“The gaming-focused Ronin Network announced Tuesday a loss of 173,600 ether and 25.5 million in USDC, currently worth in excess of $625 million. It may be the largest exploit in DeFi history.
An attacker ‘used hacked private keys in order to forge fake withdrawals‘ from the Ronin bridge across two transactions. While the Ronin sidechain has nine validators requiring five signatures for withdrawals, the blog post notes that ‘the attacker found a backdoor through our gas-free RPC node.’
The Ronin Bridge and the Katana automated market maker (AMM) have both been paused while investigations are ongoing. The price of RON, the native token of the Ronin network, is down 27% on the news.
We are working directly with various government agencies to ensure the criminals get brought to justice.”
“Thanks to the transparency of Bitcoin, we can watch along as LFG moves UST towards a bitcoin-backed existence.
As of writing, LFG is in the process of raising $3 billion, most of which has already been raised, to buy bitcoin and has purchased almost 28,000 bitcoin, worth ~$1.3 billion. Given the indication that LFG intends to hold more than $10 billion in bitcoin, there is more purchasing that LFG needs to do. Absent any large moves in BTC price, that could mean ~180,000 bitcoin of purchase volume in the coming months.
A dollar stablecoin with provable reserves might be seen by some analysts as an improvement on the current collateralized stablecoins where users need to trust, rather than verify, assets in reserve.”
“Pierre Poilievre promises to “unleash” the potential of cryptocurrency like bitcoin and ethereum if he becomes prime minister, and make Canada “the Blockchain capital of the world.”
Poilievre, who is campaigning to become the next federal Conservative leader, said he intended to simplify and streamline rules and taxes to make it easier for Canadians to decide to use cryptocurrency instead of traditional forms of money. He insisted on the importance of decentralizing the power of central banks.
A Poilievre government would welcome this new, decentralized, bottom-up economy and allow people to take control of their money from bankers and politicians. The government is ruining the Canadian dollar, so Canadians should have the freedom to use other money.
Poilievre, who was the finance critic for the Conservatives until recently, once again blamed the Bank of Canada for creating “$400 billion in cash out of thin air” since the start of the pandemic.
The fact that what is called blockchain and crypto has now moved up and is getting the kind of attention now from someone like Pierre to actually make change and craft legislation that fits this new economy, I think that’s very exciting.”
“The bitcoin (BTC) community is reacting harshly and incredulously to a planned ad campaign by Ripple co-founder and Executive Chairman Chris Larsen and Greenpeace USA that would advocate a code change to reduce the energy use of the largest cryptocurrency by market value.
The campaign aims to change bitcoin’s proof-of-work (PoW) consensus algorithm, which requires vast amounts of energy. Larsen is putting $5 million into the ad campaign, which is dubbed “Change the Code, Not the Climate” and set to roll out over the next month.
The campaign will run ads in leading publications such as the New York Times, Politico, The Wall Street Journal, MarketWatch and on Facebook, and some of the ads will take aim at bitcoin’s most famous supporters including Tesla (TSLA) CEO Elon Musk, Block (SQ) CEO Jack Dorsey and Fidelity CEO Abby Johnson.
The chances of such a measure being implemented from the top down, without widespread consensus, are dubious, however. The Ripple executive and allies at Greenpeace assume that all it takes for a fundamental change to bitcoin’s code is getting 50 firms and core developers on board.
The reaction from bitcoin proponents was swift and harsh.”
“The government of Maharashtra, one of India’s state governments, has started issuing caste certificates over the Polygon blockchain to citizens residing in Etapalli village.
The caste certificate issuance via neutral Web3 platforms aims to target 1.1 million economically challenged residents of the Gadchiroli district, with over 70% representing the tribal population. The verifiable certificates aim to deter forgery efforts by bad actors to falsely claim government-provided benefits for the under privileged.
Various departments within the Maharashtra government including MahaIT, the social justice department, school education departments, the minorities department and NMMC-Mumbai are in the process of upgrading traditional systems to blockchain-based documents/ data storage.”