Monthly Archives: June 2020

Researchers Say New Lightning Network Attack Could Create ‘Chaos’

The Lightning Network is susceptible to attacks that could drain Bitcoin wallets by flooding the blockchain. A study published on June 29 revealed a way to drain Bitcoin (BTC) wallets’ funds on the Lightning Network by exploiting a bottleneck in the system. According to the “Flood & Loot: A Systemic Attack On The Lightning Networkâ€� paper, Jona Harris and Aviv Zohar from the Hebrew University in Israel evaluated a systemic attack on the Lightning Network that allows for the theft of BTC funds that were locked in […]

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Ethereum Volatility Drops Below Bitcoin’s but ETH Options Are Bearish

Ethereum’s implied volatility dropped below Bitcoin’s for the first time ever, but is this a bullish or bearish development? Ether (ETH) options implied volatility, a measure of the expected price swings as per the options markets premium, has dropped below Bitcoin’s (BTC) for the first time ever.  This could signal that investors have given up expectations of a price decoupling, or they simply expect ETH price moves to mirror Bitcoin.  In the case of potential catalysts for significant price moves, implied volatility tends to move up whereas […]

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Bitcoin as a tool to fight authoritarian regimes: Vladimir Putin critic explains

Professor of Economics, Sergei Guriev, told Cointelegraph how Bitcoin can be used as a tool to combat authoritarian regimes. Sergei Guriev, professor of Economics at Paris’ Sciences Po and a critic of Vladimir Putin, told Cointelegraph how Bitcoin can be used as a tool to combat authoritarian regimes despite having “no fundamental social valueâ€�. Unlike fiat currencies, the purchasing power of Bitcoin is not backed by any institution. That is why, according to Guriev, “Bitcoin is a merely speculative instrument without any fundamental valueâ€�.  He also pointed […]

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Qtum Preps for Mainnet Hard Fork With New Testnet Event

Qtum completed a testnet hard fork prior to launching its mainnet hard fork. Proof-of-Stake, or PoS, blockchain Qtum successfully completed a hard fork of its testnet in preparation for the launch of its mainnet hard fork. According to a statement sent to Cointelegraph, the upgrade went live on the testnet at block 625,000 on June 29. This event officially introduced offline staking in Qtum. Mainnet hard fork to happen in August or at block 680,000 The testnet event – scheduled to start on July 6 – is […]

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Researchers Say Ransomware Attacks on the Rise as More People Work From Home

Proofpoint research shows that phishing-based ransomware attacks are on the rise amid the COVID-19 pandemic. A study published by cybersecurity firm, Proofpoint, shows an increase in email-based phishing attacks used to deliver ransomware over the last few months. According to the report, first-stage deployments of ransomware are reportedly on the rise and have mostly been targeting the United States, France, Germany, Greece, and Italy. The attacks appear to be capitalizing on the influx of people now working from home amid the COVID-19 pandemic. Research additionally indicates that […]

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Visualize Crypto Transaction Privacy Scores With Blockchair’s ‘Privacy-o-Meter’

On June 24, the block explorer and blockchain data platform, Blockchair, announced the launch of a new privacy tool called the “Privacy-o-meter.” According to Blockchair, the new service combats blockchain surveillance companies by highlighting privacy issues for crypto transactions. This week the blockchain explorer and crypto analytics firm, Blockchair, revealed a new tool that aims to show people some of the privacy issues involved with crypto transactions they send. The team has explained that in the future there will be other features coming like address clustering/tagging and […]

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Class Action Alleges Visa-Acquired Co Was ‘Data Plumbing’ Venmo, Cash App & More

A new class action alleges that Plaid, which Visa recently bought for over $5 billion, had unparalleled access to the financial information of millions of users. June 25, a new class action was filed in California against fintech startup Plaid, which was acquired by Visa for $5.3 billion earlier this year. The plaintiffs allege that Plaid violated privacy and data protections by accumulating and monetizing financial transactions of millions of users. The complaint alleges that the company accumulated this data by “data plumbingâ€� popular services like Venmo, […]

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Price Analysis 6/29: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, CRO, ADA

Bitcoin’s price dropped below the ascending triangle trendline, suggesting further bearish price action for BTC and altcoins. The total crypto market capitalization has been stuck roughly between $240 billion and $280 billion for about two months. This range-bound action suggests that cryptocurrencies are waiting for a trigger to propel the market cap higher. As the saying goes, the longer the consolidation, the stronger  the eventual breakout from it will be.  Daily cryptocurrency market performance. Source: Coin360 Researchers responsible for the recently published Crypto Research Report have projected […]

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Switzerland Won’t Amend Tax Law in Regard to Blockchain in Near Future

Switzerland does not need to amend its current tax legislation to cover blockchain-based arrangements, the Federal Council believes. Switzerland’s existing tax law is applicable to developments in the blockchain industry, the Swiss Federal Council said. According to the federal authority, Switzerland does not need to amend its existing tax legislation in regard to blockchain and distributed ledger technology. No legislative action is necessary regarding the blockchain industry In a June 19 meeting, the Federal Council addressed a report on the need to amend Switzerland’s tax law in […]

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‘Sophisticated’ Hacker Plunders $450,000 From Defi Protocol Balancer

Decentralized finance (Defi) protocol ​Balancer was on Sunday hacked for more than $450,000 worth of cryptocurrency. In two separate transactions, an attacker targeted two pools containing Ethereum-based tokens with transfer fees – or so-called deflationary tokens. Pools with Sta and Stonk tokens were affected by this exploit, Balancer, an automated market marker protocol, said on June 29. The hacker made off with around 601 ether, 11 wrapped bitcoin (WBTC), 22,600 chainlink (LINK), and 61,000 synthetix (SNX) – altogether totaling more than $451,000. According to an analysis by […]

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