Crypto Retro

2023-03-20 23:00:01 ​FTX debtors file lawsuit against exchange's Bahamian arm on ownership of property.

The lawsuit claimed FTX Digital Markets was an "economic nullity" within the FTX Group "created as a front to facilitate a conspiracy to defraud the Debtors’ customers ".

The legal teams representing Alameda Research, FTX US, and FTX Trading have filed a complaint against the Bahamas-based FTX Digital Markets, claiming the company was a “fraudulent enterprise” used as a shell entity to obfuscate the question of the firm's ownership.

In a March 19 filing with the United States Bankruptcy Court for the District of Delaware, FTX debtors said FTX Digital Markets, or FTX DM, as well as the joint provisional liquidators (JPLs) had claimed the Bahamian arm was the “constructive owner” of FTX.com’s fiat and crypto assets as well as other intellectual property. According to the complaint, these “baseless claims” by FTX DM “will harm FTX.com customers and all other creditors of the FTX Debtors” as the company continues with bankruptcy proceedings in the United States.

“The JPLs’ claim to ownership of FTX.com’s property is based largely on constructive, equitable, and other non-documentary arguments that depend upon the false premise that FTX DM was the center of the FTX Group,” said the filing. “Nothing could be further from the truth. FTX DM was no more than a short-lived provider of limited ‘match-making’ services for customer-to-customer transactions, on the cryptocurrency exchange built, owned, and operated by Debtor FTX Trading, its immediate corporate parent.”

The complaint alleged:

“FTX DM was an economic nullity within the FTX Group. FTX DM was a legal nullity as well. The peculiar history of FTX DM is a classic example of abuse of the corporate form. It was created as a front to facilitate a conspiracy to defraud the Debtors’ customers.”

As part of the court filing, the debtors sought a ruling which would assert that FTX DM had “ownership interest” in the property at the center of the bankruptcy case. Open / Comment

2023-03-19 22:30:00 Complaining about "Crypto Winter"?

Nowhere to get X's back? You're missing BIG numbers if you're not in Multimining!

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— Ergo - 631%
— FLUX - 402%
— FIRO - 457%
— TONCOIN - 531%
— Neoxa - 1214%
— Nexa - 318%
— Zano - 264%
— Rvn - 597%
— CFX - 417%
— Kaspa - 837%

With more than 6 years of close work with crypto startups — they know how to choose profitable ones.

The average profit for users is now at 400%+/year!

Telegram | Twitter | Discord | Website Open / Comment

2023-03-17 23:00:02 ​ BitGo patches critical vulnerability first discovered by Fireblocks.

BitGo has patched a vulnerability that threatened to expose the private keys of retail and institutional users.

Cryptocurrency wallet BitGo has patched a critical vulnerability that could have exposed the private keys of retail and institutional users.

Cryptography research team Fireblocks identified the flaw and notified the BitGo team in December 2022. The vulnerability was related to BitGo Threshold Signature Scheme (TSS) wallets and had the potential to expose the private keys of exchanges, banks, businesses and users of the platform.

The Fireblocks team named the vulnerability the BitGo Zero Proof Vulnerability, which would allow potential attackers to extract a private key in under a minute using a small amount of JavaScript code. BitGo suspended the vulnerable service on Dec. 10 and released a patch in February 2023 that required client-side updates to the latest version by March 17.

The Fireblocks team outlined how it identified the exploit using a free BitGo account on mainnet. A missing part of mandatory zero-knowledge proofs in BitGo’s ECDSA TSS wallet protocol allowed the team to expose the private key through a simple attack.

Industry-standard enterprise-grade cryptocurrency asset platforms make use of either multiparty-computation (MPC/TSS) or multisignature technology to remove the possibility of a single point of attack. This is done by distributing a private key between multiple parties, to ensure security controls if one party is compromised.

Fireblocks was able to prove that internal or external attackers could gain access to a full private key through two possible means.

A compromised client-side user could initiate a transaction to acquire a portion of the private key held in BitGo’s system. BitGo would then perform the signing computation before sharing information that leaks the BitGo key shard.

“The attacker can now reconstruct the full private key, load it in an external wallet and withdraw the funds immediately or at a later stage.” Open / Comment

2023-03-14 22:30:00 ​Banks down? That is why Bitcoin was created, crypto community says.

Silicon Valley Bank (SVB) collapse on March 10 has sparked fear, doubt, and uncertainty (FUD) across the crypto community.

Silicon Valley Bank (SVB) collapse on March 10 has sparked fear, doubt, and uncertainty (FUD) across the crypto community, leading many to come back to crypto roots, reviving the Bitcoin white paper published just weeks after the Lehman Brothers meltdown in 2008.

"There’s an entire generation of builders who only read about Lehman and the financial crisis and scoffed at Bitcoin. Now, their eyes are wide open. Welcome new friends," stated on Twitter Ryan Selkis, founder and CEO of Messari.

Approximately six weeks after the dramatic collapse of the American bank, Satoshi Nakamoto released the now famous white paper that paved the way for the emergence of the Bitcoin network.

Some people blame the SVB failure on the rising interest rates in the United States. The Federal Reserve increased its benchmark rate over the past year to more than 4.5% - the highest rate since 2007. In January, the inflation rate in the US was 6.4%.

Many crypto and tech companies are affected by the collapse of Silicon Valley Bank. USD Coin issuer Circle revealed it could not withdraw $3.3 billion of its $40 billion reserves from SVB, leading to a sell-off and the stablecoin's price dropping below its $1 peg.

SVB, a Federal Deposit Insurance Corporation-insured bank, was about to shut down operations when Circle initiated a wire transfer to remove its funds. The stablecoin ecosystem felt an immediate effect as USD Coin depegged from the U.S. dollar. USDC's collateral influence prompted major stablecoin ecosystems to deppeg from the dollar. Dai, a stablecoin issued by MakerDAO, lost 7.4% of its value due to USDC’s depegging, Cointelegraph reported.

Other popular stablecoin, such as Tether and Binance continue to maintain a 1:1 peg with the U.S. dollar. Open / Comment

2023-03-11 23:00:01 ​Banks down? That is why Bitcoin was created, crypto community says.

Silicon Valley Bank (SVB) collapse on March 10 has sparked fear, doubt, and uncertainty (FUD) across the crypto community.

Silicon Valley Bank (SVB) collapse on March 10 has sparked fear, doubt, and uncertainty (FUD) across the crypto community, leading many to come back to crypto roots, reviving the Bitcoin white paper published just weeks after the Lehman Brothers meltdown in 2008.

"There’s an entire generation of builders who only read about Lehman and the financial crisis and scoffed at Bitcoin. Now, their eyes are wide open. Welcome new friends," stated on Twitter Ryan Selkis, founder and CEO of Messari.

Approximately six weeks after the dramatic collapse of the American bank, Satoshi Nakamoto released the now famous white paper that paved the way for the emergence of the Bitcoin network.

Some people blame the SVB failure on the rising interest rates in the United States. The Federal Reserve increased its benchmark rate over the past year to more than 4.5% - the highest rate since 2007. In January, the inflation rate in the US was 6.4%.

Many crypto and tech companies are affected by the collapse of Silicon Valley Bank. USD Coin issuer Circle revealed it could not withdraw $3.3 billion of its $40 billion reserves from SVB, leading to a sell-off and the stablecoin's price dropping below its $1 peg.

SVB, a Federal Deposit Insurance Corporation-insured bank, was about to shut down operations when Circle initiated a wire transfer to remove its funds. The stablecoin ecosystem felt an immediate effect as USD Coin depegged from the U.S. dollar. USDC's collateral influence prompted major stablecoin ecosystems to deppeg from the dollar. Dai, a stablecoin issued by MakerDAO, lost 7.4% of its value due to USDC’s depegging, Cointelegraph reported.

Other popular stablecoin, such as Tether and Binance continue to maintain a 1:1 peg with the U.S. dollar. Open / Comment

2023-03-11 15:00:13 Complaining on "Crypto Winter"?
Nowhere to get X's back? You're missing BIG numbers if you're not in Multimining!

You don't have experience in mining?
No farm with employees to support?

DOESN'T MATTER! You have Liquid Mining App.
Liquid Mining is a network of largest data centers around the world with single goal — make revolution in mining.

How you will do it?
You will mine coins in pre-mine stage before IDO and ICOs when mining rewards are huge in terms of volume of coins per block. Once projects are listed on crypto exchange - you sell and make profit.

The development team behind Liquid Mining was pre-mining:
— Ergo - 631%
— FLUX - 402%
— FIRO - 457%
— TONCOIN - 531%
— Neoxa - 1214%
— Nexa - 318%
— Zano - 264%
— Rvn - 597%
— CFX - 417%
— Kaspa - 837%

With more than 6 years of close work with crypto startups — they know how to choose profitable ones.

The average profit for users is now at 400%+/year!

Telegram | Twitter | Discord | Website Open / Comment

2023-03-08 23:00:01 ​South Korean Police Form New Crypto Scam-fighting Cybercrime Taskforce

South Korean police have announced that they will launch a new crypto scam-busting cybercrime taskforce.

KBS reported that police say that one of the new taskforce’s “three main tasks” will be dismantling and fighting crypto scams. Crypto-related fraud is on the rise in South Korea, with several high-profile scams galvanizing the public of late.

These include V Global, a realistic-looking crypto exchange that duped scores of victims with Ponzi-type multi-layered marketing tactics. A fake “crypto bank” also left investors out of pocket to the tune of some $181 million. And smaller-scale voice phishing, fake crypto mining platforms, and dating app scams have targeted individual citizens.

The National Police Agency (NPA) explained that the taskforce would have “three subcommittees.” One of these will be dedicated to the “analysis” of cryptoassets. The other subcommittees will deal with the darkweb and distributed denial-of-service (DDoS) attacks and other forms of cyber terrorism. Open / Comment

2023-03-08 17:00:17 Polaron Is Announcing Its Public Presale Event NO2 Of The POLAR Token

Polaron is a modular vertical farming technology for amazingly simple plant cultivation that will revolutionize food production.

Polaron Public Presale
This is an exclusive opportunity for early supporters to get in on the ground floor of Polaron. During the presale, Polaron is offering a limited number of tokens at a discounted price. This is a significant discount from the token's expected price upon launch.

Public Presale is divided into 3 main events:

Public Presale NO1 - closed
Public Presale NO2 - 11 March 2023 13:00 CET - 15 March 2023 13:00 CET
Public Presale NO3 - end of March

In each subsequent event, the price of the token will increase compared to the previous one and the marketing of the project will also be increased. Each participant in the Public Presale Event may receive rewards in the form of AirDrop and the opportunity to participate in the pre-release game Polaron's Battle.

Learn More Open / Comment

2023-03-05 22:00:05 ​Bitcoin NFTs: How Ordinals Proved Bitcoin Can Evolve With the Times

While the true identity of Satoshi Nakamoto, the pseudonymously named creator of Bitcoin remains unknown, his primary purpose of creating the flagship cryptocurrency has never been a mystery. He created Bitcoin as a peer-to-peer version of electronic cash to take back financial control from institutions serving as trusted third parties to process electronic payments.

The goal was crystal clear: create a trustless system of electronic transactions. The study of the Bitcoin whitepaper further shows that Bitcoin was designed to focus purely on financial transactions.

In fact, Nakamoto had previously opposed the addition of other use cases to the leading cryptocurrency. In 2011, the pseudonymous creator of Bitcoin rejected the idea of integrating a domain name system (DNS) into Bitcoin called BitDNS, saying that combining all proof-of-work consensus systems into one dataset would not be scalable.

"The primary goal behind the creation of Bitcoin was to serve as a medium of value transfer," Sebastian Jan Menge, co-founder of FitBurn, said in a comment. However, this goal has evolved many times over the past decade.

The first Crypto enthusiasts mostly bought in on the idea that Bitcoin's canonical hard cap of 21 million coins would make it a hedge against inflation. This led to the cryptocurrency gaining some reputation as "digital gold," or a sound store of value.

Even Goldman Sachs put forward the “store of value” thesis for Bitcoin. However, that narrative failed just recently when Bitcoin plunged 75% despite inflation soaring to record high levels. Open / Comment

2023-03-02 22:00:05 ​​Xapo Bank enables faster Bitcoin payments with Lightning Network.

Xapo Bank members will now be able to instantly pay for small purchases of up to $100 at any vendor accepting Lightning payments.

Xapo Bank, an international private bank headquartered in Gibraltar, integrates the Lightning Network to improve its Bitcoin capabilities.

On March 2, Xapo officially announced a partnership with the Lightning Network infrastructure platform Lightspark, which allowed the firm to implement Lightning on its platform.

The integration enables faster and cheaper transactions on Xapo , reducing blockchain confirmation waiting times and transaction fees on the original Bitcoin network.

According to the firm, Xapo Bank members will now be able to instantly pay for small purchases of up to $100 at any vendor accepting Lightning payments. High-volume transactions are initially not supported with the integration.

The new integration was introduced on Feb. 27 as part of a new update for Xapo bank’s apps on the Apple Store and Google Store.

According to Xapo Bank CEO Seamus Rocca, Bitcoin’s transaction confirmation can take up to one hour during periods of high usage, which makes BTC unsuitable for small daily payments like groceries. By integrating the Lightning Network, Xapo allows its customers to pay using Bitcoin without having to convert it to the U.S. dollar, he said.

Bitcoin average confirmation time has seen a huge spike in mid-February amid a massive activity on the Bitcoin network, with the mempool size reaching November 2022 levels. According to data from Ycharts, BTC confirmation time hit nearly 600 minutes on Feb. 19.

Rocca also noted that Bitcoin payments are especially crucial during times of hyperinflation, economic uncertainty and political turmoil.

Founded in 2013, Xapo operates a private bank as well as a Bitcoin custodian and wallet regulated by the Gibraltar Financial Services Commission. The company is known for combining traditional banking with crypto by offering USD and BTC accounts in one place. Open / Comment