A growing number of social media platforms have been integrating crypto and Web3 support, but opinions are divided on whether they are in it for the ethos or profit. Twitter was reportedly working on developing its own crypto wallet, and with Elon Musk’s recent $44-billion acquisition, many believed that the social media platform could very well integrate a crypto wallet soon.
Eric Jardine discusses how scammers were able to capitalize on the second-biggest blockchain’s transition and how $2 million in ether was stolen.There were roughly $2 million in scams before, during and after Ethereum’s Merge, the blockchain’s transition from a proof-of-work (PoW) to proof-of-stake (PoS) model, according to Chainalysis’ cybercrimes research lead, Eric Jardine.
Ethereum (ETH) co-founder Vitalik Buterin has shared on Twitter his concerns over Tesla and Twitter chief Elon Musk's blue check system but said that there might be a solution.
Hong Kong kicked off its flagship blockchain event, FinTech Week 2022, on Monday, announcing a series of policy statements on cryptocurrencies and blockchain as the city attempts to reposition itself as a hub for digital assets and investment.
Trading volumes in crypto-backed investment funds have dwindled in recent weeks, and last week hit its lowest since October 2020, a new from the crypto researcher CoinShares shows. According to the report, the volume in crypto investment products last week fell to as low as $758m, far below the $7bn a week average seen at this time last year.
The trading volume of Reddit's digital collectible NFTs has surpassed $2.5 million in the past 24 hours, representing over one-third of the collection’s cumulative trading volume of $6.3 million since launch. Reddit’s CryptoSnoos NFTs are digital, limited-edition collectibles featuring the alien mascot, Snoo. Independent artists and Reddit creators design digital collectibles, and users can purchase them using fiat currencies.
A soaring hash rate, high electricity costs and BTC price hovering under $20,000 for months are complicating matters for Bitcoin miners.October witnessed a surge in Bitcoin’s hash rate, which is pushing the metric to a new high of 245 exahashes per second. These changes led to a sharp decrease in the hashprice, resulting in a drop in the profit margins for Bitcoin miners and reaching a low of $66.8 per petahash on Oct. 24.
Staked Ether (sETH) withdrawal and lower gas fees are some of the developments expected with the next critical improvements for the Ethereum network, the Shanghai upgrade. The testnet version, dubbed Shandong, is now live. Developers can now begin working on the implementations. a process expected to continue until September 2023.
The European Union will develop an energy efficiency label for electricity-intensive cryptocurrencies, such as Bitcoin, in an effort to bring the industry in line with the bloc’s efforts to decarbonize its economy, according to a report by Bloomberg. According to a draft proposal seen by Bloomberg, the European Commission will create a grading measure to encourage the use of more environmentally friendly mining systems, such as proof of stake (PoS), the system that Ethereum now uses post-Merge.
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