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Web3 Phishing Attacks Cause Significant Losses in November

According to PANews, the Web3 security team ScamSniffer reported that phishing attacks in November resulted in approximately $9.3 million in losses, affecting 9,208 victims. The largest single loss involved the theft of $661,000 in stETH assets. Other significant thefts included $409,000 in WBTC, $344,000 in FET, and $220,000 in USDT, primarily through malicious signature attacks.Although the financial losses in November were lower compared to October's $20.2 million and September's $45.8 million, the number of victims remained high. The report also highlighted that after the Inferno Drainer team ceased operations, the Angel Drainer group took over related projects, indicating that phishing threats continue to evolve.ScamSniffer advises users to avoid rushing into signing transactions, verify all signature requests, use anti-phishing tools, and enhance wallet security. They emphasize that a single erroneous signature could lead to a complete loss of assets.
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Cardano's Potential December Surge: Historical Trends And Market Dynamics

According to U.Today, Cardano (ADA) could experience a significant price increase of up to 66% in December if historical trends are repeated. Data from Cryptorank indicates that ADA has an average growth rate of 66.8% for December, suggesting a generally bullish month for the cryptocurrency. Following a positive outlook in November, ADA has the potential to achieve a more remarkable rally this month.Cardano's historical performance in December shows a pattern of price increases, with ADA trading at $1.14 at the time of writing, marking a 6.60% rise in the past 24 hours. The market volume has also surged by 214.52% to $4.29 billion. In December 2021, ADA reached a peak of $1.72, approximately three months after its all-time high of nearly $3. This consistent upward trend indicates that Cardano has managed to overcome bearish sentiments. Analysts are optimistic that ADA could test the $10 mark, with some using the Fibonacci indicator to suggest a target of $2.453. The Fibonacci sequence at the 2.618 level points to $8.30 as a potential key target.Beyond these projections, if ADA repeats the 58.1% rally achieved in December 2023, its price could reach at least $1.70. In November, ADA skyrocketed by 216%, and a similar performance could help it retest its all-time high of $3.10. Cardano's growth is not solely reliant on historical trends; it also benefits from several fundamental factors that could support a positive growth trajectory for the remainder of the year. The excitement surrounding ADA is fueled by innovations such as the Quantum Hosky and the Chang hard fork update. Additionally, Bitcoin's efforts to retest the $100,000 price mark contribute to a bullish sentiment, and ADA's correlation with BTC could help it achieve new highs this month.
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DMM Bitcoin to Cease Operations and Transfer Assets to SBI VC Trade

According to Decrypt, Japanese cryptocurrency exchange DMM Bitcoin has announced plans to cease operations by March 2025. The company will transfer customer accounts and custodial assets to SBI VC Trade, the crypto division of financial giant SBI Holdings. This decision follows a significant cyberattack that resulted in a $305 million loss and the theft of 4,502.9 Bitcoin (BTC), leading to the suspension of spot trading and withdrawal services.DMM Bitcoin has stated that it will provide further details about the transfer process, including the migration timeline and steps for customers, once they are finalized. Customers with leveraged trading positions are required to close these positions before the transfer, as they will not be included in the migration. As part of the transition, SBI VC Trade will begin supporting spot trading for 14 cryptocurrencies currently available on DMM Bitcoin.The announcement highlights ongoing challenges in Japan’s cryptocurrency market, where security breaches have led to increased regulatory scrutiny and industry consolidation. SBI VC Trade, operating under one of Japan's largest financial groups, is expected to absorb DMM Bitcoin's customer base and assets, potentially strengthening its position in the domestic market. The shutdown of DMM Bitcoin reflects the lasting impact of the May cyberattack, one of the largest in the Japanese crypto industry this year. Despite halting all transactions and withdrawals to prevent further losses, DMM Bitcoin has struggled to fully recover.The migration signifies a notable consolidation in the industry, with SBI VC Trade poised to expand its footprint by inheriting DMM Bitcoin's customers and infrastructure. DMM Bitcoin did not immediately respond to requests for comment on the closure.
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ECB Releases Progress Report on Digital Euro Development

According to Cointelegraph, the European Central Bank (ECB) has published its second progress report on the preparatory phase for the issuance of a digital euro. The report addresses key issues such as holding limits for the central bank digital currency (CBDC) and the harmonization of laws across member states.The report marks the midpoint of the preparatory phase, which follows the investigative and design stages. The ECB has reviewed the developing digital euro rulebook, leading to the establishment of seven workstreams involving market participants and central banks to further its development. The rulebook aims to harmonize national laws to ensure universal standards, with a progress report released in September and another expected in July 2025.Research is ongoing to develop a digital euro user profile, focusing on identifying the needs of potential users. This includes user preferences on holding limits, which will be considered in technical research conducted with national central banks. Politico reported in October that holding limits have become a contentious issue between the ECB and national central banks. One proposed solution is a "reverse waterfall" mechanism that would automatically transfer excess digital euros to fiat currency in a linked bank account. The report also mentions ongoing investigations into solutions for offline transactions, though details remain sparse.A significant topic in the report is the competition in the financial market between European and non-European service providers and the need for enhanced technical services, such as digital wallets. The report highlights that payment service providers (PSPs) could leverage the digital euro infrastructure to develop new payment services. Additionally, a digital euro could assist regional and domestic European schemes in scaling up their payment offerings using the digital euro acceptance network.The report also suggests potential improvements to the user experience of the digital euro, allowing citizens with a strong preference for privacy to enjoy cash-like privacy features. In February, ECB executive board member Piero Cipollone assured that the digital euro would offer a higher standard of privacy than current commercial solutions.The selection of technical service providers will continue, alongside ongoing communications with the public and other stakeholders. The ECB plans to release the next digital euro progress report in the second quarter of 2025, with the ECB Governing Council potentially deciding on the launch of the European CBDC in October 2025.
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Political Resistance Blamed for Collapse of Facebook's Libra Project

According to ShibDaily, David Marcus, the former head of Facebook's Libra project, has claimed that political opposition was the primary reason for the failure of the stablecoin initiative. In a detailed post on X, Marcus described the project's shutdown as a "100% political kill," attributing it to actions by regulators and government officials behind the scenes. The Libra project, which was later rebranded as Diem, aimed to create a global digital currency to facilitate fast, low-cost cross-border transactions. Its goals included providing financial inclusion for the unbanked, offering a stable alternative to volatile cryptocurrencies, and streamlining digital payments through blockchain technology.Despite extensive briefings with key regulators before its launch, Libra faced significant global resistance. Marcus recounted that following the project's announcement in June 2019, he was called to testify before the Senate Banking Committee and the House Financial Services Committee just two weeks later. This marked the beginning of two years of continuous efforts to address lawmakers' and regulators' concerns. By spring 2021, after tackling issues related to financial crime, money laundering, consumer protection, and reserve management, Marcus stated that the company was prepared to launch. However, he alleged that U.S. Treasury Secretary Janet Yellen warned Federal Reserve Chair Jay Powell that supporting the project would be "political suicide," effectively halting its progress.Marcus also claimed that the Federal Reserve began contacting participating banks, reportedly advising them that while they couldn't be stopped from proceeding, there was discomfort with their involvement. Concerns among lawmakers and regulators centered on the potential impact of a Facebook-backed currency on the global financial system and the control central banks have over currency. Marcus and several key figures involved in the project departed in late 2021. In his concluding remarks, Marcus emphasized the lessons learned from the experience, advocating for a truly open global financial network based on Bitcoin, which he described as the most neutral, decentralized, and secure asset. He asserted that Bitcoin is "hands down" the best choice for such a network.
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Stablecoins Could Expand Significantly in U.S. Financial System

According to CoinDesk, stablecoins have the potential to grow significantly within the U.S. financial system, potentially reaching 10% of the U.S. money supply and foreign exchange transactions. This projection comes from a report by Standard Chartered and Zodia Markets, which was released on Thursday. Currently, stablecoins account for approximately 1% of the U.S. M2 money supply and 1% of foreign exchange transactions. The report, authored by Geoff Kendrick and Nick Philpott, suggests that as the sector becomes more legitimized, achieving a 10% share in each measure is feasible.Stablecoins are a type of cryptocurrency designed to maintain a stable value, often pegged to the U.S. dollar, though other currencies like gold can also be used. M2 is a measure of the U.S. money supply, encompassing cash, savings, and other short-term investments. The report highlights that the catalyst for this anticipated growth in stablecoin adoption will be the implementation of U.S. regulations. The authors emphasize that cross-border payments and foreign exchange-equivalent transactions are key areas poised for expansion.The report also notes that during Joe Biden's administration, three bills concerning stablecoin regulation were introduced, but progress was limited. However, it anticipates more success on the regulatory front when Donald Trump's administration takes over in early 2025. Additionally, a research report by Bernstein in September highlighted the increasing importance of stablecoins in the global financial system, noting that they are now the 18th-largest holder of U.S. Treasuries. This underscores the growing role of stablecoins in the broader financial landscape.
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