Tuesday 4 October 2022
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Jude Savage

Ethereum Merge spikes block creation with a faster average block time

The Merge upgrade for Ethereum (ETH), which primarily sought to transition the blockchain into a proof-of-stake (PoS) consensus mechanism, has been revealed to have a positive impact on the creation of new Ethereum blocks. The Merge was considered one of the most significant upgrades for Ethereum. As a result of the hype, numerous misconceptions around cheaper gas fees and faster transactions plagued the crypto ecosystem, which was debunked by Cointelegraph. However, some of the evident improvements experienced by the blockchain post-Merge include a steep increase in daily block creation and a substantial decrease in average block time. Ethereum blocks per day. Source: YChartsOn Sept. 15, Ethereum completed The Merge upgrade after successfully transitioning the network to PoS. On the same day, the number of blocks created daily (EBC) shot up by roughly 18% — from approximately 6,000 blocks to 7100 blocks per day. Ethereum average block time (EBT). Source: YChartsComplementing this move..

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Bitcoin price starts ‘Uptober’ down 0.7% amid hope for final $20K push

Bitcoin (BTC) failed to hold $20,000 into the September monthly close as one trader eyed a final comeback before fresh downside. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTrader's $20,500 upside target remainsData from Cointelegraph Markets Pro and TradingView showed BTC/USD staying lower after finishing the month at around $19,400. Capping 3% losses, the monthly chart failed to rally on Oct. 1, with BTC/USD down another 0.7% in “Uptober” so far, according to data from on-chain data resource Coinglass. BTC/USD monthly returns chart (screenshot). Source: CoinglassDismal financial data from macro markets contributed to the lack of appetite for risk assets, and among crypto traders, the outlook remained gloomy. For popular Twitter account Il Capo of Crypto, a return above the $20,000 mark was still possible on the day, this still to be followed by a dive much lower. An additional post noted steady buy-ins worth $192,000 on exchange FTX, something which he argued coul..

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Transit Swap loses over $21M due to code bug exploit, issues apology

Transit Swap, a multi-chain decentralized exchange (DEX) aggregator, lost roughly $21 million after a hacker exploited an internal bug on a swap contract. Following the revelation, Transit Swap issued an apology to the users while efforts to track down and recover the stolen funds are underway. “We are deeply sorry,” stated Transit Swap while revealing that a bug in the code allowed a hacker to make away with an estimated $21 million. Blockchain investigator Peckshield narrowed down the attack to a compatibility issue or misplaced trust in the swap contract. Peckshield, along with other investigators, including SlowMist, Bitrace and TokenPocket joined in on the pursuit to track down the hacker. Transit Swap stated: “We now have a lot of valid information such as the hacker's IP, email address, and associated on-chain addresses. We will try our best to track the hacker and try to communicate with the hacker and help everyone recover their losses.”The flowchart below depicts the f..

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Web3 is the solution to Uber’s problem with hackers

Uber is a staple of the gig economy, for better or worse, and a disruptor that once sent shockwaves throughout the mobility space. Now, however, Uber is being taken for a ride. The company is handling a reportedly far-reaching cybersecurity breach. According to the ride-hailing giant, the attacker has not been able to access sensitive user data, or at least, there is no evidence to suggest otherwise. Whether or not sensitive user data was exposed, this case points to a persistent issue with today’s apps. Can we continue to sacrifice our data — and thereby our privacy and security — for convenience? Web2, the land of hackable honeypotsUber’s track record for data breaches is not exactly spotless. Just in July, the ride-hailing giant acknowledged hushing up a massive breach in 2016 that leaked the personal data of 57 million customers. In this sense, the timing of the new incident could not have been worse, and given how long it takes to establish the damage done in such breaches, the fu..

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California fraud cases highlight the need for a regulatory crackdown on crypto

The California Department of Financial Protection and Innovation (DFPI) announced last month that it had issued desist and refrain orders to 11 entities for violating California securities laws. Some of the highlights included allegations that they offered unqualified securities as well as material misrepresentations and omissions to investors. These violations should remind us that while crypto is a unique and exciting industry for the public at large, it is still an area that is rife with the potential for bad players and fraud. To date, government crypto regulation has been minimal at best, with a distinct lack of action. Whether you are a full-time professional investor or just a casual fan who wants to be involved, you need to be absolutely sure of what you are getting into before getting involved in any crypto opportunity. California has toyed with setting up a crypto-specific business registration process for those looking to do business in the state. The proposed framework was ..

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Putin gives Snowden citizenship, Interpol elicits help in Do Kwon search and FTX US buys Voyager: Hodler’s Digest, Sept. 25-Oct. 1

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This WeekPro-centralization Russian president grants citizenship to Edward Snowden: Report Edward Snowden has reportedly received Russian citizenship via a decision from the country’s president, Vladimir Putin. Snowden has been a permanent resident in Russia since 2013 after he exposed secrets relating to the United States National Security Agency. However, Snowden favors less government involvement than Putin’s approach to leadership. Snowden has offered comment on crypto multiple times and helped build crypto asset Zcash. Breaking: Interpol ‘Red Notice’ issued for Do Kwon — South Korea prosecutors Global criminal police organization Interpol has put out an alert known as a Red Notice in order to help locate and ar..

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NFT space bridges passions for tennis legend Maria Sharapova

Tennis legend Maria Sharapova appeared at the Binance Blockchain Week Paris 2022 to share her interest in nonfungible tokens (NFTs). During an exclusive interview with Cointelegraph, Sharapova mentioned that “she is exposing herself to this new world of crypto and Web3,” noting that the sector will help her better engage with her fans. Sharapova was also one of the strategic investors behind MoonPay’s Series A financing round, yet she mentioned that she aims to bridge her personal experiences to the digital world moving forward. Maria Sharapova (right) with Cointelegraph senior reporter Rachel Wolfson (left) at Binance Blockchain Week Paris 2022. Source: Rachel WolfsonCointelegraph: What are you doing here today at Binance Blockchain Week Paris? Maria Sharapova: I’m crypto curious and would like to figure out how to bridge the incredible physical experiences that I've been able to have with my fans over so many years. I’m now finding ways to include experiences in the digital wor..

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What is the economic impact of cryptocurrencies?

Cryptocurrency is far more than just a financial innovation — it’s a social, cultural and technological form of progress. Through its accessible character, cryptocurrencies have the potential to spur the economy immensely.  Cryptocurrencies are digital assets managed with cryptographic algorithms. There are different types of cryptocurrencies. Bitcoin (BTC) is probably the most well-known cryptocurrency, but thousands of others have emerged over time. Naturally, these also include stablecoins, cryptocurrencies whose value is pegged to, for example, a fiat currency, debt paper or commodities like gold.  When cryptocurrency prices are correcting and the fear and greed index bounces, it is important to take a breath and grasp that the wider impact of cryptocurrencies goes beyond daily price fluctuations. Cryptocurrency use cases and their underlying blockchain technologies are being developed at an exponential speed. The tremendous economic impact of cryptocurrenci..

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What is wrapped Ethereum (wETH) and how does it work?

Traders who use the Ethereum network are familiar with the ERC-20 technical standard and have most likely traded and invested in tokens that utilize it. After all, its practicality, transparency and flexibility have made it the industry norm for Ethereum-based projects. As such, many decentralized applications (DApps), crypto wallets and exchanges natively support ERC-20 tokens. However, there’s one problem: Ether (ETH) and ERC-20 do not exactly follow the same rules, as Ether was created way before ERC-20 was implemented as a technical standard. So, why does wrapped ETH matter? Briefly put, ERC-20 tokens can only be traded with other ERC-20 tokens, not Ether. In order to bridge this gap and enable the exchange of Ether for ERC-20 tokens (and vice versa), the Ethereum network introduced wrapped Ethereum (wETH). That said, wETH is the ERC-20 tradable version of ETH. What is wrapped Ether (wETH)?As mentioned, wETH is the wrapped version of Ether, and it’s named as such because wETH is es..

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Nexo-labeled address withdraws $153M in Wrapped BTC from MakerDAO

Disclaimer: This article has been updated to reflect Nexo's response stating that the fund transfer represents an operational transfer, involving the movement of funds from one Nexo address to another. Just a few days after market analysts predicted a 50% drop in NEXO price due to regulatory pressure and investor concerns, a crypto wallet address labeled as NEXO 0x8fd withdrew 7,758.8 Wrapped Bitcoin (wBTC) — roughly worth $153 million — from MakerDAO. On Sept. 26, regulators from eight United States states filed a cease-and-desist order against Nexo under the allegations of offering unregistered securities to investors without warning. Moreover, Kentucky regulators accused Nexo of insolvency owing to liabilities exceeding assets when excluding Nexo. Following suit, on Sept. 30, blockchain investigator Peckshield alerted the transfer of 7,758.8 wBTC from MakerDAO. One of the main reasons the crypto community chose to link the funds’ withdrawal with Nexo’s insolvency rumors is the ..

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