Solana Validated - The Anatoly Yakovenko Episode
In this episode, Austin has a freeform conversation with Anatoly Yakovenko about the state of Solana. Beyond the cliches of the past, present, and future of the network, Austin and Toly explore higher level ideas such as design philosophy, hardware limitations, balancing new features with network performance, AI and blockchain, and much more.
0:00 - Intro
1:10 - Toly’s perspective on Solana’s first major outage
4:04 - Trade-offs between new vs. conservative tech
5:35 - The importance of solving multiple hard problems at once
7:29 - Solana’s design philosophies
12:09 - Use cases where both speed and a global state are simultaneously needed
14:05 - Solana’s evolution from launch to the present
16:18 -Optimizing hardware limitations
19:59 - How Toly’s time at Qualcomm influenced Solana’s design
22:00 - Solana’s design risks (and why those risks were taken)
24:20 - The necessity of differentiation
25:16 - Improvements to the network not envisioned from the onset
26:58 - Balancing new features with continued network performance
30:53 - Enshrining vs. not
34:18 - Arguments for and against Solana's lack of enshrinement
38:31 - Predictions around AI and blockchain
41:33 - The importance of focusing on use cases that already work (payments)
44:23 - Are ads coming for web3?
45:28 - What the Solana ecosystem needs more (and less) of
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Anthony Scaramucci: Bitcoin's Path to a $15 Trillion Market Cap | The Future of Money
Anthony shares his vision for the 'future of money', his belief in the immense power of Bitcoin, and the transformative potential of artificial intelligence, with Nvidia standing out as a 'clear winner.' In this episode, he voices deep concerns about the current monetary system, emphasising the devaluation of fiat currencies and challenges faced by the Federal Reserve. Anthony envisions Bitcoin evolving into a store of value, potentially reaching a staggering $15 trillion market capitalisation, rather than serving as a universal currency. The Mooch also discusses SkyBridge's investments in the digital asset space and teases the upcoming launch of a SkyBridge AI ETF in 2024. We conclude the interview by covering the collapse of FTX, with Anthony sharing insights into the ongoing Sam Bankman-Fried trial, and his take on the next big idea.
A quick note: This conversation took place prior to the recent escalation of conflict involving Hamas and Israel. Thus, you'll find that Anthony does not express his views on this matter during our discussion. Nonetheless, we delve into topics that possess far-reaching implications, not only for the realms of finance and investments but also for the landscape of global governance and cutting-edge technology. Enjoy!
Key takeaways:
00:00 Trailer
01:07 Intro
01:40 Scaramucci's Background
03:15 From Law to Business & Finance
05:24 Becoming A Republican Fundraiser
08:11 Donald Trump & Division in the Republican Party
13:25 Scaramucci's Open Book Podcast
16:00 US-China Chip Manufacturing
24:29 China-Taiwan War Threat
31:00 AI bubble?
38:04 SkyBridge Investments
40:24 The Fed & a Broken Monetary System
51:13 How to Fix the System
55:42 Bitcoin Headwinds
1:03:24 FTX's Collapse & Sam Bankman-Fried Trial
1:08:40 Bitcoin's Potential
1:09:40 Scaramucci's Next Big Idea
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Skyweaver Bouran The Shadow #2
Skyweaver: the browser-based cross platform card game where you can own, trade and gift your cards. Deeply strategic gameplay combined with a player-owned marketplace lets you win tradable NFT cards on your journey to becoming a legendary Skyweaver!.
Hero: Bouran the Shadow
A mysterious wanderer from the Undercroft, their goals are a mystery, though they claim to serve the will of ‘The Cycle’.
5
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Skyweaver Bouran The Shadow #1 - Enemy kills himself with Zomboid
Skyweaver: the browser-based cross platform card game where you can own, trade and gift your cards. Deeply strategic gameplay combined with a player-owned marketplace lets you win tradable NFT cards on your journey to becoming a legendary Skyweaver!.
Hero: Bouran the Shadow
A mysterious wanderer from the Undercroft, their goals are a mystery, though they claim to serve the will of ‘The Cycle’.
5
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AI Lofi #1
Experience the perfect blend of technology and tranquility as our AI creates a mesmerizing lofi music video that's tailor-made to soothe your soul. Let the soothing rhythms and dreamy melodies wash over you, transporting you to a world of relaxation and inspiration.
In this enchanting video, you'll witness the magic of artificial intelligence as it crafts a unique lofi experience just for you. Whether you're studying, working, or simply in need of some chill vibes, this AI-generated lofi is your go-to companion.
Hit that play button and embark on a journey of musical serenity like no other. Don't forget to like, subscribe, and share to spread the AI lofi love. Join us as we redefine the future of music, one beat at a time. 🤖🎵 #AIlofi #RelaxWithMusic #FutureOfSound---
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XRP tag: 250002705
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DeFi Without Native Rights Is Dead
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XRP tag: 250002705
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The world is held together with bandaids and scotch tape. Lift the bonnet on any time-served tech, and you’ll find a seething mass of spliced cables and solder. We are on a giant ball of rock hurtling through space at 67,000 mph with our critical infrastructure maintained by a wing and a prayer. The same goes for crypto.
The tokens that whizz their way across blockchain networks are running on tech that has been patched so many times it’s a miracle it still works. Or even more crucially, twisting systems to support use cases that weren’t imagined when their software was first written.
Satoshi didn’t mean for people to trade non-fungible tokens (NFTs) on Bitcoin, and yet Ordinals found a way. Likewise, with DeFi, where the evolved understanding of programmable money has transformed the humble token into a sticky bomb capable of detonating in hard-to-reach places and triggering a chain reaction of second-order effects.
If you can envisage it – perpetual creator royalties, restaking, decentralized perpetual swaps – there’s a way to implement it with tokens. But at times, the theory of what can be done runs into the reality of what’s required to enforce this ability on-chain.
This problem is ultimately a matter of rights – native ones, to be precise. Without them, DeFi is a shadow of the transformative technology it has the potential to be. You can’t shape the future of finance when you’re running legacy software.
The modern DeFi stack consists of an array of assets and protocols released over a multi-year period. DeFi is lauded for its composability, enabling different protocols and assets to work together, but what this concept overlooks is the sacrifices that are often made in order to fuse disparate, decentralized components.
Taking one project’s token and making it stakeable in another’s is simple. But if the act of doing so removes the token of the utility it was initially endowed with, such as voting rights, we’ve lost something along the way.
Today, there are assets with built-in mechanisms that generate rewards in-kind or in the form of base assets such as ETH. There are assets that have vesting and staking capabilities, each tuned to the function of their ecosystem, enabling users to earn a share of the project’s revenue. And beyond that exist even more advanced, project-specific mechanisms.
All of these functions constitute DeFi native rights that a holder of a project’s token is entitled to. Holding a project’s token means investing in a project, becoming a member of its community, and earning the right to utilize the token’s inbuilt mechanisms, such as staking, earning rewards, and voting. The problem is that when these tokens are utilized throughout the broader DeFi ecosystem, they lose much of this functionality.
Without support for native rights – those core powers initially programmed into the token – DeFi’s value proposition withers, even as it extends its reach through deeper cross-platform integrations. It’s quite a paradox.
If only there were a way of locking productive assets into another protocol without losing their productivity…
Houston, We Have a Solution.
Of course, there’s a solution to the native rights problem. This is DeFi, after all, where if we don’t find the solution we’re seeking, we code our own. That’s the whole point of programmable money. Ensuring that native rights are maintained, regardless of where a token is being used, is not so much a technical challenge as it is a social one.
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Major Reason Why Bitcoin BTC Surged to $26,500 and Then Fell Back
According to a recent X post by Santiment, the recent filing for permission to launch a Bitcoin spot ETF made by Franklin Templeton, a digital assets management company holding $1.5 trillion and based in San Mateo, pushed the Bitcoin price up 4.58%, adding approximately $1,000 to its value within a couple of hours, as a great amount of FOMO (acronym for "fear of missing out") was generated.
With a new runner in this race, there are now around 20 filings made for a Bitcoin spot ETF that are being considered by the Securities and Exchange Commission. However, the momentum gained by Bitcoin all of a sudden died down pretty quickly. Santiment has called what happened on Tuesday, an "overreaction" of the crypto community as the ETF news went to the masses. Now, traders are taking profit from their BTC, which jumped slightly yesterday.
In another X post, Santiment also stated it spotted approximately 1.1 million BTC wallets interacting on a daily basis since the end of last week — that was a five-month peak of this metric.
Analyst expects Bitcoin to rise to $31,800
Prominent cryptocurrency analyst Ali Martinez has taken to X app to share that he spotted a buy signal shown by the TD Sequential indicator on Bitcoin's weekly chart.
In order to confirm this, per the analyst, Bitcoin needs to close above the $25,600 level this week. If that happens, the possible price targets might be the levels of $28,350 and perhaps even $31,800.
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XRP tag: 250002705
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Tether moved 139 million USDT to Bitfinex
This was a transaction on the Tron network, which occurred between one of the public addresses belonging to Tether and one of those belonging to the crypto exchange Bitfinex.
Both companies belong to the iFinex group, and Bitfinex is in fact USDT’s primary marketplace, i.e., the exchange used to place tokens on the crypto markets.
The transaction involving Tether (USDT)
There is nothing abnormal about the transaction in question, and the amount is not even particularly significant.
In fact, USDT has a market capitalization of about $83 billion, so $69 million is not a lot.
Add to that the fact that just yesterday USDT’s market capitalization went from just under $83 to $83.06 billion, just as if about 60 or 70 million USDT had been added.
Since Bitfinex is the iFinex Group’s crypto exchange that is used by Tether to place their stablecoin tokens on the markets, the transaction in question may well have been just one of those by which Tether places USDT on the markets.
This second transaction has the same amount as the previous one, but opposite direction.
That is, it is a transfer of 69 million USDT from Bitfinex to Tether Treasury.
The two transactions occurred about 20 minutes apart.
However, this second transaction took place on the Ethereum network, so it was a substitution on Bitfinex of ERC-20 tokens on Ethereum into TRC-20 tokens on Tron.
It is worth noting that Tether also created USDT tokens on the Tron network because the Ethereum network is slower and, more importantly, has much higher fees.
For example, the first transaction, the one on the Tron network from Tether to Bitfinex, cost practically zero fee, while the second one, the one on the Ethereum network from Bitfinex to Tether, cost 0.0046121 ETH, or more than $7.
By now, USDT’s TRC-20 tokens are increasingly being used instead of ERC-20 tokens, precisely because of lower transaction costs.
Therefore, Tether provides for the replacement of ERC-20 tokens that are no longer in use with new TRC-20 tokens, using Bitfinex as a means of withdrawing old tokens from the market and placing new ones.
The conspiracy theories
Although delving even minimally into this transaction gives a pretty good understanding of what happened, the above two transactions have triggered the most disparate and fanciful conspiracy theories online.
According to some, this was a liquidity test to see how easily it would be possible to carry out large transactions without causing market impacts.
This thesis is surely wrong, since there was no sale.
According to others it was arbitrage, that is, an initiative to generate a profit.
This thesis is also false, since it was a mere substitution of tokens between two different blockchains.
There are also those who went further and hypothesized that Bitfinex momentarily needed additional liquidity for precisely liquidity issues, such as resolving large transactions.
However, the fact that less than twenty minutes passed between the first and second transactions makes this hypothesis rather weak.
Finally, there are even those who came up with the idea that this would be a marketing operation to get the word out.
Doubts about Tether, iFinex, and USDT
Tether was born in 2014, and doubts about it have been circulating since at least 2017.
There are basically two major doubts.
The first concerns USDT’s underlying, that is, whether it actually covers the entire market value of all USDTs in circulation or not.
Tether has been publishing an independent audit for months now that certifies that the company has reserves of greater value than the market value of USDT. However, there are those who do not believe those audits because they do not consider the company performing them authoritative.
The second concerns the iFinex group, and especially the management.
There are those who argue that the management team of iFinex, and thus also of Tether and Bitfinex, is not composed of reliable people.
However, even with regard to this objection, no definite information has emerged regarding any dubious behavior on the part of members of the iFinex management team, and so for now these theses should be considered not particularly dissimilar to the conspiracy theories about yesterday’s two transactions.
By now, the FUD about Tether has reached such amplitude that it is very difficult for most to distinguish reality from invention, even when, as in this case, it is enough to go and check on-chain, since decentralized blockchains are public and open to all.
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16
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Crypto Individual Manipulates 21,877 zkSync Wallets In Complex Sybil Attack
The perpetrator initiated their scheme by funding each wallet with small amounts of Ether and subsequently deploying a proprietary token named Gemstone (GEM), which was not open source. They then proceeded to whitelist all their wallets, claiming all self-deployed tokens in the process.
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#XRP: rNxp4h8apvRis6mJf9Sh8C6iRxfrDWN7AV
XRP tag: 250002705
#Cardano: addr1vxjs60gc8wlpf83dzvrjdjn09zjkw2w7ejtrpgzaw4k3pcq6mak5d
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Helix raises $2 million to connect crypto investors with private credit yields
Helix, a startup incubated by Singapore-based private credit business Helicap, raised $2 million in pre-seed funding for its real-world assets protocol.
Saison Capital and Superscrypt led the round, with participation from Emurgo Ventures, Comma3 Ventures, Outlier Ventures, Emoote and others. No valuation was disclosed.
The project aims to enable blockchain-based lending to businesses across Southeast Asia, according to an announcement today. Its platform pairs proprietary credit assessment tools with a pipeline of credit opportunities spanning a range of sectors.
“There is a demand to get sustainable yields within the crypto ecosystem,” Jitendra Singh Jaitawat, co-founder and CEO of Helix and a former executive director at Goldman Sachs Technology, told The Block in an interview. “The idea was: how do we remove friction and bring them the product right within their native ecosystem?”
He added that Helix will target crypto businesses “sitting on stablecoin liquidity.”
In its announcement, Helix said it may also look to enable institutional liquidity providers to trade tokenized loan assets before maturity.
Incubated by Helicap
Helix was incubated by Helicap, a private credit platform that has disbursed more than $200 million in loans in Southeast Asia since launching in early 2018. Helicap itself raised $5 milion from PhillipCapital and Tikehau Capital last year and has raised $10 million in equity funding to date.
The Helix protocol is set for a planned launch on Ethereum in the fourth quarter of this year and may later expand to other chains. Its pre-seed funding will be used to prepare for the launch, as well as to hire more business development and engineering staff, Jaitawat said.
Looi Qin En, a partner at Saison Capital, said in a written statement, “Having led Helicap’s Series A round in 2020, we have witnessed the team’s track record of facilitating private credit transactions across the region and robust credit analytics.”
“The blockchain ecosystem now unlocks new opportunities for web3-native institutions who are seeking sustainable yield. We believe Helix is well-positioned to bring both credit opportunities and on-chain global liquidity to address the rapidly growing demand for credit.”
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LBRY decides to fight: Blockchain firm files notice of appeal against SEC
Blockchain-based file-sharing and payment network LBRY may be reversing course on an earlier decision to wind down, filing a notice of appeal against a federal judge ruling in July that sided with the Securities and Exchange Commission.
On Sept. 7, LBRY filed a notice of appeal to the United States Court of Appeals for the First Circuit, seeking to appeal the final judgment entered on July 11, 2023, where LBRY was ordered to pay a civil penalty and barred from participating in unregistered offerings of crypto asset securities in the future.
“Defendant LBRY, Inc. now appeals to the United States Court of Appeals for the First Circuit this Court’s final judgment entered on July 11, 2023,” it read.
LBRY has filed a Notice of Appeal against the SEC. pic.twitter.com/Zp9S0TP0Qw
— LBRY (@LBRYcom) September 7, 2023
The SEC first sued developer LBRY, Inc. in March 2021, claiming that its LBRY Credit token (LBC) was sold as a security under the 1933 Securities Act.
The U.S. District Court for the District of New Hampshire granted the SEC’s motion for summary judgment against LBRY on Nov. 7, which barred the platform from offering “unregistered crypto asset securities” and ordered it to pay a $111,614 civil penalty to the SEC.
The regulator originally sought a punishment of $22 million but revised it after conceding the defunct firm couldn’t pay.
In January, founder and CEO of LBRY Jeremy Kauffman told Cointelegraph “LBRY as a company is almost certainly dead.”
Following the final judgment in July, the firm seemed to admit the same, tweeting:
“In accordance with the court's order and our promises, we expect to spend the next several months winding LBRY Inc. down entirely.”
However, LBRY’s most recent move appears to be a possible change icourse. It also comes amid a number of high-profile crypto industry victories against the federal regulator including Ripple and Grayscale.
Cointelegraph contacted LBRY for further comments but had not received a response at the time of publication.
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7
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Doomsday Live Test
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XRP tag: 250002705
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Ripple's Brendan Berry on Blockchain's Impact on Payments
Earlier today, Ripple released a video (which is part of a series called “#Crypto in One Minute”) featuring Brendan Berry, who is the the head of payments product management.
Berry identifies three core concepts that need improvement in the payments sector: Cost, Speed, and Reliability. Berry contrasts the experience of making payments within a country to that of making payments across countries.
He notes that in domestic payments, the issues of cost, speed, and reliability are generally well-addressed. However, when it comes to international payments, these issues become more pronounced due to the friction between different systems.
Berry elaborates on the problems with international payments. First, he mentions that the friction between different international payment systems can lead to higher transaction costs. Second, he points out that the involvement of multiple systems can reduce the reliability of the transaction. Third, he states that the complexity and friction slow down the speed of international payments.
Berry then moves on to discuss how blockchain technology was purpose-built to solve these problems in payments. He outlines the advantages of using blockchain or cryptocurrency for payments. Specifically, he mentions that funds can be moved to anyone around the globe, payments can be made almost instantly, transaction costs are significantly reduced, and the decentralized nature of blockchain enhances the reliability of transactions.
Berry wraps up by emphasizing that blockchain can make payments instant, low-cost, and highly reliable.
#cryptocurrency #ripple #xrp
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9
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The Job Offer That Led to a $37 Million Crypto Heist
According to a recent article by Bloomberg News, in late July, a programmer at Estonia’s CoinsPaid, a prominent crypto payment processor, was contacted by a recruiter on LinkedIn for a job opportunity. During a 40-minute video interview, the engineer was asked to download a file for a technical test on his work computer. Days later, CoinsPaid’s security team detected a series of unusual withdrawals, and by the time they intervened, $37.3 million in #cryptocurrency had been drained.
The rapidity and methodology of the attack led both CoinsPaid and external investigators from Match Systems to suspect the involvement of #Lazarus, a #hacking group with ties to the North Korean government. Lazarus has a history of high-profile cyber-attacks, including the 2017 #WannaCry ransomware attack and the 2014 Sony Pictures hack.
In a blog post dated July 26, 2023, CoinsPaid CEO Max Krupyshev stated that the company’s dedicated team of experts had worked tirelessly to fortify their systems, minimizing the impact and leaving Lazarus with a “record-low reward.” The company also initiated an investigation to track and mark stolen funds using various blockchain analytics tools. Companies like Crystal, Chainalysis, Match Systems, and others aided in the investigation. CoinsPaid emphasized that customer funds remained intact despite the attack. However, the platform’s availability and the company’s revenue were impacted.
The attack comes amid a surge in crypto-related thefts, which per Bloomberg’s report reached a record $3.8 billion in 2022. It also raises questions about Estonia’s role as a crypto hub, especially as U.S. authorities have sanctioned two of its largest crypto players. Estonian regulators have since reduced the number of licenses for crypto companies.
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XRP tag: 250002705
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Solana: Chewing Glass - Barrett Williams & Edgar Pavlovsky - mtndao
In this episode, Chase chats with Barrett Williams (cypher) and Edgar Pavlovsky (marginfi), co-hosts of mtndao, a recurring hacker house for Solana devs.
DISCLAIMER
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Ethereum in 30 minutes by Vitalik Buterin | Devcon Bogotá 2022
Visit the https://archive.devcon.org/ to gain access to the entire library of Devcon talks with the ease of filtering, playlists, personalized suggestions, decentralized access on Swarm, IPFS and more.
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Devcon is the Ethereum conference for developers, researchers, thinkers, and makers.
Devcon 6 was held in Bogotá, Colombia on Oct 11 - 14, 2022.
Devcon is organized and presented by the Ethereum Foundation, with the support of our sponsors. To find out more, please visit https://ethereum.foundation/
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Vitalik Buterin- What Will ETH Be Like in 10 Years
Vitalik Buterin- What Will ETH Be Like in 10 Years
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How the Blackrock Spot #Bitcoin ETF Could Launch #BTC to $773,000
How the Blackrock Spot #Bitcoin ETF Could Launch #BTC to $773,000 & Futurama Features #Bitcoin Mining Gold Rush👀👇
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