Category: Cryptocurrency News

The 12-year-old dog had appeared in memes with Dogecoin’s own inspiration, the Shiba Inu named Kabosu, including ‘Swole Doge vs. Cheems’.

submitted by /u/Dull-Wear-3286 [link] [comments]

In a complex tangle of smart contracts, governance proposals, and fluctuating crypto prices, the financial health rate of the infamous Binance BNB Bridge exploiter address (0x48…9bec) has fallen below the critical value of 1, hovering at 0.99. This development is of particular interest, given that the address holds a significant collateral of 784,616.10 BNB and a debt position in the form of USDT and USDC totaling $124 million. The plummeting health rate comes amidst the fall of Binance Coin (BNB) to $207.9, well below the pre-determined liquidation price of $210.80, leading to increased speculation about potential liquidation scenarios. As per a tweet from blockchain security firm PeckShield: “The health rate of the BNB Bridge Exploiter on Venus is 0.99. BNB has dropped to $207.9. The Venus community has passed a governance proposal to whitelist liquidation of the BNB Bridge exploiter’s position before.” Liquidation Contingency: The Binance Plan He Yi, the co-founder of Binance, alleviated some concerns stating, “The BNB collateral of Venus is covered by Binance. When the price of BNB falls, Binance will liquidate it in time. These BNB will not affect the secondary market price, and Binance will be responsible for burning these additional BNB.” Related Reading: Binance In Murky Waters? Analyst Explains Why BNB Must Stay Above This Price Nevertheless, the crypto community and analysts alike are closely following the situation, speculating on whether Binance CEO Changpeng Zhao, commonly known as CZ, intends to execute the liquidation to remove the illegitimate BNB from the ecosystem. Renowned analyst Skew remarked regarding the currently ongoing price movements: “”BNB Shorts going at it again + -24% APR (24hr). BNB Aggregate CVDs show takers are net sellers on the day so far. BNB Binance Spot: Quite a lot of spot bids below down to $200, so there will need to be a frenzy of spot selling in order to cause price dislocation or a crash. Large limit buyer has been trying to absorb the sell pressure.” Crypto influencer MartyParty brought this hypothesis into the limelight, stating, “Is CZ trying to liquidate the Venus loan to burn the 900k illegal BNB? Based on the Venus protocol documentation, the loan would have to be liquidated to burn the illegal BNB. That is the only way to remove it from the ecosystem.” This liquidity and governance issue comes after an “exploiter” illegally minted 2 million $BNB through a vulnerability in BNB Bridge, which has since been repaired. Of this illegally minted BNB, 900,000 BNB was used as collateral on Venus Protocol to obtain a loan exceeding $150 million in stablecoins, which was then dispersed across multiple blockchains. On June 12, 2023, a potential liquidation was averted when Binance stepped in to add $30 million in USDT margin, bringing the liquidation price down to $212. Again on August 17, another liquidation was sidestepped, pulling the liquidation threshold down to $210.80 and consequently the health rate to 1.02. Related Reading: Curve DAO Scores $5 Million Boost From Binance, Eyes BNB Chain Expansion In an earlier reaction to MartyParty’s query, CZ seemed unfazed: “Took me a while to understand (IF I even vaguely understand now). So, Marty is worried about a $30-120m worth re-buy of #BNB? Maybe he should check the last BNB burn? or the #SAFU insurance fund size?” He also commented on the volatility of BNB, adding, “And where did the $212 magic number come from? #BNB price is determined by the market. A $30m re-buy is less than 4% of a single day’s volume.” As of this writing, the market is still uncertain, waiting for further signals from CZ, who hasn’t commented on the latest developments. Meanwhile, Arkham Intelligence’s dashboard remains a focal point for real-time updates on the loan status and the health rate of the exploiter’s account. At press time, no liquidation took place yet. At press time, the BNB price was at $210.5. Featured image from Metal Pay, chart from TradingView.com

In a deleted customer service message, Binance said that the failed withdrawals were caused by temporarily suspended EUR transactions through SEPA.

A tale of two types of Bitcoin investor emerges, as BTC price action separates “sensitive” speculators from seasoned hodlers.

A tale of two types of Bitcoin investors emerges as BTC price action separates “sensitive” speculators from seasoned hodlers.

Industry experts explain the benefits and disadvantages of PayPal’s PYUSD stablecoin.

So I was scrolling through my X feed when I came across a shocking post. An account by the name @ KookCapitalLLC highlighted his "business" success. He claimed to have 0 followers 2 years ago, and so far in 2023 has scammed his way to $155,100. He literally says "build with your exit liquidity in…
Read more

On August 18, a solo miner managed to solve block 803,821, securing a remarkable 6.25 Bitcoin block reward valued at $160,000. This is a very rare event as lone miners have a lower chance of mining a block due to the increase in mining difficulty and this solo miner became the 277th solo miner in bitcoin’s history to achieve this.  Solo Bitcoin Miner Makes History The solo miner was able to pull off this remarkable achievement using the Solo CKpool mining service. The miner identified with the tag bc1q2za4ejga366sn288273pty8trasn5zs4y9hqg6 used an S17 Bitcoin Miner with a hash power of roughly 1 PetaHash which is way lesser than most BTC mining entities, as was speculated by Con Kolivas, the administrator of Solo CKpool. Related Reading: Experts Explain Why SEC’s Interlocutory Appeal In Ripple Case Was A Mistake Congratulations to miner bc1q2za4ejga366sn288273pty8trasn5zs4y9hqg6 with ~1PH of hashrate at solving the 277th solo block at https://t.co/UWgBvLkDqc! A miner of this size would only solve a block solo on average once every 7 years at current diffhttps://t.co/cNgm1KUqvw — Dr. Con Kolivas (@ckpooldev) August 19, 2023 Perhaps the most interesting thing about this development is that the miner achieved this remarkable reward when mining difficulty was almost at an all-time high of 52.39. Normally, mining Bitcoin with just 1 PetaHash seems impossible compared to other BTC solo miners that were able to pull this off in the past who had hash rate capacity in exa-hashes. It is almost impossible for a solo miner to solve an entire block on their own, due to the increased popularity of BTC mining and the persistent rise in the network hash rate and powerful mining equipment.  BTC miners are required to input computational power to solve and add the next Bitcoin block to the network, which creates a valid block hash while using the computational power of multiple mining rigs. However, since the miner was using the Solo CKpool, it allows miners with outdated or inefficient equipment to pool their mining power together, increasing their chances of solving a block, which is what happened here. In their case, this miner was able to retain 98% of the reward.  BTC price puts reward for a single block over $160,000 | Source: BTCUSD on Tradingview.com The miner now joins two other solo miners who have been able to achieve this impressive feat in March and June this year using a Solo CKpool and is the third time this is happening so far in 2023. Rise In Hashrate Triggers Surge In Mining Difficulty Over the last few months, the Bitcoin hashrate has been rising rapidly, eventually hitting an all-time high in July. In response to this, the mining difficulty surged quickly and touched its own ATH in the same month. Related Reading: The $200 Million BNB Bridge Exploiter Just Got Liquidated On Venus By July 8, the Bitcoin mining hashrate was at 538.05 EH/s and difficulty surged to 53.9112T a few days later on July 12. However, since then, it has tapered off with hashrate dropping 26% to 424.76 EH/s and difficulty dropping around 3% to 52.39T. Mining difficulty rises to new ATH | Source: CoinWarz Nevertheless, both the Bitcoin hashrate and difficulty are significantly higher compared to the start of 2023, which makes the solo miner’s achievement even more impressive. However, as hashrate and difficulty continue to rise, such occurrences are expected to be fewer as miners with large hashrates dominate the market. In the end, the winner is the Bitcoin network which becomes stronger for it with the increased hashrate. It is also beneficial to BTC investors as a rise in hashrate suggests there is more interest in the digital asset and this can convert to higher prices for the cryptocurrency. Featured image from Unsplash, chart from Tradingview.com