Some members of the crypto community are speculating if the attack could be linked to North Korea.

Several blockchain security firms, including Peckshield, have reported the suspicious movements of significant funds on crypto-based sports betting platform Stake.

Cyvers platform first reported the incident, noting that about $16 million of stablecoins were converted into Ethereum (ETH). On-chain sleuth ZachXBT corroborated the report, adding that “another $25.6M was drained on Binance Smart Chain (BSC) and Polygon (MATIC).”

This brings the total amount siphoned from the platform to approximately $41 million as of press time.

Stake has yet to respond to CryptoSlate’s request for comment as of press time and has not issued any public statement about the reported exploit.

Are North Korean attackers involved in Stake exploit?

This is not the first incident involving a crypto-gambling platform. Earlier in the year, Alphapo, a cryptocurrency payment service provider for gambling sites like  HypeDrop, Bovada, etc., lost more than $60 million to a security breach of its hot wallet. The U.S. FBI reported that the theft was from North Korea-backed state hackers.

Cryptocurrency researcher Tayvano noted that it was too soon to tell if the exploit could be linked to North Korea because of the limited transactions. The researcher added:

“[The] biggest indicator will come from Stake themselves. e.g. if one of their devs has been applying for a lucrative, high-paying job at cryptocom.”

North Korea’s involvement in illicit cryptocurrency activities, mainly through state-supported actors like the Lazarus hacking group, has raised concerns from authorities worldwide. A CryptoSlate report revealed that North Korean-backed hackers had stolen $497 million in cryptocurrencies from U.S. businesses since 2017.

Meanwhile, CertiK, a blockchain security firm, tentatively associated the incident with a potential private key compromise. However, it’s important to note that no definitive confirmation of malicious activity exists.

Despite these speculations, the exact cause of the exploit remains unknown as of press time.

#crypto2023 #cryptocurrency #BTC

The dual-mode card is designed to help users manage the challenges of handling multiple physical and virtual credit cards.

Crypto lender Nexo partnered with global payments company Mastercard to create the “world’s first” dual-mode cryptocurrency card featuring credit and debit mode.

According to a press statement shared with CryptoSlate, the dual-mode card allows users to switch between debit and credit modes to meet their transactional needs and can be used at over 100 million merchants worldwide where Mastercard is accepted.

Part of the statement reads:

“The Credit and Debit Мodes fit the best of both worlds – debit for routine transactions and credit for larger purchases.”

Meanwhile, the card allows users to spend their available stablecoin balance in Euro, US Dollar, and the British pound sterling or withdraw up to €10,000 each month with no extra charges. Additionally, the dual-mode card is designed to help users manage the challenges of handling multiple physical and virtual credit cards while earning up to 9% interest on their holdings.

Nexo said the card improves upon a crypto-payment card product launched last year in partnership with Mastercard and DiPocket.

Speaking on the partnership, Antoni Trenchev, Co-founder and Managing Partner at Nexo, said the card underscores the companies’ “commitment to proactively meet the evolving needs of our global customer base by introducing a product that resets the standards for what customers can expect from their financial service providers.”

Antoni Trenchev, Co-founder and Managing Partner at Nexo, said:

“The Nexo Card embodies the pinnacle of customer-centric innovation, cultivated from user-driven needs that Nexo has been diligently addressing over the years. By bringing the pioneering Nexo Card with the Dual Mode capability to market, Nexo has further strengthened its position as a leading innovator in the crypto space. The launch underscores our commitment to proactively meet the evolving needs of our global customer base by introducing a novelty that resets the standards for what customers can expect from their financial service providers.”

Meanwhile, this development is coming on the heels of Mastercard’s failed partnership with Binance in Latin America and the Middle East, where it ended its four crypto card programs for undisclosed reasons.

Despite this, the payment company has maintained its intention to seek more partnerships with crypto companies, as evidenced by its latest collaboration with Nexo. (ADEJUMO)

#cryptocurrency #BTC #Ethereum #dyor

ChatGPT gained wide adoption and usage across the globe, reaching 100 million monthly active users in record time.

OpenAI is poised to surpass the $1 billion revenue mark within the next year, driven by sales of artificial intelligence software and the associated computing capacity, The Information reported on Aug. 29.

The AI startup has reportedly seen a substantial boost in its monthly revenue to around $80 million. This marks a significant increase from its previous revenue of $28 million, which coincides with the introduction of fees for its widely-used chatbot, ChatGPT. Meanwhile, The Information reported that OpenAI lost around $540 million last year while developing GPT-4 and ChatGPT.

ChatGPT gained wide adoption and usage across the globe, reaching 100 million monthly active users in record time, with its website generating more than 1.6 billion visits in June. This places it among one of the most used web applications by netizens.

OpenAI generates revenue by selling its API access to its AI models to developers and enterprises and collaborating with Microsoft. Microsoft invested over $10 billion into the AI startup in January and has integrated ChatGPT into several of its products.

On Aug. 28, OpenAI launched ChatGPT Enterprise to offer users top-tier security and privacy measures, unlimited high-speed access to GPT-4, extended context capabilities for more comprehensive inputs, advanced data analysis tools, and adaptable configurations.

ChatGPT Enterprise places a premium on safeguarding data, offering customers ownership and control over their data, full compliance with SOC 2 standards, and encrypted conversations. Its user-friendly admin console streamlines team management enables domain verification, supports single sign-on (SSO), and provides insights for large-scale deployment.

Beyond its robust security features, ChatGPT Enterprise grants unrestricted access to advanced data analysis, formerly known as Code Interpreter. This tool empowers both technical and non-technical teams to analyse data swiftly. (Adejumo)

#BinanceTournament #cryptocurrency #BTC #BNB

In a landmark ruling on August 29, 2023, the United States Court of Appeals for the District of Columbia Circuit vacatedan order from the Securities and Exchange Commission (SEC), granting Grayscale Investments LLC a long-awaited victory in its lawsuit over the conversion of its Bitcoin Trust into a spot Bitcoin exchange-traded fund (ETF).

The SEC rejected Grayscale’s initial application to convert the Grayscale Bitcoin Trust to a spot Bitcoin ETF on June 29, 2022. Grayscale argued that the SEC acted “arbitrarily and capriciously” in rejecting spot Bitcoin ETF applications, especially considering it had approved Bitcoin futures ETFs. Grayscale claimed that the SEC violated the Securities Exchange Act with its “unfair discrimination” against spot Bitcoin ETF issuers.

Bitcoin (BTC) experienced a 6% percent bump on the news before retracting slightly to around 5%.

Broader implications

The ruling is not only a significant victory for Grayscale but also holds profound implications for the backdrop of future spot Bitcoin ETF applications. As previously reported by CryptoSlate, the court’s decision on the lawsuit could dictate the fate of the string of spot Bitcoin ETF applications filed earlier this year.

Grayscale’s argument centered around the SEC’s disparate treatment of spot and futures Bitcoin ETFs, despite both posing similar risks and being priced based on the same underlying spot markets. In contrast, the SEC contended that spot Bitcoin ETFs are more susceptible to manipulation and fraud because the underlying spot market remains unregulated. The SEC further argued that the regulated Chicago Mercantile Exchange, where Bitcoin futures ETFs trade, has sufficient safeguards against fraud and manipulation.

Responding to the court ruling, Grayscale CEO, Michael Sonnenshein, expressed gratitude to the firm’s investors for their support and encouragement via a tweet. He also indicated that Grayscale’s legal team is actively reviewing the Court’s opinion.

The court’s decision, regardless of the outcome, was crucial for all those looking to issue spot Bitcoin ETFs in the U.S. Had Grayscale lost, the firm could have called for an “en banc” hearing, where all judges of the D.C. Circuit would weigh in on the case. Alternatively, they could have appealed the decision in the Supreme Court. Now, with this ruling in Grayscale’s favor, the firm sees a significant win, and the future for spot Bitcoin ETF issuers in the U.S. may have just brightened. (Oliver)

#BinanceTournament #cryptocurrency #BTC

CryptoSlate's latest market report dives deep into the topic of inflation to present an argument for why the Fed should increase its inflation target.

Introduction

The Federal Reserve, the central banking system of the United States, currently maintains a keen focus on inflation, aiming to stabilize it to ensure the health and vitality of the U.S. economy. For several decades, their primary objective has been to keep inflation rates steady, with a target set at 2%.

This target is not arbitrary; it’s a carefully considered figure that aims to strike a balance between promoting maximum employment and ensuring stable prices for consumers.

Understanding inflation is paramount for understanding the economy, as it directly impacts the purchasing power of consumers and affects the rate of return on investments. Inflation also influences central bank decisions, including interest rate adjustments, which in turn can have broad implications for the economy at large, affecting everything from personal loans to mortgages.

In this report, CryptoSlate dives deep into the topic of inflation, its historical context, and current implications to present an argument for why the Federal Reserve should consider increasing its inflation target.

#crypto2023 #BTC #cryptocurrency #bitcoin

The Biden administration previously said that cutting tax loopholes could save $18 billion despite competing proposals from the Republican party.

U.S. President Joe Biden expressed opposition to a proposal that could result in low taxes for crypto investors, The Hill reported on May 21.

Biden wants to cut crypto tax loopholes

Following a G7 summit in Hiroshima, Japan, Biden said:

“I’m not going to agree to a deal that protects wealth tax cheats and crypto traders while putting food assistance at risk for nearly 1 million Americans.”

Those comments relate to two competing government spending cut proposals. On May 9, the Biden administration said that it wants to eliminate cryptocurrency tax loopholes in order to save $18 billion. The administration said that Republicans, by contrast, prefer to make cuts to food safety inspections in order to save $15 billion.

Biden said today that Republican proposals are “quite frankly, unacceptable” and that party members should move away from their “extreme positions.”

He added that Republicans should “accept that there is no bipartisan deal” that can be made on the partisan terms they have suggested.

Biden suggested that failure to reach an agreement could increase the risk that the United States government defaults on its debt — something that the U.S. Treasury has warned could occur by June 1 if the government does not raise its debt ceiling. He said that all four major congressional leaders agree that the U.S. must not default on its debt.

Details of proposed cuts are still unclear

It is still unclear how potential savings from either plan have been calculated, and it appears that negotiations are largely private.

The Washington Post said on May 15 that White House officials have negotiated with Republican party members by phone in recent weeks. The paper reported that about approximately one dozen plans have been considered and rejected during those calls.

The Hill reported today that Biden will continue discussions with Kevin McCarthy (R-Calif.) as he returns to the U.S. from today’s G7 event.

#Binance #crypto2023 #crypto2023

Banking and crypto can coexist says CZ - stressing importance of being better than banks to win.

Binance CEO Changpeng Zhao (CZ) said we should not rely on banking collapses for Bitcoin’s success.

“From a crypto community perspective, we should not rely our success on the failure of others.”

During a Twitter AMA, a question on banking failures benefiting Bitcoin cropped up. In response, CZ said he believes banking and crypto can coexist, and it isn’t a zero-sum game.

Furthermore, CZ dismissed the notion that banking success or failure has any meaningful impact on Bitcoin – clarifying that crypto is just one of many places to park money outside banks, such as real estate, stocks, or gold.

First Republic Bank

Regulators seized First Republic Bank, making it the second-largest collapse in U.S. banking history – after the fall of Washington Mutual in September 2008.

First Republic received a $30 billion lifeline from 11 other banks in March, including Bank of America, Wells Fargo, Citigroup, and JPMorgan. Since then, it had continued to sound the alarm, with the Federal Deposit Insurance Corporation (FDIC) attempting unsuccessfully to broker a buyout in the meantime.

Following its collapse, JPMorgan has agreed to acquire parts of the business, including its loans, securities, and deposits, with plans to convert existing branches into “JPMorgan wealth centers.”

Despite warning signs of an industry under pressure, banking experts have called First Republic’s collapse a “delayed reaction to the turmoil in March” – rather than an intensification of seven weeks ago, as Silicon Valley Bank, Signature Bank, and Silvergate Bank buckled or were seized.

Crypto is not the only option

Giving his view on the matter, CZ implied more bank collapses could happen, saying the banking industry is long-established and prone to inefficiencies. Also, being privy to bailouts, companies operating in this space are incentivized to take on risk.

“I don’t blame the players, but you’ve got to look at the game.”

On March 11, following vulnerabilities exposed by the failure of Silicon Valley Bank, etc., Bitcoin rose above $20,000, reaching a peak of $31,000 four weeks later.

The move was attributed mainly to shifting investor sentiment toward hard assets, such as Bitcoin, due to its finite supply.

However, CZ downplayed the correlation, saying different people prefer different types of assets. And given the range of options to park money, he doesn’t see crypto as the only choice for those looking to de-risk from banks.

“It doesn’t mean when one thing has risk; people come to crypto directly. There’s many other choices in between.”

The growth of cryptocurrency comes from improving its use and utility – rather than counting on the demise of traditional banks, CZ said. He emphasized that this can be achieved by being better than banks, such as faster and more cost-effective transactions.

#Binance #crypto2023 #czbinance #originalcontent

Investing is a great way to grow your wealth over time, but it can also be a tricky endeavour. Here are some tips on how to be a good investor:

Have a clear investment strategy: Before you start investing, it's important to have a clear idea of what your goals are and how you plan to achieve them. This will help you make informed decisions about where to put your money and how much risk you're willing to take on.

Diversify your portfolio: Diversification is key to reducing risk and maximizing returns. By spreading your investments across different asset classes, sectors, and geographic regions, you can reduce the impact of any one investment on your overall portfolio.

Do your research: Before you invest in any company or security, it's important to do your due diligence. This includes researching the company's financials, management, and industry trends. The more you know about a company, the better equipped you'll be to make an informed decision.

Be patient: Investing is a long-term game, and it's important to be patient. Don't let short-term market fluctuations discourage you, and don't make impulsive decisions based on emotions.

Stay disciplined: Stick to your investment strategy (for example Dollar Cost Averaging) and don't let emotions drive your decisions. Avoid trying to time the market or chasing hot stocks, and instead, focus on building a diversified portfolio of quality investments.

Keep your expenses low: High fees and expenses can eat away at your returns over time. Look for low-cost investment options, such as index funds, and be mindful of the fees you're paying.

Continuously educate yourself: Investing is a lifelong learning process. Stay informed about the markets and the economy, and continue to educate yourself about different investment strategies and products.

By following these tips, you can become a more successful investor and work towards achieving your financial goals. By-EC.

#Binance #originalcontent #BTC #dyor