Sophisticated Trading Bot Exploits Synthetix Oracle, Funds Recovered

When Ethereum-based synthetic asset issuance platform Synthetix, which allows users to mint and trade synthetic currencies in a peer-to-peer fashion, lost track of more than 37 million synthetic Ether (sETH) on June 24, the company stopped all trading on its platform. While users only lost trading access for 24 hours, the event led to trades with 1,000x profits equalling $1 billion in less than an hour. The Australian-based company’s synthetic currencies provide access to the value of certain currencies, including Bitcoin and Ether. The platform says it makes it easy…

Cornell Professor Reopens Scaling Debate With Bitcoin Critique

One of the known security vulnerabilities in cryptocurrency is the human being and his or her capacity for foolish acts. If a transaction hasn’t cleared at least once on any blockchain, including Bitcoin, it’s not secure. No Means No in Blockchain Confirmations On faster blockchains like Tron or EOS, you can wait even longer. The point isn’t always to be sure the transaction is legitimate. Sometimes it’s to be sure you received it on the right chain. Earlier this year, CCN reported on a string of bitcoin ATM robberies in…

Stablecoin Market is Showing Signs of Solid Growth

The cryptocurrency market has possibly been one of the most innovative things to have emerged over the past decade or so, and during the course of that period, it has taken the world by storm. However, as everyone knows, ecosystems evolve, and that is what has been happening with regards to the cryptocurrency ecosystem as well. Eventually, the establishment of exchanges allowed millions of people to buy and sell cryptocurrencies with a few clicks. It was the brainchild of crypto exchanges to introduce a new digital asset class, which was…

39,000 More Merchants Can Accept Litecoin With Flexa Integration

New York-based blockchain payment startup Flexa has added litecoin (LTC) as the fifth crypto accepted by merchants on its payment network, the company officially announced on July 3. Following the listing, litecoin is now accepted as payment at more than 39,250 locations, as Flexa tweeted yesterday. Litecoin, the fourth biggest crypto by market cap, has become the first cryptocurrency to be added to the list of supported coins within Flexa network since its launch on May 13, the firm stated. Through the first application built on Flexa network, Spedn, the…

Major Chinese Financial News Provider Quietly Adds Crypto Index

Sina Finance, a finance-focused website owned by China’s major tech company Sina Corp, has added crypto index into its mobile app, China-focused online Twitter resource Cnledger reported on July 3. The new index on China’s major financial news channel provides data on prices and performance of major cryptocurrencies such as bitcoin (BTC), bitcoin cash (BCH), litecoin (LTC), XRP, and ether (ETH), according to a mobile app screenshot provided by Cnledger. Screenshot of Sina Finance’s Crypto Index on Mobile. Source: Cnledger The new crypto index is only available on the Sina…

How Malta Is Becoming the Global Capital of Crypto

Some things never change, like the Megalithic Temples built in Malta over 5,000 years ago. These days, however, that may be the only thing that remains unchanged in Malta. With a population of just under half a million and being mostly famous as a destination for European teenagers to study English during their summer vacation, Malta has recently become a star on the crypto map.  Having already had a positive experience hosting online gambling companies, which makes up a very significant portion (13%) of Malta’s GDP, the island is now…

Crypto Company Gives Individuals a Chance to Mine Bitcoin Without Sky-High Energy Bills

With demand for Bitcoin on the rise in response to soaring prices of late, attention is increasingly being turned to mining. However, the market has changed from the early days of cryptocurrency, when Bitcoin was in plentiful supply, as few knew about the opportunity and high mining rewards could be gained by individuals using a small setup at home. These days, an unhelpful combination of fierce competition, algorithmic difficulties and high maintenance costs often mean it’s economically unviable to fly solo when mining crypto. In response, a novel alternative has emerged…

Latin America’s Biggest Investment Bank to Sell $1 Billion in STOs Using Tezos

Latin America’s biggest investment bank, BTG Pactual, plans to shift its security token offerings (STOs), a pipeline of over $1 billion in sales, onto the Tezos blockchain. The announcement appeared in a joint press release published on Tezos Foundation’s website on July 3. The new initiative is a collaboration between BTG Pactual and Dubai-based asset manager Dalma Capital, who plan to tokenize a number of traditional assets using the Tezos blockchain and smart contracts platform.  According to the announcement, Dalma Capital is planning to use the Tezos blockchain for digitizing…

Blockchain Draft Bill to be Ready This Year

The finance minister of Cyprus, Harris Georgiades, has said that the country’s blockchain regulation draft will be ready this year. English-language local finance news outlet FinancialMirror reported the news on July 4. Per the report, Georgiades described blockchain technology as “a new technological revolution similar to that of the internet.” Demetris Syllouris, House speaker, also praised the technology’s potential during the event: “Full implementation of this technology across the public and private sector is expected to radically change the structures of modern societies, the way they are organized and their…

Can the Crypto Market Live Without It?

There is perhaps no other crypto asset more subject to scrutiny and accusations of impropriety than the Tether stablecoin. The startup behind the coin has been blamed for market manipulation while its business dealings and accounting practices have stirred up many concerns. Critics argue that Tether lacks transparency, possibly engages in criminal activity and does not have the financial backing that it claims.  These accusations are somewhat vindicated by the current case by the New York Attorney General (NYAG) against the business and its owner, iFinex, which is also the…