Crypto ▪︎ Bitcoin ▪︎ Trading ▪︎ News

2023-05-22 10:14:02 Former Ledger CEO Says New Function Is A PR Failure

The crypto community reacted angrily to the debut of Ledger Recover, a service that lets users of the hardware wallet back up their secret recovery phrases. Ledger co-founder and former CEO Éric Larchevêque, who worked at the company from 2014 to 2019, saw the criticism directed at the wallet as a pure PR failure, not a technological one. In addition, the problematic feature gave the firm access to client seed phrases and required Verification credentials. According to him, the FUD and controversy that erupted in the aftermath of the update did not help things. The security model is the same as it was before customers were aware of Ledger Recover. Trusting Ledger by sharding the seed phrase is analogous to trusting the wallet with transaction signing, according to Larchevêque. In response to a user’s suggestion to have two distinct firmware versions to eliminate backdoor issues, he said that it wouldn’t alter anything and would be disappointing for him personally. It’s not the first time Ledger has been involved in a contentious public relations debacle. That is also not the first time that corporate leaders have defended their products at the cost of their consumers.

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2023-05-22 04:14:03 OKX Now Starts To Support ORDI Trading

Ordinals (ORDI), a meme token on the BRC-20 network, has been added to OKX‘s spot trading platforms. Ordinals is a system that enables users to generate records using text, photos, audio, and video on Bitcoin’s smallest unit, the satoshi. In the Bitcoin network, these data may be utilized to generate NFTs and tokens. According to the OKX statement, ORDI deposits will be available on May 20, 2023 at 7:00 a.m. UTC. Spot trading for the ORDI/USDT. OKX CEO Star also tweeted on the ORDI listing, stating that the OKX exchange would soon list ORDI and start deposits and withdrawals. He also said that the BRC-20 token wallet and marketplace would be available on the web3 wallet starting next week. Ordinals is a meme token in the BRC-20 network, a layer-2 Bitcoin solution that allows smart contracts and decentralized apps. Many BTC advocates, however, say that they choke the BTC network and are worthless. BRC-20 tokens have been created, many of which are meme tokens. Also, the Dogecoin network has a similar arrangement dubbed DRC-20, which has helped the DOGE network to shatter records in terms of transaction volume.

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2023-05-21 20:52:02 Tornado Cash DAO Suffers Major Setback As Fraudulent Votes Lead to 40% Token Drop

Over the weekend, an unidentified attacker or group of attackers have taken over The DAO that handles all operations, funds, and future plans of Tornado Cash, a privacy-focused crypto mixer. Decentralized autonomous organizations (DAOs) allow token holders to lock up their holdings as votes to propose changes to a project. These changes can range from deploying treasury funds to purposes that benefit the project to expansion on other networks. The attacker floated a malicious proposal that hid a code function to grant them fake votes that can now be used to handle some aspects of Tornado Cash, such as torn (TORN) tokens held in the main governance contract or withdrawal of locked torn tokens. This was done by putting forth a proposal that imitated an earlier version, except with some malicious code that allowed for the update of logic, giving the attacker access to all governance votes. As a result, the attacker now has all votes, which means that they have complete control over the DAO. Security researcher @samczsun tweeted on Sunday that “Now that they have all the votes, they can do whatever they want

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2023-05-21 16:14:02 MIAX completes acquisition of options exchange LedgerX

MIAX said it has acquired LedgerX from Ledger Holdings Inc. as part of the bankruptcy proceedings of cryptocurrency exchange FTX. FTX US bought LedgerX in 2021 as part of a push into derivatives push in the United States. Through LedgerX, FTX US sought approvals to launch a wide range of crypto derivatives which they could then offer directly to users. LedgerX is registered with the Commodity Futures Trading Commission. "The acquisition of LedgerX represents an important part of our growth strategy, expanding our ability to offer new and innovative products to the swaps and futures industry," Thomas Gallagher, chairman and CEO of MIAX's parent company Miami International Holdings, Inc. said in a statement. "We are pleased to complete this acquisition ... as we continue to execute on our strategy of operating regulated financial markets both in the U.S. and internationally." Founded in 2014, LedgerX was an early entrant to the cryptocurrency options market. The firm, however, struggled to trade higher volumes. The company is led by CEO Zach Dexter.

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2023-05-21 10:14:01 Aave Is Proposing ENS And 1INCH Support On Aave V3 Ethereum

The Aave community is conducting ARFC voting on the two proposals of adding 1INCH and ENS to the V3 market on Ethereum. If a consensus is reached and the proposals are refined, ARFC will be submitted for snapshot voting for final approval. Both ballots will close on May 20. In addition, the Aave community is conducting a temperature check vote on the proposal of adding ARB to the V3 market on Arbitrum. If the vote is passed, it will enter the ARFC stage. Voting on the proposal will close on May 23. Since the ENS and 1INCH in the migration plan have a low market cap and trading volume, Chaos Labs, the team driving the effort, has set borrow limitations to account for no more than 1% of the average daily trading activity. The supply cap was calculated using the supply cap approach and V2 data. They have also updated the IR Slope1 to reflect changes in interest rates over the last few months, as well as the liquidation bonus levels to match current liquidity levels in DEXs. By allowing borrowing, it enables users and institutions to take a distinct stance on this Governance token as the network evolves and a decentralized community emerges.

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2023-05-21 04:14:02 Chainlink VRF Is Now Live On Arbitrum One To Promote dApps Build

Chainlink, a decentralized blockchain oracle network and industry-standard Web3 services platform, and Ethereum Layer 2 scaling solution Arbitrum have announced the availability of Chainlink VRF (Verifiable Random Function) on Arbitrum One. Chainlink, a decentralized blockchain oracle network and industry-standard Web3 services platform, and Ethereum Layer 2 scaling solution Arbitrum have announced the availability of Chainlink VRF (Verifiable Random Function) on Arbitrum One. According to the official press release, Chainlink VRF has joined the Arbitrum One platform. Arbitrum and Chainlink will gain from the launch since it will provide them access to new decentralized apps (dApps) and smart contracts created by developers. Chainlink VRF continues to be the most widely used RNG (random number generator) in the cryptocurrency sector. It enables smart contract developers to create scalable, fair, and secure applications like as gambling and NFT. Moreover, Arbitrum One allows developers to create dApps at a cheap cost and with great throughput. ohann Eid of Chainlink Labs remarked on Arbitrum’s merits in relieving Ethereum transaction congestion while maintaining security. He thinks that by improving VRF.

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2023-05-20 20:52:02 Bitcoin Payments App Strike Expands to More Than 65 Countries From Three

The Bitcoin-focused payments firm Strike is expanding its app to more than 65 countries from the current base of the U.S. and El Salvador. The Strike app uses Bitcoin and Lightning – a secondary network for cheaper and faster bitcoin transactions – to offer global payment and cross-border money transfer services. The app now sports a brand new user interface and also gives users the ability to hold funds in bitcoin (BTC) and tether (USDT). Strike says the expansion will increase its total addressable market to almost 3 billion people. “Our end goal is to address the 7 to 8 billion people in every single country,” said Manuela Rios, Strike’s vice president of product, in an interview with CoinDesk. Rios says the app’s new user interface will feature a seamless onboarding experience, something she said the company has been working on for years. Strike, led by Jack Mallers, currently operates in the U.S. and El Salvador. “If you are in the United States the apps are gorgeous; there's a really high bar for design,” Rios explained. “Unfortunately that's not the case when you download apps abroad.”

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2023-05-20 16:14:01 Coinbase One, A Subscription Service, Is Now Available In 35 European Countries

Coinbase has announced the availability of Coinbase One in Europe. Coinbase, a cryptocurrency exchange, is launching Coinbase One, a subscription service, in 35 countries/regions to retain users and increase recurring revenue streams while the crypto sector struggles through the bear market. Coinbase One debuted in beta in the fall of 2021 and is now available for purchase in the United States, United Kingdom, Germany, and Ireland. In the next months, the business plans to expand the service to 31 other European countries. There are no transaction fees, increased staking incentives, 24/7 customer assistance, and pre-filed tax returns among the numerous perks of the subscription service. Historically, trading fees accounted for a large portion of Coinbase’s revenue, particularly during the bull market, but as the crypto winter continues, the company is looking to new methods to generate development and diversify its revenue sources. According to Coinbase’s senior director of product management, the company wants to create a longer, deeper relationship with its clients and make it a win-win situation.

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2023-05-20 10:14:01 Lido Gives Users Withdraw stETH A Transferable NFT Like A Receipt Web3

According to Nansen, Lido Finance will send users an NFT as a Web3 receipt when the recipient submits a request to withdraw their staked ETH. Nansen, a blockchain analytics company, has released a document stating that after Lido Finance submits a request to withdraw stETH, users will receive NFTs. Once the withdrawal request is accepted, the NFT image will be updated, and the withdrawal will be notified. Subscribers, and users can use this NFT as a Web3 withdrawal receipt. According to information revealed by Twitter @lido_intern, the ETH withdrawal NFT offered by Lido Finance is transferable, meaning users can send it to any ETH wallet they wish to receive without being stolen. Besides, these NFTs can be traded on the secondary market, as the next NFTs in the queue will be traded at a higher rate as some investors will pay more for faster withdrawals. At the end of May 15, Lido Finance successfully upgraded to version V2 – a significant change that allows users to withdraw staking Ethereum from the platform. Previously, the protocol opened voting on the implementation of V2 on May 12. Lido V2 has been continuously tested and undergone 9 rigorous evaluations.

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2023-05-20 04:14:01 Litecoin Is Undervalued, Onchain Indicator Suggests

An onchain metric suggests that litecoin (LTC), the 12th largest cryptocurrency by market value, is trading at discounted prices. Litecoin's market value to realized value (MVRV) Z-score was negative at press time. A sub-zero score indicates the cryptocurrency is undervalued relative to its fair value, according to analytics firm Glassnode. The market capitalization is calculated by multiplying the total number of coins. The Z-score shows by how many standard deviations the market value differs from the realized value. Historically, Z-scores above eight have signified overvaluation and bull market tops, while negative values have indicated undervaluation and market bottoms. If history is a guide, the path of least resistance appears to be on the higher side. That said, litecoin and the broader crypto market remain vulnerable to adverse macroeconomic developments like liquidity tightening and the state of the global economy. That's not new. The indicator has consolidated below zero several times in the past, eventually paving the way for meteoric bull runs.

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