Polygon Labs has taken a significant step forward in its evolution by deploying contracts for its new POL cryptocurrency on the Ethereum mainnet. This move follows a successful testnet deployment and reflects Polygon’s continuous commitment to innovation.

Earlier in September, the Polygon community had passed a series of Improvement Proposals, including PIP-17 and PIP-19. These proposals mapped out the transition from MATIC to POL, aligning with the architecture of the much-anticipated Polygon 2.0 upgrade. Designed to succeed MATIC, POL integrates seamlessly with the advanced features of Polygon 2.0. It aims to spearhead the next chapter in Polygon’s story.

The POL token upgrade is now live on Ethereum mainnet.Polygon 2.0, released this summer, is a roadmap for scaling Ethereum to build the Value Layer of the Internet. POL unlocks that future.POL is a next-generation token that can power a vast ecosystem of ZK-based L2 chains.… pic.twitter.com/gmrsu0ZqLz

— Polygon (Labs) (@0xPolygonLabs) October 25, 2023

Matic and Pol

The main distinctions between the two tokens lie in their intended functionalities. While MATIC has been the cornerstone of the Polygon ecosystem, POL promises to take it a notch higher. POL will not only serve as the primary cryptocurrency for Polygon 2.0 but also facilitate a vast network of zero-knowledge-based Layer 2 chains.

One of its striking features is a native re-staking protocol. This protocol empowers POL holders, allowing them to validate multiple chains and assume diverse roles on each chain, thus amplifying its utility in the ecosystem.

In their statement, Polygon Labs captures the core value of POL: “POL, a next-generation, high-efficiency token, will power a broad ecosystem of zero-knowledge-based Layer 2 chains. Its native re-staking protocol gives POL holders the flexibility to validate on numerous chains and assume diverse roles on each.”

However, it’s crucial to note that POL won’t immediately supplant MATIC. Such a monumental transition warrants governance approval and is timed with the launch of Polygon 2.0. As the upgrade approaches, several pivotal steps remain.

Among these are the introduction of a new staking layer to propel Polygon’s Layer 2 chains, a shift from Polygon’s proof-of-stake to zkRollup, and the integration of a zk-based interoperability and shared liquidity protocol for all Layer 2s, as highlighted by Polygon Labs. This roadmap sets the stage for what promises to be an exciting era in Polygon’s journey.

The post Polygon Introduces POL Cryptocurrency on Ethereum, Anticipating the Polygon 2.0 Era appeared first on Metaverse Post.

ZachXBT is back with yet another exposé.

This time, a Canadian scammer known as Yahya has been exposed by the pseudonymous on-chain sleuth for their alleged involvement in 17+ SIM swaps, which resulted in the theft of more than $4.5 million.

ZachXBT Unmasks Fraudster Yahya

ZachXBT discovered that Yahya’s role involved conducting account searches on various platforms, particularly X/Twitter, using his panel. This enabled the scammer Skenkir to identify potential targets in the United States for SIM swap attacks.

As compensation for his services, Yahya was entitled to a percentage of the funds obtained through each successful attack. In July 2023, a notable incident occurred when Yahya, in collaboration with HZ, a scammer whose assets had been seized by the FBI, defrauded an individual named Amir of $250,000 (equivalent to 136 ETH). They had fraudulently claimed to be selling access to Yahya’s control panel, which inadvertently exposed Yahya’s wallet address in the process.

Upon analyzing Yahya’s address tied to the Amir payment, ZachXBT identified a common thread – the same address was reused for the panel scam as for the SIM swaps payments, effectively linking all of his activities.

In total, he received 390+ ETH (worth around $720K) to his address from more than 17 SIM swap attacks.

The crypto detective cited three examples, which involved sim swapping a GCG team member, Bitboy Crypto aka Ben Armstrong, Slingshot, and PleasrDAO core team member Jamis, who recently suffered a traumatic brain injury.

According to ZachXBT, Yahya spent thousands of dollars buying watches and unreleased Juice WRLD songs such as Dark Tints, Biscotti in the Air, Oxy in the Dark, and No Jumper. The crypto detective also said the scammer showed little remorse for his actions when confronted by people.

He also found that before becoming entangled in unlawful activities, Yahya made contributions to Benzinga, a Detroit-based financial news website, as an SMM. ZachXBT said it is puzzling why someone would willingly take the risk of conducting lookups for SIM swaps when all the trails eventually lead back to them.

“I hope some of this can help serve as a basis for action against these scammers who have harmed many people in the space with SIM swaps and phishing. Chat records and other things have been archived and will be happily provided to victims.”

SIM Swap Attacks

In an earlier investigation, ZachXBT uncovered that prominent figures such as OpenAI’s CTO, Mira Murati, Daniel Alegre, the CEO of Bored Ape, and the Aptos Foundation were among the 54 high-profile individuals who fell victim to SIM swap attacks. Collectively, these victims suffered losses exceeding $13 million.

Ethereum founder Vitalik Buterin’s Twitter account was hacked last month following a SIM swap attack.

The post ZachXBT Exposes Canadian Scammer Yahya in Multiple SIM Swap Attacks, Leading to $4.5M Theft appeared first on CryptoPotato.

Bitcoin (BTC) is due to finish 2023 as it started, on-chain analytics firm Glassnode said, as October gains near 30%.

In the latest edition of its weekly newsletter, “The Week On-Chain,” released Oct. 24, researchers argued that the past week “sets the foundation” for a BTC price uptrend.

BTC price “convincingly” beats out resistance levels

As it hit $35,200 this week, Bitcoin eclipsed various key trendlines, which had previously acted as support for months.

These included various moving averages (MA), among them the 200-week simple MA at $28,400 — the classic “bear market” support line.

“A cluster of long-term simple moving averages of price are located around $28k, and have provided market resistance through September and October,” Glassnode noted.

“After a month of the market grinding higher, the bulls found sufficient strength this week to convincingly break through the 111-day, 200-day, and 200-week averages.”

BTC/USD annotated chart with moving average data (screenshot). Source: Glassnode

In so doing, the profitability of various investor cohorts improved considerably. The so-called cost basis of speculators and market newcomers also lies near $28,000.

“The Short-Term Holder (STH) cost basis is also now in the rear view mirror at $28k, putting the average recent investor into an average profit of +20%,” “The Week On-Chain” continued.

Researchers uploaded a chart of the short-term holder market-value-to-realized-value (STH-MVRV) ratio, which tracks the profitability of STH coins. They noted that even prior to the October upside, no major capitulatory behavior was visible.

“We can see instances in 2021-22 where STH-MVRV reached relatively deep corrections of -20% or more,” they explained.

“Whilst the August sell-off did reach a low of -10%, it is noteworthy how shallow this MVRV decline is by comparison, suggesting the recent correction found noteworthy support, being a precursor to this week’s rally.”

Bitcoin STH-MVRV annotated chart (screenshot). Source: Glassnode Bitcoin “sets the foundation” for green year

As Cointelegraph reported, the presence of STH entities versus their seasoned counterparts, the long-term holders (LTHs), is now historically low.

Despite facing profitability issues of their own, LTHs now own more than three-quarters of the available BTC supply for the first time.

Their cost basis is lower, further toward $20,000 — and while some believe that Bitcoin could still return to that area, Glassnode is optimistic over how the year will end.

“A meaningful proportion of supply and investors now find themselves above the average break-even price, located around $28k,” it concluded.

“This sets the foundation for a resumption of the 2023 uptrend. At the very least, the market has crossed over several key levels where aggregate investor psychology is likely to be anchored, making the weeks that follow important to keep an eye on.”

BTC/USD monthly returns (screenshot). Source: CoinGlass

Per data from on-chain monitoring resource CoinGlass, BTC/USD is currently up 26% this month — by October standards, still relatively modest.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.