Bitcoin Industry

2024-01-01 16:00:01 Orbit Suspends Cross-Chain Bridge Contract After $82M Exploit

Just hours before welcoming the new year, hackers exploited Orbit Bridge, the cross-chain bridging service of Orbit Chain, making off with a staggering $82 million.

The project soon suspended the cross-chain bridge contract and initiated on-chain negotiations with the attackers, as reported by Beosin Alert, an on-chain analytics platform.

Concerns about a potential exploit were first raised by pseudonymous Twitter user Kgjr on December 31, who highlighted significant outflows from the Orbit Chain Bridge protocol.

Blockchain analytics platform Arkham Intelligence revealed that the hackers orchestrated five separate transactions, transferring $30 million in Tether (USDT), $10 million in USD Coin (USDC), Ethereum (ETH), 231 Wrapped Bitcoin (WBTC), and $10 million worth of the algorithmic stablecoin DAI to fresh wallets. Open / Comment

2023-12-29 15:01:29 Vitalik Buterin Blames Rising Transaction Fees for Web3’s Drift from Decentralization

In a recent blog post titled “Make Ethereum Cypherpunk Again,” Ethereum co-founder Vitalik Buterin expressed concerns about the veering trajectory of Web3 from its original vision. Buterin contends that the foundational principles of Web3 have gradually receded as various projects within the cryptocurrency space shift focus away from the core idea of decentralization.

Buterin identifies a substantial ideological divide, where segments of the non-blockchain decentralization community view the crypto world as a distraction rather than a kindred spirit and potent ally. Initially coined by Ethereum co-founder Gavin Wood, the term Web3 was conceived not merely as ‘Bitcoin plus smart contracts’ but as part of a broader set of technologies forming the foundation of a more open internet stack.

However, Vitalik Buterin observes that the practical use of cryptocurrency for financial transactions in many countries often relies on centralized means, such as internal transfers on centralized exchange accounts or trading USDT on platforms like Tron. As degen gamblers become the primary users on a large scale, Buterin argues that this reshapes public perception and internal culture within the crypto space. He emphasizes that the rise in transaction fees has played a pivotal role in steering Web3 away from its decentralized ethos. Open / Comment

2023-12-28 18:00:09 Ready To Fight is giving away 1,000,000 tokens!

Ready To Fight is a cutting-edge platform in the boxing world, co-founded by Oleksandr Usyk. Backed by the WBC, this project brings together the sport of boxing with the Web3 universe.

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2023-12-26 15:01:16 MEXC Quells Fears Over Possible Issues After CEO Account Deactivation

Digital asset exchange, MEXC has addressed user fears over a deleted social media account believed to be its CEO, stating that the firm has no official connection with the account.

In a Dec 24 post on X (formerly Twitter), the exchange watered down community fears addressing all issues including the confusion behind the account ‘MEXC_CEO’ after it was deleted.

According to the post, the account in question was used for promotional activities and maintaining brand image in the early stages of the company’s operation. However, it was revealed that the firm never officially verified the account and did not make an announcement to that effect because of the limited engagement on the “MEXC_CEO” account.

As a result, many users believed the account was linked to the company and its former CEO who resigned last year. The platform also restated that the user has no official contact with the firm and apologized for the issue.

“We sincerely apologize for any confusion caused by this incident. In the future, MEXC will handle such events more cautiously, and we have reflected on and made the following improvements” Open / Comment

2023-12-23 18:02:06 Multiple Crypto Influencers Struck By SIM Swap Attacks

SIM swappers are beginning to target crypto influencers ahead of the holidays, with some taking control of their high-profile accounts on X.

Some include the accounts of crypto investment firm Manifold Trading and its founding partner, Jae Chung. Unlike regular posts about platform products and market analysis, both accounts posted a series of malicious links to crypto drainers, which have already claimed some victims.

Chung confirmed to CoinTelegraph that the hack was caused by a SIM swap, but that only his and the company’s X accounts were impacted. Anything “fund-related,” he said, remains safe.

SIM stands for Subscriber Identity Module. Mobile phones come baked in with a SIM card that stores identifying information (aka your phone number).

Hence a SIM swap is when a hacker takes control of your phone number, usually by convincing a cell carrier to switch your number to a SIM in their possession. Naturally, this gives the hacker access to any accounts for which a victim uses that number for two-factor authentication.

Farokh – the pseudonymous founder of the decentralized media platform “Rug Radio” – also confirmed he’d been SIM swapped on Wednesday. Earlier this month, the firm formed a merger with crypto media outlet Decrypt. Open / Comment

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2023-12-20 19:00:02 BlackRock Spot Bitcoin ETF Gains Momentum With Second SEC Meeting in December

BlackRock, the world’s largest asset manager, is continuing to push forward with plans to launch a spot Bitcoin exchange-traded fund (ETF). In a positive sign for the potential approval of a spot Bitcoin ETF, BlackRock met with the United States Securities and Exchange Commission (SEC) for the second time this month to discuss BlackRock’s proposed Bitcoin ETF.

According to an SEC memo, the December 19 meeting included BlackRock’s Head of Digital Assets Robert Mitchnick and members of the asset manager’s ETF team. Nasdaq representatives were also present, including the exchange’s VP and Chief Regulatory Officer Joseph Cusick.

The discussion centered around Nasdaq’s proposed rule change to list and trade shares of the BlackRock iShares Bitcoin Trust. This would allow the trading of the spot Bitcoin ETF on the Nasdaq exchange, utilizing existing guidelines under Nasdaq Rule 5711(d). Open / Comment

2023-12-17 15:02:02 Iris Energy to Ramp Up Capacity in 2024 Following $22M Spend on Bitmain Rigs

Renewable Bitcoin mining company Iris Energy has revealed the acquisition of 1.6 EH/s of Bitmain T21 miners, increasing its self-mining capacity to 10 EH/s. In a press release on December 15, the company disclosed plans to acquire 8,380 new-generation T21 miners from Bitmain Technologies Delaware Limited at $14/TH ($22.3 million).

Prior to the latest purchase, Iris Energy had initially ordered Bitmain S21 miners to generate 1.4EH/s of mining output. These S21 and T21 miners, scheduled for shipping in Q2 2024, are expected to enhance the overall fleet efficiency from 29.5 J/TH to 24.8 J/TH upon installation.

Meanwhile, Iris Energy’s 80MW data center expansion in Childress is progressing. It is set to deliver incrementally from January 2024 to Q2 2024 and support the operating hashrate growth from 5.6 EH/s to 10 EH/s.

Early works and procurement efforts for an additional 100MW of data centers at Childress are also ongoing, backed by an immediate 500MW power availability on-site. This recent acquisition follows the June 20 announcement of Iris Energy advancing the construction of 80MW of data centers for Phase 1 (first 100MW) at its 600MW Childress site.

These additional 4 x 20MW data centers are expected to boost the company’s potential operating capacity by approximately 63%, reaching 9.1 EH/s from the current 5.6 EH/s, with completion targeted for early 2024. Open / Comment

2023-12-14 18:02:11 Cheating Rampant in Blockchain Chess

The management team of the blockchain chess game Immortal Game has decided to kill off its non-fungible tokens (NFT) play-to-earn (P2E) features. The reason: widespread cheating.

“Our heart lies in chess,” the team said. They aim to make Immortal Game a top online chess hub – one that is fair and enjoyable for all players. Therefore, among other things, the developers are looking into Web3 and decentralized technologies, especially anti-cheat measures and community engagement.

However, they have encountered some major difficulties on their path. The Wednesday announcement stated that,

“After careful deliberation, we have decided to stop development on play-&-earn and NFT collectibles related features on Immortal Game.”

The game’s developers learned that by offering large amounts of cash with no limit barrier to entry, they actually “encouraged heavy cheating” on the platform. At the same time, that degraded the user experience for the legitimate players who looked for a safe and fair online chess platform. Open / Comment

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