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2022-09-10 21:33:02 Ronin Bridge Hack: U.S. seizes $30 million worth crypto assets

The United States seized $30 million worth of cryptocurrency stolen by North Korea-linked hackers. The news was released by blockchain data platform Chainalysis. Together, they could seize more than $30 million worth of cryptocurrency. The Ronin Network executes transactions related to the gaming company, Axie Infinity. On 29 March 2022, the Ronin Blockchain team informed in a blogpost that it had been exploited for 173,600 ETH and 25.5 million USDC. These two transactions led to a collective loss of $625 million. The DeFi protocol said that it was working directly with various government agencies to ensure that the criminals are brought to justice. The laundered assets were distributed over 12,000 different crypto addresses as per Chainalysis.

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2022-09-09 22:03:02 Tornado Cash used to launder $500,000 stolen from DAO Maker last year: security firms

DAO Maker (not to be confused with stablecoin project Maker DAO) is a crowd fundraising platform that suffered a hack in August 2021. Because of a bug in DAO Maker’s smart contract, a hacker was able to steal more than $7 million in stablecoins. These funds were then scattered across different addresses controlled by the hacker. Tornado Cash has been in the spotlight in recent weeks, since it was sanctioned by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC). Following the sanctions, all US-based individuals and entities are prohibited from interacting with the app, given its potential for money laundering. Still, even after the sanctions were announced, Tornado Cash has continued to experience usage by hackers of decentralized finance protocols.

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2022-09-07 19:20:07 Almost half of Shiba Inu’s initial circulating token supply has been burned

Since its launch in August 2020, Shiba Inu has been burned in a bid to cut its 1 quadrillion circulating supply. The milestone half way point is fast approaching. Since the start of September, 329.8 million Shiba Inu tokens have been burned, according to shiba-burn-tracker.com. Shiba Inu tokens are burned on multiple occasions daily to tackle the issue of oversupply. Over the last 30 days, the most significant daily burn totaled 455,699,414 SHIB on Aug. 31. Shiba Inu’s initial supply was just short of 1 quadrillion tokens, which hinders the ability of capital inflow to impact the token price positively. The Shiba Inu community has its sights set on a $0.01 token price. But to achieve this based on its current circulating token supply, the SHIB market cap would need to be just under $5.5 trillion, equating to more than 5.5 times the existing total market cap.

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2022-09-06 23:22:03 HIVE Blockchain to Explore Mining Ethereum Alternatives Ahead of Merge

One of the industry's largest crypto mining companies, HIVE Blockchain, announced today that it hit record crypto mining production figures throughout August. The crypto miner claims to have unlocked an average crypto haul of approximately 9.4 Bitcoin (~$187,500) and 97 Ethereum (~$161,000) per day. At today’s prices, HIVE claims to be generating almost $350,000 in crypto every day. HIVE says it produced a grand total of 3,010 ETH in August, worth nearly $5 million. This accounts for the lion’s share of the firm’s 5,100 Ethereum holdings. The company is also expected to diversify its mining portfolio ahead of Ethereum’s long-anticipated network overhaul, dubbed “the merge.” .The upgrade will transition the blockchain from using a proof-of-work (PoW) consensus mechanism, in which miners with the most computing power mine the most crypto, to a 99.95% greener proof-of-stake (PoS) algorithm.

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2022-09-05 21:31:02 Cardano Hits Peak Network Performance Ahead of Vasil Mainnet Launch

As shared by Rick McCracken DIGI, a Cardano community member and also a stake pool operator, the network sync for Vasil node candidate 1.35.3 across the more than 400 reporting nodes is at 99.77%, which demonstrates a very high-performance network. Rick states that this metric had always been in the range of 97 to 99%. Vasil functionality is reliant on a strong majority of block-producing nodes running the latest 1.35.3 version. To trigger the upgrade, IOG has set a target of 75% of mainnet blocks being created by the final Vasil node candidate. Currently, this metric has been met with more than 87% of the block percentage. The Vasil upgrade hopes to bring significant improvements using the hard fork combinator (HFC) approach and enhance the network's performance by increasing throughput, script efficiency and reducing latency in block transmission.

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2022-09-04 22:38:02 MEXC Firstly Announces ZERO Maker Fee Promotion for All Spot Trades

The leading digital asset and cryptocurrency trading platform MEXC firstly introduces 0 maker fee rate offering for all spot trading users from since August 31st. The 0 maker fee policy applies to all spot trading pairs on MEXC. This marks a ground-breaking level of user experience that has been brought to the crypto space for all traders. For now, reports show that MEXC reaches a spot daily trading volume of $1.6B, and more than 1,500 trading pairs are listed on MEXC, according to CoinMarketCap. While the zero maker fee policy is introduced, more than 7 million users worldwide will benefit from the promotion in every single spot trading activity. The promotion opens from August 31st 15:00 (UTC) until further notice. For more details, please stay tuned to MEXC website for official announcements.

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2022-09-03 20:40:10 ETH Whales Move Ethereum to Exchanges Awaiting The Merge

ETH whales are on the move. Major investors in the Ethereum (ETH) network are sending their holdings in the asset to exchange addresses, according to data gathered by Santiment. The Merge, an event where the ETH mainnet will merge with the Beacon Chain and adopt the Proof-of-Stake (PoS). The merger, awaited for years by network enthusiasts, has positively impacted the price of the second largest cryptocurrency in the world. Since the Ethereum 2.0 date was announced on July 15th, the network’s native token has surged 70% according to TradingView, despite undergoing a price correction in recent weeks. Data from analytics firm Santiment shows that major Ethereum cold wallets have reduced their ETH holdings by 11% in recent months.

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2022-09-02 22:10:09 Celsius Network to Return Only 22% of Customer Funds

Embattled cryptocurrency lender Celsius Network has told a New York bankruptcy court in a filing that it will pay back about 22% of funds held in custody to 58,300 customers whose assets are assets valued at $48M. The revelation was made during a Sept. 1 hearing of a motion seeking authorization for the Celsius Network. The bankruptcy filing revealed that Celsius owes its users around $4.3 billion, leaving many wondering whether it will raise more liquidity to pay the remaining funds as it seeks to restructure and go through bankruptcy proceedings.

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2022-09-01 21:31:03 Creditors file fresh suit against Celsius seeking $22.5M reimbursement

A new group of creditors has filed a lawsuit against Celsius Network seeking repayment of roughly $22.5 million held in the company’s custodial account. On Aug.31, an ad hoc group of 64 individuals represented by Togut, Segal & Segal LLP filed a lawsuit against Celsius with the New York Bankruptcy court. The group is asking the court to permit the repayment of a collective $22.5 million owed by Celsius. The creditors are basing their claim on the fact that their funds were held in Celsius’ custodial account and not the Earn program. As a result, Celsius is obligated to return the funds irrespective of the outcome of the restructuring process.

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2022-08-31 22:40:14 UK judge rules to extradite Christopher Hamilton to US for trial on OneCoin scam

A Briton Christopher Hamilton will be extradited to the U.S. to face money laundering and wired fraud charges after being indicted in the $ 4 billion OneCoin scam, according to Law360. Hamilton and his co-accused Robert McDonald had filed to be tried outside of the US since the majority of the crimes took place in Britain. A U.K District Judge Nicholas Rimmer, however, ruled against their plea and ruled for extradition given that the victims were based in the US. While Hamilton will be tried in the U.S., McDonald was exempted from the extradition on claims of human rights. He claimed that his wife was critically ill and his absence may expose her to suicidal tendencies.

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