The authorities of Bali decided to fight cryptocurrencies in the tourism sector, the journalists revealed the details of the Bitfinex hack report, the income of bitcoin miners in May exceeded $900 million and other events of the outgoing week.
US Debt Ceiling Deal Causes Bitcoin Volatility
On May 28, Speaker of the US House of Representatives Kevin McCarthy announced an agreement in principle with the White House on a national debt limit. Against this background, bitcoin rose above $28,400 at the moment, but did not hold the level and rolled back down.
At the end of the week, it became known that the bill to increase the national debt passed the House of Representatives and received the approval of the Senate. June 3 US President Joe Biden signed document. The first cryptocurrency reacted by rising above $27,100.
Most of the top 10 digital assets by capitalization ended the week in the green zone. XRP showed the best dynamics – its price increased by 13.2%.
The total capitalization of the cryptocurrency market is ~$1.19 trillion. The Bitcoin dominance index rose to 47.5%.
Bali authorities announced the fight against cryptocurrencies in the tourism sector
The provincial government of Bali (Indonesia) will stop the use of digital assets by tourists for payments in hotels, restaurants, shopping centers and other places. The proposed measures include deportation, administrative penalties, criminal prosecution, business closures and other sanctions.
The daily number of transactions in Dogecoin exceeded 2 million
On May 27, the number of transactions per day in the Dogecoin (DOGE) meme-cryptocurrency blockchain set a new record at around 2.08 million. In the Bitcoin network, the corresponding figure was 471,488 transactions, in Ethereum – 982,620.
A number of experts associated the activity of users of the meme-cryptocurrency with the growing popularity of DRC-20 standard tokens, which allows you to create new digital assets on top of the blockchain.
What to discuss with friends?
Journalists reveal details of Bitfinex hack report
The Center for Corruption and Organized Crime Research (OCCRP) has obtained access to a confidential investigation report into the hacking of the Bitfinex bitcoin exchange in 2016. According to journalists, the company has not implemented the security measures proposed by its partner BitGo.
The OCCRP stressed that it was unable to independently confirm the findings of the report. According to them, “Bitfinex did not dispute the validity” of the document, but called the analysis “incomplete” and “incorrect.”
What’s on Binance?
According to media reports, Binance has begun layoffs. Presumably, the share of dismissed personnel will be 20%. Bitcoin exchange CEO Changpeng Zhao called messages FUD and explained that the company is constantly shedding workers who are “not too suitable.”
This week, the top manager also denied a possible purchase of the bank. According to him, the company is not interested in this due to the complexity of regulation and capital requirements.
On June 26, Binance will delist 12 privacy coins in France, Italy, Poland, and Spain: Decred (DCR), Dash (DASH), Zcash (ZEC), Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret ( SCRT), Verge (XVG), Firo (FIRO), Beam (BEAM), Monero (XMR) and MobileCoin (MOB).
The total income of bitcoin miners in May exceeded $900 million
The total revenues of bitcoin miners in May reached $916 million. The share of commissions in the total revenues for the last month was ~13.7%. Such a rapid growth of the indicator, in all likelihood, is associated with increased on-chain activity due to the hype around Ordinals and BRC-20.
Also on Cryplogger:
- The DAO of the Ethereum mixer Tornado Cash has regained control.
- Analysts predicted the exit of bitcoin from the current price range.
- The price of the Multichain token unexpectedly increased by 36%.
- The National Securities and Stock Market Commission spoke about the development of the bitcoin market in Ukraine.
dWallet Labs finds $500 million vulnerability in Tron
Cybersecurity team 0d from dWallet Labs has identified a critical multi-signature vulnerability in the Tron network that affected approximately $500 million in assets.
“The bug allowed any signer (without regard to weight) of a multisig account to completely overcome Tron security settings, regardless of the threshold and the number of signers,” the researchers said.
On February 19, they contacted the blockchain project team through the bounty program interface. The developers of the network “quickly acknowledged the vulnerability” and made a fix within a few days.
Skale Network introduced Levitation Protocol based on ZK-Rollups
The Skale Network Ethereum sidechain team has unveiled the Levitation Protocol, a scaling solution powered by ZK-Rollups zero-knowledge proof technology.
The new L2 protocol is designed to provide developers dapps the ability to use “rollups” for seamless interaction with the network of the second cryptocurrency.
In May, the crypto industry lost over $45 million due to rug pull schemes
According to Beosin, losses from rug pull in May, they doubled the damage from exploits in DeFi protocols and amounted to more than $45 million. The largest incident was an alleged exit scam by the Fintoch DeFi project team on May 24, as a result of which customers lost $31.6 million in assets.
What else to read?
The traditional digest collected the main events of the week in the field of cybersecurity.
The decentralized finance sector continues to attract increased attention from cryptocurrency investors. Cryplogger has collected the most important events and news of recent weeks in a digest.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
The authorities of Bali decided to fight cryptocurrencies in the tourism sector, the journalists revealed the details of the Bitfinex hack report, the income of bitcoin miners in May exceeded $900 million and other events of the outgoing week.
US Debt Ceiling Deal Causes Bitcoin Volatility
On May 28, Speaker of the US House of Representatives Kevin McCarthy announced an agreement in principle with the White House on a national debt limit. Against this background, bitcoin rose above $28,400 at the moment, but did not hold the level and rolled back down.
At the end of the week, it became known that the bill to increase the national debt passed the House of Representatives and received the approval of the Senate. June 3 US President Joe Biden signed document. The first cryptocurrency reacted by rising above $27,100.
Most of the top 10 digital assets by capitalization ended the week in the green zone. XRP showed the best dynamics – its price increased by 13.2%.
The total capitalization of the cryptocurrency market is ~$1.19 trillion. The Bitcoin dominance index rose to 47.5%.
Bali authorities announced the fight against cryptocurrencies in the tourism sector
The provincial government of Bali (Indonesia) will stop the use of digital assets by tourists for payments in hotels, restaurants, shopping centers and other places. The proposed measures include deportation, administrative penalties, criminal prosecution, business closures and other sanctions.
The daily number of transactions in Dogecoin exceeded 2 million
On May 27, the number of transactions per day in the Dogecoin (DOGE) meme-cryptocurrency blockchain set a new record at around 2.08 million. In the Bitcoin network, the corresponding figure was 471,488 transactions, in Ethereum – 982,620.
A number of experts associated the activity of users of the meme-cryptocurrency with the growing popularity of DRC-20 standard tokens, which allows you to create new digital assets on top of the blockchain.
What to discuss with friends?
Journalists reveal details of Bitfinex hack report
The Center for Corruption and Organized Crime Research (OCCRP) has obtained access to a confidential investigation report into the hacking of the Bitfinex bitcoin exchange in 2016. According to journalists, the company has not implemented the security measures proposed by its partner BitGo.
The OCCRP stressed that it was unable to independently confirm the findings of the report. According to them, “Bitfinex did not dispute the validity” of the document, but called the analysis “incomplete” and “incorrect.”
What’s on Binance?
According to media reports, Binance has begun layoffs. Presumably, the share of dismissed personnel will be 20%. Bitcoin exchange CEO Changpeng Zhao called messages FUD and explained that the company is constantly shedding workers who are “not too suitable.”
This week, the top manager also denied a possible purchase of the bank. According to him, the company is not interested in this due to the complexity of regulation and capital requirements.
On June 26, Binance will delist 12 privacy coins in France, Italy, Poland, and Spain: Decred (DCR), Dash (DASH), Zcash (ZEC), Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret ( SCRT), Verge (XVG), Firo (FIRO), Beam (BEAM), Monero (XMR) and MobileCoin (MOB).
The total income of bitcoin miners in May exceeded $900 million
The total revenues of bitcoin miners in May reached $916 million. The share of commissions in the total revenues for the last month was ~13.7%. Such a rapid growth of the indicator, in all likelihood, is associated with increased on-chain activity due to the hype around Ordinals and BRC-20.
Also on Cryplogger:
- The DAO of the Ethereum mixer Tornado Cash has regained control.
- Analysts predicted the exit of bitcoin from the current price range.
- The price of the Multichain token unexpectedly increased by 36%.
- The National Securities and Stock Market Commission spoke about the development of the bitcoin market in Ukraine.
dWallet Labs finds $500 million vulnerability in Tron
Cybersecurity team 0d from dWallet Labs has identified a critical multi-signature vulnerability in the Tron network that affected approximately $500 million in assets.
“The bug allowed any signer (without regard to weight) of a multisig account to completely overcome Tron security settings, regardless of the threshold and the number of signers,” the researchers said.
On February 19, they contacted the blockchain project team through the bounty program interface. The developers of the network “quickly acknowledged the vulnerability” and made a fix within a few days.
Skale Network introduced Levitation Protocol based on ZK-Rollups
The Skale Network Ethereum sidechain team has unveiled the Levitation Protocol, a scaling solution powered by ZK-Rollups zero-knowledge proof technology.
The new L2 protocol is designed to provide developers dapps the ability to use “rollups” for seamless interaction with the network of the second cryptocurrency.
In May, the crypto industry lost over $45 million due to rug pull schemes
According to Beosin, losses from rug pull in May, they doubled the damage from exploits in DeFi protocols and amounted to more than $45 million. The largest incident was an alleged exit scam by the Fintoch DeFi project team on May 24, as a result of which customers lost $31.6 million in assets.
What else to read?
The traditional digest collected the main events of the week in the field of cybersecurity.
The decentralized finance sector continues to attract increased attention from cryptocurrency investors. Cryplogger has collected the most important events and news of recent weeks in a digest.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!