Day: January 29, 2022

Cyber vigilante hunts down DeFi scammers running away with $25M rug pull

Arijit Sarkar

In the world of digital finance, where the weapon of choice for a heist is a computer rather than a semi-automatic firearm, tracking down scams and frauds from across the world becomes a near-impossible feat for centralized police forces.  However, in an interview with Cointelegraph, an anonymous cyber vigilante shares insights into how he went about tracking down a group of decentralized finance (DeFi) scammers responsible for the $25 million StableMagnet rug pull, coordinating with police authorities and eventually having the stolen money returned back to the investors. The StableMagnet…

Decentralized technology will end the Web3 privacy conundrum

Anthony B

Although the modern internet connects us like never before, one thing that younger generations have never truly experienced is the feeling of genuine privacy. Even older generations have forgotten what life was like before our every thought and action were tracked. Web3 envisions an open, trustless, permissionless internet where users can interact with each other peer-to-peer without giving up ownership control, privacy or relying on intermediaries. Underlying that vision, blockchains are one of the most important tools. They eliminate the need for trusted third parties and help to create a…

Is the rise of derivatives trading a risk to retail crypto investors?

Yenwen Feng

BTCWith an increase in the number of retail investors dabbling in derivatives trading and investors hopping into decentralized exchanges (DEXs) due to regulations in the United States and China, there has been a rise in users utilizing derivatives DEXs, with Bitcoin (BTC) whales moving into derivatives and an increase in buying interest in derivative contracts. This has created a surge in the daily trading volume for derivatives protocols, allowing them to briefly take over centralized finance platforms such as Coinbase, which sparked interest in retail investors with regard to moving…

Web3: Why It Matters and How to Think About It in 2022

Anthony B

The Lohika Re:think event series features experts and leading thinkers in technology and innovation. Our goal is to host captivating conversations around the technology trends of today, as well as what the future holds. You may have heard about “web3,” along with related technologies like blockchain, NFTs and smart contracts. In tech circles, it seems that NFTs (i.e., non-fungible tokens) is what everyone is talking about. What exactly is web3? Is it the evolution of Web 2.0? Is it the future of the Internet? We don’t have all the answers,…

Biconomy’s mission to make Web3 mainstream and onboard a billion users

Anthony B

The idea to startup in the crypto space hit Aniket Jindal back in 2017 soon after India launched the demonetisation drive. A year later, after he returned from Fudan University, China, where he was pursuing his Masters, he found the Indian market hungry for a seamless, easy to use DeFi app. Most crypto applications were complicated back then, and Aniket wished to “remove all these complexities”. Thus, he co-founded Biconomy, targeting developers to give a Web2-like experience to end-users of a Web3 application. With Biconomy, users can easily use crypto…

The Unhosted Crypto Wallet Rule Is Back

Nikhilesh De

A controversial proposed rule that would enforce know-your-customer rules on unhosted or self-hosted crypto wallets may again be under consideration by the U.S. federal government. The rule was first proposed at the end of 2020 by the Financial Crimes Enforcement Network (FinCEN), the U.S. money laundering watchdog. If enacted, crypto exchanges would be required to collect names and home addresses, among other personal details, from anyone hoping to transfer cryptocurrencies to their own private wallets. Industry advocates said they were concerned that the rules might be impossible for certain wallets…

The Cantillon effect vs. the Nakamoto effect

Cointelegraph By Onkar Singh

Bitcoin introduces the world to the Cantillon effect 2.0, often known as the Nakamoto effect. Those who live closer to the truth can receive value creation benefits in a Bitcoin world, rather than being rewarded for privilege, status or geography. The issue of why we need Bitcoin (BTC) is a prevalent one these days, but most people’s responses leave them shaking their heads and declaring it to be either a Ponzi scheme or money for criminals. This conclusion falls short of describing how Bitcoin has the potential to address the…

Eth2 rebrands to Consensus Layer, Elon Musk fails to boost DOGE, YouTube gaming head switches to Polygon Studios: Hodler’s Digest, Jan 23-28

Cointelegraph By Editorial Staff

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Analysts say Bitcoin’s bounce at $36K means ‘it’s time to start thinking about a bottom’ Bitcoin had a turbulent week, its price dropping as low as $33,300 and surging as high as $38,000 before retracting back to the $36,000 region at the time of writing. …

Bitcoin Protects Privacy and Fights Oppression

Anthony B

In 1975, describing an analog age of spying that involved phone taps and physical bugging that we would now consider quaint, Democratic Senator Frank Church warned of the dangers of the information surveillance regime already growing in the United States. The surveillance power of the government and its security agencies could, “at any time could be turned around on the American people, and no American would have any privacy left, such is the capability to monitor everything: telephone conversations, telegrams, it doesn’t matter. There would be no place to hide,”…