Category: Cryptocurrency News

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I feel like ethereum is a pretty daunting space. People talk about things like rollups, L2 chains, validators, etc. While I think I get all of this in a shallow sense, I cant say I have any deep knowledge. They way I like to learn most things, is in a structured way that starts with…
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Crypto hacks and scams are nothing new in the crypto space, but every time they happen, they still come as a shock to investors. Most especially the victims of these attacks.  Bull markets always seem to come with an increased number of attacks. So with a bull market that has raged on for the better part of a year, 2021 has definitely had its fair share of attacks, despite just entering its ninth month of the year. Related Reading | These attacks have accelerated with the recent crypto surge. Prices have been up across the board and it seems like this has been a cue for the attackers to ramp up their operations. This could be due in part to the high prices of the cryptocurrencies bringing much higher returns on their attacks. Whatever the case may be, attacks in 2021 have increased and data shows that the number this year will most likely surpass the record for last year. Accelerated Crypto Attacks In 2021 Crypto hacks and scams had previously reached a record number in 2020. At a total of 32 identified cases in 2020, it was the year with the highest number of hacking and fraud incidents in the crypto market. In just eight months, there have been 32 identified cases of hacking and fraud in 2021. With six months to go and the bull rally raging on, more of these attacks can be expected to happen before the year runs out. Related Reading | Data Shows Nearly 90% of Bitcoin Has Been Mined, Here’s How Long It Will Take To Mine The Rest Since 2017, the number of breaches has consistently increased each year, according to an analysis from Crypto Head. 2017 marks the beginning of one of the most memorable bull runs in the crypto space. So it is no surprise that there was a jump in the number of attacks from the previous year. In 2016, there were only 5 identified cases of crypto hacking and fraud. But this number jumped to 21 the following year in 2017. With four months left to go and DeFi exploits still on the rise, the number of attacks in 2021 may very well beat 38. These hacks and breaches are becoming even more sophisticated. Attackers are now developing tools that make their attacks harder to catch and trace. 2017 Attacks Carted Away The Biggest Loots On average, just in 2017, attackers made away with $223.5 million on average. The total number of 21 attacks for the year came out to a balance of $4.7 billion stolen in crypto hacks and fraud. Setting the record for the highest amount stolen in a single year. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Despite having a higher number of attacks, 2020’s 38 identified cases came out to about $1.8 billion total. This amount already surpassed in 2021 by at least a billion. So far, the 32 combined attacks of 2021 have come out to a value of $2.9. The Poly Network attack that took place this year amounted to $610 million. Making it the biggest DeFi heist in history. These attacks have mostly focused on the top coins in the crypto market, which, incidentally, also provide the most liquidity. About a third of these breaches have been targeted at the leading cryptocurrency, bitcoin. Ethereum comes in as second most targeted with 12.8%. Unknown coins make up about 9.2%, while ERC-20 tokens were targeted 7.4% of the time. Total crypto market cap now trading at $2.29 trillion | Source: Crypto Total Market Cap on TradingView.com Featured image from iStock, chart from TradingView.com

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I am thinking about making my own collection of NFTS (think bored apes, and LASC) I want to set it up that you mint using web3 from my website but I was wondering. Does it cost me money every time someone mints an NFT from me? and if so does it take it out of…
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The Monetary Authority of Singapore (MAS) finally shortlisted 15 companies that will assist in developing retail CBDC. These firms will participate in the Global CBDC challenge and help build the in-house retail central bank digital currency. MAS announcement indicates that the participants include four companies from the United States and six from Singapore. There’s also one firm each from Barbados, France, Switzerland, Australia, and Germany. Of all the participants, only three winners will emerge and work to build Singapore’s retail CBDC. On June 28, there was an announcement of the cash prizes for the digital currency ideas by the Singaporean central bank. This resulted in a challenge that has more than 300 fintech firms from over 50 countries in participation. Related Reading | Ethereum Software Client Geth Issues Hotfix To Tighten Security Some of the global finalists are Criteo (France), Bitt (Barbados), and Soramitsu (Switzerland). Also, there are ANZ Banking Group Limited (Australia) and Giesecke+Devrient advance52 GmbH (Germany). The shortlisted United States-based firms include Consensys, cLabs Inc., IBM, and Extolabs LLC. The local Singaporean shortlisted consortiums are IOG Singapore Pte Ltd, Citibank N.A., Standard Chartered Bank, and IDEMIA. Others are HSBC Bank Limited and HSBC Holdings Plc, and Xfers Pte Ltd Finalists Will Be Rewarded For Developing CBDC Retail A cash prize of 50,000 Singapore dollars (about $37,000) complements the Singaporean initiative of building its retail CBDC. An earlier announcement disclosed the MAS mentoring of the 15 finalists. Also, the finalists can gain access to the APIX Digital Currency Sandbox that will promote quick prototyping of digital currency solutions. The Sandbox ecosystem should contain over 100 APIs that are linked to payments and core banking. Furthermore, it will contain Mastercard’s digital fund APIs. The finalists now have an opportunity to promote their CBDC solutions during the Singapore Fintech Festival from November 8th to November 12th, 2021. There have been pro-crypto moves from the country’s authorities through the entire 2021. For example, the MAS recently released an ‘in-principle approval to Independent Reserve, an Australian crypto exchange. The company stands as the first crypto exchange to receive such approval in Singapore. The approval will enable the company to run as a regulated Digital Payment Token (DPT) Service provider. Through the approval, Independent Reserve is expected to avail its users the maximum consumer protection. It will also ensure compliance with Anti-Money Laundering rules. Related Reading | Bittrex Global CEO Declares Dubai Will Gain Benefit From Cryptocurrency Market Expansion Also, there’s a report that Singapore hosts 170 crypto exchanges, including Germini and Binance. These companies seek approval to kick off businesses in the country. Featured Image From Pixabay