A big privacy problem happened at Friend.tech. They had a leak and 101,000 users' private info got out. A person named Banteg shared this info on GitHub. He found details of 101,000 Friend.tech users.

The leaked info included their wallet addresses and Twitter usernames. Banteg said that over 101,000 people let Friend.tech post on their behalf, and this got out in a database leak. But there's more to the problem. Banteg said that users might not have understood how much permission they were giving to Friend.tech.

This all started when people found out that Friend.tech's system accidentally showed private info through its interface. This let people see users' wallets and Twitter usernames.

Friend.tech is a new platform where people can buy and sell parts of their social networks. There's a fee when people do this, and the project is built on Coinbase's technology.

When this leak happened, Friend.tech tried to say it wasn't a big deal. They claimed the info was already public through their system, like looking at public tweets.

This is a big worry because Friend.tech was growing fast. They got lots of famous people to join and made over $1.42 million in fees in a day. The person behind the project, Racer, made other social networks using digital tokens before. With Friend.tech, Racer wants to get crypto influencers to join and make money from trading fees. They also want to make good connections in the crypto industry.

#crypto2023 #Cryptonews #CoinRocco #BTC #crypto

$BTC $ETH $BNB

💎 Cryptocurrencies

1️⃣ #SEC postponed (https://www.sec.gov/files/rules/sro/cboebzx/2023/34-98112.pdf) a decision on ARK Invest's application for a spot bitcoin ETF, which was fully expected and was perfectly demonstrated by the almost zero reaction from #BTC . Applications from BlackRock and other companies are likely to suffer the same fate, although some individuals are trying to spread the hype about possible approval soon.

Michael Novogratz, who expects approval of BlackRock's ETF in about six months, is looking at the situation almost objectively. But it may be more, because SEC has such an opportunity to delay the decision for almost a year, and first they will try to take the crypto market under full control. And only then already declare ace 🤑

2️⃣ PayPal has launched (https://www.prnewswire.com/news-releases/paypal-launches-us-dollar-stablecoin-301894262.html) a dollar-backed PYUSD stablecoin on the #ETH network. In its code they very quickly found a wallet freeze feature that USDT and USDC also have, otherwise they would have been shut down a long time ago. Banks are promising success for the new stablecoin, and the Fed has even required (https://www.federalreserve.gov/newsevents/pressreleases/bcreg20230808a.htm) them to get a license to work with such assets.

There's a lot of PYUSD attention, but so far it's only been enough to distract everyone from USDT, and how it's trying to be rocked by

Changpeng Zhao, backed by Justin Sang 👀

3️⃣ The SEC has launched an appeal process in the case against Ripple. No further comment here, Gensler won't just let #XRP go, so just get more popcorn 🍿

🌐 Financial News

1️⃣ US inflation rose (https://www.investing.com/economic-calendar/cpi-733) from 3% to 3.2% in July. The Fed has regularly warned of something like this, so the market was ready and only corrected slightly. The Fed has been known to lie about a soft landing before every recession, but for now they are believed. That "for now" may end in September when the inflation data comes in and if it shows a trend of new growth 😬

2️⃣ The ruble is one step away from 100 per $1, but the Central Bank doesn't see (https://www.vedomosti.ru/finance/news/2023/08/11/989726-tsb-zayavil-ob-otsutstvii-riskov) that as a problem. A weak ruble is really not a problem for the Central Bank and a very big joy for the Ministry of Finance and its deficit budget. But still some attempts to put the brakes on they will do for the sake of preserving the image of the authorities, for example, the Central Bank will stop currency purchases under the budget rule from August 10 through the end of the year. In a good way, it would be possible to strengthen the ruble - by killing the demand for currency, that is, to reintroduce draconian restrictions on the withdrawal of capital from the country. But the Central Bank and the Ministry of Finance will not play against their own, it is better to tell the media once again about the growth of the economy in spite of sanctions 😁

3️⃣ China has recorded (https://www.reuters.com/world/china/chinas-consumer-prices-swing-into-decline-deflation-risks-build-2023-08-09/) deflation for the first time in the last 2 years. And in general, the economy of the Celestial Empire is kept on closed statistics and the iron word of Xi Jinping, and we get only echoes of real financial problems.

And who will save the world from recession now, if the Fed does break the U.S. economy? Certainly not China, and no one else..... 😳

Who likes the new format put 👍

#Cryptonews

Proof of Work (PoW): The Original Blockchain Consensus Algorithm Behind Bitcoin:-

Proof of Work (PoW) is a consensus algorithm used by most major cryptocurrencies to secure their ledgers and prevent double-spending. Satoshi Nakamoto introduced it in the Bitcoin whitepaper in 2008, but the concept was conceived earlier. PoW requires senders to perform a small computation before sending, which mitigates spam and adds security to the network. Adam Back's HashCash is an early example of PoW used in the pre-cryptocurrency era.

Double-Spend: When Digital Currency Is Spent More Than Once

A double-spend occurs when the same digital currency is spent more than once, unlike physical cash, which cannot be spent twice. In the digital world, it is possible to duplicate a computer file, including digital currency, and spend it in multiple places, leading to the collapse of the currency. To prevent this, measures like the consensus algorithm Proof of Work are used to secure the ledger and prevent double-spending.

Why is Proof of Work necessary?

Proof of Work is necessary to prevent double-spending and to ensure the security of a decentralized cryptocurrency network.

In a centralized system, a trusted third party like a bank or government can prevent double-spending by keeping a record of all transactions and ensuring that funds are not spent more than once. However, in a decentralized cryptocurrency network, there is no central authority to keep track of transactions and prevent double-spending.

This is where the consensus algorithm Proof of Work comes in. It requires network participants, known as miners, to perform complex computational puzzles to validate transactions and add them to the blockchain ledger. The miner who solves the puzzle first is rewarded with cryptocurrency, incentivizing them to play by the rules and ensuring the integrity of the network.

Without Proof of Work or a similar consensus algorithm, a decentralized cryptocurrency network would be vulnerable to attacks and double-spending, leading to a loss of trust and value in the currency.

Breaking Down Proof of Work (PoW): How Miners Secure Cryptocurrency Networks by Solving Complex Puzzles:-

Proof of Work (PoW) is a consensus algorithm used by most major cryptocurrencies to secure their networks and prevent double-spending. Here's how it works:

Transactions are broadcasted to the network and added to a pool of unconfirmed transactions.

Miners compete to validate the transactions and add them to the blockchain ledger by solving complex mathematical puzzles.

The first miner to solve the puzzle and validate the transactions is rewarded with cryptocurrency.

Once a block of transactions is validated and added to the blockchain, it becomes immutable and cannot be altered.

As more blocks are added to the blockchain, the puzzles become more complex, requiring more computing power and energy to solve.

The difficulty of the puzzles is adjusted automatically to maintain a consistent block time and ensure the security and efficiency of the network.

Miners play a critical role in securing the network and preventing double-spending by validating transactions and adding them to the blockchain.

Proof of Work has been the dominant consensus algorithm since the introduction of Bitcoin, but it has also faced criticism for its energy consumption and environmental impact.

#cryptotrading #Binance #BTC #Bitcoin #Cryptonews

According to Robinhood's recent 10-K filing, the Securities and Exchange Commission (SEC) has commenced an investigation into the company's cryptocurrency business. The popular trading platform revealed that it was served with an investigative subpoena from the SEC in December 2022, raising apprehensions regarding the company's adherence to regulatory norms in its cryptocurrency operations.

Robinhood's Cryptocurrency Business Faces SEC Scrutiny with Investigative Subpoena:-

The SEC's subpoena to Robinhood pertains to various aspects of the company's cryptocurrency business, such as cryptocurrency listings, custody, and platform operations. This move by the SEC follows a tumultuous year in the cryptocurrency market, which witnessed several prominent trading venues and lending platforms, including FTX and Three Arrows Capital, file for bankruptcy.

In November 2022, Robinhood's shares took a significant hit after FTX stopped non-fiat customer withdrawals from its platform, resulting in an 18% decline in Robinhood's stock price.

Robinhood has implemented policies and procedures to assess the possibility of a cryptocurrency being regarded as a security under applicable laws. However, the company has acknowledged that its evaluations do not represent conclusive legal judgments, which could potentially subject it to legal or regulatory consequences if any cryptocurrency supported by its platform is deemed a security under U.S. law.

In case any of the cryptocurrencies supported by Robinhood's platform are classified as securities by the SEC or a court, the company's ability to facilitate trading of such cryptocurrencies may be curtailed. While the implications of the SEC subpoena on Robinhood's cryptocurrency business remain uncertain, this development highlights the regulatory challenges associated with operating in the rapidly-evolving and developing cryptocurrency industry.

Robinhood's History with SEC Scrutiny and Enforcement Actions:-

Robinhood has had previous encounters with the SEC. In 2020, the regulator accused Robinhood Financial of deceiving customers and failing to disclose payments received from trading firms for directing customer orders to them. Robinhood settled the charges for $65 million without admitting or denying the SEC's findings.

Nevertheless, the company continued to benefit from the Dogecoin frenzy in 2021 and extended its range of available cryptocurrencies on its platform. However, with the latest subpoena related to its cryptocurrency business, Robinhood is confronted with resurfaced regulatory risks in the swiftly changing and expanding crypto market.

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#crypto2023 #Cryptonews #Binance #SEC #SECNews