Solana wallets ‘compromised and abandoned’ as users warned of scam solutions.
Solana users have been urged to move their funds to cold storage and be alert to possible scams after a major exploit of thousands of wallets sees more than $8 million stolen.
The cryptocurrency ecosystem has been rocked by a widespread exploit targeting Solana wallets that have been ongoing since Wednesday. Phantom and Slope, two Solana-based wallet services, initially flagged the attack on their social media platforms, alongside a host of cryptocurrency influencers, blockchain analytic and security firms and victims of the hack as it continued to unfold.
A handful of commentators noted that attackers had gained access to user private keys, as transactions were signed on the chain legitimately. Ava Labs CEO and founder Emin Gun Sirer estimated that more than 7,000 wallets had been affected, a number cited by various other individuals and firms online.
As investigations begin to unpack the root cause that allowed an attacker to pillage thousands of wallets, affected users are being warned not to accept help from individuals online purporting to have solutions to the hack. Heidi Chakos, the host of the YouTube channel Crypto Tips, stressed that scammers would be looking to exploit the ongoing situation.
Solana Status has been providing updates since the exploit began and noted that 7,767 wallets had been affected at 5:00 am UTC on Wednesday. Several wallets were affected across mobile and browser extensions.
Solana stressed that users move funds to cold storage and create new seed phrases, while the owners of the 8,000 drained wallets were told that these should “be treated as compromised, and abandoned.”
A spokesperson from Solana told Cointelegraph that engineers from several ecosystems as well as audit and security firms were continuing to explore the root cause that saw affected wallets drained.
"This does not appear to be a bug with Solana core code, but in software used by several wallets popular among Solana users."
Users affected by the exploit are being asked to provide their compromised wallet addresses to the Solana Foundation to assist in the investigation.
Solana users have been urged to move their funds to cold storage and be alert to possible scams after a major exploit of thousands of wallets sees more than $8 million stolen.
The cryptocurrency ecosystem has been rocked by a widespread exploit targeting Solana wallets that have been ongoing since Wednesday. Phantom and Slope, two Solana-based wallet services, initially flagged the attack on their social media platforms, alongside a host of cryptocurrency influencers, blockchain analytic and security firms and victims of the hack as it continued to unfold.
A handful of commentators noted that attackers had gained access to user private keys, as transactions were signed on the chain legitimately. Ava Labs CEO and founder Emin Gun Sirer estimated that more than 7,000 wallets had been affected, a number cited by various other individuals and firms online.
As investigations begin to unpack the root cause that allowed an attacker to pillage thousands of wallets, affected users are being warned not to accept help from individuals online purporting to have solutions to the hack. Heidi Chakos, the host of the YouTube channel Crypto Tips, stressed that scammers would be looking to exploit the ongoing situation.
Solana Status has been providing updates since the exploit began and noted that 7,767 wallets had been affected at 5:00 am UTC on Wednesday. Several wallets were affected across mobile and browser extensions.
Solana stressed that users move funds to cold storage and create new seed phrases, while the owners of the 8,000 drained wallets were told that these should “be treated as compromised, and abandoned.”
A spokesperson from Solana told Cointelegraph that engineers from several ecosystems as well as audit and security firms were continuing to explore the root cause that saw affected wallets drained.
"This does not appear to be a bug with Solana core code, but in software used by several wallets popular among Solana users."
Users affected by the exploit are being asked to provide their compromised wallet addresses to the Solana Foundation to assist in the investigation.
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Avalanche price analysis: AVAX spikes to $25.9.
Today’s Avalanche price analysis shows a bearish trend gaining momentum with bullish possibilities. AVAX/USD is currently trading at $25.9, up 6.47% in the past 24 hours, with a trading volume of $567,800,848. The market capped yesterday in a tremendous positive momentum and is opening today with further hopeful bullish signs adding to yesterday’s spike above the $24.8 mark. In addition, the volatility increases, giving the bulls further opportunity for a tremendous value increment. The live market cap of AVAX is $7,363,086,908, and it ranks #14 in the cryptocurrency rankings.
Avalanche price analysis indicates market volatility following a significantly increasing trend, which means that AVAX/USD prices are increasingly prone to change. In addition, the Bollinger’s band’s upper limit is $25.7, which acts as a support point for AVAX. Conversely, the lower limit for the Bollinger’s band is available at $22.5, which serves as another support point for AVAX.
The price of AVAX/USD appears to cross over the Moving Average curve, signifying a bullish movement. However, bears have been taking care of the market for the last few hours and will maintain their momentum. However, the price appears to show extreme increasing dynamics by moving above the resistance; the trend might soon shift and obtain a bearish one.
Avalanche price analysis reveals that the Relative Strength Index (RSI) is 69, which puts cryptocurrency in a very overvalued state. However, we can trace the RSI following a further upward path in the overvalued region, indicating the dominance of buying activity. If the RSI decides to move further towards a dominant buying activity era, a reversal movement will become inevitable, and the bears will have their chance at glory once again.
Today’s Avalanche price analysis shows a bearish trend gaining momentum with bullish possibilities. AVAX/USD is currently trading at $25.9, up 6.47% in the past 24 hours, with a trading volume of $567,800,848. The market capped yesterday in a tremendous positive momentum and is opening today with further hopeful bullish signs adding to yesterday’s spike above the $24.8 mark. In addition, the volatility increases, giving the bulls further opportunity for a tremendous value increment. The live market cap of AVAX is $7,363,086,908, and it ranks #14 in the cryptocurrency rankings.
Avalanche price analysis indicates market volatility following a significantly increasing trend, which means that AVAX/USD prices are increasingly prone to change. In addition, the Bollinger’s band’s upper limit is $25.7, which acts as a support point for AVAX. Conversely, the lower limit for the Bollinger’s band is available at $22.5, which serves as another support point for AVAX.
The price of AVAX/USD appears to cross over the Moving Average curve, signifying a bullish movement. However, bears have been taking care of the market for the last few hours and will maintain their momentum. However, the price appears to show extreme increasing dynamics by moving above the resistance; the trend might soon shift and obtain a bearish one.
Avalanche price analysis reveals that the Relative Strength Index (RSI) is 69, which puts cryptocurrency in a very overvalued state. However, we can trace the RSI following a further upward path in the overvalued region, indicating the dominance of buying activity. If the RSI decides to move further towards a dominant buying activity era, a reversal movement will become inevitable, and the bears will have their chance at glory once again.
What the fork? Ethereum's potential forked ETHW token is trading under $100.
An Ethereum fork token that does not yet exist, dubbed ETHW, is trading under $100 across several crypto exchanges after debuting at $30.
ETHW is the native asset to the ETHPoW chain. ETHPoW, for now, is a possible new chain backed by proof-of-work (PoW) miners as the original chain switches to a proof-of-stake (PoS) consensus in September's "Merge" event.
Meanwhile, the proof-of-stake version ETHS is trading at around $1,600 or the difference between the ETH price and the ETHW price.
As a result of this potential chain split, anyone holding a certain number of the original chain's Ether (ETH) will automatically receive an equal amount of ETHW tokens. Such speculations have prompted some exchanges to list ETHW for trading in advance.
For instance, Poloniex announced support for both ETHW, as well as ETHS, the PoS chain token, listed for trading against Ether.
Crypto exchange MEXC Global and Gate io have also listed ETHW and ETHS on its platform. Concurrently, OKX CEO Jay Hao has committed that they would list the newly forked Ethereum coins if there is "sufficient demand" for them among traders.
An Ethereum fork token that does not yet exist, dubbed ETHW, is trading under $100 across several crypto exchanges after debuting at $30.
ETHW is the native asset to the ETHPoW chain. ETHPoW, for now, is a possible new chain backed by proof-of-work (PoW) miners as the original chain switches to a proof-of-stake (PoS) consensus in September's "Merge" event.
Meanwhile, the proof-of-stake version ETHS is trading at around $1,600 or the difference between the ETH price and the ETHW price.
As a result of this potential chain split, anyone holding a certain number of the original chain's Ether (ETH) will automatically receive an equal amount of ETHW tokens. Such speculations have prompted some exchanges to list ETHW for trading in advance.
For instance, Poloniex announced support for both ETHW, as well as ETHS, the PoS chain token, listed for trading against Ether.
Crypto exchange MEXC Global and Gate io have also listed ETHW and ETHS on its platform. Concurrently, OKX CEO Jay Hao has committed that they would list the newly forked Ethereum coins if there is "sufficient demand" for them among traders.
Brazilian payment app PicPay launches crypto exchange with Paxos.
The integration with Paxos marks the first move for PicPay to introduce its 30 million customers to digital assets and help them understand Bitcoin.
Major Brazilian payment application PicPay is moving into cryptocurrencies by integrating a crypto exchange service allowing users to buy Bitcoin (BTC) and Ether (ETH).
The firm officially announced on Wednesday that PicPay clients can now buy, sell and store two major cryptocurrencies, BTC or ETH, directly on its app. PicPay pointed out that its choice was due to the real use cases provided by these digital assets, including security and many other benefits. The firm stated:
“Blockchain technology, which is behind coins like Bitcoin and Ethereum, is already used in the real estate sector, the insurance industry and even the art market, through non-fungible tokens.
The new crypto feature is enabled through a partnership with the major crypto company Paxos and allows customers to use Paxos-issued United States dollar-backed stablecoin USDP. Acting as a broker and custodian, Paxos is known for cooperating with some of the world’s biggest traditional financial firms like PayPal and Venmo.
The integration marks the first move for PicPay to introduce its 30 million customers with digital assets and help them understand how people can benefit from the potential of the growing asset class. The Brazilian fintech app is working on a feature to allow their clients to pay with crypto as well.
“PicPay is one of the most disruptive players in payments in Brazil, and our goal is to lead the growth of the crypto market,” PicPay’s head of crypto Bruno Gregory said. One of the major challenges associated with crypto adoption is eliminating its complexity by expanding information about the technology so that everyone can take advantage of the new asset class, he added.
Cryptocurrency adoption in Brazil has been taking off recently, with major local crypto companies like Mercado Bitcoin actively expanding operations. Local lawmakers have been working to introduce crypto-friendly regulation, initiating a bill to legalize crypto payments in June 2022.
The integration with Paxos marks the first move for PicPay to introduce its 30 million customers to digital assets and help them understand Bitcoin.
Major Brazilian payment application PicPay is moving into cryptocurrencies by integrating a crypto exchange service allowing users to buy Bitcoin (BTC) and Ether (ETH).
The firm officially announced on Wednesday that PicPay clients can now buy, sell and store two major cryptocurrencies, BTC or ETH, directly on its app. PicPay pointed out that its choice was due to the real use cases provided by these digital assets, including security and many other benefits. The firm stated:
“Blockchain technology, which is behind coins like Bitcoin and Ethereum, is already used in the real estate sector, the insurance industry and even the art market, through non-fungible tokens.
The new crypto feature is enabled through a partnership with the major crypto company Paxos and allows customers to use Paxos-issued United States dollar-backed stablecoin USDP. Acting as a broker and custodian, Paxos is known for cooperating with some of the world’s biggest traditional financial firms like PayPal and Venmo.
The integration marks the first move for PicPay to introduce its 30 million customers with digital assets and help them understand how people can benefit from the potential of the growing asset class. The Brazilian fintech app is working on a feature to allow their clients to pay with crypto as well.
“PicPay is one of the most disruptive players in payments in Brazil, and our goal is to lead the growth of the crypto market,” PicPay’s head of crypto Bruno Gregory said. One of the major challenges associated with crypto adoption is eliminating its complexity by expanding information about the technology so that everyone can take advantage of the new asset class, he added.
Cryptocurrency adoption in Brazil has been taking off recently, with major local crypto companies like Mercado Bitcoin actively expanding operations. Local lawmakers have been working to introduce crypto-friendly regulation, initiating a bill to legalize crypto payments in June 2022.
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Don't miss the chance to get a free airdrop of Seedify's new token. The successful Launchpad and Incubator will launch the $SNFTS, its new utility token. 🤑
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Celsius Coin Report Reveals USD 2.8BN Crypto Shortfall
A newly released report from the troubled crypto lender Celsius (CEL) shows that the company is short on its crypto obligations to customers by around USD 2.8bn.
According to the report, Celsius has a net coin position of negative USD 2.845bn, split between coins such as bitcoin (BTC), ethereum (ETH), USD coin (USDC), CEL, and various other coins. The largest negative position was a USD 2,155 deficit for BTC.
Referred to as a “Coin Report,” the document was shared on Twitter by David Adler, a bankruptcy lawyer and partner at law firm McCarter & English, and shows Celsius’ consolidated liabilities, deployment, and assets on a per-coin basis as of July 29, 2022.
The document was filed as part of ongoing proceedings in the US Bankruptcy Court for the Southern District of New York. Celsius filed for bankruptcy protection under Chapter 11 of the US Bankruptcy Code on July 13.
Commenting on the newly released information on Reddit, several users expressed their strong dissatisfaction with Celsius and the way the company has been run.
“Quite simply an awful reading, I just want closure at this stage and to move on,” one user wrote, while adding that “the level of mis-management is astonishing […].” Others questioned if there is even a point in restructuring the company, saying it should just be liquidated as soon as possible so “everybody can move on.”
The newly released crypto deficit is similar to numbers revealed in a filing from Celsius from July 13. The filing at the time showed a total deficit of around USD 1.2bn, and a deficit in pure crypto terms of around USD 3bn for the crypto lender.
It is worth noting that some non-crypto assets could potentially be converted to crypto.
The old numbers were commented on yesterday by Simon Dixon, a major investor in Celsius and founder of fintech firm BnkToTheFuture, who repeatedly made the point that Celsius is “[USD]3bn crypto short.”
At the same time, Dixon also took the opportunity to hit back at critics who said he wasn’t justified in saying Celsius would “run out of money.” Citing the new coin report, Dixon said that,
Celsius has “now confirmed they run out of money by October.”
Following Celsius' withdrawal suspension in June, Dixon described himself as "a Celsius shareholder" and shared a "recovery plan", being vocal on the Celsius issue ever since. He argued at the time that “financial innovation like we did with Bitfinex” will be the best solution for Celsius.
Discussing the developments around Celsius on Twitter, some users pointed to the fact that the price of the CEL token has seen a substantial rise of well over 300% since Celsius filed for bankruptcy protection, and speculated that this could help the company’s financial position.
At the time of writing (12:45 UTC), CEL traded at USD 3.17, down 17% for the past 24 hours and up 118% for the past 7 days.
It has previously been reported that the crypto exchange FTX walked away from a deal with Celsius after getting access to its financial statements. According to a report from The Block, people with knowledge of the matter cited a “USD 2bn hole” in Celsius’ balance sheet as the reason FTX lost interest.
Since then, Celsius has repaid some debt, including USD 78.1m worth of USD coin (USDC) to the lending protocol Aave (AAVE).
A newly released report from the troubled crypto lender Celsius (CEL) shows that the company is short on its crypto obligations to customers by around USD 2.8bn.
According to the report, Celsius has a net coin position of negative USD 2.845bn, split between coins such as bitcoin (BTC), ethereum (ETH), USD coin (USDC), CEL, and various other coins. The largest negative position was a USD 2,155 deficit for BTC.
Referred to as a “Coin Report,” the document was shared on Twitter by David Adler, a bankruptcy lawyer and partner at law firm McCarter & English, and shows Celsius’ consolidated liabilities, deployment, and assets on a per-coin basis as of July 29, 2022.
The document was filed as part of ongoing proceedings in the US Bankruptcy Court for the Southern District of New York. Celsius filed for bankruptcy protection under Chapter 11 of the US Bankruptcy Code on July 13.
Commenting on the newly released information on Reddit, several users expressed their strong dissatisfaction with Celsius and the way the company has been run.
“Quite simply an awful reading, I just want closure at this stage and to move on,” one user wrote, while adding that “the level of mis-management is astonishing […].” Others questioned if there is even a point in restructuring the company, saying it should just be liquidated as soon as possible so “everybody can move on.”
The newly released crypto deficit is similar to numbers revealed in a filing from Celsius from July 13. The filing at the time showed a total deficit of around USD 1.2bn, and a deficit in pure crypto terms of around USD 3bn for the crypto lender.
It is worth noting that some non-crypto assets could potentially be converted to crypto.
The old numbers were commented on yesterday by Simon Dixon, a major investor in Celsius and founder of fintech firm BnkToTheFuture, who repeatedly made the point that Celsius is “[USD]3bn crypto short.”
At the same time, Dixon also took the opportunity to hit back at critics who said he wasn’t justified in saying Celsius would “run out of money.” Citing the new coin report, Dixon said that,
Celsius has “now confirmed they run out of money by October.”
Following Celsius' withdrawal suspension in June, Dixon described himself as "a Celsius shareholder" and shared a "recovery plan", being vocal on the Celsius issue ever since. He argued at the time that “financial innovation like we did with Bitfinex” will be the best solution for Celsius.
Discussing the developments around Celsius on Twitter, some users pointed to the fact that the price of the CEL token has seen a substantial rise of well over 300% since Celsius filed for bankruptcy protection, and speculated that this could help the company’s financial position.
At the time of writing (12:45 UTC), CEL traded at USD 3.17, down 17% for the past 24 hours and up 118% for the past 7 days.
It has previously been reported that the crypto exchange FTX walked away from a deal with Celsius after getting access to its financial statements. According to a report from The Block, people with knowledge of the matter cited a “USD 2bn hole” in Celsius’ balance sheet as the reason FTX lost interest.
Since then, Celsius has repaid some debt, including USD 78.1m worth of USD coin (USDC) to the lending protocol Aave (AAVE).
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Coinbase would rather shut down staking than enable on-chain censorship — Brian Armstrong.
With the ban on Tornado Cash, many DeFi proponents are worried that crypto exchanges, which are also the key validators of Ethereum, will succumb to pressure and impose protocol-level censorship.
In light of the recent ban on crypto mixing tool Tornado Cash and the subsequent arrest of the Tornado Cash developer, there has been a growing debate over whether crypto services providers would choose decentralization or censorship as form of compliance.
The question has become more prominent as Ethereum is moving from its current proof-of-work (PoW) blockchain to a proof-of-stake (PoS) mining consensus. With the transition less than a month away, a user pointed out that more than 66% of validators on the Beacon Chain (Ethereum PoS chain) will adhere to the United States Department of the Treasury's Office of Foreign Assets Control (OFAC) regulations.
When asked whether Coinbase and others would choose to adhere to compliance requests and impose protocol-level censorship or shut down staking services, Brain Armstrong, the CEO of Coinbase, chose the latter. Armstrong said:
“It's a hypothetical we hopefully won't face. But if we did we'd go with B I think. Got to focus on the bigger picture. There may be some better option (C) or a legal challenge as well that could help reach a better outcome.”
There was growing speculation about the actions of Coinbase, Kraken and other prominent crypto exchanges that are also key ETH validators on the Beacon Chain.
Many believed that centralized crypto exchanges would take the easy way out and impose protocol-level censorship rather than block individual transactions from banned crypto mixers such as Tornado Cash.
The current dilemma comes from the OFAC sanctions that have deemed all Tornado Cash transactions illegal. However, decentralized finance (DeFi) experts believe it has complicated the issue. Instead of sanctioning a particular address or country, the regulators have decided to ban the protocol.
Experts believe a decision to ban would discourage many protocols and exchange operators from engaging with anything related to Tornado Cash, including ETH transacted through the mixer, which could lead to unnecessary censorship.
With the ban on Tornado Cash, many DeFi proponents are worried that crypto exchanges, which are also the key validators of Ethereum, will succumb to pressure and impose protocol-level censorship.
In light of the recent ban on crypto mixing tool Tornado Cash and the subsequent arrest of the Tornado Cash developer, there has been a growing debate over whether crypto services providers would choose decentralization or censorship as form of compliance.
The question has become more prominent as Ethereum is moving from its current proof-of-work (PoW) blockchain to a proof-of-stake (PoS) mining consensus. With the transition less than a month away, a user pointed out that more than 66% of validators on the Beacon Chain (Ethereum PoS chain) will adhere to the United States Department of the Treasury's Office of Foreign Assets Control (OFAC) regulations.
When asked whether Coinbase and others would choose to adhere to compliance requests and impose protocol-level censorship or shut down staking services, Brain Armstrong, the CEO of Coinbase, chose the latter. Armstrong said:
“It's a hypothetical we hopefully won't face. But if we did we'd go with B I think. Got to focus on the bigger picture. There may be some better option (C) or a legal challenge as well that could help reach a better outcome.”
There was growing speculation about the actions of Coinbase, Kraken and other prominent crypto exchanges that are also key ETH validators on the Beacon Chain.
Many believed that centralized crypto exchanges would take the easy way out and impose protocol-level censorship rather than block individual transactions from banned crypto mixers such as Tornado Cash.
The current dilemma comes from the OFAC sanctions that have deemed all Tornado Cash transactions illegal. However, decentralized finance (DeFi) experts believe it has complicated the issue. Instead of sanctioning a particular address or country, the regulators have decided to ban the protocol.
Experts believe a decision to ban would discourage many protocols and exchange operators from engaging with anything related to Tornado Cash, including ETH transacted through the mixer, which could lead to unnecessary censorship.
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Average Bitcoin transaction fee drops under $1 as network difficulty recovers.
In addition to timely upgrades, the drop in transaction fees can be attributed to multiple factors, including falling market prices and lower mining difficulty.
The average transaction fees on the Bitcoin (BTC) blockchain fell below $1.00 for the first time in over two years, further strengthening its use case as a viable mainstream financial system.
High transaction fees over blockchain networks work against the users, especially when making low-value transactions. For example, transaction fees over the Ethereum blockchain skyrocketed several times during the nonfungible token (NFT) hype, inducing stress on general users.
While the Bitcoin ecosystem has also endured its fair share of high transaction fees in the past, timely upgrades — including the Lightning Network and Taproot — guarantee faster and cheaper transactions over time. As of Monday, the average Bitcoin transaction fees fell down to $0.825, a number last seen on June 13, 2020.
In addition to timely upgrades, the drop in transaction fees can be attributed to multiple factors, including falling market prices and lower mining difficulty. However, the difficulty of mining a new BTC block sees a steady recovery as miners gain access to cheaper hardware while recovering from the prolonged chip shortage.
As seen above, August also marked the end of the three-month-long downfall of network difficulty — recovering back to 28.351 trillion from its freefall. Thanks to consistent community efforts, the Bitcoin network continues to display telltale signs of a healthy financial system.
Although users expect every network upgrade to reduce gas fees and transaction speeds, not all upgrades are built to serve the same purpose. For example, the most anticipated Ethereum upgrade, The Merge, will not reduce gas fees.
As explained by the Ethereum Foundation:
“The Merge deprecates the use of proof-of-work, transitioning to proof-of-stake for consensus, but does not significantly change any parameters that directly influence network capacity or throughput.”
The Merge upgrade involves joining the existing execution layer of the Ethereum mainnet with the Beacon Chain, effectively eliminating the need for energy-intensive mining.
In addition to timely upgrades, the drop in transaction fees can be attributed to multiple factors, including falling market prices and lower mining difficulty.
The average transaction fees on the Bitcoin (BTC) blockchain fell below $1.00 for the first time in over two years, further strengthening its use case as a viable mainstream financial system.
High transaction fees over blockchain networks work against the users, especially when making low-value transactions. For example, transaction fees over the Ethereum blockchain skyrocketed several times during the nonfungible token (NFT) hype, inducing stress on general users.
While the Bitcoin ecosystem has also endured its fair share of high transaction fees in the past, timely upgrades — including the Lightning Network and Taproot — guarantee faster and cheaper transactions over time. As of Monday, the average Bitcoin transaction fees fell down to $0.825, a number last seen on June 13, 2020.
In addition to timely upgrades, the drop in transaction fees can be attributed to multiple factors, including falling market prices and lower mining difficulty. However, the difficulty of mining a new BTC block sees a steady recovery as miners gain access to cheaper hardware while recovering from the prolonged chip shortage.
As seen above, August also marked the end of the three-month-long downfall of network difficulty — recovering back to 28.351 trillion from its freefall. Thanks to consistent community efforts, the Bitcoin network continues to display telltale signs of a healthy financial system.
Although users expect every network upgrade to reduce gas fees and transaction speeds, not all upgrades are built to serve the same purpose. For example, the most anticipated Ethereum upgrade, The Merge, will not reduce gas fees.
As explained by the Ethereum Foundation:
“The Merge deprecates the use of proof-of-work, transitioning to proof-of-stake for consensus, but does not significantly change any parameters that directly influence network capacity or throughput.”
The Merge upgrade involves joining the existing execution layer of the Ethereum mainnet with the Beacon Chain, effectively eliminating the need for energy-intensive mining.
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‘Atozy you’ve won’ — Bitboy drops lawsuit after $200K defense raised.
“So we are gonna drop the lawsuit, 100% and I’m sorry this became public,” said Ben Armstrong.
Ben Armstrong, the man behind Bitboy Crypto, said that he is dropping the defamation suit against fellow Youtube content creator Erling Mengshoel Jr., who goes by the name Atozy.
Armstrong officially filed the suit against Mengshoel on Aug. 12 in response to a Nov 2021 video titled “This YouTuber scams his fans… Bitboy Crypto,” which alleged that Armstrong was dishonestly promoting dubious assets to his audience such as PAMP for his own gain. He was seeking $75,000 in damages over the ordeal.
However, Armstrong suggested in a Wednesday livestream that he is now walking back the complaint after Mengshoel managed to raise more than $200,000 for his defense.
The crypto YouTuber outlined that he initially filed the complaint with the aim of getting Mengshoel to take the video down and suggested that he didn’t want to actually go through with the court proceedings.
However, Armstrong explained that Atozy now has enough to cover legal costs, and with prominent crypto trader/podcasters such as Cobie (Jordan Fish) donating $100,000 to the cause, the dispute has gone further than he initially intended
“So we are gonna drop the lawsuit, 100% and I’m sorry this became public, I’m sorry that this has been misconstrued, but I just want you guys to understand why I was doing this. This was not about a slapstick lawsuit.”
“When someone implies that you could be in trouble from the SEC, that is not frivolous guys, that’s a very serious matter. And so from my perspective, trying to defend my reputation, trying to get him to remove the video that literally has wrong information in it, that was all I wanted,” he added.
At the time of writing, Atozy’s video is still up and has nearly 190,000 views. In the Bitboy livestream, Armstrong pleaded with Mengshoel to at least edit parts of the video which he has taken umbrage over. Ultimately, however, Armstrong noted that Atozy has “won.”
Commenting on the matter, Atozy states that all is yet to be resolved, as he is still waiting for the official confirmation from his lawyer that the complaint has been dismissed with “prejudice.”
“So we are gonna drop the lawsuit, 100% and I’m sorry this became public,” said Ben Armstrong.
Ben Armstrong, the man behind Bitboy Crypto, said that he is dropping the defamation suit against fellow Youtube content creator Erling Mengshoel Jr., who goes by the name Atozy.
Armstrong officially filed the suit against Mengshoel on Aug. 12 in response to a Nov 2021 video titled “This YouTuber scams his fans… Bitboy Crypto,” which alleged that Armstrong was dishonestly promoting dubious assets to his audience such as PAMP for his own gain. He was seeking $75,000 in damages over the ordeal.
However, Armstrong suggested in a Wednesday livestream that he is now walking back the complaint after Mengshoel managed to raise more than $200,000 for his defense.
The crypto YouTuber outlined that he initially filed the complaint with the aim of getting Mengshoel to take the video down and suggested that he didn’t want to actually go through with the court proceedings.
However, Armstrong explained that Atozy now has enough to cover legal costs, and with prominent crypto trader/podcasters such as Cobie (Jordan Fish) donating $100,000 to the cause, the dispute has gone further than he initially intended
“So we are gonna drop the lawsuit, 100% and I’m sorry this became public, I’m sorry that this has been misconstrued, but I just want you guys to understand why I was doing this. This was not about a slapstick lawsuit.”
“When someone implies that you could be in trouble from the SEC, that is not frivolous guys, that’s a very serious matter. And so from my perspective, trying to defend my reputation, trying to get him to remove the video that literally has wrong information in it, that was all I wanted,” he added.
At the time of writing, Atozy’s video is still up and has nearly 190,000 views. In the Bitboy livestream, Armstrong pleaded with Mengshoel to at least edit parts of the video which he has taken umbrage over. Ultimately, however, Armstrong noted that Atozy has “won.”
Commenting on the matter, Atozy states that all is yet to be resolved, as he is still waiting for the official confirmation from his lawyer that the complaint has been dismissed with “prejudice.”
🚀 Bluelight.inc game: don’t miss the public land sale
Here is why you wouldn’t want to miss out on the Blulight.inc game land sale on on August 26, 2022:
1️⃣ Only 10,000 land sites with prices from 0.1 ETH a piece
2️⃣ Both common and the rarest possible (unique) plots are sold
3️⃣ The Bluelight.inc is the game to watch this fall
Important links: Telegram chat, Twitter
The game is based on the Take My Muffin animation show by the Toonbox studios, which is available for free on YouTube. The game allows building your own startups in a metaverse, and the end-goal of the game is to build the most powerful startup, represented as a unicorn.
The sale will take place starting August 26, 2022 on the game’s website. The initial sale will be only for roughly 15% of the total city acreage. The land pieces differ on their level of uniqueness, varying from common to rare, epic, legendary and unique, priced from 0.1 ETH for a common land to 10 ETH for the unique one.
Here is why you wouldn’t want to miss out on the Blulight.inc game land sale on on August 26, 2022:
1️⃣ Only 10,000 land sites with prices from 0.1 ETH a piece
2️⃣ Both common and the rarest possible (unique) plots are sold
3️⃣ The Bluelight.inc is the game to watch this fall
Important links: Telegram chat, Twitter
The game is based on the Take My Muffin animation show by the Toonbox studios, which is available for free on YouTube. The game allows building your own startups in a metaverse, and the end-goal of the game is to build the most powerful startup, represented as a unicorn.
The sale will take place starting August 26, 2022 on the game’s website. The initial sale will be only for roughly 15% of the total city acreage. The land pieces differ on their level of uniqueness, varying from common to rare, epic, legendary and unique, priced from 0.1 ETH for a common land to 10 ETH for the unique one.
Soulbound Tokens vs Self-Sovereign Identity: Web3’s Search for a Digital ID Solution.
In the recent research paper titled ‘Decentralised Society: Finding Web 3’s Soul’, Ethereum (ETH) co-founder Vitalik Buterin, alongside authors Glen Weyl and Puja Ahluwalia Ohlhaver, introduced the concept of ‘Soulbound Tokens’ (SBTs) as a brand-new take on digital identity. The paper speaks about the importance of digital identity within Web3 and meeting the hyper-financialisation of Web3 with equal amounts of trust and social relationship building.
We, however, couldn’t help but notice how close SBTs’ use case is to what self-sovereign identity (SSI) is doing. SSI is already paving the way towards creating a trusted society. We wanted to compare Vitalik et al.'s Soulbound tokens hypothesis against SSI to see which one carries the most validity as we enter Web3.
In their simplest form, soulbound tokens are non-transferrable fungible tokens that can be displayed in a digital wallet. These tokens are issued by one soul (individual) to another. They cannot be traded with anyone else. Once an SBT is obtained, it is bound to that person, hence the name soulbound.
SSI uses the relationship between issuers, verifiers, and holders of data to create a user-centric model. In this model, the holder has the option to share with the verifier the exact information they need (and not more). The verifier can then cross-reference the information with the issuer’s signature (sometimes stored on a blockchain) to ensure the holder's data is valid.
The draw to SBTs is their non-transferable nature, they are bound to their recipient. They could be used for declaring credentials and forming an online identity on behalf of their owner. Similar to a set of scout badges, you could have multiple SBTs for various credentials, ranging from a driver's licence to a token that represents a concert ticket.
On the other hand, SSI differs in that their default visibility is private and off-ledger, whereas SBTs are proposed as public and on-ledger by default.
In the recent research paper titled ‘Decentralised Society: Finding Web 3’s Soul’, Ethereum (ETH) co-founder Vitalik Buterin, alongside authors Glen Weyl and Puja Ahluwalia Ohlhaver, introduced the concept of ‘Soulbound Tokens’ (SBTs) as a brand-new take on digital identity. The paper speaks about the importance of digital identity within Web3 and meeting the hyper-financialisation of Web3 with equal amounts of trust and social relationship building.
We, however, couldn’t help but notice how close SBTs’ use case is to what self-sovereign identity (SSI) is doing. SSI is already paving the way towards creating a trusted society. We wanted to compare Vitalik et al.'s Soulbound tokens hypothesis against SSI to see which one carries the most validity as we enter Web3.
In their simplest form, soulbound tokens are non-transferrable fungible tokens that can be displayed in a digital wallet. These tokens are issued by one soul (individual) to another. They cannot be traded with anyone else. Once an SBT is obtained, it is bound to that person, hence the name soulbound.
SSI uses the relationship between issuers, verifiers, and holders of data to create a user-centric model. In this model, the holder has the option to share with the verifier the exact information they need (and not more). The verifier can then cross-reference the information with the issuer’s signature (sometimes stored on a blockchain) to ensure the holder's data is valid.
The draw to SBTs is their non-transferable nature, they are bound to their recipient. They could be used for declaring credentials and forming an online identity on behalf of their owner. Similar to a set of scout badges, you could have multiple SBTs for various credentials, ranging from a driver's licence to a token that represents a concert ticket.
On the other hand, SSI differs in that their default visibility is private and off-ledger, whereas SBTs are proposed as public and on-ledger by default.
Hetzner anti-crypto policies: A wake-up call for Ethereum’s future.
The terms of services, laid down by Ethereum's second-biggest host Hetzner, prohibits customers from running nodes, mining and farming, plotting, storage of blockchain data and trading.
Just when the Ethereum ecosystem reached its final stages in preparing for the much-anticipated upgrade, The Merge, german cloud provider Hetzner, reiterated its stance against allowing mining operations for both proof-of-stake (PoS) and proof-of-work (PoW) applications.
Hetzner, a private, centralized cloud provider, stepped in on a discussion around running blockchain nodes, highlighting its terms of services that prohibit customers from using the services for crypto activities. However, the Ethereum community perceived the revelation as a threat to the ecosystem as Hetzner’s cloud services host nearly 16% of the Ethereum nodes, as shown below.
In crypto, the reliance on centralized service providers has been historically perceived as a negative trait when it comes to long-term sustenance — and for a good reason. Redditor u/Supermann- questioned the anti-crypto policies laid down by the second biggest Ethereum Mainnet host, Hetzner. Clarifying the doubts and legal implications associated with using its services for crypto activities, Hetzner stated:
“Using our products for any application related to mining, even remotely related, is not permitted. This includes Ethereum.”
The company also stated that the non-allowance extends to running nodes, mining and farming, plotting, storage of blockchain data and trading. While acknowledging the extensive use of its services for powering Ethereum, Hetzner revealed that “we have been internally discussing how we can best address this issue.” As a fair warning to the community, Hetzner added:
“If you, or any other potential customers are unsure about whether your use case will violate our ToS, please reach out to us.”
The latest revelation from german cloud provider Hetzner showcases the impact of the decision made by centralized entities on thriving crypto ecosystems.
The majority of the Ethereum ecosystem currently runs on Amazon, which hosts 54% of the total Ethereum nodes. Some of the mainstream cloud providers that currently host Ethereum nodes include Oracle Cloud (4.1%), Alibaba (2.8%) and Google Cloud (2.7%).
The terms of services, laid down by Ethereum's second-biggest host Hetzner, prohibits customers from running nodes, mining and farming, plotting, storage of blockchain data and trading.
Just when the Ethereum ecosystem reached its final stages in preparing for the much-anticipated upgrade, The Merge, german cloud provider Hetzner, reiterated its stance against allowing mining operations for both proof-of-stake (PoS) and proof-of-work (PoW) applications.
Hetzner, a private, centralized cloud provider, stepped in on a discussion around running blockchain nodes, highlighting its terms of services that prohibit customers from using the services for crypto activities. However, the Ethereum community perceived the revelation as a threat to the ecosystem as Hetzner’s cloud services host nearly 16% of the Ethereum nodes, as shown below.
In crypto, the reliance on centralized service providers has been historically perceived as a negative trait when it comes to long-term sustenance — and for a good reason. Redditor u/Supermann- questioned the anti-crypto policies laid down by the second biggest Ethereum Mainnet host, Hetzner. Clarifying the doubts and legal implications associated with using its services for crypto activities, Hetzner stated:
“Using our products for any application related to mining, even remotely related, is not permitted. This includes Ethereum.”
The company also stated that the non-allowance extends to running nodes, mining and farming, plotting, storage of blockchain data and trading. While acknowledging the extensive use of its services for powering Ethereum, Hetzner revealed that “we have been internally discussing how we can best address this issue.” As a fair warning to the community, Hetzner added:
“If you, or any other potential customers are unsure about whether your use case will violate our ToS, please reach out to us.”
The latest revelation from german cloud provider Hetzner showcases the impact of the decision made by centralized entities on thriving crypto ecosystems.
The majority of the Ethereum ecosystem currently runs on Amazon, which hosts 54% of the total Ethereum nodes. Some of the mainstream cloud providers that currently host Ethereum nodes include Oracle Cloud (4.1%), Alibaba (2.8%) and Google Cloud (2.7%).
Ethereum miner balance reaches four-year high weeks before the Merge.
Experts believe that miners are hoarding more ETH in anticipation of price surges and forked PoW tokens.
The Ethereum Merge is slated for Sept. 15, which will see the Ethereum blockchain move from its current proof-of-work (PoW) mining consensus to proof-of-stake (PoS).
The Merge is being touted as one of the biggest upgrades for the Ethereum blockchain as it would help the network move to a more energy-efficient way of verifying transactions and eliminate PoW mining completely. With the Merge date approaching, Ether (ETH) miner's balance has touched a new four-year high.
According to Oklink data, the balance of Ethereum miner addresses exceeded 260,000 ETH with a total of 261,848 ETH valued at over $415 million at the current price. Miner accumulation reached a new four-year high with similar levels seen last in April 2018.
The miners' growing accumulation of ETH has been attributed to a few factors, the first being the anticipation of a price surge in the wake of the key upgrade. While many pundits have called the Merge a “buy the rumor and sell the news” kind of event, the miners' accumulation indicates a growing bullish sentiment.
Another major factor is the hard fork. The majority of ETH miners are in favor of a hard fork to keep the PoW chain alive and continue mining. Thus, in the case of a hard fork, these miners holding onto ETH would also receive an airdrop of the forked token. While the value of the forked token might not appreciate in tune with the main ETH chain, however, it would still ensure additional capital.
A forked PoW token has got the backing of a few leading crypto exchanges like Bitfinex while the likes of Binance have said that if the demand for the forked token were big enough, they would not mind listing it.
Yohannes Christian, Research Analyst at leading crypto exchange Bitrue, told Cointelegraph:
”The "Difficulty Bomb" will make mining unprofitable after the Merge. Before this happens, miners are exploring all avenues to cart away with as many Ether as they can while they still have the time.“
Experts believe that miners are hoarding more ETH in anticipation of price surges and forked PoW tokens.
The Ethereum Merge is slated for Sept. 15, which will see the Ethereum blockchain move from its current proof-of-work (PoW) mining consensus to proof-of-stake (PoS).
The Merge is being touted as one of the biggest upgrades for the Ethereum blockchain as it would help the network move to a more energy-efficient way of verifying transactions and eliminate PoW mining completely. With the Merge date approaching, Ether (ETH) miner's balance has touched a new four-year high.
According to Oklink data, the balance of Ethereum miner addresses exceeded 260,000 ETH with a total of 261,848 ETH valued at over $415 million at the current price. Miner accumulation reached a new four-year high with similar levels seen last in April 2018.
The miners' growing accumulation of ETH has been attributed to a few factors, the first being the anticipation of a price surge in the wake of the key upgrade. While many pundits have called the Merge a “buy the rumor and sell the news” kind of event, the miners' accumulation indicates a growing bullish sentiment.
Another major factor is the hard fork. The majority of ETH miners are in favor of a hard fork to keep the PoW chain alive and continue mining. Thus, in the case of a hard fork, these miners holding onto ETH would also receive an airdrop of the forked token. While the value of the forked token might not appreciate in tune with the main ETH chain, however, it would still ensure additional capital.
A forked PoW token has got the backing of a few leading crypto exchanges like Bitfinex while the likes of Binance have said that if the demand for the forked token were big enough, they would not mind listing it.
Yohannes Christian, Research Analyst at leading crypto exchange Bitrue, told Cointelegraph:
”The "Difficulty Bomb" will make mining unprofitable after the Merge. Before this happens, miners are exploring all avenues to cart away with as many Ether as they can while they still have the time.“
