Crypto Flipsider News: Bitcoin Steady; October crypto hacks; Treasure demanded; BNB hard fork; Crypto.com Headquarters in France by DailyCoin


© Ink Drop Crypto Flipsider News – Bitcoin Steady; October crypto hacks; Treasure demanded; BNB hard fork; Crypto.com headquarters in France

Read in the Digest:

  • (BTC) Steady Above $19k as Market Awaits Inflation Data
  • October becomes the worst month for crypto hacks with over $718 million stolen
  • Coin Center Sues US Treasury Department Over Tornado Cash Sanction
  • BNB Smart Chain completes a hard fork to prevent future cross-chain bridge hacks
  • Crypto.com to Invest $145 Million in France for European Headquarters

Bitcoin (BTC) Steady Above $19k as Market Awaits Inflation Data

Bitcoin (BTC), and cryptocurrency prices in general, have been trading sideways this week as all attention turns to the September consumer price index (CPI) released by the US Bureau of Labor Statistics. USA

Despite the drop in stock markets, the cryptocurrency market seemed more stable. BTC price has held above $19k this week, with marginal gains and losses mostly below 1%.

The 3-day price chart for Bitcoin (BTC). Source: CoinMarketCap

Updates ahead of the CPI suggest that inflation has fallen from the previous month’s high. Analysts forecast that the Bureau of Labor Statistics could report a CPI of 8.1% lower than the 8.3% reported for August.

flip side:

  • Despite Bitcoin holding its ground, Federal Reserve officials after their last meeting predicted that they expect higher interest rates to remain in place until prices decline.

why should you care

A lower CPI shows that the Fed’s interest rate hikes have been effective in reducing the rate of inflation, which could be positive for stocks and crypto markets.

October becomes the worst month for crypto hacks with over $718 million stolen

October, which was predicted to be the month of a huge rally for the crypto market (hence the name Uptomber), has come with an unexpected twist. In just two weeks, October has become the worst month for crypto hacks.

With two weeks left in the month, hackers have already amassed over $718 million in crypto crimes. Data tracker Chainalysis reports that the amount was stolen from decentralized finance (DeFi) protocols in 11 attacks.

Data provided by Chainalysis shows that more than $3 billion has been lost due to crypto hacks in 2022. With more than two months to go, Chainalysis predicts that 2022 could overtake 2021 to become the biggest year for hacking. .

This week, Mango Markets, TempleDAO and QANplatform have been hacked, with $116 million stolen from Mango Markets. Binance’s BNB chain was mined for over $100 million, adding to October’s record-breaking tally.

flip side:

  • The total value locked in the DeFi ecosystem has decreased by 71.5% from its all-time high of $214 billion in December 2021.

why should you care

The data shows that attackers have focused their attention on defi and bridge protocols, which account for more than 82% of losses this month and 64% of losses for the entire year.

Coin Center Sues US Treasury Department Over Tornado Cash Penalty

Coin Center has filed a federal lawsuit against the United States Department of the Treasury and the Office of Foreign Assets Control (OFAC) for the sanction imposed on the coin mixing service, Tornado Cash.

According to the lawsuit filed by the think tank, Treasury overstepped its authority with the sanctions. Coin Center adds that the sanction also harmed Americans and their ability to conduct private transactions using the Ethereum network.

Coin Center is not the only entity challenging the sanctions. On Thursday, September 8, cryptocurrency exchange Coinbase (NASDAQ:) announced its lawsuit against Treasury in a blog post titled “Defending Cryptocurrency Privacy.”

flip side:

  • OFAC justified the ban on the grounds that Tornado Cash had been used to launder money by bad actors, including the infamous North Korean hacking organization Lazarus Group.

why should you care

The lawsuit argues that Americans have a right to privacy and a right to protect their property, since Tornado Cash can be legitimately used for these benefits.

BNB Smart Chain completes a hard fork to prevent future cross-chain bridge hacks

Binance has announced the successful hard fork of its Binance blockchain, BNB Smart Chain, just six days after a vulnerability allowed an attacker to steal more than $100 million worth of (BNB) from the chain.

According to Binance, the “Moran hard fork” went live on Wednesday, October 12 at block height 22,107,423. The Moran hard fork fixes a vulnerability in iavl hash checking and introduces a block header in sequence checks.

According to Binance, the security patch on the hard fork will “mitigate the cross-chain infrastructure between Beacon Chain and Smart Chain.” After the hard fork, Binance has resumed full functionality of the BNB smart chain.

Furthermore, all funds stuck in cross-chain transfers had made it to the users’ target or source wallet. Members of the BNB chain community will vote in the coming days on how to address hacked funds.

flip side:

  • Although the vulnerability has been fixed, the hack has now put the decentralization and the security of the BNB chain in question.

why should you care

Hard forks not only fix the loopholes that led to the attack, but also invalidate the codes and transactions the hacker left on the network.

Crypto.com to Invest $145 Million in France for European Headquarters

Cryptocurrency exchange Crypto.com announced on Wednesday that it will invest €150 million in France to support the establishment of its market operations, including a regional headquarters in Paris.

The announcement comes weeks after the exchange received regulatory approval from the Autorité des marchés financiers (AMF) to register in the country as a digital asset service provider.

Crypto.com revealed that the $145 million will be used to establish a regional headquarters in Paris and hire local talent in the fields of fulfillment, business development, products, and marketing.

The exchange notes his commitment to France, where he seeks to establish his base. Additionally, Crypto.com will allocate more resources to promote the exchange’s presence through educational and customer engagement initiatives.

flip side:

  • Recent reports suggest that crypto.com had reduced the size of its staff by up to 40% instead of the exchange’s 5%. Announced.

why should you care

Crypto.com will establish its regional offices in Paris from where it seeks to expand its services to other European countries.

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