile apps to avoid reaching the general public.　　The countrys ban includes “any form of advertisements or promotional materials in public areas such as Singapore public transport, public transport venues, broadcast media or periodical publications, third party websites, social media platforms, public events or roadshows.”　　“MAS stresses that DPT service providers should conduct themselves with the understanding that trading of DPTs is not suitable for the general public. These Guidelines set out MAS expectation that DPT service providers should not promote their DPT services to the general public in Singapore.”　　Spain requires a pre-approval for any crypto advertisement directed towards an audience of 100,000

2022-01-21Deep Dive

WAX announces a historic 10 million NFT drop to its blockchain accounts

Known as the ‘King of NFTs’ and the worlds leading entertainment NFT network, Worldwide Asset eXchange (WAX) will be celebrating its major milestones with a record-breaking 10 million NFT drop to WAX blockchain accounts.　　With more than 15 to 20 million transactions per day, WAX established itself as the worlds top blockchain by transaction volume in a highly competitive setting, recently surpassing 11 million total wallet accounts on the platform.Largest single NFT drop to date　　The unprecedented drop that delivers a free NFT for the first 10 million WAX wallet holders is celebrating its loyal community while demonstrating its possible to mint and deliver more than 10 million NFTs with zero carbon emissions.　　“We built WAX to handle the scale of consumer mass-market item trading. We incorporated not just a best-in-class NFT standard but also marketplaces, DEXs, and a user-friendly cloud wallet. I believe we achieved our objective. Because WAX has the highest transaction volume of any chain,” CEO and co-founder of WAX, William Quigley　　Spanning 10 different digital pins, free NFTs are celebrating some of the major milestones in WAX history, including the 2019 mainnet launch.　　Other pins are representing different aspects of the platforms growth, from the WAX cloud wallet launch, and the

2022-01-21Deep Dive

How one Ethereum miner earned over $500k in block rewards

One Ethereum miner could be the luckiest in the space, as he single-handedly mined an entire ETH block and earned himself a cool reward of 168 ETH worth roughly $500,000.Solo miners get lucky with Ethereum and Bitcoin Rewards　　The said miner was operating through the 2miners: Ether SOLO pool on January 17th. Per available data, the miner was able to receive a reward 42 times higher than the usual amount reward awarded by block.　　A cursory look at the size and hash power of the SOLO would show how lucky the miner was. As of press time, less than 1,000 miners are online, and they contribute around 1.5 Tera hashes per second.　　Interestingly, this is the third time this year that this freak occurrence would be happening. In the first two cases, different solo miners using the Solo CK were able to mine an entire block of Bitcoin on their own. This earned each of them 6.25 BTC, respectively.Ethereum and Bitcoin mining hashpower reaches new heights　　What makes the achievement of the solo miners more commendable is the fact that Bitcoin hashrate only recently reached a new all-time high.　　According to available data on Glassnode, Bitcoin hashrate has hit 215 million terahashes per second. Ethereum

2022-01-21Deep Dive

Pakistan Telecom Authority Asked to Block Over 1,600 Crypto Sites

The Pakistan Telecommunication Authority has been requested to ban more than 1,600 crypto websites by the Federal Investigation Agency (FIA). The action followed a complete crypto ban recommendation by the central bank, the State Bank of Pakistan (SBP). Meanwhile, the countrys science minister said that the government intends to “regularize” crypto in the country.　　Pakistan‘s FIA Taking Action Against Crypto Websites, Backing Central Bank’s Crypto Ban Recommendation　　Pakistans Federal Investigation Agency (FIA) has written to the Pakistan Telecommunication Authority (PTA) requesting the telecom regulator to block access to more than 1,600 crypto trading websites, Samaa TV reported Tuesday, citing FIA Director Babur Bakht Qureshi.　　The director first revealed his intention to approach the Telecommunication Authority about blocking some crypto websites last week. He claims that cryptocurrency is being used for money laundering.　　In addition, “Qureshi revealed that a list of individuals involved in the trade of cryptocurrency is being prepared,” the publication conveyed. He added that “These people will be arrested” when cryptocurrency is banned in Pakistan.　　Furthermore, Qureshi said that action will be taken against individuals who promote cryptocurrencies in Pakistan. “These people are on the agencys radar and soon an action will be taken against them,” the director was quoted as saying.　　A growing

2022-01-21Deep Dive

Will Turkey Follow El Salvador to Legalize Bitcoin (BTC) Tender?

El Salvadors President Nayib Bukele arrived in Turkey Thursday to meet President Recep Tayyip Erdoğan in a bid to foster alliance and investment in the Central American country.　　Just before arriving Bukele had tweeted, “This Thursday, on a State Visit, Ill hold a meeting with Recep Tayyip Erdoğan, President of Turkey.”　　Speculations and memes started arriving on Twitter asking the Turkey President if he intends to follow El Salvadors path on Bitcoin.　　 Turkey keeps interest rates unchanged　　Interestingly, Turkey‘s central bank kept its benchmark interest rate untouched, pausing an easing cycle that had helped propel inflation to its highest level since the beginning of President Recep Tayyip Erdogan’s rule.　　The countrys Central bank held key rate at 14%, in line with forecasts. signaling more gradual easing in 2022 as the economy adjusts to the situation.　　An report had been posted earlier in an article titled, “Turkey seeks to implement the crypto law ”as soon as possible briefing the latest update in Turkeys upcoming crypto law.　　The meeting between the two presidents will take place in Ankara on Thursday and Friday.　　Describing the presidents visit, the Salvadoran government released a statement, “El Salvador has explored opportunities for Turkish firms to invest in El Salvador, specifically in energy and

2022-01-21Deep Dive

Key Highlights from Fed's Report on Digital Dollar

The U.S. Federal Reserve has released its much-awaited research paper that explores the viability of launching a central bank digital currency.　　The Fed is yet to make a decision whether or not it will move forward with the development of a digital version of the U.S. dollar, but the 40-page paper, which was originally announced last May, has officially kickstarted a debate over the pros and cons of such an initiative.　　In his statement, Chairman Jerome Powell says that the Fed is open to discussing the matter with a wide range of stakeholders, the general public and electric representatives.　　The paper appears to suggest that the launch of the CBDC would help to preserve the U.S. dollars reserve currency status in the future:　　Some have suggested that, if these new CBDCs were more attractive than existing forms of the US dollar, global use of the dollar could decrease — and a US CBDC might help preserve the international role of the dollar.　　The Fed would not be responsible for offering wallets if the digital dollar were to be launched. The report says that the CBDC would be “privacy-protected” and “identity-verified”:　　The Federal Reserves initial analysis suggests that a potential U.S. CBDC if one were created, would

2022-01-21Deep Dive

SEC Will Focus on Regulating Crypto Exchanges in 2022, Says Gary Gensler

The current Chair of the US Securities and Exchange Commission – Gary Gensler – opined that Washingtons financial watchdogs should directly regulate cryptocurrency trading venues. He raised hopes that further monitoring will happen this year to grant investors more protection when dealing with bitcoin and altcoins.　　Crypto Platforms Are a Target in 2022　　The 64-year-old American has repeatedly stated that the digital asset space needs better investor rules. Last year, he outlined his affection for the industry but said this will not stop him from pushing for enhanced regulations in the market.　　“I‘m not neutral about investor protection. If somebody wants to speculate, that’s their choice, but we have a role as a nation to protect those investors against fraud,” Gensler said at the time.　　During a recent virtual press conference, he reasserted his viewpoint by saying that cryptocurrency exchanges should face more scrutiny from the SEC and other monetary regulators this year. He expects that the additional monitoring will provide investors with the necessary protection when trading digital assets.　　“I‘ve asked staff to look at every way to get these platforms inside the investor protection remit. If the trading platforms don’t come into the regulated space, itd be another year of the public being

2022-01-21Deep Dive

Breaking: Bank of Russia Calls for Full Ban on Cryptocurrency

Big breaking news is coming in this morning! Russia‘s central bank suggests making crypto trading, mining, and usage illegal reports CoinDesk. the country’s central bank released a statement Thursday and said, “Russia must ban cryptocurrencies.”　　The Bank of Russias Financial Stability Department director, Elizaveta Danilova, showed the report named “Cryptocurrencies: trends, risks, measures” at a media conference.　　According to the report, cryptocurrencies are volatile and primarily used in illicit actions such as fraud. They offer an outlet for people to take their money out of the national economy.　　The bank, consequently, proposes Russia needs fresh laws and regulations that virtually ban any crypto-related movements in the country.　　Ban on crypto transactions　　The report adds that a ban on using crypto for payments should be reinforced, and Russian individuals and companies should punish people for buying or selling goods, services, and labor in exchange for crypto.　　Cryptocurrency mining, which thrived in Russia over the past few years, also came under fire.　　Recently, the Bank of Russia stated that Russians execute over $5 billion worth of crypto trades in a year. Not sure how this amount was calculated.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2022-01-21Deep Dive

What might Intel’s low-voltage Bitcoin mining chip mean for the future?

Intel may soon enter the Bitcoin mining business with its new “Bonanza Mine” chip, described as an “ultra-low-voltage energy-efficient Bitcoin mining ASIC.”　　At present, little is known about the chip or Intels plans regarding it. Details of the chip emerged from the International Solid-State Circuits Conference (ISSCC) program schedule.　　The ISSCC is an industry-specific event that will run for eight days from February 20th, 2022.　　Page 27 of the program shows a presentation of the Bonanza Mine chip scheduled for February 23rd at 07:00 PST. But other than that, no further information is available at this time.　　An ultra-low-voltage energy-efficient ASIC could revolutionize the Bitcoin mining game. Then again, in the long run, it may make an already highly competitive industry more cutthroat.Environmental concerns over Bitcoin mining　　Critics say Bitcoin mining is heavily reliant on fossil fuels, making the mining process environmentally damaging. But contradictory reports claim the network runs on 75% renewable energy, making this argument invalid.　　Either way, what cannot be disputed is Bitcoin‘s electricity usage. Over the years, as the BTC hash rate has grown, so too has the network’s electricity consumption (as expected).　　Cambridge University estimates that the Bitcoin network consumes 134.75 TWh of electricity a year. For comparison, this is greater than

2022-01-20Deep Dive

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